ICICI Prudential Life Insurance announced its Q3-FY2026 results, with retail APE growing by 9.9% year-on-year. The retail protection segment registered a substantial growth of 40.8% year-on-year. VNB for Q3-FY2026 stood at ₹6.15 billion and ₹16.64 billion for the nine-month period with a margin of 24.4%. The company remains focused on sustainable VNB growth and adapting to evolving market dynamics.
Financial Performance
In Q3-FY2026, ICICI Prudential Life Insurance saw its retail APE increase by 9.9% compared to the previous year. This growth occurred on top of a 20.8% growth in the prior year’s Q3. The number of retail policies also increased by 11.7% year-on-year. Overall APE grew by 3.6% year-on-year. The Value of New Business (VNB) for Q3-FY2026 was reported at ₹6.15 billion. For the nine-month period, VNB reached ₹16.64 billion, with a margin of 24.4%.
Key Growth Drivers
The company’s retail protection segment was a significant driver of growth, registering a 40.8% year-on-year increase in Q3-FY2026. This performance was partially attributed to recent GST reforms. Linked business grew by 8.3% year-on-year, benefiting from renewed customer confidence. Non-linked savings business also experienced growth, increasing by 15.2% year-on-year.
Operational Metrics
The cost-to-premium ratio for the nine-month period decreased to 19.3% from 19.8% in the previous year. The company’s 13-month persistency stood at 84.4%, and the claim settlement ratio was 99.3%. The President of India approved amendments to the Insurance Act through the ‘Sabka Bima Sabki Raksha’ Act 2025. The Act raises the FDI limit from 74% to 100%.
Channel Performance
The agency channel grew by 0.8%, while the direct channel grew by 1.1%. Together, these channels contribute 52% to retail APE. Bancassurance channel grew by 10.5% year-on-year, contributing 26.7% to APE in Q3. Partnership distribution channel grew by 51.6% year-on-year in Q3 and contributed 13.5% to APE mix in Q3.
Source: BSE
