However, total income declined 51.95% YoY to Rs 12,015.64 crore in the quarter ended 30 September 2025.
Profit before tax in Q2 FY26 stood at Rs 347.01 crore, up by 21.24% from Rs 286.22 crore in Q2 FY25.
Net premium income rose 10.13% YoY to Rs 11,843.10 crore. The first-year gross premium fell 8.32% to Rs 1,975.17 crore, while the renewal premium jumped 9.72% to Rs 6,851.78 crore and the single premium increased 24.99% to Rs 3,470.08 crore. Net commission grew 3.07% YoY to Rs 1,272.72 crore.
For the first half of FY26 (H1 FY26), the company's profit grew 26% YoY to Rs 601 crore, supported by steady premium growth, improved efficiency, and strong performance in its protection segment.
The Value of New Business (VNB) stood at Rs 1,049 crore with a margin of 24.5%, while the Total Annualized Premium Equivalent (APE) was Rs 4,286 crore, registering a two-year CAGR of 10.3%. Total premium rose 9.2% YoY to Rs 21,251 crore, with retail New Business Sum Assured increasing 17.2% YoY to Rs 172 crore. Retail protection APE grew 10.8% YoY to Rs 3.09 billion.
New Business Sum Assured expanded 19.4% YoY to Rs 6.77 lakh crore in H1 FY26. Total premium collections rose 9.2% to Rs 194.59 crore, while assets under management (AUM) stood at Rs 3.21 lakh crore. The cost-to-total premium ratio improved to 19.2% from 22% a year ago.
The solvency ratio strengthened to 212.2%, well above the IRDAI-mandated 150%, and net worth stood at Rs 12,727 crore as of 30 September 2025. Persistency metrics remained stable, with the 13-month persistency ratio at 85.3% compared with 89.8% a year earlier. The claim settlement ratio was 99.3% for H1-FY26, with an average settlement time of 1.1 days.
Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said, 'We are happy to share that we have passed on the benefit of GST exemption to our customers, enabling them to enjoy savings on their premium payments and driving enhanced customer traction. The effect of GST exemption has been more pronounced in the retail protection category, which has grown at a CAGR of 31% over the last three years.
The New Business Sum Assured rose 19.3% year-on-year to Rs 6.77 lakh crore in H1-FY2026, while the total in-force sum assured stood at Rs 42.16 lakh crore as of 30 September 2025. Profit after tax increased 26% year-on-year to Rs 601 crore, with the Value of New Business (VNB) at Rs 1,049 crore and Embedded Value (EV) at Rs 50,501 crore, a growth of 9.7% year-on-year.
Total premium registered a growth of 9.2% year-on-year to Rs 21,251 crore. The company's cost-to-premium ratio in the savings business improved by 280 bps to 12.7%, while the 13th-month persistency ratio stood at 85.3%. With an industry-leading claim settlement ratio of 99.3% and an average turnaround time of 1.1 days, the company continues to demonstrate strong customer trust, operational efficiency, and sustainable business growth.'
ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in the United Kingdom. The company offers an array of products in the protection and savings category that match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals.
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