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ICICI Prudential Life Insurance Company Results: Latest Quarterly Results & Analysis

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ICICI Prudential Life Insurance Company Ltd. 14 Oct 2025 14:10 PM
Result PDF

Q2FY26 Quarterly Result Announced for ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company announced Q2FY26 results
  • Net premium income: Rs 11,84,310 lakh compared to Rs 10,75,421 lakh during Q2FY25.
  • Profit before tax: Rs 34,244 lakh compared to Rs 28,524 lakh during Q2FY25.
  • Profit after tax: Rs 29,583 lakh compared to Rs 25,099 lakh during Q2FY25.
  • Solvency Ratio: Solvency ratio of 213.2% as on September 30, 2025, against the regulatory requirement of 150%.
  • Assets under Management (AUM): AUM stood at Rs 3.21 lakh crore as on September 30, 2025.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said: “We welcome the Indian Government’s recent GST reforms aimed at making life insurance affordable and accessible. We are happy to share that we have passed on the benefit of GST exemption to our customers, enabling them to enjoy savings on their premium payments. We believe these reforms will usher in growth and be value accretive for all our stakeholders including our customers, our distributors and our Company. The early trends indicate a positive response post the GST exemption on life insurance. We have observed growth in website traffic, both lead volumes and conversion rates across product segments, indicating enhanced customer traction.

Specifically, the effect of GST exemption has been more pronounced in the retail protection category. For us, protection is a focus area and notably, the retail protection segment has grown at a CAGR of 31% for the last three years (H1FY23 to H1FY26). New Business Sum Assured, which is the quantum of life cover taken by customers, grew by 19.3% YoY to Rs 6.77 lakh crore in H1FY26 and at September 30, 2025, our total in-force sum assured stood at Rs 42.16 lakh crore. Going forward, we expect the protection segment to grow substantially.

Our approach to offer the right product to the right customer at the right price through the right channel has enabled us to deliver a profit after tax of Rs 601 crore in H1FY26, a 26% YoY growth. The Value of New Business (VNB) for the same period was Rs 1,049 crore. Embedded Value (EV) stood at Rs 50,501 crore, a growth of 9.7% YoY and the Value of In-force business (VIF) stood at Rs 37,761 crore a growth of 18.1% YoY. The Total Premium has registered a YoY growth of 9.2% to Rs 21,251 crore in H1FY26.

We have implemented various initiatives to enhance efficiencies leading to our savings business cost-to-premium ratio reducing by 280 basis points YoY to 12.7% for H1FY26. Our 13th month persistency ratio of 85.3% in H1FY26, underscores our customer’s trust and satisfaction.

Our claim settlement process is designed to deliver enhanced experience, we have registered an industry leading claim settlement ratio of 99.3% for H1FY26, with an average turnaround time of 1.1 days for non-investigated claims.

The trust reposed in us by our customers, suite of innovative products, multi-channel distribution network and a conducive business environment position us well to deliver profitable and sustainable business growth.”

Result PDF

Result PDF
ICICI Prudential Life Insurance Company announced Q1FY26 results
  • Profit after Tax (PAT) registers a YoY growth of 34.2% to Rs 302 crore.
  • Value of New Business (VNB) stood at Rs 457 crore with a margin of 24.5%.
  • Retail Protection APE grew by 24.1% YoY to Rs 139 crore.
  • Total New Business Sum Assured grew by 36.3% YoY to Rs 3.7 lakh crore.
  • Assets under Management stood at Rs 3.2 lakh crore as on June 30, 2025, an increase of 5.1% in Q1FY26.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said: "In line with our strategy to place our customers at the centre of everything we do, simplifying our products and processes, strengthening our distribution network, aligning our cost structures with our product portfolio and proactively managing business risks, our Q1FY26 performance demonstrates the strength and resilience of our business model. Our Profit after Tax grew by 34.2% YoY to Rs 302 crore in Q1FY26 and our VNB stood at Rs 457 crore with a margin of 24.5%.

