GST input tax credit disallowance may pressure margins
The disallowance of ITC on individual business increases costs; if commission renegotiations fail, margins could compress.
ICICIPRULI / Q2-FY26 / risks
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ICICI Prudential Life Insurance Company · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Persistency ratios declining, especially 13-month
13-month persistency fell to 85.3% from higher levels last year; management attributes to base effect but some pockets remain below assumptions.
Slowdown in credit life business due to MFI industry stress
Credit life growth impacted by slowdown in microfinance; recovery expected gradually over coming quarters.
Commission renegotiation may disrupt distribution momentum
Analyst raised concern that renegotiating commissions could demotivate agents and partners, similar to last year's surrender value regulation changes.