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ICICI Prudential Q3 growth impacted by renewals, change in mix

In the life insurance business, balance sheets are driven by the float on the premium received

ICICI Prudential
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ICICI Prudential Mutual Fund

Subhomoy Bhattacharjee New Delhi
The third quarter results of life insurance company ICICI Prudential reported a 34.29 per cent decline in its net profit in the third quarter results. The second-largest life insurer said the decline is because, for the nine months of FY19, its annual premium equivalent or APE declined by about 4 per cent, year-on-year. People pay premiums mostly annually, so the APE is defined as the first-year premium on such policies plus a 10 per cent of money paid for single- premium policies.

Why has this happened? ICICI Pru has cited two reasons. First, the big-ticket insurance policies it sells to

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