Performance highlights: FY2025

• VNB grew by 6.4% to ₹ 2,370 crore in FY2025
•  Profit after Tax (PAT) registers a growth of 39.6% to ₹ 1,189 crore in FY2025
• Strong RWRP growth of 15.2% in FY2025
• Robust growth in retail protection of 25.1% and retail new business sum assured of 37% in FY2025
•  13th month persistency of 89.1% at FY2025
• Total in-force sum assured witnessed a growth of 15.6% to ₹ 39 lakh crore on March 31, 2025
• Final dividend of ₹ 0.85 per share declared

Life Insurance registered a strong growth of 39.6% in its Profit After Tax (PAT) to 1,189 crore for FY2025. The Value of New Business (VNB), which represents the present value of future profits, stood at  2,370 crore with a VNB margin of 22.8% in FY2025.

The total Annualised Premium Equivalent (APE) grew by 15% year-on-year to 10,407 crore in FY2025. Retail protection business APE grew by 25.1% year-on-year to 598 crore in FY2025. Annuity business grew at a two-year CAGR of 31.4% in FY2025. The Company’s retail New Business Sum Assured (NBSA) grew by 37% year-on-year to

3.32 lakh crore in FY2025. The total in-force sum assured, which is the quantum of life cover taken by customers of the Company, grew by 15.6% year-on-year to 39.43 lakh crore.

The Company has a well-diversified distribution network, ensuring its presence across platforms and touchpoints preferred by different customer segments. Proprietary channel which includes Agency and Direct together grew by 15.2% in FY2025.

In FY2025, APE contribution from agency, direct, bancassurance, partnership distribution, and group channels stood at 28.9%, 14.4%, 29.4%, 10.9% and 16.4% respectively.

The assets under management of the Company stood at 3.09 lakh crore as on March 31, 2025. This is an outcome of the trust reposed in the Company by customers, growth in new business, strong persistency and robust fund management.

The Company’s robust risk management framework has enabled it to have a record of zero non-performing assets since inception. The solvency ratio was 212.2% as on March 31, 2025, against the regulatory requirement of 150%.

The Board has approved a final dividend of  0.85 per equity share for FY2025.

The Company’s commitment to sustainability is central to its vision of building an enduring institution that serves the protection and long-term saving needs of customers with sensitivity. The Company continues to be the highest rated Indian insurer as per two leading ESG rating agencies. The current ESG rating of ‘AA’ ascribed by MSCI makes the Company, one of the top-rated life insurers in India.

Commenting on the results, Mr. Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “We are pleased to announce that we have crossed  10,000 crore APE for the first time, marking a significant milestone in our growth journey. Notably, we have also provided insurance coverage to over 9 crore lives as on March 31, 2025. Our Retail Weighted Received Premium (RWRP) growth of 15.2% in FY2025, demonstrates our ability to deliver superior performance in a competitive landscape. This has resulted in a robust year-on-year growth of 39.6% in Profit After Tax to 1,189 crore for FY2025. Our FY2025 Value of New Business stood at  2,370 crore with a margin of 22.8%.

Our nimble multi-channel distribution allows us to adapt swiftly to the shifting macro- economic conditions and launch products as per the customer demands. The same was demonstrated with the addition of ‘ICICI Pru Gift Select’, a non-par product with guaranteed income in January 2025 given the growing trend towards wealth preservation.

Our retail protection and annuity APE registered a strong 2-year CAGR of 30% plus, reflecting our focus on these segments.

Our 13th month persistency ratio of 89.1% at FY2025, underscores the customers’ trust in the Company. It is also evident by our Company topping the Net Promoter Score (NPS) across insurers for the third year in a row, as revealed in the Hansa Research’s latest Life Insurance CuES 2025 report.

We have an industry leading claim settlement ratio of 99.3% in FY2025, with an average turnaround time of 1.2 days for non-investigated individual death claims.

In line with our commitment to delivering value to our shareholders, our Embedded Value (EV) and AUM both have grown at a five-year CAGR of above 15% in FY2025, echoing the robustness of our financial foundation and long-term value creation capabilities.

Moving forward, we remain committed to enhancing customer experience through innovative product propositions, seamless onboarding, best-in-class servicing and claims settlement. Our resilient balance sheet and strong solvency position provide the stability and foundation to support sustainable growth in the years ahead.”

 Definitions, abbreviations and explanatory notes

• Annual Premium Equivalent (APE): APE is a measure of new business written by a life insurance company. It is computed as the sum of annualised first year premiums on regular premium policies, and ten percent of single premiums, written by the Company during any period from new retail and group customers.
• Retail Weighted Received Premium (RWRP): RWRP is a new business measure very similar to APE for the retail (also referred to as individual) business with the only difference being that the regular premiums considered here are first year premiums actually received by the life insurer and not annualised. It is the sum of all retail first year premiums and ten percent of retail single premiums received in a period.
• Total Weighted Received Premium (TWRP): TWRP is a measure of total premiums from new and existing retail and group customers received in a period. It is sum of first year and renewal premiums on regular premium policies and ten percent of single premiums received from both retail and group customers by the Company during the period.
• Persistency: It is the most common parameter for quality of business representing the percentage of retail policies (where premiums are expected) that continue paying premiums. Regular and Limited pay persistency in accordance with IRDAI Master circular on Submission of Returns 2024 dated June 14, 2024.
• Cost Ratio: Cost ratio is a measure of the cost efficiency of a Company. Expenses are incurred by the Company on new business as well as renewal premiums. Cost ratio is computed as a ratio of all expenses incurred in a period comprising commission, operating expenses, provision for doubtful debts and bad debts written off to total weighted received Premium (TWRP).
• Embedded Value (EV): EV represents the present value of shareholders’ interests in the earnings distributable from the assets allocated to the business after sufficient allowance for the aggregate risks in the business
• Value of New Business (VNB) and VNB margin: VNB is used to measure profitability of the new business written in a period. It is present value of all future profits to shareholders measured at the time of writing of the new business contract. Future profits are computed on the basis of long-term assumptions which are reviewed annually. VNB is also referred to as NBP (new business profit). VNB margin is computed as VNB for the period/APE for the period. It is similar to profit margin for any other business.