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 the company continues to focus on product leadership, distribution, and customer-centricity.

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

Financial highlights

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

• Cost-to-premium ratio improved to 21.2% from 24.0% year-over-year.

• VNB for Q1 FY2026 was ₹4.57 billion, with a margin of 24.5%.

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

• AUM increased 5.1% year-over-year to ₹3,244.89 billion.

Outlook and guidance

• Management expects growth to recover in the next nine months as base effects normalize and market conditions improve.

• Anticipates a return of demand for unit-linked products in the second half, with continued focus on guaranteed and protection products.

• No margin guidance provided; focus remains on growing absolute VNB.

• Persistency ratios and strong solvency position support future growth.

• Emphasis on expanding protection business and maintaining high asset quality.