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

Executive summary

• RWRP grew 31.4% year-on-year for the nine months ended December 2024, outperforming both private and overall industry for five consecutive quarters.

• AP/APE increased by 27.2% to INR 69.05 billion, with the number of policies up 14.4% year-on-year.

• Focus segments, annuity AP and retail protection AP, grew by 81.7% and 24.2% year-on-year, respectively.

• Claims settlement ratio stood at 99.3% for individuals, with an average turnaround of 1.2 days for non-investigative claims; overall ratio at 99.8%.

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

Financial highlights

• VNB grew by 8.5% year-on-year to INR 15.75 billion, with a margin of 22.8%.

• PAT for Q3 FY25 grew by 43.6% year-on-year to INR 3.26 billion; nine-month PAT up 18.3% to INR 8.03 billion.

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

• Assets under management reached INR 3,104.14 billion, up 8.3% year-on-year; solvency ratio at 211.8%.

• Expenses increased by 10.7% YoY for Q3 and 19.8% YoY for nine months; cost to premium at 19.8%.

Outlook and guidance

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

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

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

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