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Informist, Tuesday, Apr. 15, 2025

 

NEW DELHI – ICICI Prudential Life Insurance Co. Ltd. expects demand for guaranteed products returning due to the volatile macroeconomic and market environment, with the insurer's new 'ICICI Pru Gift Select' product seeing a good traction in the recently-concluded Jan-Mar quarter.

 

"In a dynamic macroeconomic environment, there could be spells of market volatility like the one we have seen over the last couple of months. In such situations, customer preference tends to shift to products that offer guaranteed returns while ensuring wealth preservation. Through the addition of Gift Select in Quarter 4 (Jan-Mar), we strengthened our guaranteed portfolio to cater to this shift in customer preference," said Amit Palta, chief product and distribution officer, in a post-earnings analyst call on Tuesday.

 

According to Palta, the product helped ICICI Prudential Life Insurance offset the impact of market volatility in the linked business in Jan-Mar to "a certain extent".

 

Earlier on Tuesday, ICICI Prudential Life Insurance posted a net profit of INR 3.86 billion for the last quarter of 2024-25 (Apr-Mar), more than double from a year ago as net premium income rose 11% year-on-year to INR 163.69 billion on the back of a 30% jump in single premium to INR 49.13 billion. Shares of the company closed at INR 567.15 on the National Stock Exchange, up 2.6% from their previous close. The insurer reported its earnings post market hours.

 

In Jan-Mar, ICICI Prudential Life Insurance saw a fall in demand for its linked products, with the segment's Annualised Premium Equivalent down 3.4% at INR 15.19 billion amid a big correction in domestic equity markets because of the uncertainty caused by the US' tariff war. Total Annualised Premium Equivalent for Jan-Mar was down 3.1% at INR 35.02 billion, with only a doubling of group funds to INR 2.51 billion preventing a sharper fall.

 

Linked products make up 49% of ICICI Prudential Life Insurance's Annualised Premium Equivalent, with group funds at 6%.  End

 

Reported by Siddharth Upasani

Edited by Akul Nishant Akhoury

 

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