ICICI Prudential Life Insurance delivered a robust performance in Q3 FY26, prompting its stock to climb ~2% on January 14, 2026. The company posted a sharp improvement in profitability despite subdued growth in overall premiums, highlighting gains from operational efficiency and a stronger business mix.
Profit after tax rose 19.6% year-on-year to ₹390 crore for the December quarter, up from ₹326 crore in the corresponding period last year. For the nine months ended FY26, net profit increased 23.5% to ₹992 crore, supported largely by higher investment income from shareholders’ funds.
The insurer’s value of new business (VNB) came in at ₹615 crore during Q3. For the first nine months of the fiscal, VNB climbed to ₹1,664 crore, with margins expanding to 24.4% from 22.8% a year earlier. The improvement reflects a favourable shift in product mix along with tighter cost control.
Business momentum was driven primarily by the protection segment. Retail protection annualised premium equivalent (APE) surged 40.8% year-on-year in Q3 FY26, while retail new business sum assured jumped 51.6% to ₹1.24 lakh crore. Overall APE grew modestly by 3.6% to ₹2,525 crore, even as total premium income declined 3.4% year-on-year to ₹12,226 crore.
The company continued to maintain a healthy balance sheet. Assets under management rose 6.5% year-on-year to ₹3.31 lakh crore as of December 31, 2025, while net worth increased 15.7% to ₹13,470 crore. The solvency ratio stood at a comfortable 214.8%, well above the regulatory minimum of 150%.
Persistency indicators showed mixed trends. The 13th-month persistency stood at 84.4%, while the 49th-month persistency was 71.3%, indicating pressure in certain channels and product categories.
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Published on: Jan 14, 2026, 9:38 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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