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The net premium income for the quarter increased by 23.5% YoY to Rs 12,261.37 crore. The first-year gross premium income grew by 19% YoY to Rs 1,824.63 crore. Meanwhile, renewal premium income remained flat YoY at Rs 6,090 crore and single premium income saw a significant rise of 77.6% to Rs 4,745.51 crore.

Net commission stood at Rs 1,103.71 crore during the quarter, registering a growth of 10.18% YoY.

On nine-month basis, the company's net profit rose 18.3% to Rs 802.77 crore in 9M FY25 as against Rs 678.63 crore posted in 9M FY24. Total income fell 18.80% YoY to Rs 54,982.43 crore in 9M FY25. The net premium income grew 14.53% YoY to Rs 30,890.24 crore in 9M FY25.

The value of new business (VNB), which represents the present value of future profits, registered a growth of 8.5% to 1,575 crore, with a VNB margin of 22.8% for 9M FY25.

Total annualised premium equivalent (APE) grew by 27.2% to Rs 6,905 crore in 9M FY25 as compared with Rs 5,430 crore in 9M FY24. Retail APE jumped 28.5% YoY to Rs 5,753 crore in 9M FY25. The retail weighted received premium (RWRP) growth of 31.4% in 9M FY25, outperforming both the overall industry and private life insurers over the last five quarters.

New business received premium grew by 31.3% YoY from Rs 11,527 crore in 9M FY25 to Rs 15,139 crore in 9M FY25.

The total premium increased by 14.4% YoY to Rs 32,119 crore in 9M FY25 from Rs 28,086 crore in 9M FY24.

The assets under management (AUM) rose 8.3% to Rs 3,10,414 crore in 9M FY25 as compared with Rs 2,86,676 crore recorded in the same period a year ago.

The company maintains healthy persistency ratios indicating strong focus on improving the quality of its business. The 13th month persistency ratio stood at 89.8% in 9M FY25. The 49th month persistency ratio stood at 69.2% in 9M FY25.

Embedded value grew by 19.4% to Rs 46,018 crore at 30 September 2024.

The solvency ratio stood at 211.8% as of 31 December 2024, well above the regulatory requirement of 150%. During the quarter, the company successfully raised additional capital by issuing non-convertible debentures worth Rs 1,400 crore, further strengthening its solvency.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said, We continue to innovate our product suite to meet the evolving needs of our customers. We recently launched 'ICICI Pru Wish', the life insurance industry's first health plan designed exclusively for women. Another industry-first product proposition we offered in the regular pay annuity segment was 'ICICI Pru Guaranteed Pension Plan Flexi' with the 'Increasing Income' feature enabling customers to manage inflation.

Our customer focused approach has enabled us to build simplified processes across the policy life cycle. Our 13th month persistency ratio of around 90% at 9M-FY2025 underscores the customers' trust in the company. Our claim settlement ratio of 99.3% in 9M-FY2025, with an average turnaround time of just 1.2 days for non-investigated individual claims reflects our commitment to fulfilling 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.'

ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in United Kingdom. The company offers and array of products in the protection and savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long term financial goals.

The scrip dropped 7.26% to Rs 589.75 on the BSE.

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