ICICI Prudential Life Insurance Company
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ICICI Prudential Life Insurance Company (ICICIPRULI) investor relations material

ICICI Prudential Life Insurance Company Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary13 Jan, 2026

Executive summary

  • Celebrated 25 years of service, serving over 200 million Indians and achieving top industry NPS for three consecutive years.

  • Achieved 1.4% year-over-year APE growth to ₹68.11 bn and 5.7% VNB growth to ₹16.64 bn for 9M-FY2026, with a 24.4% VNB margin.

  • Profit after tax rose 23.5% year-over-year to ₹9.92 bn, driven by higher investment income; assets under management increased 6.5% to ₹3.31 trillion.

  • Maintained a strong solvency ratio of 214.8% as of December 31, 2025, and a claim settlement ratio of 99.3% with 1.1 days average turnaround.

  • Insurance Act amendments (Sabka Bima Sabki Raksha Act 2025) raised FDI cap to 100%, aiming for 'insurance for all' by 2047 and improving ease of business.

Financial highlights

  • Q3 FY26 retail APE grew 9.9% year-over-year; retail number of policies up 11.7% year-over-year.

  • Retail protection APE surged 40.8% year-over-year in Q3-FY2026; retail sum assured up 51.6% year-over-year.

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

  • Q3 VNB at INR 6.15 billion; nine-month VNB at INR 16.64 billion with a 24.4% margin.

  • PAT grew 19.6% year-over-year to INR 3.9 billion in Q3 and 23.5% to INR 9.92 billion for nine months.

Outlook and guidance

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

  • Continued investment in digital transformation, diversified distribution, and innovative product offerings.

  • Two-year APE CAGR at 13.8%, in line with industry; management confident of sustaining 13-14% growth as base normalizes.

  • Persistency improvement initiatives underway in specific channels and products.

  • VNB margin expected to remain stable, driven by product mix and efficiency gains.

NCD refinancing: Capital strategy implications?
New Labour Codes: Future financial impact?
Persistency challenges: Corrective actions efficacy?
Identify specific persistency challenge areas
Protection growth sustainability and pricing outlook
Which channels will drive future APE growth
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Q4 25/2622 Apr, 2026
ICICI Prudential Life Insurance Company
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Q4 25/2622 Apr, 2026

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Frequently asked questions

ICICI Prudential Life Insurance Company Ltd is an Indian insurance company that provides a range of life insurance, health insurance, and investment-linked products. It operates through a combination of agency channels, bancassurance partnerships, and digital platforms. The company serves individuals and corporate clients with long-term financial planning and protection solutions. ICICI Prudential Life Insurance Company Ltd is headquartered in Mumbai, India, and its shares are listed on the NSE.

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