ICICI Prudential Life Q1 Profit Soars 28% YoY on Higher Income; Board Clears Name Change Proposal

ICICI Prudential Life Insurance reported a 27.8% year-on-year (YoY) increase in standalone profit to ₹386 crore for the first quarter of FY27, driven by higher shareholders’ income, improved surplus generation from the existing policyholder book and lower strain from new business.

The insurer’s value of new business (VNB), a key measure of profitability from new policies, rose 24.9% YoY to ₹571 crore during the quarter. The VNB margin also expanded by 220 basis points to 26.7% in Q1FY27.

Total premium income increased 14.5% YoY to ₹10,251 crore, while new business premium grew 21.3% to ₹4,866 crore. Net premium income stood at ₹9,749 crore, up 14.7% from the year-ago period.

Business Growth, Protection Segment Gains

The company’s annualised premium equivalent (APE), which tracks new business sales in the life insurance industry, grew 14.6% YoY to ₹2,136 crore during the quarter. Within this, overall protection APE rose 45.7%, while retail protection APE increased 60.4%.

ICICI Prudential Life said the strong growth in the protection segment continued for the third consecutive quarter, with retail protection business recording more than 40% YoY growth.

Retail new business sum assured increased 45.9% YoY to ₹1.13 lakh crore. The company’s total in-force sum assured, representing the life cover held by customers, stood at ₹48.06 lakh crore as of June 30, 2026.

The insurer’s assets under management (AUM) rose 2.9% YoY to ₹3.34 lakh crore at the end of the June quarter. The total cost-to-premium ratio stood at 21.8% compared with 21.2% in Q1FY26, mainly due to higher contribution from the protection business.

Board Approves Name Change Proposal

Along with the quarterly results, ICICI Prudential Life said its board has approved a proposal to rename the company as ICICI Life Insurance Limited, subject to necessary approvals.

Commenting on the development, MD and CEO Anup Bagchi said the proposed name reflects the "strength, trust and legacy associated with the ICICI franchise". He added that the company would continue focusing on expanding its reach, improving customer value and tapping opportunities in India's growing life insurance market.

Bagchi said the company is using technology, artificial intelligence (AI) and digital capabilities to improve efficiency and enhance customer experience. He added that the insurer’s long-term focus remains on strengthening customer trust, expanding protection and savings offerings, and driving sustainable growth.

The company also highlighted that its savings cost-to-premium ratio declined by 50 basis points to 13.6% in Q1FY27, allowing it to reinvest in innovation and digital capabilities.