ICICI Prudential Life Q1 FY27 Results: Net profit climbs 27.8% to ₹386 crore, VNB up 24.9% to ₹571 crore on strong protection sales

ICICI Prudential Life Insurance, on Wednesday, July 15, reported a 27.8% year-on-year rise in standalone net profit to ₹386 crore for the April-June quarter (Q1 FY27). In the same quarter last year, the company's profit stood at ₹302 crore. The company attributed the rise to higher shareholders' income, improved surplus generation in its policyholders' in-force book, and lower strain from new business. A sequential (QoQ) profit comparison was not disclosed alongside the results. The insurer's board has also approved a proposal to rename the company "ICICI Life Insurance Limited," subject to regulatory approvals.

Total premium for the quarter grew 14.5% YoY to ₹10,251 crore, while premium from new business rose a sharper 21.3% YoY to ₹4,866 crore. Net premium - gross premium net of reinsurance - increased 14.7% YoY to ₹9,749 crore.

Value of new business (VNB), which measures expected profitability from policies sold in the quarter, rose 24.9% YoY to ₹571 crore, while VNB margin expanded 220 bps YoY to 26.7%. Annualised premium equivalent (APE), a core measure of new business sales, grew 14.6% YoY to ₹2,136 crore. Within that, savings APE stood at ₹1,540 crore and overall protection APE at ₹596 crore, up a sharp 45.7% YoY; retail protection APE alone grew 60.4% YoY, marking the third straight quarter of retail protection growth above 40%, which the company linked to recent GST reforms.

Assets under management grew 2.9% YoY to ₹3.34 lakh crore as of June 30, 2026. Retail new business sum assured jumped 45.9% YoY to ₹1.13 lakh crore, while total in-force sum assured stood at ₹48.06 lakh crore at quarter-end. The total cost-to-premium ratio widened to 21.8% from 21.2% in Q1 FY26, which the company said mainly reflects a growing share of protection business.

ICICI Prudential Life Q1 FY27 Results: Management Commentary

MD and CEO Anup Bagchi tied the quarter to the board's decision to pursue the rename to ICICI Life Insurance Limited, framing it as part of a broader push to widen reach and sharpen the company's customer proposition. "Our business continues to be on growth trajectory, operating as usual," Bagchi said, adding that the company remains focused on capitalising on the opportunities in India's growing life insurance market.

ICICI Prudential Life Share Price

ICICI Prudential Life shares climbed as much as 5.55% intraday on the NSE, touching ₹531.95, in reaction to the Q1 results. The stock's move outpaced the broader Nifty LargeMidcap 250 index, which was up a more modest 0.4% over the same stretch.

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