ICICI Life Insurance (ICICIPRULI) Q2 26/27 earnings summary

Executive summary

• H1 FY2027 APE rose 15.1% YoY to ₹49.35bn; VNB increased 22.3% to ₹12.83bn, with a 26.0% margin.

• Total premium grew 15.3% to ₹245.05bn and PAT increased 26.5% to ₹7.60bn; embedded value reached ₹566.69bn, up 12.2% YoY.

• Strategy centered on sustainable VNB growth, balancing growth, profitability, customer focus, risk and prudence.

Financial highlights

• H1 FY2027 APE was ₹49.35bn, up 15.1% YoY; three-year CAGR was 11.9%.

• Total premium was ₹245.05bn, up 15.3%; new business premium rose 25% to ₹118.21bn, with policy count up 10.6%.

• VNB was ₹12.83bn, up 22.3%; margin was 26.0%, versus 24.7% in FY26.

• PAT was ₹7.60bn, up 26.5%; PBT reached ₹8.67bn versus ₹6.92bn, and Q2 PAT was ₹3.74bn versus ₹2.99bn YoY.

• Embedded value grew 12.2% to ₹566.69bn; value of in-force business rose 12.0% to ₹423.89bn.

Outlook and guidance

• No numerical growth guidance; priorities are sustainable VNB and top-line growth, protection and annuities, and savings offerings aligned with customer needs and market conditions.

• Retail protection growth is expected to moderate in H2 from 40%-50% growth over the prior four quarters, with growth pursued from the higher base.

• Distribution priorities include expanding partner reach, growing agency and direct channels, deepening micro-market penetration and strengthening digital processes; no numerical agency growth target was given.

• If rates remain high for longer, non-par and annuities could become a larger business mix; product choices will respond to market conditions and customer needs.