ICICI Prudential Life Insurance Company (ICICIPRULI) Q3 25/26 earnings summary

Executive summary

• Celebrated 25 years of service, serving over 200 million Indians and achieving top industry NPS for three consecutive years.

• Achieved 1.4% year-over-year APE growth to ₹68.11 bn and 5.7% VNB growth to ₹16.64 bn for 9M-FY2026, with a 24.4% VNB margin.

• Profit after tax rose 23.5% year-over-year to ₹9.92 bn, driven by higher investment income; assets under management increased 6.5% to ₹3.31 trillion.

• Maintained a strong solvency ratio of 214.8% as of December 31, 2025, and a claim settlement ratio of 99.3% with 1.1 days average turnaround.

• Insurance Act amendments (Sabka Bima Sabki Raksha Act 2025) raised FDI cap to 100%, aiming for 'insurance for all' by 2047 and improving ease of business.

Financial highlights

• Q3 FY26 retail APE grew 9.9% year-over-year; retail number of policies up 11.7% year-over-year.

• Retail protection APE surged 40.8% year-over-year in Q3-FY2026; retail sum assured up 51.6% year-over-year.

• Total premium grew 4.2% year-over-year to ₹334.77 bn; net premium earned at ₹321.56 bn in 9M-FY2026.

• Q3 VNB at INR 6.15 billion; nine-month VNB at INR 16.64 billion with a 24.4% margin.

• PAT grew 19.6% year-over-year to INR 3.9 billion in Q3 and 23.5% to INR 9.92 billion for nine months.

Outlook and guidance

• Focus on sustainable VNB growth by balancing business growth, profitability, and risk.

• Continued investment in digital transformation, diversified distribution, and innovative product offerings.

• Two-year APE CAGR at 13.8%, in line with industry; management confident of sustaining 13-14% growth as base normalizes.

• Persistency improvement initiatives underway in specific channels and products.

• VNB margin expected to remain stable, driven by product mix and efficiency gains.