ICICI Prudential Life Insurance reports strong performance for 9M-FY2025

•         Profit after Tax (PAT) registers a growth of 18.3% to ₹ 803 crore in 9M-FY2025

•         VNB grew by 8.5% ₹ 1,575 crore in 9M-FY2025

•         Robust RWRP growth of 31.4% in 9M-FY2025, outperforming overall and private life insurers over the last five quarters

•         Number of policies (NOP) sold grew by 14.4% in 9M-FY2025, outperforming the private sector NOP growth

•         Strong growth in Annuity and Retail Protection of 81.7% and 24.2% respectively in 9M-FY2025

•         13th month persistency of 89.8% at 9M-FY2025

•         Total In-force Sum Assured witnessed a growth of 17.0% to ₹ 37.78 lakh crore at December 31, 2024

•         Pension Funds under Management crossed the ₹ 40,000 crore milestone in Ǫ3- FY2025

Bengaluru, 22nd January, 2025: ICICI Prudential Life Insurance has reported a growth of 18.3% year-on-year in its Profit After Tax (PAT) to 803 crore for 9M-FY2025. For the same period, the Value of New Business (VNB) registered a growth of 8.5% to  1,575 crore and the VNB margin stood at 22.8%.

The total Annualised Premium Equivalent (APE) grew by 27.2% year-on-year in 9M- FY2025. This was supported by 14.4% year-on-year increase in number of policies sold in 9M-FY2025 and 18.3% year-on-year in Ǫ3-FY2025.

Annuity business APE grew by 81.7% year-on-year to 616 crore in 9M-FY2025. Retail protection business APE grew by 24.2% year-on-year to 426 crore in 9M-FY2025. Notably, the retail protection segment grew by 40.0% year-on-year in Ǫ3-FY2025.

The Company’s retail New Business Sum Assured (NBSA) grew by 39.2% year-on-year to 2.28 lakh crore in 9M-FY2025. The total In-force sum assured, which is the quantum of life cover taken by customers of the Company, grew by 17.0% year-on-year to  37.78 lakh crore.

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The Company has a well-diversified distribution network, ensuring its presence across platforms and touchpoints preferred by different customer segments. In 9M-FY2025, APE contribution from agency, direct, bancassurance, partnership distribution, and group channels stood at 30.2%, 15.3%, 27.7%, 10.1% and 16.7% respectively.

The assets under management of the Company stood at 3.10 lakh crore as on December 31, 2024. The Company acts as custodian and trustee of customers’ funds enabling it to deliver superior risk-adjusted returns while maintaining its track record of zero Non-performing Assets since inception.

The solvency ratio was 211.8% as on December 31, 2024, against the regulatory requirement of 150%. During the quarter, the Company successfully raised additional capital by issuance of non-convertible debentures of 1,400 crore thereby further strengthening its solvency.

The Company’s commitment to sustainability is central to its vision of building an enduring institution that serves the protection and long-term saving needs of customers with sensitivity. The Company continues to be the highest rated Indian insurer as per two leading ESG rating agencies. It has successfully retained the ESG rating of ‘AA’ ascribed by MSCI making it one of the top-rated life insurers in India.

Commenting on the results, Mr. 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% year-on-year Retail Weighted Received Premium (RWRP) growth in 9M-FY2025, 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 ₹ 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 9M-FY2025, underscores the customers’ trust in the Company.

Our claim settlement ratio of 99.3% in 9M-FY2025, 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.”