· Profit after tax registers a year-on-year growth of 34.6% to ₹ 1,600 crore in FY2026
· VNB registers a year-on-year growth of 10.9% to ₹ 2,629 crore in FY2026, with a margin of 24.7%
· In-force sum assured stood at ₹ 46.11 lakh crore as on March 31, 2026
· Retail new business sum assured grew by 35.3% year-on-year to ₹ 4.50 lakh crore in FY2026
· Retail Protection APE grew by 60.5% year-on-year in Q4-FY2026
· Final dividend proposed for FY2026 is ₹ 1.65 per share
The Board of Directors of ICICI Prudential Life Insurance Company Limited approved and adopted the financial results for the year ended March 31, 2026.
MD & CEO’s statement:
Commenting on the results, Mr. Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “FY2026 marks a landmark year as we celebrate 25 years of serving over 20 crore customers with trust and commitment. The total value of life cover stood at ₹ 46.11 lakh crore at March 31, 2026, highlighting the strong trust our customers have placed in us over the years.
Driven by our commitment to customer values and a resilient operating model, we successfully navigated the impacts of a challenging global macro environment this year. Our Company’s Profit After Tax (PAT) registered a robust growth of 34.6% year-on-year to ₹ 1,600 crore. Value of New Business (VNB) grew by 10.9% year-on-year to ₹ 2,629 crore with a margin of 24.7%. Our Company’s Embedded Value grew by 10.5% year-on- year to ₹ 52,989 crore in FY2026.
The recent '0% GST reform' in September 2025 has made insurance policies more affordable and our retail protection segment registered a strong 50.9% year-on-year growth in H2-FY2026. Consequently, the retail new business sum assured witnessed robust 49.5% year-on-year growth in H2-FY2026 to end at ₹ 4.5 lakh crore in FY2026.
Our focus on innovation in product structures has allowed us to meet diverse customer needs more effectively. We recently launched ‘ICICI Pru Global Wealth Multiplier’, a USD- denominated product under the GIFT City framework that enables investments in funds globally, along with a life cover and ‘ICICI Pru Smart Kid 360’, a guaranteed child savings plan that secures key milestones through flexible payouts, achievement rewards, and a premium waiver enabling customers to secure their child's future milestones, even in their absence.
We remain committed to delivering superior value to our customers. Our claim settlement ratio stood at 99.3%, achieved with an average turnaround time of 1.1 days in FY2026, demonstrating our commitment to stand by our customers and their families when it matters the most. We continue to leverage economies of scale, technology and digital solutions to improve efficiencies, resulting in a reduction of 40 basis points (bps) in our savings cost-to-premium ratio, which stood at 12.1% during FY2026.
Over the past 25 years, we have had the privilege of serving customers across generations. With the experience that we have gained, we remain focused on building a future-ready organisation that continues to adapt thoughtfully, act with agility and create meaningful impact by expanding access to insurance and deliver long-term sustainable value to all stakeholders.”
Key performance highlights:
* Premium: New business received premium grew by 30.6% year-on-year from ₹ 7,444 crore in Q4-FY2025 to ₹ 9,719 crore in Q4-FY2026. New business received premium grew by 9.9% year-on-year from ₹ 22,583 crore in FY2025 to ₹ 24,810 crore in FY2026. Annualised Premium Equivalent (APE) for FY2026 stood at ₹ 10,641 crore. The overall protection APE registered a growth of 16.4% year-on-year in FY2026.
Retail protection APE grew by 32.3% year-on-year from ₹ 598 crore in FY2025 to ₹ 791 crore in FY2026. Notably, in H2-FY2026, it registered a robust growth of 50.9% year-on-year, in part aided by the reduction in GST post September 2025.
* Sum assured: Retail new business sum assured grew strongly by 49.5% year-on-year in H2-FY2026 to ₹ 4.50 lakh crore in FY2026.
The total in-force sum assured, which is the quantum of life cover taken by customers of the Company, grew by 16.9% year-on-year from ₹ 39.43 lakh crore at March 31, 2025 to ₹ 46.11 lakh crore at March 31, 2026
* Cost: Cost-to-premium ratio for the savings line of business reduced by 40 basis points from 12.5% in FY2025 to 12.1% in FY2026. The reduction in cost ratios is a result of the various cost optimisation initiatives undertaken in the past two years to make the cost structure aligned to the prevailing product mix. The cost reduction is after accounting for unavailability of input tax credit, effective September 22, 2025. The total cost-to- premium ratio for FY2026 stood at 18.2% and remained stable at previous year’s levels.
* Profitability: The Company’s Profit after tax (PAT) grew by 57.8% year-on-year from
₹ 386 crore in Q4-FY2025 to ₹ 609 crore in Q4-FY2026. FY2026 PAT grew by 34.6% year-on-year from ₹ 1,189 crore in FY2025 to ₹ 1,600 crore in FY2026, primarily driven by higher investment income from Shareholders’ funds, which includes gain of ₹ 114 crore realised from the sale of 100% equity shareholding in ICICI Pension Fund Management Company Limited (erstwhile ICICI Prudential Pension Funds Management Company Limited). Excluding the sale transaction, PAT grew by 25.0% year-on-year for FY2026.
The Value of New Business (VNB) stood at ₹ 965 crore in Q4-FY2026. The VNB grew by 10.9% year-on-year and stood at ₹ 2,629 crore with a margin of 24.7% in FY2026.
* Claim Settlement Ratio: Claim settlement ratio stood at 99.3% with an average turnaround time of 1.1 days for non-investigated individual death claims in FY2026.
* Persistency: 13th month and 49th month persistency stood at 84.5% and 71.8% respectively in FY2026.
* Solvency Ratio: Solvency ratio stood at 227.3% as on March 31, 2026, against the regulatory requirement of 150%.
* Dividend: The final dividend proposed for FY2026 is ₹ 1.65 per equity share.
* Assets under Management (AUM): AUM stood at ₹ 3.14 lakh crore as on March 31, 2026.
* Embedded Value (EV): EV grew by 10.5% to ₹ 52,989 crore as on March 31, 2026. The Return on Embedded Value (RoEV) was 11.9% in FY2026. EV operating profit stood at
₹ 5,702 crore in FY2026.
* ESG: The Company continues to retain the highest ranking in the Indian life insurance industry as per leading global and Indian ESG rating agencies.
Financial metrics:
No comments:
Post a Comment