ICICI Prudential Life Insurance reported flat net profits at Rs.286.86 crore for the Jun-20 quarter. The annualised premium equivalent or APE was sharply lower at Rs.823 crore in Q1 compared to Rs.1470 crore in the year-ago period. APE is calculated at 100% of the regular premiums and 10% of single premiums.

For the Jun-20 quarter, the Value of New Business or VNB stood at Rs.210 crore, a fall of 35% on a YOY basis. VNB is calculated as the present value of expected future earnings from new policies written during the period. It reflects the value to shareholders generated through writing of fresh policies during the year.

Due to COVID-19, there was an increased demand for insurance. Total assets under management or AUM as on 30-Jun stood at Rs.170,000 crore. It has debt-equity mix of 57/43 with 94.3% of debt in AAA rated bonds. The drop in average ticket size was largely due to the massive shift from ULIP plans to term plans.