ICICI Prudential Life Insurance debt rating reaffirmed ‘AAA’ by ICRA

ICICI Prudential Life Insurance Company Limited announced that ICRA Limited has reaffirmed its credit rating for the company's non-convertible debentures as '[ICRA]AAA (Stable)'. This reaffirmation, made on October 9, 2025, applies to ₹1200 Crores of unsecured, subordinated, listed, rated, redeemable, non-cumulative, taxable, non-convertible debentures (ISIN: INE726G08014) and ₹1400 Crores of similar debentures (ISIN: INE726G08022).

The reaffirmed rating reflects ICICI Pru's established market position as one of India's largest private life insurers, supported by a diversified product offering and distribution network. The company's capitalization remains strong with a solvency ratio of 2.12 times as on June 30, 2025, exceeding the regulatory requirement of 1.50 times. Profitability is healthy, with an average Return on Equity (RoE) of 9.6% and Return on Embedded Value (RoEV) of 14.1% over the last five years.

ICICI Pru's strong promoter profile, with ICICI Bank Limited holding 51.0% and Prudential Corporation Holdings Limited holding 22.0% as on June 30, 2025, further strengthens ICRA's expectation of timely and adequate support from ICICI Bank if needed. The company's value of new business (VNB) also grew to ₹2,370 crore in FY2025 from ₹2,227 crore in FY2024.