ICICI Prudential Life Insurance Company (ICICIPRULI) Q2 24/25 earnings summary

Executive summary

• Achieved strong growth in H1 FY2025, with total APE up 26.8% year-on-year to ₹44.67 billion and retail APE up 32.7%.

• RWRP grew 39.2% year-on-year, with private market share rising from 9.2% to 10.3%.

• VNB increased 4.2% year-on-year to ₹10.58 billion, with a margin of 23.7%.

• Embedded value rose 19.4% to ₹460.18 billion.

• Focus on customer centricity, diversified product suite, and operational efficiency, with continued investment in technology and ESG integration.

Financial highlights

• Profit after tax for H1 FY2025 was ₹4.77 billion, up 5.8% year-on-year.

• Assets under management reached ₹3,204.91 billion, up 17.9% year-on-year.

• Solvency ratio remained strong at 188.6% as of September 30, 2024.

• Cost to premium stood at 22.0% and cost to TWRP at 29.4%, both improving sequentially.

• 13-month persistency at 89.8% and 49-month at 69.9%.

Outlook and guidance

• Focus on sustainable VNB growth, balancing expansion, profitability, and risk management.

• No explicit VNB margin guidance; focus remains on absolute VNB growth and responding to customer demand.

• Board approved raising up to ₹14.00 billion via non-convertible debentures to strengthen solvency.

• Continued investment in capacity creation, technology, and product innovation to support growth.

• No material negative impact expected from new commission structures in Q3.