ICICI Prudential Life Q3 Results: Net Profit Falls 30%, Misses Estimates

ICICI Prudential Life Insurance Co.'s quarterly profit fell, missing estimates, amid a fall in investment income and net premiums.

"Given the environment, financial security for self and family including retirement planning has assumed greater significance with growth of 30% in new business premium for 9M FY2022," NS Kannan, managing director and chief executive officer at ICICI Prudential Life, said in a statement. "Further, almost half of our new business premium for 9M-FY2022 has been contributed by the protection and annuity segments."

• Value of new business grew 35% to Rs 1,388 crore.

• VNB margin expanded to 27.1% from 26%.

• New business premium received stood grew 30%.

• Annuity new business premium was up 75%.

• Contribution from linked savings products stood at 50%, traditional savings products at 29% and protection products at 17% and the balance of 4% from group savings products.

• Assets under management grew 16% to Rs 2.37 lakh crore.

Kannan said the company remains on track to double FY19's value of new business by FY23. "During the quarter, we became a signatory to the United Nations supported Principles of Responsible Investment, the first Indian insurance company to do so," he said.