ICICI Prudential Life Insurance Company (ICICIPRULI) Q1 26/27 earnings summary

Executive summary

• Profit after tax (PAT) rose 27.8% year-over-year to ₹3.86 billion for Q1 FY2027, driven by higher shareholder income and improved surplus generation in the policyholders' in-force book, with lower new business strain.

• Value of New Business (VNB) increased 24.9% year-over-year to ₹5.71 billion, with a margin expansion to 26.7%.

• Board approved renaming the company to ICICI Life Insurance Limited, pending regulatory approval, and reclassification of PCHL from promoter to investor.

• Maintained strong customer centricity, digital adoption, and operational efficiency, with continued investment in technology, digital, and AI/ML.

• All AGM items were approved; core operations, strategy, and governance remain unchanged.

Financial highlights

• New business premium rose 21.3% year-over-year to ₹48.66 billion; APE up 14.6% to ₹21.36 billion.

• Retail protection APE grew 60.4% year-over-year; group protection up 37.8%.

• Assets under management reached ₹3.34 trillion as of June 30, 2026, with 95% of fixed income investments in sovereign or AAA-rated instruments and zero NPAs.

• Solvency ratio improved to 225.4%, well above the regulatory minimum.

• Total premium grew 14.5% year-over-year to ₹102.51 billion; net premium earned increased 14.7% to ₹97.49 billion.

Outlook and guidance

• No formal guidance provided; focus remains on absolute and sustainable VNB growth by balancing business growth, profitability, and risk.

• Management expects protection growth to moderate in H2 due to high base but aims to sustain current levels.

• Non-par savings growth expected to recover as alternative investment rates normalize.

• Well-positioned to drive long-term value for stakeholders and enhance customer outcomes.

• Leveraging technology and digital capabilities to enhance efficiency and customer experience.