ICICI Prudential Life Insurance announced the earnings call transcript for the quarter and half year ended September 30, 2025. Total premium grew by 9.2% year-on-year. APE declined by 4.1% year-on-year. Retail protection APE grew by 10.8% year-on-year. VNB for the period was ₹10.49 billion. The company remains focused on sustainable growth and profitability amidst evolving market dynamics and regulatory changes.
Financial Performance Highlights
ICICI Prudential Life Insurance reported a 9.2% year-on-year increase in total premium, reaching ₹212.51 billion. However, APE experienced a 4.1% year-on-year decrease, totaling ₹42.86 billion. Despite this, retail protection APE showed strong growth at 10.8% year-on-year, and new business sum assured grew by 17.2%.
Key Performance Indicators
The company’s customer-centric approach is reflected in its strong 13-month persistency ratio of 85.3% and a claim settlement ratio of 99.3%. The VNB for the period reached ₹10.49 billion, with a VNB margin of 24.5%. Embedded value grew by 9.7% year-on-year, standing at ₹505.01 billion as of September 30, 2025. AUM stood at ₹3.21 trillion.
Business Segment Performance
Non-linked savings business grew by 11.9% in Q2 FY2026 and 15.6% in H1 FY2026. Linked business saw a decline of 8.6% in Q2 and 10.7% year-on-year in H1. Overall protection business grew by 6.7% year-on-year in H1 FY2026. Annuity business declined significantly due to a high base from the previous year.
Channel-Wise Growth
Proprietary channels declined by 18% year-on-year in both Q2 and H1 FY2026. Bancassurance business remained almost flat. Partnership distribution business grew by 23% in Q2 and 14.9% in H1. Group business grew by 20.7% in Q2 and 19.8% in H1.
Strategic Outlook and GST Impact
The company acknowledges the impact of the Goods and Services Tax (GST) regime. The company has ensured that the benefit of GST exemption is passed to the customers. ICICI Prudential is focusing on volume growth and managing costs to maintain profitability. The management aims to leverage its product leadership, distribution network, and operational efficiency to navigate market challenges.
Source: BSE
