The recent ‘0 per cent GST reform’ in September 2025 has made insurance policies more affordable and our retail protection segment registered a strong 50.9 per cent year-on-year growth in H2-FY2026, Anup Bagchi, MD &CEO, ICICI Pru Life
Mumbai:The net profit of ICICI Pru Life Insurance, the third largest private sector life insurer, surged by 57.8 per cent year-on-year from ₹ 386 crore in Q4-FY2025 to ₹ 609 crore in Q4-FY2026.
The company has proposed a final dividend of ₹ 1.65 per equity share in FY2026.
The insurer’s new business received premium grew by 30.6 per cent year-on-year from ₹ 7,444 crore in Q4-FY2025 to ₹ 9,719 crore in Q4-FY2026.
The Value of New Business (VNB) stood at ₹ 965 crore in Q4-FY2026. The VNB grew
by 10.9 per cent year-on-year and stood at ₹ 2,629 crore with a margin of 24.7 per cent in FY2026.
New business received premium grew by 9.9 per cent year-on-year from ₹ 22,583 crore in FY2025 to ₹ 24,810 crore in FY2026.
Annualised Premium Equivalent (APE) for FY2026 stood at ₹ 10,641 crore. The overall
protection APE registered a growth of 16.4 per cent year-on-year in FY2026.
Retail protection APE grew by 32.3% year-on-year from ₹ 598 crore in FY2025 to ₹
791 crore in FY2026. Notably, in H2-FY2026, it registered a robust growth of 50.9%
year-on-year, in part aided by the reduction in GST post September 2025.
Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance,“Our company’s PAT registered a robust growth of 34.6 per cent year-on-year to ₹ 1,600 crore. Value of New Business (VNB) grew by 10.9 per cent year-on-year to ₹ 2,629 crore with a margin of 24.7%. Our company’s Embedded Value grew by 10.5 per cent year-onyear to ₹ 52,989 crore in FY2026.”
The recent ‘0 per cent GST reform’ in September 2025 has made insurance policies more affordable and our retail protection segment registered a strong 50.9 per cent year-on-year growth in H2-FY2026, he said.
“FY2026 marks a landmark year as we celebrate 25 years of serving over 20 crore
customers with trust and commitment. The total value of life cover stood at ₹ 46.11 lakh
crore at March 31, 2026, highlighting the strong trust our customers have placed in us over the years,” added Bagchi.
The company’s claim settlement ratio stood at 99.3 per cent, achieved with an average turnaround time of 1.1 days in FY2026.
“We continue to leverage economies of scale, technology and digital solutions to improve efficiencies, resulting in a reduction of 40 basis points (bps) in our
savings cost-to-premium ratio, which stood at 12.1per cent during FY202,” informed Bagchi.
In FY2026, the company’s net profit grew by 34.6 per cent year-on-year from ₹ 1,189 crore in FY2025 to ₹ 1,600 crore in FY2026, primarily driven by higher investment income from Shareholders’ funds, which includes gain of ₹ 114 crore realised from the sale of 100 per cdent equity shareholding in ICICI Pension Fund Management Company (erstwhile ICICI Prudential Pension Funds Management Company Limited). Excluding the sale transaction, PAT grew by 25.0 per cent year-on-year for FY2026.
The insurer’s total premium soared by 8.5 per cent to ₹ 53,125 in FY 26.
The life insurer’s solvency ratio stood at 227.3 per cent as on March 31, 2026, against the regulatory requirement of 150 per cent. Its assets under management (AUM): AUM stood at ₹ 3.14 lakh crore as on March 31, 2026 and its embedded value (EV) grew by 10.5 per cent to ₹ 52,989 crore as on March 31, 2026.
The Return on Embedded Value (RoEV) was 11.9 per cent in FY2026. EV operating profit stood at ₹ 5,702 crore in FY2026.