ICICI Prudential Life Insurance Company has reported a steady and growth-oriented performance in the third quarter, underlining the insurer’s focus on profitable expansion and disciplined execution amid a competitive life insurance landscape.
During Q3, the company recorded a total Annualised Premium Equivalent (APE) of ₹2,525 crore, reflecting a year-on-year growth of 4% compared with ₹2,438 crore in the same period last year.
Value of New Business (VNB), a key profitability metric for life insurers, rose sharply by 19% year-on-year to ₹615 crore, up from ₹517 crore in the corresponding quarter of the previous financial year.
The company’s VNB margin expanded significantly to 24.4% in Q3, compared with 21.2% a year ago. This margin expansion reflects enhanced operating efficiency and a clear emphasis on quality growth rather than pure volume-led expansion. The improvement also signals the insurer’s ability to generate higher value from each unit of new business written.