Persistency challenges in specific channels
13-month persistency declined to 84.4%, with lower persistency in certain channel-product cohorts, potentially impacting embedded value.
ICICIPRULI / Q3-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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Risk intelligence
Material risks this quarter
medium
GST input tax credit impact on margins
Withdrawal of input tax credit from September 2025 increased costs; management is negotiating with distributors to offset, but full pass-through may take time.
High base effect on annuity and unit-linked growth
Annuity business declined 16.4% YoY due to a high base from prior year's product experiment; recovery depends on normalization.
Competitive pressure in multi-insurance bank channels
Intense competition in non-ICICI bank partnerships; management holds market share but faces pricing and commission pressures.