ICICI Prudential Life Insurance Company, on standalone basis, has recorded 58% surge in net profit to Rs 608.81 crore in the quarter ended March 2026 (Q4FY2026). The profit growth was driven by higher investment income from Shareholders' funds, which includes gain of Rs 114 crore realised from the sale of 100% equity shareholding in ICICI Pension Fund Management Company Limited. Excluding the impact of transaction, the net profit has still increased 28% in Q4FY2026.
The total premium income has increased 17% to Rs 19,648 crore in Q4FY2026, driven by 6% jump in the renewal premium collection to Rs 9,929 crore. The new business premium increased 31% to Rs 9,719 crore. APE moved up 9% to Rs 3,830 crore in Q4FY2026. The Company offers a wide range of products across various segments such as savings (linked and non-linked), protection and annuity to meet the specific needs of the customers. The Company has a well-diversified product mix with FY2026 APE contribution from linked, non-linked, protection, annuity and group funds at 48.0%, 20.5%, 17.9%, 5.8% and 7.8% respectively 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 optimization 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 22 September 2025. Total cost-to-premium ratio for FY2026 stood at 18.2% and remained stable at previous year's levels. The company has exhibited an improvement in the persistency level with 13th month persistency rising to 82% in Q4FY2026 from 78% in Q4FY2025, while 61st month persistency also rose to 61% from 62%. The value of new business (VNB) galloped 21% to Rs 965 crore in Q4FY2026. New business margin for FY2026 stood at 24.70% showing rise on sequential basis from 24.40% for 9MFY2026 and over a year ago from 22.80% in FY2025. The embedded value surged 11% Rs 52989.0 crore end March 2026. AUM of the company increased 2% to Rs 314,000 crore end March 2026 from Rs 309,359 crore end December 2023 crore and also moved up from Rs 331,000 crore a quarter ago. The Company has a debt-equity mix of 60:40, and 94.5% of the fixed income investments are in sovereign or AAA rated instruments. The Company has zero Non-Performing Assets (NPA) since inception, indicating high quality of the asset book. The Networth stood at Rs 13629 crore end March 2026, while the solvency ratio of the company was at 227% end March 2026. The improvement in solvency is primarily due to increase in profit after tax and realisation from sale of subsidiary. Embedded Value per share stood at Rs 365.6 per share at end March 2026. Commenting on the results, 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 Rs 46.11 lakh crore at end March 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% yoy to Rs 1,600 crore. Value of New Business (VNB) grew by 10.9% yoy to Rs 2,629 crore with a margin of 24.7%. Our Company's Embedded Value grew by 10.5% year-onyear to Rs 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% yoy growth in H2FY2026. Consequently, the retail new business sum assured witnessed robust 49.5% yoy growth in H2FY2026 to end at Rs 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.'Financial Performance FY2026
Profit after tax has increased from Rs 1189 crore in FY2025 to Rs 1600 crore in FY2026, a yoy growth of 34.6%. The Company's profit before tax increased from Rs 1336 crore in FY2025 to Rs 1807 crore in FY2026 primarily driven by higher investment income from shareholders' funds, which includes gain of Rs 114 crore realised from sale of 100% equity shareholding in ICICI Pension Fund Management Company Limited (erstwhile ICICI Prudential Pension Funds Management Company Limited). Premium New business received premium grew by 30.6% yoy from Rs 74.44 billion in Q4FY2025 to Rs 97.19 billion in Q4FY2026. New business received premium grew by 9.9% yoy from Rs 225.83 billion in FY2025 to Rs 248.10 billion in FY2026. APE for FY2026 stood at Rs 106.41 billion. Within that, savings including annuity business APE stood at Rs 87.35 billion and overall protection APE stood at Rs 19.06 billion. The overall protection APE registered a growth of 16.4% yoy in FY2026. Retail protection APE grew by 32.3% yoy from Rs 5.98 billion in FY2025 to Rs 7.91 billion in FY2026. Notably, in H2FY2026, it registered a robust growth of 50.9% yoy, in part aided by the reduction in GST post September 2025. 'Consequently, retail new business sum assured grew strongly by 49.5% yoy in H2FY2026 to Rs 4,497.74 billion in FY2026. Total in-force sum assured, which is the quantum of life cover taken by customers of the Company, grew by 16.9% yoy from Rs 39.43 trillion at end March 2025 to Rs 46.11 trillion at end March 2026. Net premium earned (gross premium less reinsurance premium) increased by 8.6% from Rs 47259 crore in FY2025 to Rs 51336 crore in FY2026. Total investment income decreased from Rs 23522 crore in FY2025 to Rs 12071 crore in FY2026. Investment income under unit-linked decreased from Rs 13394 crore in FY2025 to Rs 918 crore in FY2026, primarily on account of higher realized losses from sale of investments and decrease in unrealised gains on investments. Investment income under unit-linked is directly offset by the change in valuation of policyholder liabilities. Investment income under other than unit-linked increased from Rs 10128 crore in