Q3 2025 ICICI Prudential Life Insurance Company Ltd Earnings Call Transcript
Key Points
- ICICI Prudential Life Insurance Co Ltd (BOM:540133) reported a strong RWRP growth of 31.4% year-on-year for the nine months ended December 31, 2024.
- The company's APE grew by 27.2% to INR69.05 billion, outperforming the private industry growth.
- The claim settlement ratio stood at an impressive 99.3% with an average turnaround time of 1.2 days for non-investigative individual claims.
- ICICI Prudential Life Insurance Co Ltd (BOM:540133) maintained a strong solvency ratio of 211.8%, supported by a subordinated debt raise of INR14 billion.
- The company launched innovative products such as the industry-first women's health plan, ICICI Pru Wish, and an increasing annuity variant of GPP Flexi, catering to evolving customer needs.
- The company's VNB growth was relatively modest at 8.5% year-on-year, despite a significant increase in APE.
- Non-linked savings business, excluding annuity, declined by 17.4% year-on-year, indicating a shift in customer preference.
- The protection APE growth was only 6.9% year-on-year, with challenges noted in the Credit Life business due to issues in the MFI industry.
- The cost to TWRP ratio increased, indicating higher expenses relative to total weighted received premium.
- The company's margins were impacted by a shift in product mix towards unit-linked products, which typically have lower margins compared to non-par products.
Ladies and gentlemen, good day, and welcome to the ICICI Prudential Life Insurance Company Limited Q3 FY 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Anup Bagchi, MD and CEO. Thank you, and over to you, sir.
Thank you. Thank you. Good evening, and welcome to the results call of ICICI Prudential Life Insurance Company for the nine months ended December 31, 2024. I have several of my senior colleagues with me on this call. Amit Palta, Chief Product and Distribution Officer; Dhiren Salian, CFO; Ajit, Chief Human Resources and Operations; Deepak Kinger, Chief Risk and Governance Officer; Manish Kumar, Chief Investment Officer; Souvik, Appointed Actuary; and Dhiraj Chugha, Chief Investor Relations Officer.
Let me take you through the key developments during the quarter before moving on to discuss the company's performance. Our
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