ICICI Life Insurance, which was known until recently as ICICI Prudential Life Insurance, announced its results for the quarter and half-year ended 30 September 2026 on 13 October.
Profit and premiums
For the July–September quarter (Q2 FY27), the company reported a standalone net profit of ₹374.22 crore, up 25% from ₹299.26 crore a year earlier. Net premium income for the quarter was ₹13,803.90 crore, up 16.6% year on year.
For the first half of the financial year (H1 FY27, April–September), profit after tax was ₹760 crore, up 26.5%. Total premium for the half-year was ₹24,505 crore, up 15.3%.
New business and margins
Life insurers are often judged on two measures of new sales:
- Annualised premium equivalent (APE) converts single and regular premiums into one comparable yearly figure. H1 APE was ₹4,935 crore, up 15.1%, and Q2 APE was ₹2,799 crore, up 15.6%.
- Value of new business (VNB) estimates the future profit expected from policies sold in the period. H1 VNB was ₹1,283 crore, up 22.3%. The VNB margin, which is VNB as a share of APE, rose to 26% from 24.7% a year earlier.
Protection (pure term cover) grew fastest. H1 protection APE was ₹1,155 crore, up 39.5%, and retail protection APE rose 47.2% to ₹455 crore. According to the company's earnings call, protection made up 23.4% of APE, compared with 19.3% earlier. Linked (ULIP) and non-linked savings products grew more slowly.
Claims, persistency and solvency
The figures that matter most to existing policyholders were:
- Claim settlement ratio: 99.3% for H1 FY27. This is the share of claims paid out of those the insurer decided on.
- 13th-month persistency: 84.5%. This measures the share of policies, by premium, that are still being paid a year after purchase.
- Solvency ratio: 229.9%. It compares the capital an insurer holds with the capital IRDAI requires it to hold; a higher ratio indicates a larger cushion.
- Assets under management: ₹3.29 lakh crore as of 30 September 2026.
Management said on the earnings call that 25th-month persistency had weakened, which it linked to earlier trends in 13th-month persistency.
Commission proposal and leadership change
The results come as IRDAI consults on a draft framework that would cap commissions and distribution costs across the industry. Management said on the call that it was too early to judge the effect on the business.
The insurer also has a new chief executive. Sidharatha Mishra takes over as managing director and CEO from 14 October 2026, succeeding Anup Bagchi. The company has received regulatory approval to change its name to ICICI Life Insurance Limited.