Protection segment to be 22-25% of our product mix: ICICI Pru CEO

Private sector insurer ICICI Prudential Life will look at increasing the share of the protection business in its product mix and may take it to as high as 25 per cent in the medium to long term, said N S Kannan, managing director and chief executive officer.

This is because this segment is expected to have high demand, given the under-penetration and the pandemic-induced awareness among consumers.

In an interview to Business Standard, Kannan said: “We don’t have a target in terms of product mix.”

As of FY22, the protection segment in the company’s product portfolio was 17 per cent,