ICRA Limited has reaffirmed the ICRA AAA (Stable) rating for ICICI Prudential Life Insurance Company Limited’s non-convertible debentures. The rating reflects ICICI Pru’s established market position as one of the largest private life insurers, supported by a diversified product offering and distribution network. As of June 30, 2025, the company’s solvency ratio stood at 2.12 times, and its average return on equity (RoE) and return on embedded value (RoEV) were 9.6% and 14.1%, respectively.
Rating Reaffirmation Details
ICRA Limited has reaffirmed ICRA AAA (Stable) rating for ICICI Prudential Life Insurance Company Limited. This rating applies to ₹2,600 crore of subordinated debt programme. The decision was formally announced on October 9, 2025.
Key Rating Drivers
The reaffirmed rating is supported by several factors:
- Strong Market Position: ICICI Prudential is one of the largest private life insurers in India, maintaining a robust market presence.
- Diversified Offerings: The company features a well-diversified product portfolio and extensive distribution channels.
- Healthy Capitalization: ICICI Prudential benefits from healthy internal accruals. The company reported a solvency of 2.12 times as of June 30, 2025.
- Strong Promoter Profile: ICICI Bank holds 51.0% and Prudential Corporation Holdings Limited holds 22.0% in ICICI Pru as of June 30, 2025, providing strong support.
Financial Performance Highlights
ICICI Prudential has demonstrated healthy profitability and business growth:
- The Value of New Business (VNB) increased to ₹2,370 crore in FY2025 from ₹2,227 crore in FY2024.
- The company’s embedded value (EV) increased to ₹47,950 crore as of March 31, 2025.
- The operating RoEV averaged 14.2% over the last five years.
Stable Outlook
The stable outlook reflects expectations that ICICI Prudential will maintain adequate solvency and continue to receive support from ICICI Bank, if required. As of June 30, 2025, its solvency stood at 2.12 times, significantly above the regulatory threshold.
Instrument Details
The ICRA AAA (Stable) rating applies to the following instruments:
Source: BSE
