Lower volumes in key non-life classes weighed on premiums, while stronger claims performance and lower reserve provisioning boosted the reinsurer's underwriting profit.
The insurer’s premium income declined in Q1, but higher investment returns and growth in overseas operations drove a 33.7% increase in net operating profit.
The deal forms part of Prudential's broader India strategy, alongside its health insurance venture and minority holdings in ICICI Prudential businesses.
Group says it aims to build a larger, technology-driven life insurer focused on profitability, operational efficiency and ageing-related insurance demand.
