Shares of ICICI Prudential Life Insurance Company fell nearly 10 percent on Tuesday after the company posted disappointing third-quarter results.

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The insurer reported a 34 percent decline in its standalone net profit to Rs 296.77 crore in the third quarter ended December 31. Net income from investments saw an 84 percent YoY drop to Rs 1,047.77 crore.

In a statement, the company said that the net profit decreased primarily on account of higher new business strain resulting from the new business growth of protection and annuity business.

Weak results prompted Jefferies to downgrade ICICI Prudential Life to 'underperform' from 'hold'. The brokerage revised its price target to Rs 285 from Rs 350 earlier.

At 10.21 am, shares quoted at Rs 311.35, down by 9.75 percent on the NSE. The stock has lost more than 11 percent in the last three days. The last one year return on the stock is negative and it has lost 28 percent.

The board has approved an interim dividend of Rs 1.60 per equity share for the first half of the current fiscal 2019.

The company's market share stood at 10.8 percent among life insurance companies on a retail weighted received premium (RWRP) basis for the nine months ended December 2018.

-with inputs from PTI

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