Life Insurance company ICICI Prudential Life Insurance Company announced H1FY25 results Financial Highlights: Profit before tax increased from Rs 4.56 billion in H1FY24 to Rs 5.46 billion in H1FY25, a year-on-year growth of 15.1%. Profit after tax has increased fromRs 4.51 billion in H1FY24 to Rs 4.77 billion in H1FY25. Net premium earned (gross premium less reinsurance premium) increased by 9.3% from Rs 170.42 billion in H1FY24 to Rs 186.29 billion in H1FY25. Total investment income increased from Rs 236.89 billion in H1FY24 to Rs 319.39 billion in H1FY25. Total expenses (including commission) increased by 23.1% from Rs 37.88 billion in H1FY24 to Rs 46.62 billion in H1FY25. Claims and benefit payouts (net of reinsurance) increased by 23.7% from Rs 174.10 billion in H1FY24 to Rs 215.44 billion in H1FY25 primarily on account of higher maturity claims in unit linked and participating portfolio coupled with increase in surrenders/withdrawals in the unit linked portfolio. The claims and benefits under the unit-linked portfolio are directly offset by changes in the valuation of policyholder liabilities. Change in actuarial liability, including funds for future appropriation and fund reserve, increased from Rs 191.37 billion in H1FY24 to Rs 238.97 billion in H1FY25. Change in fund reserve, which represents change in liability carried on account of units held by unit-linked policyholders, increased from Rs 108.62 billion in H1FY24 to Rs 163.31 billion in H1FY25. The increase in change in fund reserves is primarily on account of higher investment income in the unit-linked portfolio. Non-unit reserve decreased from Rs 85.17 billion in H1FY24 to Rs 75.79 billion in H1FY25. RWRP growth of 39.2% in H1FY25, supported by 12.5% growth in number of policies sold, outperforming overall and private life insurers over the last four quarters. Annuity and Retail Protection segments APE registered 99.5% and 17.2% growth in H1FY25. Strong Retail Protection APE growth of 30.7% in Q2-FY2025. Total In-force Sum Assured stood at Rs 36.37 lakh crore as on September 30, 2024, an increase of 14.8% in H1FY25. 13th month persistency of 89.8% at H1FY25. Embedded Value stood at Rs 46,018 crore as on September 30, 2024, an increase of 19.4% in H1FY25. Assets under Management stood at Rs 3.20 lakh crore as on September 30, 2024, an increase of 17.9% in H1FY25. Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said: “We have delivered strong Retail Weighted Received Premium growth of 39.2% year-on-year in H1FY25, outperforming both the overall and private life insurers over the last four quarters. With this, we gained a 1.1% private sector market share (on RWRP) to end at 10.3% in H1FY25. During the same period, the business growth was supported by a 12.5% year-on-year increase in number of policies sold. The Annuity and Retail protection business segments APE grew strongly by 99.5% and 17.2% respectively in H1FY25 and 73.0% and 30.7% respectively in Q2-FY2025. Given the under-penetration of Annuity and Protection in the country, we believe these two segments present a significant growth opportunity for us given our innovative and customer-friendly suite of products. I am also happy to share that our available-to-sell products have been redesigned in line with the new product regulations keeping the interests of customers, shareholders anddistributors in mind. We believe these customer-centric changes will aid in increasing insurance penetration and bolster sustainable growth for the life insurance industry going forward. In line with our efforts to provide simplified digital customer onboarding, 48% of our policies were issued on the same day for the savings line of business. Our Assets Under Management have crossed the 3.20 lakh crore mark and we cover over 9.7 crore lives, with a total in-force sum assured of 36.37 lakh crore at September 30, 2024. Our industry leading individual claim settlement ratio of 99.3% in H1FY25, with an average turnaround time of 1.2 days, is a testament to our efforts towards fulfilling the promise made to our customers and their families. Our 13th month persistency ratio of almost 90% at H1FY25, reflects the customers’ satisfaction with our products. We remain committed to deliver best-in-class customer value through innovative product propositions, seamless onboarding, best-in-class servicing and settling claims with utmost sensitivity and care. Our approach of right product to the right customer at the right price and through the right channel is enabling us to adapt to the dynamic market landscape and capitalise on the opportunities ahead, to deliver sustainable VNB growth by balancing business growth, profitability and risk & prudence.” Result PDF