We reported a total premium growth of 8.1% YoY in Q1FY26 on the back of our extensive distribution and comprehensive product suite. Protection continues to remain at the heart of our business strategy and we registered a strong growth of 24.1% YoY in our retail protection business. Furthermore, our total New Business Sum Assured grew by 36.3% YoY in the same period.

Our customer centric approach resulted in 54% of our policies being issued on the same day for the savings line of business. Our claim settlement ratio of 99.6%, with an average turnaround time of 1.1 days for non-investigated individual death claims, reinforces our commitment towards transparency and reliability.

Notably, the results of our cost optimisation initiatives have led to an improvement in our cost-to-premium for the savings line of business by 270 bps to 14.1% in Q1FY26.

Risk management continues to be an integral part of our approach to business with a focus on right selling, sourcing and onboarding, reflected by our strong solvency ratio that stood at 212.3% in Q1FY26 and zero NPA since inception. Our 13th month persistency ratio stood at 86% in Q1FY26, exemplifying the quality of our business.

We will continue to work on our strengths, that is customer centricity, product leadership, extensive distribution network and business excellence, aided by the building blocks of people, digitalisation and analytics to help us achieve our core objective of growing the absolute VNB."

Result PDF

Life Insurance company ICICI Prudential Life Insurance announced Q4FY25 & FY25 results

Q4FY25 Fianancial Highlights:

  • Net premium earned: Rs 163.69 billion compared to Rs 147.88 billion during Q4FY24.
  • Total income: Rs 157.28 billion compared to Rs 225.87 billion during Q4FY24.
  • PBT: Rs 4.14 billion compared to Rs 2.34 billion during Q4FY24.
  • PAT: Rs 3.86 billion compared to Rs 1.74 billion during Q4FY24.

FY25 Fianancial Highlights:

  • VNB grew by 6.4% to Rs 2,370 crore in FY25.
  • Profit after Tax (PAT) registers a growth of 39.6% to Rs 1,189 crore in FY25.
  • The assets under management of the company stood at Rs 3.09 lakh crore as on March 31, 2025.
  • Strong RWRP growth of 15.2% in FY25.
  • Robust growth in retail protection of 25.1% and retail new business sum assured of 37% in FY25.
  • 13th month persistency of 89.1% at FY25.
  • Total in-force sum assured witnessed a growth of 15.6% to Rs 39 lakh crore on March 31, 2025.
  • The total Annualised Premium Equivalent (APE) grew by 15% YoY to Rs 10,407 crore in FY25.
  • In FY25, APE contribution from agency, direct, bancassurance, partnership distribution, and group channels stood at 28.9%, 14.4%, 29.4%, 10.9% and 16.4% respectively.
  • Final dividend of Rs 0.85 per share declared.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said: “We are pleased to announce that we have crossed 10,000 crore APE for the first time, marking a significant milestone in our growth journey. Notably, we have also provided insurance coverage to over 9 crore lives as on March 31, 2025. Our Retail Weighted Received Premium (RWRP) growth of 15.2% in FY25, demonstrates our ability to deliver superior performance in a competitive landscape. This has resulted in a robust year-on-year growth of 39.6% in Profit After Tax to 1,189 crore for FY25. Our FY25 Value of New Business stood at 2,370 crore with a margin of 22.8%.

Our nimble multi-channel distribution allows us to adapt swiftly to the shifting macroeconomic conditions and launch products as per the customer demands. The same was demonstrated with the addition of ‘ICICI Pru Gift Select’, a non-par product with guaranteed income in January 2025 given the growing trend towards wealth preservation.

Our retail protection and annuity APE registered a strong 2-year CAGR of 30% plus, reflecting our focus on these segments.

Our 13th month persistency ratio of 89.1% at FY25, underscores the customers’ trust in the Company. It is also evident by our Company topping the Net Promoter Score (NPS) across insurers for the third year in a row, as revealed in the Hansa Research’s latest Life Insurance CuES 2025 report.

