ICICI Prudential Life Insurance Company (ICICIPRULI) Q1 25/26 earnings summary

Executive summary

• Q1 FY2026 profit after tax rose 34.2% year-over-year to ₹3.02 billion, driven by lower new business strain and higher investment income.

• APE declined 5% year-over-year to ₹18.64 billion, while retail protection APE grew 24.1% year-over-year.

• Total premium grew 8.1% year-over-year to ₹89.54 billion; assets under management increased 5.1% to ₹3,244.89 billion.

• All AGM resolutions were approved, and a key independent director retired as per regulatory age limits.

• Recognized with multiple awards for innovation, customer service, and technology leadership in FY2025.

Financial highlights

• Value of New Business (VNB) was ₹4.57 billion with a margin of 24.5%.

• Net premium earned increased 8% year-over-year to ₹85.03 billion.

• Operating expenses dropped 10.1% year-over-year to ₹10.83 billion; cost-to-premium ratio improved to 21.2%.

• Claims and benefit payouts rose 2.5% year-over-year to ₹97.62 billion.

• Assets under management rose 5.1% year-over-year to ₹3,244.89 billion.

Outlook and guidance

• Management expects normalization of growth as base effects subside and market volatility eases, focusing on sustainable VNB growth.

• Continued focus on cost optimization, product mix alignment, and expanding protection business.

• No margin guidance provided; focus remains on absolute VNB growth and cost optimization.

• Persistency ratios and strong solvency position support future growth.

• Anticipates recovery in MFI and annuity segments as interest rate environment evolves.