In This Article:
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APE (Annualized Premium Equivalent): INR104.07 billion, a 15% year-on-year growth.
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Total Premium: INR489.51 billion, a 13.2% year-on-year increase.
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Retail New Business Sum Assured: INR3,324.49 billion, a 37% year-on-year growth.
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13-Month Persistency: 89.1%.
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49th Month Persistency: 59.5%.
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Claim Settlement Ratio: 99.3% for FY 2025.
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Cost to Premium Ratio: Improved from 18.2% to 18.1% in FY 2025.
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VNB (Value of New Business): INR23.70 billion, a 6.4% year-on-year growth.
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VNB Margin: 22.8%.
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PAT (Profit After Tax): INR11.8 billion, a 39.6% year-on-year increase.
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Embedded Value: INR479.51 billion, a 13.3% year-on-year growth.
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ROEV (Return on Embedded Value): 13.1% for FY 2025.
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AUM (Assets Under Management): INR3,093.59 billion, a 5.2% year-on-year increase.
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Non-linked Business Growth: 13.8% year-on-year in Q4 FY25.
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Linked Business Growth: 28.5% year-on-year, contributing 48.3% to APE.
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Annuity Business: 41.5% sequential growth in Q4 over Q3, but a 7.8% year-on-year decline in Q4 FY25.
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Retail Protection Growth: 25.1% year-on-year in FY25.
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Agency Business APE Growth: 14.3% year-on-year, contributing 28.9% to overall APE.
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Direct Business APE Growth: 17% year-on-year, contributing 14.4% to overall APE.
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Bancassurance Business APE Growth: 18.2% year-on-year, contributing 29.4% to APE mix.
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Partnership Distribution Business: Declined by 3.2%, contributing 10.9% to APE mix.
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Group Business Growth: 24.6%, contributing 16.4% to mix in FY25.
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Solvency Ratio: 212.2% as of March 31, 2025.
Release Date: April 15, 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 15% year-on-year growth in Annual Premium Equivalent (APE) to INR104.07 billion for FY25.
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The company achieved a strong Retail Weighted Received Premium (RWRP) growth of 15.2% year-on-year.
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Retail new business sum assured increased by 37% year-on-year to INR3,324.49 billion.
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The claim settlement ratio was impressive at 99.3% for FY25, with an average turnaround time of 1.2 days for non-investigated individual claims.
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Profit After Tax (PAT) grew by 39.6% year-on-year to INR11.8 billion in FY25.
Negative Points
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The Non-linked Savings business saw a decline of 5.6% year-on-year, contributing 21.2% to APE.
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The Annuity business experienced a year-on-year decline of 7.8% in Q4 FY25 due to a high base effect from the previous year.
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The MFI segment in the credit life business faced challenges, impacting growth in this area.
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Group term business was affected by increased competition, impacting its performance.
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Operating assumption changes, particularly in mortality, led to a negative impact on VNB margins and embedded value.