We have an industry leading claim settlement ratio of 99.3% in FY25, with an average turnaround time of 1.2 days for non-investigated individual death claims.

In line with our commitment to delivering value to our shareholders, our Embedded Value (EV) and AUM both have grown at a five-year CAGR of above 15% in FY25, echoing the robustness of our financial foundation and long-term value creation capabilities.

Moving forward, we remain committed to enhancing customer experience through innovative product propositions, seamless onboarding, best-in-class servicing and claims settlement. Our resilient balance sheet and strong solvency position provide the stability and foundation to support sustainable growth in the years ahead.”

Result PDF

Life Insurance company ICICI Prudential Life Insurance Company announced 9MFY25 results
  • Proft after Tax (PAT) registers a growth of 18.3% to Rs 803 crore in 9MFY25.
  • VNB grew by 8.5% Rs 1,575 crore in 9MFY25.
  • Robust RWRP growth of 31.4% in 9MFY25, outperforming overall and private life insurers over the last five quarters.
  • Number of policies (NOP) sold grew by 14.4% in 9MFY25, outperforming the private sector NOP growth.
  • Strong growth in Annuity and Retail Protection of 81.7% and 24.2% respectively in 9MFY25.
  • 13th month persistency of 89.8% at 9MFY25.
  • Total In-force Sum Assured witnessed a growth of 17.0% to Rs 37.78 lakh crore at December 31, 2024.
  • Pension Funds under Management crossed the Rs 40,000 crore milestone in Q3FY25.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said: “Our focus on aligning with the customer demand has helped us outperform the industry’s premium growth for five consecutive quarters. We have delivered a 31.4% YoY Retail Weighted Received Premium (RWRP) growth in 9MFY25, on the back of an increase of 14.4% in the number of policies sold. Our VNB grew by 8.5% year-on-year to Rs 1,575 crore in the same period, reflecting the growing profitability of our business.

We continue to innovate our product suite to meet the evolving needs of our customers. We recently launched ‘ICICI Pru Wish’, the life insurance industry’s first health plan designed exclusively for women. Another industry-first product proposition we offered in the regular pay annuity segment was ‘ICICI Pru Guaranteed Pension Plan Flexi’ with the ‘Increasing Income’ feature enabling customers to manage inflation.

Our customer focused approach has enabled us to build simplified processes across the policy life cycle. Our 13th month persistency ratio of ~90% at 9MFY25, underscores the customers’ trust in the Company.

Our claim settlement ratio of 99.3% in 9MFY25, with an average turnaround time of just 1.2 days for non-investigated individual claims reflects our commitment to fulfilling the promise made to our customers and their families.

It is our endeavour to deliver sustainable VNB growth by balancing business growth, profitability and risk & prudence.”

Result PDF

Life Insurance company ICICI Prudential Life Insurance Company announced H1FY25 results

Financial Highlights:

