In This Article:
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RWRP Growth: 31.4% year-on-year for nine months 2025.
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APE Growth: 27.2% to INR69.05 billion for nine months 2025.
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Number of Policies: Increased by 14.4% year-on-year for nine months 2025.
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Annuity APE Growth: 81.7% year-on-year for nine months 2025.
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Retail Protection APE Growth: 24.2% year-on-year for nine months 2025.
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13-Month Persistency: 89.8%.
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49-Month Persistency: 69.2%.
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Claim Settlement Ratio: 99.3% for nine months 2025.
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VNB Growth: 8.5% year-on-year to INR15.75 billion for nine months 2025.
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VNB Margin: 22.8% for nine months 2025.
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PAT Growth: 43.6% year-on-year to INR3.26 billion for Q3 FY 2025; 18.3% to INR8.03 billion for nine months 2025.
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Assets Under Management: INR3.1 trillion.
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Solvency Ratio: 211.8% as of December 31, 2024.
Release Date: January 21, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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ICICI Prudential Life Insurance Co Ltd (BOM:540133) reported a strong RWRP growth of 31.4% year-on-year for the nine months ended December 31, 2024.
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The company's APE grew by 27.2% to INR69.05 billion, outperforming the private industry growth.
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The claim settlement ratio stood at an impressive 99.3% with an average turnaround time of 1.2 days for non-investigative individual claims.
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ICICI Prudential Life Insurance Co Ltd (BOM:540133) maintained a strong solvency ratio of 211.8%, supported by a subordinated debt raise of INR14 billion.
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The company launched innovative products such as the industry-first women's health plan, ICICI Pru Wish, and an increasing annuity variant of GPP Flexi, catering to evolving customer needs.
Negative Points
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The company's VNB growth was relatively modest at 8.5% year-on-year, despite a significant increase in APE.
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Non-linked savings business, excluding annuity, declined by 17.4% year-on-year, indicating a shift in customer preference.
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The protection APE growth was only 6.9% year-on-year, with challenges noted in the Credit Life business due to issues in the MFI industry.
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The cost to TWRP ratio increased, indicating higher expenses relative to total weighted received premium.
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The company's margins were impacted by a shift in product mix towards unit-linked products, which typically have lower margins compared to non-par products.
Q & A Highlights
Q: There has been a sudden spike in the group fund numbers. Can you shed some light on the reasoning for this? A: Yes, we had a spike in group fund numbers this quarter. Group fund is typically lumpy in nature, and it's a good business. We do make money off it, and we're happy to pick it up. - Dhiren Salian, CFO