Overview
- Net profit for the quarter ended December 31, 2025 rose to roughly Rs 387–390 crore, with Value of New Business up 19% to Rs 615 crore.
- VNB margin improved to 24.4% as protection and non-linked products, yield curve benefits, and cost controls offset the loss of GST input tax credit.
- New business volumes were steady with APE up 4% to Rs 2,525 crore, while overall NBSA grew 15.5% to Rs 3.39 lakh crore and retail NBSA jumped 51.6% to Rs 1.24 lakh crore.
- Retail protection accelerated after the 0% GST change, with Retail Protection APE up 40.8% year-on-year to Rs 207 crore; AUM stood at about Rs 3.31 lakh crore.
- Persistency weakened to 81% at 13 months and 58.6% at 61 months, as brokerages Jefferies, Citi and Motilal Oswal maintained positive views but highlighted execution risks; separately, ICICI Lombard’s Q3 profit fell 9% to Rs 659 crore.