  • Profit before tax increased from Rs 4.56 billion in H1FY24 to Rs 5.46 billion in H1FY25, a year-on-year growth of 15.1%. Profit after tax has increased fromRs 4.51 billion in H1FY24 to Rs 4.77 billion in H1FY25.
  • Net premium earned (gross premium less reinsurance premium) increased by 9.3% from Rs 170.42 billion in H1FY24 to Rs 186.29 billion in H1FY25.
  • Total investment income increased from Rs 236.89 billion in H1FY24 to Rs 319.39 billion in H1FY25.
  • Total expenses (including commission) increased by 23.1% from Rs 37.88 billion in H1FY24 to Rs 46.62 billion in H1FY25.
  • Claims and benefit payouts (net of reinsurance) increased by 23.7% from Rs 174.10 billion in H1FY24 to Rs 215.44 billion in H1FY25 primarily on account of higher maturity claims in unit linked and participating portfolio coupled with increase in surrenders/withdrawals in the unit linked portfolio. The claims and benefits under the unit-linked portfolio are directly offset by changes in the valuation of policyholder liabilities.
  • Change in actuarial liability, including funds for future appropriation and fund reserve, increased from Rs 191.37 billion in H1FY24 to Rs 238.97 billion in H1FY25. Change in fund reserve, which represents change in liability carried on account of units held by unit-linked policyholders, increased from Rs 108.62 billion in H1FY24 to Rs 163.31 billion in H1FY25. The increase in change in fund reserves is primarily on account of higher investment income in the unit-linked portfolio. Non-unit reserve decreased from Rs 85.17 billion in H1FY24 to Rs 75.79 billion in H1FY25.
  • RWRP growth of 39.2% in H1FY25, supported by 12.5% growth in number of policies sold, outperforming overall and private life insurers over the last four quarters.
  • Annuity and Retail Protection segments APE registered 99.5% and 17.2% growth in H1FY25.
  • Strong Retail Protection APE growth of 30.7% in Q2-FY2025.
  • Total In-force Sum Assured stood at Rs 36.37 lakh crore as on September 30, 2024, an increase of 14.8% in H1FY25.
  • 13th month persistency of 89.8% at H1FY25.
  • Embedded Value stood at Rs 46,018 crore as on September 30, 2024, an increase of 19.4% in H1FY25.
  • Assets under Management stood at Rs 3.20 lakh crore as on September 30, 2024, an increase of 17.9% in H1FY25.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said: “We have delivered strong Retail Weighted Received Premium growth of 39.2% year-on-year in H1FY25, outperforming both the overall and private life insurers over the last four quarters. With this, we gained a 1.1% private sector market share (on RWRP) to end at 10.3% in H1FY25. During the same period, the business growth was supported by a 12.5% year-on-year increase in number of policies sold.

The Annuity and Retail protection business segments APE grew strongly by 99.5% and 17.2% respectively in H1FY25 and 73.0% and 30.7% respectively in Q2-FY2025. Given the under-penetration of Annuity and Protection in the country, we believe these two segments present a significant growth opportunity for us given our innovative and customer-friendly suite of products.

I am also happy to share that our available-to-sell products have been redesigned in line with the new product regulations keeping the interests of customers, shareholders anddistributors in mind. We believe these customer-centric changes will aid in increasing insurance penetration and bolster sustainable growth for the life insurance industry going forward.

In line with our efforts to provide simplified digital customer onboarding, 48% of our policies were issued on the same day for the savings line of business. Our Assets Under Management have crossed the 3.20 lakh crore mark and we cover over 9.7 crore lives, with a total in-force sum assured of 36.37 lakh crore at September 30, 2024.

Our industry leading individual claim settlement ratio of 99.3% in H1FY25, with an average turnaround time of 1.2 days, is a testament to our efforts towards fulfilling the promise made to our customers and their families. Our 13th month persistency ratio of almost 90% at H1FY25, reflects the customers’ satisfaction with our products.

We remain committed to deliver best-in-class customer value through innovative product propositions, seamless onboarding, best-in-class servicing and settling claims with utmost sensitivity and care. Our approach of right product to the right customer at the right price and through the right channel is enabling us to adapt to the dynamic market landscape and capitalise on the opportunities ahead, to deliver sustainable VNB growth by balancing business growth, profitability and risk & prudence.”

Result PDF

ICICI Prudential Life Insurance Company announced Q1FY25 results:
  • Assets under Management (AUM) crosses Rs 3 trillion mark
  • Robust 46.8% RWRP growth in Q1FY25, outperforming the overall industry and private life insurers for 3rd consecutive quarter
  • Strong APE growth of 34.4%, Number of policies grew by 15.1%
  • Annuity business registered a strong growth of 135.2%
  • VNB grew by 7.8%, PAT grew by 8.7%
  • 13th month persistency at 89.7%
  • Retail New Business Sum Assured (NBSA) grew by 21.4% year-on-year to Rs 591.33 billion
  • Total in-force sum assured grew by 15.5% to Rs 35.1 trillion

Commenting on the results, Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “I am happy to share that we have delivered strong RWRP growth of 46.8% year-on-year in Q1FY25, outperforming both the overall industry and private life insurers for the third consecutive quarter in a row. The topline growth was supported by an increase of 15.1% in the Number of Policies (NOP) sold during the same period. Our VNB grew by 7.8% year-on-year to Rs 4.72 billion in the same period, reflecting the growing profitability of our business.

