ICICI Prudential Life Insurance has reported a robust performance for the financial year ended March 31, 2025, with Profit After Tax (PAT) rising sharply by 39.6% year-on-year (YoY) to ₹1,189 crore, compared to ₹852 crore in FY24. The insurer attributed the growth to strong traction across business verticals and an expanding distribution network.
The company’s New Business Received Premium (NBRP) registered a YoY growth of 24.9%, rising from ₹18,081 crore in FY24 to ₹22,583 crore in FY25. The Annualised Premium Equivalent (APE) also increased by 15% to ₹10,407 crore during the period.
The Value of New Business (VNB), which reflects the present value of future profits from new policies issued, grew 6.4% to ₹2,370 crore. The VNB margin stood at 22.8%, highlighting profitability despite competitive market dynamics.
Retail New Business Sum Assured (NBSA) saw a 37% jump to ₹3.32 lakh crore, while total in-force sum assured rose 15.6% to ₹39.43 lakh crore. Persistency metrics remained healthy with the 13th-month persistency ratio improving by 10 basis points to 89.1%.
The solvency ratio also strengthened, climbing to 212.2% at the end of FY25, well above the regulatory requirement of 150%. The company declared a final dividend of ₹0.85 per share for FY25.
ICICI Prudential’s multi-channel distribution strategy, including agency and direct sales, helped drive growth, with proprietary channels growing 15.2% YoY. The company’s ESG rating of ‘AA’ by MSCI continues to position it as one of India’s top-rated life insurers.
ICICI Prudential Life Insurance – FY2025 Operational Metrics
| Metric | FY2024 | FY2025 | YoY Growth |
|---|---|---|---|
| Profit After Tax (PAT) | ₹852 crore | ₹1,189 crore | 39.6% |
| Value of New Business (VNB) | ₹2,227 crore | ₹2,370 crore | 6.4% |
| Total Premium | ₹43,236 crore | ₹48,951 crore | 13.2% |
| Annualised Premium Equivalent (APE) | ₹9,046 crore | ₹10,407 crore | 15.0% |
| • Savings incl. annuity | ₹7,521 crore | ₹8,769 crore | 16.6% |
| • Protection | ₹1,525 crore | ₹1,638 crore | 7.4% |
| Retail APE | ₹7,680 crore | ₹8,705 crore | 13.3% |
| New Business Received Premium | ₹18,081 crore | ₹22,583 crore | 24.9% |
| New Business Sum Assured (NBSA) | ₹10,22,111 crore | ₹11,94,401 crore | 16.9% |
| Retail New Business Sum Assured | ₹2,42,751 crore | ₹3,32,449 crore | 37.0% |
| Total In-force Sum Assured | ₹34,11,223 crore | ₹39,43,474 crore | 15.6% |
| 13th Month Persistency | 89.0% | 89.1% | +10 bps |
| Total Cost Ratio | 18.2% | 18.1% | – |
| Savings Cost Ratio | 15.8% | 15.4% | – |
| Solvency Ratio | 191.8% | 212.2% | – |
| Assets Under Management (AUM) | ₹2,94,140 crore | ₹3,09,359 crore | 5.2% |
Commenting on the results, Mr. Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “We are pleased to announce that we have crossed 10,000 crore APE for the first time, marking a significant milestone in our growth journey. Notably, we have also provided insurance coverage to over 9 crore lives as on March 31, 2025. Our Retail Weighted Received Premium (RWRP) growth of 15.2% in FY2025, demonstrates our ability to deliver superior performance in a competitive landscape. This has resulted in a robust year-on-year growth of 39.6% in Profit After Tax to 1,189 crore for FY2025. Our FY2025 Value of New Business stood at 2,370 crore with a margin of 22.8%. Our nimble multi-channel distribution allows us to adapt swiftly to the shifting macroeconomic conditions and launch products as per the customer demands. The same was demonstrated with the addition of ‘ICICI Pru Gift Select’, a non-par product with guaranteed income in January 2025 given the growing trend towards wealth preservation. Our retail protection and annuity APE registered a strong 2-year CAGR of 30% plus, reflecting our focus on these segments. Our 13th month persistency ratio of 89.1% at FY2025, underscores the customers’ trust in the Company. It is also evident by our Company topping the Net Promoter Score (NPS) across insurers for the third year in a row, as revealed in the Hansa Research’s latest Life Insurance CuES 2025 report. We have an industry leading claim settlement ratio of 99.3% in FY2025, with an average turnaround time of 1.2 days for non-investigated individual death claims. In line with our commitment to delivering value to our shareholders, our Embedded Value (EV) and AUM both have grown at a five-year CAGR of above 15% in FY2025, echoing the robustness of our financial foundation and long-term value creation capabilities. Moving forward, we remain committed to enhancing customer experience through innovative product propositions, seamless onboarding, best-in-class servicing and claims settlement. Our resilient balance sheet and strong solvency position provide the stability and foundation to support sustainable growth in the years ahead.”
