ICICI Prudential Life Q3 FY26 Results: Insurer’s net profit rises 23.5% YoY to Rs 992 crore – Check full results

ICICI Prudential Life Insurance on Tuesday reported a 23.5 per cent year-on-year rise in profit after tax (PAT) to Rs 992 crore for the nine months ended December 2025 (9M-FY2026), driven by higher profitability and investment income.

The life insurer’s Value of New Business (VNB), a key measure of profitability, stood at Rs 1,664 crore in 9M-FY2026, with a margin of 24.4 per cent. In the third quarter of FY2026, VNB was Rs 615 crore, supported by growth in the retail business.

Q3 FY26 profit performance

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For Q3-FY2026, the company’s PAT rose 19.6 per cent year-on-year to Rs 390 crore, compared with Rs 326 crore in the corresponding quarter last year.

Commenting on the performance, ICICI Prudential Life Insurance Managing Director and CEO Anup Bagchi said the results marked an important milestone as the company completed 25 years of operations. “Our 9M-FY2026 performance reflects our ongoing commitment to increasing profitability through balanced business growth,” he said.

Bagchi said profit growth was supported by steady expansion in core segments. “Profit after tax registered a strong growth of 23.5 per cent year-on-year to Rs 992 crore in 9M-FY2026,” he added.

Retail protection business growth

The company reported strong growth in its retail protection business during the quarter. Retail protection Annualised Premium Equivalent (APE) rose 40.8 per cent year-on-year in Q3-FY2026. Retail new business sum assured increased 51.6 per cent year-on-year to Rs 1.24 lakh crore, while the number of retail policies sold rose 11.7 per cent during the quarter.

Bagchi said recent policy measures helped support demand. “The recent 0 per cent GST reform on individual policies has significantly aided insurance penetration, with results visible in the strong performance of our retail protection segment,” he said.

Premium and business mix

In Q3-FY2026, overall APE stood at Rs 2,525 crore, while retail APE grew 9.9 per cent year-on-year to Rs 2,116 crore. For the nine months, overall and retail APE remained broadly in line with the previous year.

The company’s overall new business sum assured rose 15.5 per cent year-on-year to Rs 3.39 lakh crore in Q3-FY2026. For 9M-FY2026, overall new business sum assured increased 18.1 per cent to Rs 10.16 lakh crore. As of December 31, 2025, the total in-force sum assured stood at Rs 43.44 lakh crore.

Costs, solvency and balance sheet

On costs, the cost-to-premium ratio declined by 50 basis points to 19.3 per cent in 9M-FY2026, while the savings cost-to-premium ratio fell by 90 basis points to 12.7 per cent, aided by technology-led efficiencies.

The insurer reported a claim settlement ratio of 99.3 per cent in 9M-FY2026, with an average turnaround time of 1.1 days for non-investigated individual death claims. The solvency ratio stood at 214.8 per cent as of December 31, 2025, well above the regulatory requirement of 150 per cent.

Assets under management stood at Rs 3.31 lakh crore at the end of December 2025. The company said it remains focused on sustaining growth through improving affordability, operational efficiency and continued policy support.