We welcome the Regulator’s efforts to increase insurance penetration by improving the customer’s value proposition for non-linked products. Even before the revised surrender value norms came into force, we had launched ICICI Pru GPP Flexi with Benefit Enhancer, industry’s first annuity product which provides customers the option to receive 100% moneyback of premiums paid any time. We believe that such customer centric changes will boost the industry’s long-term growth.

We continue to work on process innovation and simplification, which has enabled us to deliver best-in-class customer experience and improve our operational efficiency. Notably, 85% of our policies have been issued using digital KYC and 48% of our policies were issued on the same day for savings line of business in Q1FY25. Our 13th month persistency is at 89.7%, indicating the trust and satisfaction of our customers.

Our focus is on building customer trust by enhanced coverage and superior claim settlements. Our AUM is over Rs 3 trillion, and we cover ~100 million lives for Rs 35.1 trillion total in-force sum assured as on June 30, 2024. Claim settlement is the moment of truth for any insurer and we have industry leading claim settlement ratio of 99.2% for FY2024, with an average turnaround time of 1.3 days for non-investigated claims.

We will continue to work on our strengths i.e., product leadership, extensive distribution network and business excellence while keeping customer centricity at the core of everything we do. With this strong business fundamentals, our endeavour is to deliver sustainable VNB growth with our efforts pivoted towards balancing business growth, profitability with risk and prudence."

Result PDF

ICICI Prudential Life Insurance Company announced FY24 results:
  • Profit After Tax (PAT) for FY24 grew by 5.1% to Rs 8.52 billion.
  • Value of New Business (VNB) for FY24 was Rs 22.27 billion, with a VNB margin of 24.6%.
  • Annualised Premium Equivalent (APE) increased by 4.7% YoY to Rs 90.46 billion in FY24.
  • Retail New Business Sum Assured (NBSA) surged by 38.3% YoY to Rs 2.4 trillion in FY24.
  • Total in-force sum assured rose by 15.6% YoY to Rs 34.1 trillion as of March 31, 2024, indicating customer confidence in the Company's claims settlement ability.
  • 13th month persistency ratio improved by 240 basis points to 89.0% in FY24, while the 49th month persistency ratio rose by 430 basis points to 68.5%.
  • Overall cost ratio (Cost/Total Weighted Received Premium - TWRP) was 24.0% in FY24, with the cost ratio for the savings line of business at 15.8%.
  • Solvency ratio stood at 191.8% as of March 31, 2024, exceeding the regulatory requirement of 150%.
  • Assets Under Management (AUM) grew by 17.1% YoY to Rs 2.9 trillion as of March 31, 2024.
  • Embedded Value (EV) increased by 18.8% YoY to Rs 423.37 billion as of March 31, 2024, with Return on Embedded Value (RoEV) at 14.1% for FY24.
  • Value of inforce business rose by 14.5% YoY to Rs 307.56 billion as of March 31, 2024.
  • The Board approved a final dividend of Rs 0.60 per equity share for FY24.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “We have been strengthening our well-diversified distribution network, designing innovative products and processes and leveraging data analytics and other technology solutions to simplify the business. These are aimed at enriching the customer and distributor experience.

