ICICI Prudential Life Insurance Company on Tuesday reported a 19% year-on-year increase in net profit at ₹390 crore for the third quarter, even as premium growth remained muted.
Gross premium income declined 3% year-on-year to ₹12,226 crore, led by a sharp fall in single-premium collections. Single premium fell 22% year-on-year to ₹3,551 crore during the quarter. First-year premium rose 9% to ₹2,081.13 crore, while renewal premium increased 6% to ₹6,593.89 crore. Net premium income (after reinsurance) was down by 4% to ₹11,809 crore.
Annualised Premium Equivalent Performance
The insurer’s annualised premium equivalent (APE) grew a modest 4% year-on-year to ₹2,525 crore in Q3FY26, impacted by a slowdown in group insurance, where APE declined 20% to ₹400 crore. However, retail APE, a key metric to measure individual new business, grew 9.9% year-on-year to ₹2,116 crore.
Value of new business (VNB) stood at ₹615 crore in the third quarter. For the first nine months of the current financial year, VNB was ₹1,664 crore with a margin of 24.4%.
What did MD & CEO, ICICI Prudential Life Insurance say?
“Our VNB stood at ₹ 615 crore, on the back of 9.9% year-on-year growth in retail APE. Notably, the number of policies sold increased by 11.7% year-on-year in the same period,” Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said in a release.
He added that the ‘0% GST reform’ on individual policies has significantly supported performance in the company’s core retail protection segment. Retail protection APE rose 40.8% year-on-year to ₹207 crore during the quarter. Overall new business sum assured (NBSA) grew 15.5% year-on-year to ₹2.39 lakh crore, while retail NBSA jumped 51.6% year-on-year to ₹1.24 lakh crore in Q3FY26.
Persistency Ratios and Corrective Actions
The 13th month and 61st month persistency ratio stood at 84.4% and 61.8% respectively as on December 31, 2025. The Company has observed challenges in specific channel & product pockets where persistency levels are lower than the initial assumptions. “To address this, corrective actions have been initiated aimed at improving these levels and it is being monitored closely,” ICICI Prudential said. Solvency ratio of the insurer stood at 214.8% as on December 31, 2025, against the regulatory requirement of 150%.
As of December 31, 2025, the company had assets under management of ₹3.31 lakh crore and a total in-force sum assured of ₹43.44 lakh crore. Shares of ICICI Prudential Life Insurance closed flat at ₹679.95 on the NSE.