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

Executive summary

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

• RWRP grew 39.2% year-on-year, gaining 1.1% market share to reach 10.3%, outperforming private and overall industry for four consecutive quarters.

• Embedded value rose 19.4% year-on-year to ₹460.18 billion.

• Maintained a strong claim settlement ratio of 99.3% for individual claims and 99.8% overall, with an average turnaround of 1.2 days.

• Continued investment in technology, analytics, ESG integration, and digital adoption, with 85% digital KYC and 48% same-day policy issuance.

Financial highlights

• VNB for H1 FY2025 was ₹10.58 billion, with a margin of 23.7%.

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

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

• Total premium collected was ₹194.59 billion, up 9.3% year-on-year.

• Cost to premium ratio at 22.0%; cost to TWRP at 29.4%, down from 32.6% in Q1.

Outlook and guidance

• Focus remains on absolute VNB growth, sustainable business expansion, and adapting to customer preferences.

• Expect commission structure changes to settle in the current quarter, with ongoing partner discussions.

• Continued investment in capacity creation, technology, and micro-market strategies to support future growth.

• Strategic emphasis on deepening distribution, product innovation, and customer experience.

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