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ICICI Prudential Life Insurance Company Ltd. reported a sequential growth of 13.7% in overall annual premium equivalent, growing to Rs 16.7 billion in Q3 FY21 led by a pick-up in the savings business, up 14.3% YoY to Rs 14.1 billion.
On an annual basis, however, APE growth is still negative. We expect APE to be in the positive for Q4 on the back of rebasing arising from Covid-19 impact in March sales as well as strategic shift of ICICI Bank Ltd. in February 2020 towards protection and annuity as against traditional products.
Unit link insurance plans continued to show sequential recovery, up 20.7% QoQ to Rs 8.5 billion in Q3 FY21.
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