Q3 2026 ICICI Prudential Life Insurance Company Ltd Earnings Call Transcript
Key Points
- ICICI Prudential Life Insurance Co Ltd (BOM:540133) celebrated 25 years of service, trusted by over 20 crore Indians.
- Retail APE grew by 9.9% year-on-year in Q3 FY 2026, with a 2-year CAGR of 15.2%.
- Retail Protection segment registered a 40.8% year-on-year growth, with retail sum assured growing by 51.6%.
- Cost-to-premium ratio improved to 19.3% from 19.8% in the previous year, indicating better cost management.
- Claim settlement ratio stood at 99.3% with an average turnaround time of 1.1 days for non-investigated individual death claims.
- Annuity business declined by 16.4% in Q3 on the back of 50% growth in the previous year.
- Group funds business declined by 43.5% year-on-year in Q3, highlighting volatility in this segment.
- Persistency challenges were noted in specific channel and product pockets, with 13-month persistency at 84.4%.
- The input tax credit withdrawal impacted expenses, although partially offset by other factors.
- Group business declined by 20.1% year-on-year in Q3, indicating challenges in this segment.
Ladies and gentlemen, good day, and welcome to the ICICI Prudential Life Insurance Company Limited 9M FY 2026 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I will now hand the conference over to Mr. Anup Bagchi, MD and CEO of ICICI Prudential Life Insurance Company Limited for opening remarks. Thank you, and over to you, sir.
Thank you. Good afternoon, and welcome to the results call of ICICI Prudential Life Insurance Company for the 9 months ended December 31, 2025. I have several of my senior colleagues with me on this call, Amit Palta, Chief Products and Distribution Officer; Dhiren Salian, CFO; Chief of Service Delivery; Manish Kumar, Chief Investment Officer; Souvik, Appointed Actuary; and Dhiraj, Chief Investor Relations Officer.
Let me start by taking about -- talking about some of the key developments during the quarter. We are proud to celebrate 25 years of
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