ICICI Pru Life Insurance Q1 results: ICICI Prudential Life Insurance Company, on Wednesday, 15 July, reported a 27.8% year-on-year (YoY) rise in its standalone profit to ₹386 crore for the April-June quarter of the current financial year (Q1FY27).
The company attributed the YoY rise in its profit to higher shareholders’ income, improved surplus generation in policyholders’ in-force book, coupled with lower strain from new business.
Meanwhile, the company’s board ahs approved the proposal to rename the company as ‘ICICI Life Insurance Limited’.
“The board of directors recently approved a proposal to rename the company as ‘ICICI Life Insurance Limited’, subject to relevant approvals. Our business continues to be on growth trajectory, operating as usual, and we remain focused on expanding our reach, enhancing customer value, and capitalising on the significant opportunities presented by India’s growing life insurance market,” said Anup Bagchi, MD and CEO of ICICI Prudential Life Insurance Company.
ICICI Prudential Life Insurance Company Q1 earnings: Key takeaways
1. ICICI Prudential Life’s value of new business (VNB) saw an impressive 24.9% YoY rise to ₹571 crore, while VNB margin increased by 220 bps YoY to 26.7% for Q1FY27.
2. Total premium during the quarter clocked a 14.5% YoY growth to ₹10,251 crore, while premium for new business saw a healthy 21.3% YoY rise to ₹4,866 crore.
Net premium, which is gross premium minus reinsurance premium, increased by 14.7% to ₹9,749 crore in Q1FY27.
3. ICICI Prudential Life Insurance Company’s assets under management (AUM) increased by 2.9% YoY to stand at ₹3.34 lakh crore by the end of the June quarter of FY27.
4. ICICI Prudential Life’s annualised premium equivalent (APE), which measures new business sales in the life insurance industry, grew by 14.6% YoY to ₹21.36 in Q1FY27. Within that, savings APE stood at ₹1,540 crore and overall protection APE stood at ₹596 crore. The overall protection APE jumped 45.7% YoY, while retail protection APE grew by 60.4% YoY. This marks the third consecutive quarter of robust retail protection year-on-year growth exceeding 40%, following the GST reforms, said the company.
5. Retail new business sum assured grew by 45.9% YoY to ₹1.13 lakh crore in Q1FY27. Total in-force sum assured- the quantum of life cover taken by the company’s customers- stood at ₹48.06 lakh crore as of 30 June 2026.
6. ICICI Prudential Life Insurance Company’s total cost-to-premium ratio for Q1FY27 stood at 21.8% compared to 21.2% in Q1FY26, primarily due to increase in protection business.
(This is a developing story. Please check back for fresh updates.)
