The net income from investments soared year on year to Rs 7,722 crore. Net commission in the quarter fell by 7% on-year to Rs Rs 391.38 crore.

The private sector life insurer's operating expenses jumped during the quarter. Advertising and promotional expenses surged 41.4% YoY to Rs Rs 332.32 crore.

The expense ratio (excluding commission) was 15.2% for the nine months ended December, compared to 12% in the same period a year ago.

The insurer's 13th month persistency ratio improved to 86.1% for 9M-FY2023 compared to 84.8% for 9M-FY2022. Similarly, the 49th month persistency ratio improved to 66.0% for 9M-FY2023 compared to 63.0% for 9M-FY2022.

During 9M-FY2023, the annuity and protection business segments delivered strong performance, with Annualised Premium Equivalent (APE) growing by 56% and 22.7% year-on-year respectively.

The new business sum assured grew by 34.9% year-on-year to Rs 6.9 lakh crore, resulting in the Company's market share on new business sum assured expanding to 14.6% during 9M-FY2023 from 12.7% for 9M-FY2022.

The VNB increased by 23.2% from Rs 1388 crore in 9M-FY2022 to Rs 1710 crore in 9M-FY2023.

During this period, the company's Assets under Management (AUM) crossed Rs 2.52 lakh crore.

N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, "We have maintained positive momentum in business and profitability during the nine months ended FY2023, and have registered a strong year-on-year growth of 23.2% in the Value of New Business (VNB) which stood at Rs 17.10 billion for the the period ending 9M-FY2023. With this strong performance and continued focus on the 4P strategy, we are close to achieving our aspiration of doubling the FY2019 VNB by FY2023.

This consistent track record of healthy compounding of VNB, and near doubling of the VNB margin are a result of our transformative diversification in products, distribution partnerships and customer segments which began in FY2019. We are now a much more protection and annuity-oriented company with almost 50% of the total new business received premium contributed by these two product segments in 9M-FY2023. The new business sum assured has registered a growth of 34.9% year-on-year to Rs 6.9 lakh crore, resulting in the Company's market share on new business sum assured expanding to 14.6%. Our customers are at the core of everything we do, and during this period, our AUM crossed the milestone of Rs 2.5 lakh crore, signifying their trust reposed in the company.

Based on the foundation of trust, a well-balanced product mix, diversified distribution architecture and wider customer segments, we have created a resilient platform for sustainable growth and are well postioned to capitalise on the opportunities ahead."

ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings. The company began operations in fiscal 2001 and has consistently been amongst the top private sector life insurance companies in India on a Retail Weighted Received Premium (RWRP) basis. The company offers an 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 were almost flat at Rs 484.20 on the BSE.