ICICI Prudential Life Insurance Company (ICICIPRULI) Q3 24/25 earnings summary

Executive summary

• RWRP grew 31.4% year-on-year for the nine months ended December 2024, outperforming both private and overall industry for five consecutive quarters.

• AP/APE increased by 27.2% to INR 69.05 billion, with the number of policies up 14.4% year-on-year.

• VNB rose 8.5% year-on-year to INR 15.75 billion, with a margin of 22.8%.

• PAT for 9M-FY2025 grew 18.3% year-on-year to INR 8.03 billion; Q3 PAT up 43.6%.

• Claims settlement ratio stood at 99.3% for individuals, with an average turnaround of 1.2 days.

Financial highlights

• Total premium collected was INR 321.19 billion, up 14.4% year-on-year.

• Assets under management reached INR 3,104.14 billion, up 8.3% year-on-year.

• Solvency ratio improved to 211.8%, well above the 150% regulatory requirement.

• Cost to total premium at 19.8%; cost to TWRP (savings) at 16.8%.

• Commission expenses rose 52.3% year-on-year to INR 32.84 billion.

Outlook and guidance

• Focus remains on growing absolute VNB, not margin percentage, with continued investment in proprietary channels, technology, and capacity creation.

• Expect continued growth in protection and annuity segments, which now constitute 42% of new business premium.

• Targeting deeper market penetration and product innovation, especially in annuity and protection segments.