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ICICI Prudential Life Insurance reports strong performance for 9M-FY2025

Naman Bansal January 22, 2025 PR

•ʰǴھڳٱղ(ʴ)𲵾ٱǷɳٳǴ18.3%ٴ₹803ǰ9-2025

•ձ8.5%₹1,575ǰ9-2025

•RobustRWRPgrowthof31.4%in9M-FY2025,outperformingoverallandprivate life insurers over the last five quarters

•Numberofpolicies(NOP)soldgrewby14.4%in9M-FY2025,outperformingthe private sector NOP growth

•StronggrowthinAnnuityandRetailProtectionof81.7%and24.2%respectively in 9M-FY2025

•13thmonthpersistencyof89.8%at9M-FY2025

•TotalIn-forceSumAssuredwitnessedagrowthof17.0%to₹37.78lakhcroreat December 31, 2024

•Pension Funds under Management crossed the₹40,000 crore milestone in Ǫ3-FY2025

Bengaluru, 22nd January, 2025:ICICIPrudentialLifeInsurancehasreportedagrowthof18.3%year-on-yearinitsProfit After Tax (PAT) to803 crore for 9M-FY2025. For the same period, the Value of New Business(VNB)registeredagrowthof8.5%to1,575croreandtheVNBmarginstood at 22.8%.

The total Annualised Premium Equivalent (APE) grew by 27.2% year-on-year in 9M- FY2025.Thiswassupportedby14.4%year-on-yearincreaseinnumberofpoliciessold in 9M-FY2025 and 18.3% year-on-year in Ǫ3-FY2025.

AnnuitybusinessAPEgrew by81.7%year-on-year to616crorein9M-FY2025.Retail protection business APE grew by 24.2% year-on-year to426 crore in 9M-FY2025. Notably, the retail protection segment grew by 40.0% year-on-year in Ǫ3-FY2025.

The Companyֱretail New Business Sum Assured (NBSA) grew by39.2% year-on-year to2.28lakhcrorein9M-FY2025.ThetotalIn-forcesumassured,whichisthequantum oflifecovertakenbycustomersoftheCompany,grewby17.0%year-on-yearto37.78 lakh crore.

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The Company has a well-diversified distribution network, ensuring its presence acrossplatformsandtouchpointspreferredbydifferentcustomersegments.In 9M-FY2025,APEcontribution from agency, direct, bancassurance, partnership distribution, and group channelsstoodat30.2%,15.3%,27.7%,10.1%and16.7%respectively.

The assets under management of the Company stood at3.10 lakh crore as on December 31, 2024. The Company acts as custodian and trustee of customers’ funds enablingittodeliver superiorrisk-adjustedreturnswhilemaintainingitstrackrecordof 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 of1,400 crore thereby further strengthening its solvency.

The Companyֱ commitment to sustainability is central to its vision of building anenduringinstitutionthatservestheprotectionandlong-termsavingneedsofcustomers withsensitivity.TheCompanycontinuestobethehighestratedIndianinsureraspertwo leadingESGratingagencies.Ithassuccessfully retainedtheESG ratingof‘AA’ascribedbyMSCImakingitoneofthetop-ratedlifeinsurersinIndia.

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 industryֱ premium growth for five consecutive quarters. We have delivered a 31.4% year-on-year Retail Weighted Received Premium (RWRP) growth in 9M-FY2025,onthebackofanincreaseof14.4%inthenumberofpoliciessold.OurVNB grewby8.5% year-on-year to₹1,575crore inthe sameperiod, reflecting thegrowing profitability of our business.

Wecontinuetoinnovateourproductsuitetomeettheevolvingneedsofourcustomers. We recently launched ‘ICICI Pru Wish’, the life insurance industryֱ first health plan designedexclusivelyforwomen.Anotherindustry-firstproductpropositionweofferedin theregularpayannuitysegmentwas‘ICICIPruGuaranteedPensionPlanFlexi’withthe ‘Increasing Income’ feature enabling customers to manage inflation.

Ourcustomerfocusedapproachhasenabledustobuildsimplifiedprocessesacrossthe policy life cycle. Our 13thmonth persistency ratio of ~90% at 9M-FY2025, underscores the customers’ trust in the Company.

Ourclaimsettlementratioof99.3%in9M-FY2025,withanaverageturnaroundtimeof just1.2daysfor non-investigatedindividualclaimsreflectsour commitment tofulfilling 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.”

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