January 21, 2025-
Performance Highlights
Proft after Tax (PAT) registers a growth of 18.3% to ₹ 803 crore in 9M-FY2025
VNB grew by 8.5% ₹ 1,575 crore in 9M-FY2025
Robust RWRP growth of 31.4% in 9M-FY2025, outperforming overall and private
life insurers over the last five quarters
Number of policies (NOP) sold grew by 14.4% in 9M-FY2025, outperforming the
private sector NOP growth
Strong growth in Annuity and Retail Protection of 81.7% and 24.2% respectively
in 9M-FY2025
13th month persistency of 89.8% at 9M-FY2025
Total In-force Sum Assured witnessed a growth of 17.0% to ₹ 37.78 lakh crore at
December 31, 2024
Pension Funds under Management crossed the ₹ 40,000 crore milestone in Q3-
FY2025
ICICI Prudential Life Insurance has reported a growth of 18.3% year-on-year in its Profit
After Tax (PAT) to 803 crore for 9M-FY2025. For the same period, the Value of New
Business (VNB) registered a growth of 8.5% to 1,575 crore and the VNB margin stood
at 22.8%.
The total Annualised Premium Equivalent (APE) grew by 27.2% year-on-year in 9M-
FY2025. This was supported by 14.4% year-on-year increase in number of policies sold
in 9M-FY2025 and 18.3% year-on-year in Q3-FY2025.
Annuity business APE grew by 81.7% year-on-year to 616 crore in 9M-FY2025. Retail
protection business APE grew by 24.2% year-on-year to 426 crore in 9M-FY2025.
Notably, the retail protection segment grew by 40.0% year-on-year in Q3-FY2025.
The Company’s retail New Business Sum Assured (NBSA) grew by 39.2% year-on-year
to 2.28 lakh crore in 9M-FY2025. The total In-force sum assured, which is the quantum
of life cover taken by customers of the Company, grew by 17.0% year-on-year to 37.78
lakh crore.
The Company has a well-diversified distribution network, ensuring its presence across
platforms and touchpoints preferred by different customer segments. In 9M-FY2025, APE
contribution from agency, direct, bancassurance, partnership distribution, and group
channels stood at 30.2%, 15.3%, 27.7%, 10.1% and 16.7% respectively.
The assets under management of the Company stood at 3.10 lakh crore as on
December 31, 2024. The Company acts as custodian and trustee of customers’ funds
enabling it to deliver superior risk-adjusted returns while maintaining its track record of
zero Non-performing Assets since inception.
The solvency ratio was 211.8% as on December 31, 2024, against the regulatory
requirement of 150%. During the quarter, the Company successfully raised additional
capital by issuance of non-convertible debentures of 1,400 crore thereby further
strengthening its solvency.
The Company’s commitment to sustainability is central to its vision of building an
enduring institution that serves the protection and long-term saving needs of customers
with sensitivity. The Company continues to be the highest rated Indian insurer as per two
leading ESG rating agencies. It has successfully retained the ESG rating of ‘AA’ ascribed
by MSCI making it one of the top-rated life insurers in India.
Commenting on the results, Mr. Anup Bagchi, MD & CEO, ICICI Prudential Life
Insurance said, “Our focus on aligning with the customer demand has helped us
outperform the industry’s premium growth for five consecutive quarters. We have
delivered a 31.4% year-on-year Retail Weighted Received Premium (RWRP) growth in
9M-FY2025, on the back of an increase of 14.4% in the number of policies sold. Our VNB
grew by 8.5% year-on-year to ₹ 1,575 crore in the same period, reflecting the growing
profitability of our business.
We continue to innovate our product suite to meet the evolving needs of our customers.
We recently launched ‘ICICI Pru Wish’, the life insurance industry’s first health plan
designed exclusively for women. Another industry-first product proposition we offered in
the regular pay annuity segment was ‘ICICI Pru Guaranteed Pension Plan Flexi’ with the
‘Increasing Income’ feature enabling customers to manage inflation.
Our customer focused approach has enabled us to build simplified processes across the
policy life cycle. Our 13th month persistency ratio of ~90% at 9M-FY2025, underscores
the customers’ trust in the Company.
Our claim settlement ratio of 99.3% in 9M-FY2025, with an average turnaround time of
just 1.2 days for non-investigated individual claims reflects our commitment to fulfilling
the promise made to our customers and their families.
It is our endeavour to deliver sustainable VNB growth by balancing business growth,
profitability and risk & prudence.”
