ICICI Prudential Life Insurance Company (ICICIPRULI) Q4 25/26 earnings summary

Executive summary

• Value of New Business (VNB) grew 10.9% year-on-year to INR 26.29 billion, with margin expanding to 24.7% from 22.8% in FY2026.

• Profit after tax rose 34.6% year-on-year to INR 16 billion, driven by higher investment income and a one-time gain from the sale of a subsidiary.

• Embedded Value increased by 10.5% year-on-year to INR 529.89 billion, with Return on Embedded Value (ROEV) at 11.9%.

• Maintained a strong solvency ratio of 227.3%, well above regulatory requirements.

• Persistency ratios remained strong, with 13-month at 84.5% and 49-month at 71.8%.

Financial highlights

• Total premium grew 8.5% year-on-year to INR 531.25 billion.

• New business premium rose 10% year-on-year to INR 248.10 billion.

• Assets under management reached INR 3.14 trillion, up 16.9% year-on-year.

• Cost-to-premium ratio for savings improved by 40 bps to 12.1%; total cost-to-premium at 18.2%.

• Claim settlement ratio at 99.3% with 1.1 days average turnaround.

Outlook and guidance

• Management remains cautious on growth for FY2027 due to market volatility and will focus on granular customer segmentation and product fit.

• Continued investment in digital transformation, diversified distribution, and micro-market strategies.

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

• Targeting deeper market penetration in protection and annuity segments.

• Cost optimization and digital initiatives to sustain margins.