The company's total income witnessed a sharp loss of 78.98% YoY, reaching Rs 3,306 crore for the quarter ended 31 March 2026.
Profit before tax in Q4 FY26 stood at Rs 667.71 crore, up by 61.23% from Rs 414.12 crore in Q4 FY25.
During the quarter, the net premium income increased 17.17% to Rs 19,180.08 crore. The growth was supported by steady momentum across segments, with first-year gross premium rising 4.39% to Rs 2,930.51 crore, renewal premium increasing 5.76% to Rs 9,928.24 crore, and single premium surging 46.38% to Rs 6,788.80 crore. Net commission income also grew 16.32% YoY to Rs 1,795.47 crore.
The company's value of new business (VNB) stood at Rs 965 crore in Q4 FY26. The company's annualised premium equivalent (APE) grew by 9.36% year-on-year to Rs 3,830 crore in Q4 FY26 from Rs 3,502 crore in Q4 FY25.
On a full-year basis, standalone net profit surged 34.59% YoY to Rs 1,600.36 crore, while total income declined 10.38% to Rs 63,637 crore in FY26 compared with FY25.
Assets under management (AUM) grew 1.4% year-on-year to Rs 3.14 lakh crore as of 31 March 2026, compared with Rs 3.09 lakh crore as of 31 March 2025.
New business received premium rose 9.9% year-on-year to Rs 24,810 crore in FY26 from Rs 22,583 crore in FY25. Annualised Premium Equivalent (APE) for FY26 stood at Rs 10,641 crore. Overall protection APE grew 16.4% during the year, while retail protection APE increased 32.3% YoY to Rs 791 crore from Rs 598 crore in FY25.
Notably, retail protection APE registered strong growth of 50.9% year-on-year in H2 FY26, partly supported by the reduction in GST effective September 2025.
Retail new business sum assured grew 49.5% year-on-year in H2 FY26 to Rs 4.50 lakh crore in FY26. The total in-force sum assured, representing the quantum life cover provided to customers, grew 16.9% year-on-year from Rs 39.43 lakh crore as of 31 March 2025 to Rs 46.11 lakh crore as of 31 March 2026.
The claim settlement ratio stood at 99.3%, with an average turnaround time of 1.1 days for non-investigated individual death claims in FY26.
Persistency ratios for the 13th and 49th months stood at 84.5% and 71.8%, respectively. The solvency ratio stood at 227.3% as of 31 March 2026, well above the regulatory requirement of 150%.
Embedded Value (EV) grew 10.5% to Rs 52,989 crore as of 31 March 2026. Return on Embedded Value (RoEV) stood at 11.9% in FY26, while EV operating profit was Rs 5,702 crore.
Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said, Our 9M-FY2026 performance reflects our ongoing commitment to increasing profitability through balanced business growth. Profit after Tax registered a strong growth of 23.5% year-on-year to Rs 992 crore in 9M-FY2026.
Value of New Business (VNB), which is the measure of profitability for a life insurance company, stood at Rs 1,664 crore with a margin of 24.4% in 9M-FY2026. In Q3-FY2026, our VNB stood at Rs 615 crore, on the back of 9.9% year-on-year growth in retail APE. Notably, the number of policies sold increased by 11.7% year-on-year in the same period.
MD & CEO Anup Bagchi said FY26 marked a landmark year as the company completed 25 years of operations, serving over 20 crore customers. He highlighted that PAT grew 34.6% year-on-year to Rs 1,600 crore, while VNB increased 10.9% to Rs 2,629 crore with a margin of 24.7%.
He also noted that the recent GST reduction made insurance products more affordable, supporting strong growth in retail protection. The company maintained a strong claim settlement ratio of 99.3% and continued to improve efficiency, with a 40 bps reduction in the savings cost-to-premium ratio to 12.1%.
Meanwhile, the board has recommended a final dividend of Rs 1.65 per equity share of face value Rs 10, subject to shareholder approval at the upcoming annual general meeting. If approved, the dividend will be paid within 30 days of declaration at the AGM.
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.