We believe simplification is the key to expanding the market and is in line with our objective to become the most customer and distributor friendly life insurer. We are the first life insurer in the country to offer an annuity product that provides customers the option to receive a 100% refund of premiums paid. In addition, we offer a long-term savings product which provides customers the flexibility to make partial withdrawals enabling them to meet liquidity requirements without disrupting the savings goal. Notably, we are also the first life insurer to pay out commissions on the same day to our distributors. Innovative products and processes underscore the Company’s strategy of providing the right product to the right customer at the right price and through the right channel.

Our focus on the distribution front has been to build capacity and enhance efficiency. In Q4FY24, the retail weighted received premium grew by 11.5%, outperforming the overall industry and private life insurers. The contribution of the agency and direct business channels to the retail APE stood at 51% for FY24."

Result PDF

ICICI Prudential Life Insurance Company announced H1FY24 results:
  • ICICI Prudential Life Insurance has registered a 27% growth in its Profit after Tax (PAT) to Rs 4.51 billion for H1FY24
  • The Value of New Business (VNB) stood at Rs 10.15 billion with a VNB margin of 28.8% for H1FY24
  • The total Annualised Premium Equivalent (APE) for the Company stood at Rs 35.23 billion, with minimal concentration risk from any single distribution channel.
  • In H1FY24, the retail protection business segment APE grew by 73.7% YoY, resulting in a protection mix of 20.8% of overall APE.
  • The Company’s retail New Business Sum Assured (NBSA) grew by 52% YoY to Rs 1.1 trillion in H1FY24. The total NBSA stood at Rs 4.9 trillion in H1FY24.
  • The 13th-month persistency ratio improved by 100 bps to 86.9% for H1FY24. The 49th month persistency ratio, improved by 220 bps to 65.8% for H1FY24.
  • The Assets Under Management (AUM) grew by 11.3% YoY to Rs 2.7 trillion on September 30, 2023.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “We serve a crucial societal need of providing financial security to millions of families by helping them achieve their protection, retirement, health, and long-term savings goals. In H1FY24, our VNB stood at Rs 10.15 billion, with a margin of 28.8%, while PAT grew 27% year-on-year to Rs 4.51 billion. We are focused on growing the absolute VNB with the help of our 4D framework comprising Data analytics, Diversified propositions, Digitalisation, and Depth in Partnerships, to develop quality business in a risk-calibrated manner.

The retail protection business, which faced supply-side challenges in the past has come back on track. The retail protection APE registered a strong YoY growth of 73.7%, resulting in a total protection APE of Rs 7.34 billion in H1FY24. We believe protection, given the under-penetration in the country, presents a significant growth opportunity for us.

Persistency is the most effective indicator of the quality of sales and customer experience. Our 13th and 49th-month persistency ratios in September improved by 100 bps to 86.9% and 220 bps to 65.8% respectively. The customer’s continued trust in us is reflected in the improvement in persistency ratios across all cohorts.

We recently launched the first-of-its-kind ‘ICICI Pru Stack’, a set of platform capabilities encompassing digital tools and analytical abilities. We believe the key to market expansion is in getting the customer-product-channel equation correct – the right product to the right customer at the right price through the right channel. The ICICI Pru Stack has facilitated customer segmentation, enabling us to extend ‘Term By Invite’ and ‘Insurance By Invite’ offers to customers, besides providing them with an end-to-end digital fulfillment journey from buying to claim settlement. The Stack has enabled the Company to issue ~20% of the policies on the same day for the savings line of business.”

 

 

Result PDF

ICICI Prudential Life Insurance Company announced Q1FY24 results:

  • The Value of New Business (VNB), which represents the present value of future profits, stood at Rs 4.38 billion with a VNB margin of 30.0% for Q1FY24.
  • ICICI Prudential Life Insurance has registered a 32.7% growth in its Profit after Tax (PAT) to Rs 2.07 billion for Q1FY24
  • A comprehensive suite of products coupled with a need-based selling approach has resulted in the New Business Sum Assured, an indicator of the life cover opted for by customers, growing by 8.8% to Rs 2,403.04 billion for Q1FY24.
  • Retail Protection APE grew by 61.8% to Rs 1.10 billion
  • The total APE for the Company stood at Rs 14.61 billion with minimal concentration risk from any single distributor
  • 13th month Persistency ratio improved to 86.4%
  • The Company’s robust risk management framework has enabled it to have a record of zero Non-Performing Assets since inception.
  • Assets Under Management (AUM) grew by 15.8% YoY to Rs 2,664.20 billion at June 30, 2023

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “Our very purpose of existence is to provide financial security to our customers and their families. We believe we are trustees of the life savings entrusted to us by our customers to achieve their protection, retirement, health and long-term savings goals.