FY2025 to Rs 11153 crore in FY2026 primarily on account of increase in interest income and dividend. Total expenses (including commission) increased by 5.5% from Rs 9671 crore in FY2025 to Rs 10204 crore in FY2026. Commission expenses increased by 10.5% from Rs 4689 crore in FY2025 to Rs 5181 crore in FY2026 in line with growth in premium income and product mix. Operating expense decreased by 0.8% from Rs 4868 crore in FY2025 to Rs 4830 crore in FY2026. Operating expenses include unit fund expenses (including goods and service tax on linked charges) amounting to Rs 354 crore (FY2025: Rs 725 crore) under the unit-linked portfolio. The unit fund expenses under the unitlinked portfolio are directly offset by changes in the valuation of policyholder liabilities. Operating expenses of other than unit-linked portfolio increased by 8.1% from Rs 4143 crore in FY2025 to Rs 4476 crore in FY2026, primarily on account of higher GST expenses emanating from disallowance of input tax credit on retail business partly offset by decrease in advertising cost. Tax on policyholders' fund decreased from tax charge of Rs 250 crore in FY2025 to tax reversal of Rs 253 crore in FY2026 primarily on account of reversal of provision for taxes pertaining to earlier years post conclusion of income tax assessment. Claims and benefit payouts (net of reinsurance) increased by 2.2% from Rs 46182 crore in FY2025 to Rs 47195 crore in FY2026 primarily on account of increase in maturity and death claims partly offset by decrease in surrenders/withdrawals claims. Change in actuarial liability, including funds for future appropriation and fund reserve, decreased from Rs 13568 crore in FY2025 to Rs 4684 crore in FY2026. Change in fund reserve, which represents change in liability carried on account of units held by unit-linked policyholders, decreased from (Rs 3602) crore in FY2025 to (Rs 10188) crore in FY2026. The decrease in fund reserves is primarily due to lower investment income in the unit-linked portfolio. Non-unit reserves, including funds for future appropriation, decreased from Rs 17174 crore in FY2025 to Rs 14215 crore in FY2026. Retail new business sum assured grew strongly by 49.5% yoy in H2FY2026 to Rs 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% yoy from Rs 39.43 lakh crore at end March 2025 to Rs 46.11 lakh crore at end March 2026. The Value of New Business (VNB) stood at Rs 965 crore in Q4FY2026. The VNB grew by 10.9% yoy and stood at Rs 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. 13th month and 49th month persistency stood at 84.5% and 71.8% respectively in FY2026. The final dividend proposed for FY2026 is Rs 1.65 per equity share.| ICICI Prudential Life Insurance: Results Standalone Policyholders Account | ||||||
| ' | 2603 (3) | 2503 (3) | Var % | 2603 (12) | 2503 (12) | Var % |
| Premium earned (net) | 19180.08 | 16369.17 | 17 | 51335.63 | 47259.41 | 9 |
| Income from Investments | -16302.41 | -904.85 | 1702 | 10865.15 | 22819.49 | -52 |
| Other income | 61.87 | 52.57 | 18 | 229.87 | 223.23 | 3 |
| Contribution from the Shareholders` account | 843.01 | 120.62 | 599 | 989.73 | 317.81 | 211 |
| Total Income | 3782.55 | 15637.51 | -76 | 63420.38 | 70619.94 | -10 |
| Commission | 1795.47 | 1543.54 | 16 | 5181.07 | 4689.23 | 10 |
| Op. expenses related to Insurance business | 1418.34 | 934.16 | 52 | 4429.84 | 4141.77 | 7 |
| Others | 2.93 | 191.87 | -98 | 377.82 | 695.25 | -46 |
| Benefits paid (Net) | 13754.48 | 12327.08 | 12 | 47195.07 | 46182.47 | 2 |
| Change in valuation of policy liabilities | -14419.42 | 161.97 | LP | 4027.44 | 13571.44 | -70 |
| Provision for taxation | -401.44 | 185.19 | LP | -252.96 | 250.13 | LP |
| Total Expense | 2150.36 | 15343.81 | -86 | 60958.28 | 69530.29 | -12 |
| PAT | 1632.19 | 293.70 | 456 | 2462.10 | 1089.65 | 126 |
| Transfer to Shareholders` account | 1211.16 | 376.11 | 222 | 1805.20 | 1093.05 | 65 |
| ICICI Prudential Life Insurance: Results Standalone Shareholders Account | ||||||
| ' | 2603 (3) | 2503 (3) | Var % | 2603 (12) | 2503 (12) | Var % |
| Amounts transferred from Policyholders` account | 1211.16 | 376.11 | 222 | 1805.20 | 1093.05 | 65 |
| Income from investments | 307.43 | 224.20 | 37 | 1152.87 | 698.77 | 65 |
| Total Income | 1518.59 | 600.31 | 153 | 2958.07 | 1791.82 | 65 |
| Expenses (apart from Insurance) | 50.34 | 55.60 | -9 | 198.93 | 127.59 | 56 |
| Contribution to policyholders account | 843.01 | 120.62 | 599 | 989.73 | 317.81 | 211 |
| Others | 71.53 | 9.97 | 617 | 76.66 | 9.99 | 667 |
| Total Expenses | 964.88 | 186.19 | 418 | 1265.32 | 455.39 | 178 |
| PBT Before EO | 553.71 | 414.12 | 34 | 1692.75 | 1336.43 | 27 |
| EO | 114.00 | 0.00 | - | 114.00 | 0.00 | - |
| PBT | 667.71 | 414.12 | 61 | 1806.75 | 1336.43 | 35 |
| Tax | 58.90 | 27.83 | 112 | 206.39 | 147.37 | 40 |
| PAT | 608.81 | 386.29 | 58 | 1600.36 | 1189.06 | 35 |
| EPS (Rs)* | 13.9 | 10.7 | ' | 10.4 | 8.2 | ' |
| Equity | 1449.3 | 1445.3 | ' | 1446.2 | 1441.9 | ' |
| Embedded Valued (Rs) | 365.6 | 331.8 | ' | 336.8 | 298.5 | ' |
| * EPS and EV are calculated on diluted equity as given for each year. EPS is excluding EO and relevant tax. Face value of Rs 10 each, PL: Profit to Loss, LP: Loss to Profit, | ||||||
| Figures in crore, Source: Capitaline Corporate Database | ||||||