ICICI Prulife reported a 51% drop in business on an annualized premium equivalent basis for Q1FY22. Even as the overall business recovery suffered due to the second covid wave, ICICI Prulife saw mortality claims shoot up. The silver lining for ICICI Prulife is that its protection business has held up. For the June quarter, ICICI Prulife did not disappoint on margins. The second wave has hit insurers through claims, but ICICI Prulife’s improving growth metrics has lent support to its valuations.

Source: Mint July 21, 2021 19:18 UTC