ICICI Prudential life insurance reaffirms AAA (stable) rating for debt programs

ICICI Prudential Life Insurance Company Limited (ICICI Pru) announced on November 24, 2025, that its subordinated debt programs, totaling INR 2,600 crore, have been reaffirmed with an [ICRA]AAA (Stable) rating by ICRA Limited. This includes reaffirmation for a INR 1,400 crore program, reaffirmation and withdrawal for a INR 1,200 crore program that matured, and assignment for another INR 1,200 crore program.

The rating reflects ICICI Pru's established market position as one of India's largest private life insurers, strong promoter profile with ICICI Bank holding 51.0%, and healthy profitability, evidenced by an average return on equity (RoE) of 9.6% and return on embedded value (RoEV) of 14.2% over the last five years. The company maintained a solvency ratio of 2.13 times as of September 30, 2025, well above the regulatory requirement of 1.50 times.

ICICI Pru's embedded value increased to INR 47,950 crore as of March 31, 2025, with value of new business (VNB) growing to INR 2,370 crore in FY2025. The company's diversified product offerings and distribution network, alongside prudent asset-liability management, support its long-term profitability and capitalization.