ICICI Prudential Life Insurance Company (ICICIPRULI) Q3 24/25 earnings summary

Executive summary

• Achieved 27.2% year-over-year AP/APE growth to INR 69.05 billion for nine months FY2025, with VNB up 8.5% to INR 15.75 billion and margin at 22.8%.

• Profit after tax for 9M-FY2025 grew 18.3% year-over-year to INR 8.03 billion, with Q3-FY2025 PAT up 43.6%.

• Outperformed industry in RWRP growth across all quarters in the last year.

• Maintained high persistency (13-month at 89.8%, 49-month at 69.2%) and claim settlement ratios (99.3%).

• Launched industry-first products: women's health plan, increasing annuity variant, and new ULIP.

Financial highlights

• Net premium earned increased 14.4% year-over-year to INR 321.19 billion for 9M-FY2025.

• Assets under management reached INR 3,104.14 billion, up 8.3% year-over-year.

• PAT for Q3 FY2025 up 43.6% YoY to INR 3.26 billion; nine months PAT up 18.3% to INR 8.03 billion.

• Cost to premium at 19.8%, cost to TWRP at 27.8%, and cost to TWRP for savings at 16.8%.

• Commission expenses rose 52.3% YoY to INR 32.84 billion; operating expenses decreased 1.2% to INR 35.98 billion.

Outlook and guidance

• Focus remains on growing absolute VNB, not margin percentage, with continued investment in proprietary channels, capacity creation, and technology.

• Expect continued growth in protection and annuity segments, which now constitute 42% of new business premium.

• Aim to deliver alpha over industry growth and maintain mid-teens VNB growth over the medium term.

• Positive industry outlook driven by under-penetration in protection, retirement, and health segments.