The net premium income for the quarter rose 4.9% YoY to Rs 9,928.77 crore. The first year gross premium income for the insurer grew 11.27% YoY to Rs 1,533.42 crore, while single premium income rose by 0.86% to Rs 2,671.94 crore.

Net commission stood at Rs 1,001.70 crore during the quarter, steeply higher from Rs 391.38 crore posted in Q3 FY23.

On nine month basis, the company's net profit jumped 17.85% to Rs 678.63 crore on 4.01% increase in net premium income to Rs 26,971.21 crore in 9M FY24 over 9MFY23.

VNB stood at Rs 1,451 crore in 9M FY24, registering the de-growth of 15.1% as compared with Rs 1,710 crore in 9MFY23, VNB margin reduced to 26.7% in 9M FY24 as against 32% in 9M FY23, decline in VNB margin is primarily on account of the shift in underlying product mix from non-participating business to unit linked & participating business.

The total annualised premium equivalent (APE) for the company stood at Rs 5,341 crore in 9M FY24.

The assets under management (AUM) grew by 13.8% to Rs 2 86,676 crore in 9M FY24 as compared with Rs 2,51,884 crore recorded in the same period a year ago.

The company said that Persistency ratios have significantly improved across all cohorts, reflective of the company’s strong focus on improving the quality of business. The 13th month persistency improved to 87.4% in 9M FY24. The 49 month persistency ratio increased by 320 bps to 67.1% in 9M FY24.

The company’s net worth was at 11,075 crore in Q3 FY24. The solvency ratio was 196.5% against the regulatory requirement of 150%.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “The company registered a robust year-on-year growth of 17.9% in profit after tax to Rs 6.79 billion for 9M FY24. The value of new business stood at Rs 14.51 billion with a margin of 26.7%. Notably, we issued approximately 40% of policies on the same day, in Q3 FY24, to customers purchasing long-term savings products.

A multi-channel distribution network is crucial, it provides the last mile connectivity to customers. Significantly, our robust digital infrastructure has enabled us to pay out commissions to select advisors on the same day the policy is issued. Besides, we are deep mining our distribution networks’ customer base to better understand their needs and offer relevant products, leading to increased efficiencies and capacity building for our distribution network. We believe this can position us as the most preferred life insurer to partner with.”

ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in United Kingdom. The company offers and array of products in the protection and savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long term financial goals.

Shares of ICICI Prudential Life Insurance Company slipped 5.94% to Rs 484.40 on the BSE.