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ICICI Prudential Life Insurance Company (ICICIPRULI) investor relations material
ICICI Prudential Life Insurance Company Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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