India · Delayed Price · Currency is INR ICICI Prudential Life Insurance Company Earnings Call Transcripts
Fiscal Year 2026
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VNB grew 10.9% year-on-year to INR 26.29 billion with margin expansion to 24.7%, while PAT rose 34.6% to INR 16 billion. Retail protection and group channels drove growth, but persistency and market volatility remain key risks.
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Q3 FY26 saw strong retail APE and protection growth, stable VNB margins, and improved cost ratios. Persistency and group protection faced some challenges, but management expects continued growth momentum and stable margins, supported by product innovation and distribution expansion.
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Premiums grew 9.2% YoY and profit after tax rose 26%, while VNB margin improved to 24.5%. GST reforms are expected to drive growth, with management focused on cost optimization and absolute VNB expansion.
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Q1 FY2026 saw a 5% YoY decline in APE and strong growth in protection and non-linked savings, while profit after tax rose 34.2% YoY. Cost ratios improved, and management expects growth to recover as market conditions stabilize and product demand shifts.
Fiscal Year 2025
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APE grew 15% and PAT surged 39.6% year-over-year, with VNB margin at 22.8% and embedded value up 13.3%. Linked business led growth, while non-linked savings declined; MFI credit life remains challenged. Management targets 13–15% medium-term APE growth.
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RWRP and AP saw strong double-digit growth, with VNB up 8.5% and margins at 22.8%. Protection and annuity segments outperformed, while linked business gained share amid shifting customer preferences. Solvency improved to 211.8% after a successful debt raise.
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Strong H1 FY2025 performance with 26.8% APE growth, 4.2% VNB increase, and robust annuity and protection segment expansion. Margins impacted by product mix and regulatory changes, but persistency and solvency remain strong. Focus continues on absolute VNB growth and adapting to evolving commission structures.
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Q1 FY2025 saw robust growth with AP up 34.4% and VNB up 7.8% year-on-year, driven by proprietary channels and strong annuity and linked business performance. Regulatory changes are being proactively managed, and solvency remains strong at 187.9%.