ICICI Prudential Life FY 11 PAT at Rs 808-crore

Private sector ICICI Bank today said that its life insurance subsidiary--ICICI Prudential Life Insurance Company (ICICI Life)--has clocked a profit after tax for FY 11 at Rs 808-crore as against Rs 258-crore in FY 10.

Assets increased by 19 per cent to Rs 68,150-crore as at March 31, 2011, from Rs 57,318-crore in the year-ago period, the bank said in a press release issued here.

The other subsidiary, ICICI Lombard General Insurance Company (ICICI General) has clocked a loss of Rs 80-crore in FY 11.

"The company has provided Rs 272-crore during Q4 2011 towards additional motor pool losses pursuant to the IRDA order of March 12, 2011. After taking the same into account, ICICI General reported a loss of Rs 80-crore," the company said in the release.

Its gross premium income in FY 11 increased 28 per cent to Rs 4,408-crore from Rs 3,431-crore in the year-ago period.

A majority of other subsidiaries, including ICICI Securities, the asset management company and international subsidiaries in Canada and the UK had a flat year in FY 11, the bank said.

Profit from the AMC was at Rs 72-crore while ICICI Securities' profit was at Rs 110-crore, it said. Its Canadian subsidiary's profit was at CAD 33-million while the profit from the UK subsidiary stood at USD 37-million, it said.

The bank's Chief Executive and Managing Director, Chanda Kochhar, said international subsidiaries accounted for around 25 per cent of the bank's overall business in FY 11 and it will keep it in the 22-25 per cent range for the ongoing FY 12.