Multiple headwinds ahead for ICICI Prudential Life Insurance Company

The ICICI Prudential Life Insurance Company's net premium income in the third quarter (October – December) of the current financial year (Q3FY24) swelled by 4.9 per cent year-on-year (Y-o-Y) to touch Rs 9,929 crore.

Income from investment rose 111.3 per cent Y-o-Y to touch Rs 16,315 crore.

The Annual premium equivalent (APE), and new business premium (NBP) increased by 4.8 per cent Y-o-Y. Both declined 7.5 per cent and 5.6 per cent respectively, quarter-on-quarter (Q-o-Q).

Commission expenses and expenses of management (EOM) dragged down the profitability. The net profit grew just 2.4 per cent Y-o-Y to Rs 227 crore.

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