ICICI Prudential Life Insurance Reports Strong Q3 FY2026 Results: PAT Grows 23.5%, VNB Margin Expands

Mumbai, January 13, 2026: ICICI Prudential Life Insurance Company Limited, a leading private life insurer, announced its unaudited financial results for the quarter and nine months ended December 31, 2025, following a Board meeting held today. The results highlight robust profitability, healthy new business growth, and significant improvements in operational metrics.

Key Financial and Operational Highlights:

Profit After Tax (PAT) for 9M-FY2026 grew by 23.5% year-on-year (YoY) to ₹992 crore, up from ₹803 crore in 9M-FY2025. For Q3-FY2026, PAT stood at ₹390 crore, a 19.6% increase YoY.
Value of New Business (VNB), a key profitability metric, reached ₹1,664 crore for 9M-FY2026, with a healthy VNB margin expanding by 160 basis points to 24.4%.
The company saw exceptional growth in Retail Protection, with Annualised Premium Equivalent (APE) surging 40.8% YoY in Q3-FY2026. Consequently, Retail New Business Sum Assured jumped 51.6% YoY to ₹1.24 lakh crore in the quarter.
Cost efficiency improved with the overall cost-to-premium ratio declining by 50 bps to 19.3% for 9M-FY2026. The cost ratio for the savings business saw a sharper decline of 90 bps to 12.7%.
The Solvency Ratio remained robust at 214.8% as of December 31, 2025, well above the regulatory requirement of 150%.

Management Commentary:

Mr. Anup Bagchi, MD & CEO of ICICI Prudential Life Insurance, commented on the performance, "This quarter’s results came at a meaningful point in our journey, as ICICI Prudential Life Insurance completes 25 years of service... Our 9M-FY2026 performance reflects our ongoing commitment to increasing profitability through balanced business growth."

He attributed the strong protection business performance partly to the recent '0% GST reform' on individual policies, which aids the vision of 'Insurance for All’ by 2047. Mr. Bagchi also emphasized the company's commitment to customer experience, citing an industry-leading claim settlement ratio of 99.3% with an average turnaround time of 1.1 days for non-investigative claims.

Segment-Wise Performance (Standalone, 9M-FY2026):

Linked Life remained the largest segment by assets (₹15.16 lakh crore) and contributed significantly to income.
Non-Par Life segment reported the highest segment surplus (net) at ₹31,053 lakhs for Q3-FY2026.
The Shareholders’ segment profit after tax stood at ₹39,020 lakhs for Q3-FY2026.

Capital and Asset Quality:

The company's net worth increased to ₹134.70 billion as of December 31, 2025. During the quarter, it successfully managed its capital by redeeming ₹1,200 crore of old subordinated debt and issuing fresh debt of ₹1,195 crore. The asset book continues to be of high quality with zero Non-Performing Assets (NPAs) and 95.8% of fixed income investments in sovereign or AAA-rated instruments. Assets Under Management (AUM) grew 6.5% YoY to ₹3.31 lakh crore.

Other Disclosures:

The Board also approved the authorization of key managerial personnel, including MD & CEO Mr. Anup Bagchi and CFO Mr. Dhiren Salian, for determining materiality of events for disclosures to stock exchanges.

The unaudited results were reviewed by the statutory auditors, Walker Chandiok & Co LLP and M. P. Chitale & Co. The company also noted the completion of the sale of its pension fund management subsidiary, ICICI Prudential Pension Funds Management Company Ltd., to ICICI Bank Ltd., effective January 12, 2026.

About ICICI Prudential Life Insurance:
Celebrating 25 years, ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential Corporation Holdings Limited. It is a leading life insurer in India with a comprehensive portfolio of protection and savings products and a strong digital footprint.