DBT Bureau
Pune, 13 Jan 2026
Highlights:
- Profit after Tax (PAT) registers a year-on-year growth of 23.5% to ₹ 992 crore in
9M-FY2026 - Value of New Business (VNB) was ₹ 1,664 crore with a margin of 24.4% in 9MFY2026
- Retail Protection APE grew by 40.8% year-on-year in Q3-FY2026
- Retail New Business Sum assured grew by 51.6% year-on-year to ₹ 1.24 lakh crore
in Q3-FY2026 - Retail Number of Policies grew by 11.7% year-on-year in Q3-FY2026
Key performance highlights:
- Premium: Annualised Premium Equivalent (APE) stood at ₹ 2,525 crore and retail APE grew by 9.9% year-on-year to ₹ 2,116 crore in Q3-FY2026. 9M-FY2026 overall and retail APE stood at similar levels to previous year.
- Sum assured: The overall New Business Sum Assured (NBSA) grew by 15.5% year-on-year to ₹ 3.39 lakh crore and the retail NBSA registered a growth of 51.6% year-on-year to ₹ 1.24 lakh crore in Q3-FY2026. The overall NBSA grew by 18.1% year-on-year to ₹ 10.16 lakh crore in 9M-FY2026. As on December 31, 2025, the total in force sum assured, which is the quantum of life cover taken by customers of the Company, stood at ₹ 43.44 lakh crore.
- Cost: The cost-to-premium ratio, reduced by 50 basis point to 19.3%, while cost-to premium for the savings business reduced by 90 basis points to 12.7% in 9M-FY2026.
- Profitability: Value of New Business (VNB) stood at ₹ 1,664 crore with a margin of 24.4% in 9M-FY2026. VNB was ₹ 615 crore in Q3-FY2026.
The Company’s Profit after tax (PAT) grew by 19.6% year-on-year from ₹ 326 crore in Q3-FY2025 to ₹ 390 crore in Q3-FY2026. 9M-FY2026 PAT grew by 23.5% year-on-year from ₹ 803 crore in 9M-FY2025 to ₹ 992 crore in 9M-FY2026, primarily driven by higher investment income from Shareholders’ funds. - Claim Settlement Ratio: Claim settlement ratio stood at 99.3% with an average turnaround time of 1.1 days for non-investigated individual death claims in 9MFY2026.
- Persistency: 13th month and 49th month persistency stood at 84.4% and 71.3% respectively in 9M-FY2026.
- Solvency Ratio: Solvency ratio of 214.8% as on December 31, 2025, against the regulatory requirement of 150%.
- Assets under Management (AUM): AUM stood at ₹ 3.31 lakh crore as on December 31, 2025.
- ESG: One of the highest rated Indian life insurers as per three of the leading ESG rating agencies. ESG rating of ‘AA’ ascribed by MSCI, ‘Low risk’ rating from Sustainalytics and ESG score of 78.9 according to SES.
MD & CEO’s statement:
Commenting on the results, Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “This quarter’s results came at a meaningful point in our journey, as ICICI Prudential Life Insurance completes 25 years of service to its customers. Trusted by over 20 crore Indians, we have carried both, the responsibility and pride in providing financial security to families, supporting them in their protection, health, retirement and long-term savings goals.
Our 9M-FY2026 performance reflects our ongoing commitment to increasing profitability through balanced business growth. Profit after Tax registered a strong growth of 23.5% year-on-year to ₹ 992 crore in 9M-FY2026. Value of New Business (VNB), which is the measure of profitability for a life insurance company, stood at ₹ 1,664 crore with a margin of 24.4% in 9M-FY2026. In Q3-FY2026, our VNB stood at ₹ 615 crore, on the back of 9.9% year-on-year growth in retail APE. Notably, the number of policies sold increased by 11.7% year-on-year in the same period.
As a leading life insurer in the country, it is incumbent on us to enhance insurance penetration and density, to support the vision of ‘Insurance for All’ by 2047. The recent ‘0% GST reform’ on individual policies has significantly aided this vision, with results clearly visible in the strong performance of our core retail protection segment. In Q3-FY2026, this segment registered a strong 40.8% year-on-year growth. Consequently, the retail sum assured, i.e., the total life cover chosen by our retail customers, witnessed robust year-on-year growth of 51.6% during the quarter.
We remain committed to delivering superior value to our customers by leveraging economies of scale and aligning our cost structure closely with our evolving product mix. Notably, technology and digital solutions have enabled us to increase efficiencies, resulting in a reduction of 90 basis points (bps) to 12.7%, in our savings Cost-to-Premium ratio during 9M-FY2026.
Our industry-leading claim settlement ratio of 99.3% in 9M-FY2026, achieved with an average turnaround time of 1.1 days (non-investigative), underscores our commitment to honouring the promises made to our customers and their families.
We remain committed to delivering exceptional customer experiences through innovative product propositions, seamless buying processes, excellence in service and managing claims with utmost sensitivity and care.”
Key Operating Performance – 9M FY2026 vs 9M FY2025
(₹ billion)
| Particulars | 9M-FY2025 | 9M-FY2026 | YoY Change |
|---|---|---|---|
| Profit After Tax (PAT) | 8.03 | 9.92 | +23.5% |
| Value of New Business (VNB) | 15.75 | 16.64 | +5.7% |
| VNB Margin (%) | 22.8% | 24.4% | +160 bps |
| Total Premium | 321.19 | 334.77 | +4.2% |
| Annualised Premium Equivalent (APE) | 69.05 | 68.11 | −1.4% |
| Retail Protection APE | 11.67 | 12.92 | +10.7% |
| New Business Sum Assured (₹ trillion) | 8.61 | 10.16 | +18.1% |
| Total In-force Sum Assured (₹ trillion) | 37.78 | 43.44 | +15.0% |
| Assets Under Management (₹ trillion) | 3.10 | 3.31 | +6.5% |
| Solvency Ratio (%) | 211.8% | 214.8% | +300 bps |
Consolidated Income Statement Summary – 9M FY2026
(₹ billion)
| Particulars | Amount |
|---|---|
| Net Premium Earned | 321.56 |
| Investment Income – Total | 280.07 |
| • Unit-Linked | 195.21 |
| • Non-Unit Linked | 84.86 |
| Other Income | 1.69 |
| Total Income | 603.31 |
| Commission Paid | (33.86) |
| Operating Expenses | (33.92) |
| Claims / Benefits Paid | (334.40) |
| Change in Actuarial Liability | (186.83) |
| Profit Before Tax (PBT) | 11.39 |
| Tax Expense | (1.47) |
| Profit After Tax (PAT) | 9.92 |
Balance Sheet & Capital Strength – As of Dec 31, 2025
(₹ billion)
| Particulars | Value |
|---|---|
| Net Worth | 134.70 |
| Total Assets | 3,290.33 |
| Policyholders’ Liabilities | 3,070.23 |
| Total Investments | 3,252.39 |
| Assets Under Management (₹ trillion) | 3.31 |
| Debt-Equity Mix | 55 : 45 |
| AAA / Sovereign Fixed Income Exposure | 95.8% |
| Solvency Ratio (%) | 214.8% |
| Regulatory Requirement (%) | 150% |