In Q1FY24, the VNB stood at Rs 4.38 billion, with a margin of 30%, while PAT grew 33% year-on-year to Rs 2.07 billion. With customer-centricity at the core, we will continue to focus on growing the absolute VNB, through the 4P strategy comprising Premium growth, Protection focus, Persistency improvement and Productivity enhancement.

Through Q1FY24, we have observed an improving trend in business, with double-digit growth in APE for the month of June 2023. Our efforts towards expanding the protection business are visible in the 62% year-on-year growth in the retail protection segment and this has led to the overall protection business contributing nearly a quarter of the total APE. Further, our well-diversified distribution network has ensured we have minimal concentration risk from any single distributor. Our persistency across cohorts has further improved, reflecting our need-based selling approach, with the 13th-month persistency at 86.4%.

To improve our performance across the 4P strategic elements, we have institutionalised a 4D framework comprising Data analytics, Diversified propositions, Digitalisation and Depth in Partnerships, with a focus on developing a quality business in a risk-calibrated manner. This framework will ensure products are aligned with customer needs, are designed to meet those needs effectively, are developed with the highest quality standards, and are delivered through the most appropriate channels. Also, this framework will help us provide simplified and hassle-free processes to our customers across the product life cycle.”

Result PDF

ICICI Prudential Life Insurance company announced Q4FY23 results:

  • The Value of New Business (VNB), representing profitability, grew to Rs 27.65 billion in FY23, a YoY growth of 27.8%
  • The VNB margin also expanded from 28.0% in FY22 to 32.0% in FY23. The company has thus achieved its stated objective of doubling the FY19 VNB by FY23
  • During FY23, Annualised Premium Equivalent (APE), a measure of new business, grew YoY by 11.7% to Rs 86.40 billion
  • For FY23, protection APE grew by 14.5% YoY to Rs 15.04 billion. The new business sum assured grew by 34.7% YoY to Rs 10.4 trillion
  • The company has reported significant improvement in persistency across all cohorts compared to FY22. The 13th-month persistency ratio improved by 90 basis points to 86.6% in 11MFY23 and the 61st-month persistency improved by 1130 basis points to 65.7% in 11MFY23
  • The continuous investments in digital technologies have enabled the company to be future-ready, achieve higher productivity, usher in cost efficiencies, and deliver superior customer service
  • Asset under Management grew to Rs 2,511.91 billion on March 31, 2023, which signifies customer trust in the Company
  • The solvency ratio for FY23 stood at 208.9%, well above the minimum regulatory requirement of 150%

N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “In April 2019 we had articulated our aspiration to double the FY19 VNB in four years. It gives me immense pleasure to state that we have successfully delivered this with a VNB of Rs 27.65 billion and industry leading margin of 32.0%. This VNB was delivered along with strong quality of business as can be seen from the sharp improvements in our persistency ratios across all cohorts.

Our strategy of pursuing a diversified distribution and a well diversified product mix has enabled us to deliver 26.5% YoY growth in APE (APE) in Q4-FY23. Our focus on protection and annuity products is reflected in the growth in these segments. These products together now contribute nearly half of the new business received premium for FY23.

We believe that we have built a resilient business with well-diversified product & channel mix, industry leading quality parameters, and strong risk & capital metrics. With this, we are well poised to take advantage of the insurance opportunity in the coming years.”

 

Result PDF

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