Anup Bagchi,MD & CEO,said, “We reported a new business premium growth of 21.3 per cent year-on-year in Q1-FY2027 on the back of number of policies growth of 13.2 per cent. Protection continues to be our core focus area, During the quarter, we settled ₹ 1,306 crore of death claims and paid ₹ 3,360 crore as maturity & survival benefits, reflecting our continued focus on delivering timely financial protection and peace of mind to our policyholders.”
NEW DELHI: ICICI Prudential Life Insurance on Wednesday reported a 28 per cent rise in net profit to Rs 386 crore for the first quarter ended June 2026, primarily driven by improved surplus generation in policyholders’ in-force book coupled with lower strain from new businesses.
The private-sector insurer reported a net profit of Rs 302 crore in the April-June period of FY26.
The insurer’s value of new business margin (VNB Margin), a key matrix in life insurance business for assessing profitability is at 26.7 per cent in the reporting period as compared to 24.5 per cent in Q1 FY 26.
VNB of the company is up by 24.9 per cent y-o-y to Rs 571 crore in FY 27.
Net premium income of the insurance firm rose to Rs 9,749 crore at the end of the June quarter of FY27, from Rs 8,503 crore in the corresponding period of FY26, ICICI Prudential Life said in a regulatory filing.
New business premium grew by 21 per cent to Rs 4,866 crore in the first quarter of the current fiscal, compared to Rs 4,012 crore in the year-ago period, on the back of 13.2 per cent growth in the number of policies, it said.
The insurer’s board has approved proposal to rename the company as ‘ICICI Life Insurance Limited’ after UK based Prudential has decided to reduce its stake in the life insurance venture from nearly 22 per cent to below 10 per cent.
Anup Bagchi,MD & CEO,said, “We reported a new business premium growth of 21.3 per cent year-on-year in Q1-FY2027 on the back of number of policies growth of 13.2 per cent. Protection continues to be our core focus area, During the quarter, we settled ₹ 1,306 crore of death claims and paid ₹ 3,360 crore as maturity & survival benefits, reflecting our continued focus on delivering timely financial protection and peace of mind to our policyholders.”
“We continue to leverage economies of scale, technology, Artificial Intelligence (AI) and digital capabilities to improve efficiency and enhance customer experience. Our savings cost-to-premium ratio reduced by 50 basis points (bps) to 13.6% in Q1-FY2027, enabling us to reinvest in innovation, strengthen digital capabilities and support future growth,” he said.
Total revenue of the life insurer rose to Rs 28,395 crore, up from Rs 25,320 crore in the same quarter of the preceding financial year.
The insurance firm’s assets under management (AUM) stood at Rs 3.34 lakh crore as on June 30, 2026.
The company’s net worth was Rs 14,375 crore at the end of June 2026. The solvency ratio improved to 225.4 per cent against the regulatory requirement of 150 per cent.
The Board of Directors, at its meeting held on July 6, approved the proposal to change the company’s name to ‘ICICI Life Insurance Ltd’, pending IRDAI approval.
The proposed name reflects the strength, trust and legacy associated with the ICICI franchise, according to the company.