ICICI Prudential Life Insurance Q3 net profit rises 20% to ₹390 crore

ICICI Prudential Life Insurance recorded nearly 20 per cent year-on-year growth to Rs 390 crore in the October-December quarter of FY26 (Q3 FY26) from Rs 326.65 crore in Q3 FY25, supported by healthy growth in investment income, even as premium growth remained muted.

 

The net investment income of the insurer for the quarter stood at Rs 10,745.64 crore, compared with a loss of Rs 7,905.93 crore in the year-ago period.

 

The annualised premium equivalent (APE) of the insurer was up by 3.57 per cent year-on-year to Rs 2,525 crore. APE is the sum of annualised first-year regular premiums plus 10 per cent weighted single premiums.

 

 

The net premium income of the life insurer was marginally down to Rs 11,809.26 crore from Rs 12,261.4 crore.

 

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said the recent Goods and Services Tax (GST) exemption given to individual life and health insurance policies has nudged growth in the retail protection segment, leading to an increase in the insurer’s retail sum assured during the quarter.

 

He said: “The recent ‘0 per cent GST reform’ on individual policies has significantly aided this vision, with results clearly visible in the strong performance of our core retail protection segment. In Q3 FY26, this segment registered strong 40.8 per cent year-on-year growth. Consequently, the retail sum assured, that is, the total life cover chosen by our retail customers, witnessed robust year-on-year growth of 51.6 per cent during the quarter.”

 

The value of new business (VNB) of the insurer stood at Rs 615 crore as against Rs 517 crore in Q3 FY25. The VNB margin was at 24.36 per cent as against 21.21 per cent.

 

“In Q3 FY26, our VNB stood at Rs 615 crore, on the back of 9.9 per cent year-on-year growth in retail APE. Notably, the number of policies sold increased by 11.7 per cent year-on-year in the same period,” Bagchi added.

 

While overall expenses rose by 13.26 per cent to Rs 2,353.64 crore, there was a major increase in commissions. Net commission was up by 15.23 per cent to Rs 1,237.51 crore compared with Rs 1,073.99 crore.