`The recent ‘0% GST reform’ on individual policies has significantly aided growth of our retail protection segment. In Q3-FY2026, this segment registered a strong 40.8% year-on-year growth. Consequently, the retail sum assured, i.e., the total life cover chosen by our retail customers, witnessed robust year-on-year growth of 51.6% during the quarter,”said Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance
Mumbai:ICICI Prudential Life Insurance reported a 20 per cent rise in its third-quarter profit to Rs 390 crore helped by higher investment income.
The insurer’s annualised premium equivalent(APE) sales, a key metric that gives annualised total value of single premium and recurring premium policies,rose 3.6 per cent to Rs 2,525 crore for the reported quarter and retail APE grew by 9.9 per cent year-on-year to Rs 2,116 crore in Q3-FY2026.
The value of new business(VNB), or expected profit from new policies, rose 19 per cent to Rs 615 crore in Q3-FY2026. Investment income of the insurer swung was at Rs 11,024 crores., compared with an investment loss of Rs 7,722 crore a year earlier.
Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said,“This quarter’s results came at a meaningful point in our journey, as ICICI Prudential Life Insurance completes 25 years of service to its customers. Trusted by over 20 crore Indians, we have carried both, the responsibility and pride in providing financial security to families, supporting them in their protection, health, retirement and long-term savings goals.”
“The recent ‘0% GST reform’ on individual policies has significantly aided this vision, with results clearly visible in the strong performance of our core retail protection segment.In Q3-FY2026, this segment registered a strong 40.8% year-on-year growth.
Consequently, the retail sum assured, i.e., the total life cover chosen by our retail customers, witnessed robust year-on-year growth of 51.6% during the quarter,”said Bagchi.
However, the firm’s net premium income fell 3.7 per cent to Rs 11,809 crores for the reporting quarter. Market-linked insurance plans accounted for 49 per cent of ICICI Prudential Life’s overall product mix for the nine-month period, down from 51 per cent, a year earlier.
Analysts said insurers saw a pickup in demand for insurance products during the quarter after the government cut taxes on life insurance products to zero from 18% earlier.
While the move supported growth, it also removed a tax credit benefit previously available to insurers, weighing on margins, even though the measure is expected to prove beneficial over the long term.
Shares of ICICI Prudential Life were up 3.8 per cent after the results, while India’s benchmark Nifty 50 fell 0.6 per cent.
Peers SBI Life Insurance and HDFC Life Insurance will report later this month.