ICICI Prudential Life Insurance reported an 18 percent year-on-year rise in net profit to Rs 296 crore for the quarter ended September 2025 (Q2 FY26), compared with Rs 251 crore in the same period last year.
The company’s Annualised Premium Equivalent (APE) fell 3 percent to Rs 2,422 crore from Rs 2,504 crore in Q2 FY25. Value of New Business (VNB) rose marginally by 1 percent to Rs 592 crore from Rs 586 crore, while the VNB margin improved to 24.4 percent from 23.4 percent a year ago.
Total premium income grew 10 percent to Rs 12,297 crore in Q2 FY26 from Rs 11,175 crore in Q2 FY25, supported by higher growth in retail business. Retail Weighted Received Premium (RWRP) increased 0.5 percent to Rs 3,284 crore.
By product category, linked savings products accounted for 48 percent of APE, non-linked savings for 22 percent, and protection for 19 percent. Retail protection APE grew 2.4 percent year-on-year to Rs 309 crore, while annuity APE increased 11.8 percent to Rs 935 crore.
On a channel basis, agency business APE rose 23 percent to Rs 305 crore, while bancassurance APE declined 21 percent to Rs 1,067 crore. The direct channel APE grew 23 percent to Rs 546 crore, and partnership distribution rose 15 percent to Rs 767 crore.
Cost ratios improved significantly, with the cost-to-total premium ratio for the savings line of business reducing to 17.7 percent from 20.5 percent, reflecting better operational efficiency.
As of September 2025, the company’s solvency ratio stood at 213.2 percent, compared with 212.2 percent a year earlier. Assets under management (AUM) increased to Rs 3.21 lakh crore from Rs 3.09 lakh crore in September 2024, while embedded value (EV) rose to Rs 50,501 crore from Rs 47,951 crore.
Persistency metrics remained stable, with the 13-month persistency ratio at 85.3 percent compared with 89.8 percent a year earlier. The claim settlement ratio was 99.3 percent during the quarter, with an average settlement time of 1.1 days.
ICICI Prudential said it remains focused on sustainable growth and improving business quality, with digital processes now driving over half of new policy issuances through e-KYC and same-day onboarding.
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