ICICI Prudential Life Insurance Company (ICICIPRULI) Q3 25/26 earnings summary

Executive summary

• Profit after tax rose 23.5% year-over-year to ₹9.92 billion in 9M-FY2026, driven by higher investment income.

• Value of New Business (VNB) reached ₹16.64 billion with a 24.4% margin in 9M-FY2026.

• Retail protection APE surged 40.8% year-over-year in Q3-FY2026, aided by GST reforms.

• Retail APE grew 9.9% year-over-year in Q3-FY2026; retail policies up 11.7% year-over-year.

• Solvency ratio at 214.8% as of December 31, 2025.

Financial highlights

• Total premium grew 4.2% year-over-year to ₹334.77 billion in 9M-FY2026; net premium earned was ₹321.56 billion.

• Assets under management rose 6.5% year-over-year to ₹3.31 trillion as of December 31, 2025.

• Cost-to-premium ratio improved to 19.3%; savings business cost ratio reduced to 12.7%.

• Claim settlement ratio at 99.3% for 9M-FY2026, with average settlement TAT of 1.1 days.

• Operating expenses (including commission) decreased 0.4% to ₹69.21 billion.

Outlook and guidance

• Management expects continued growth momentum and stable margins, supported by product innovation and distribution expansion.

• Two-year APE CAGR at 15.2% for Q3; management confident of sustaining 13-14% growth in line with industry.

• Focus on sustainable VNB growth by balancing business growth, profitability, and risk.

• Persistency improvement initiatives are underway in specific channels and products.

• Margin trajectory expected to remain stable, dictated by product mix and ongoing cost optimization.