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During the quarter, profit before tax grew 24.92% YoY to Rs 431 crore, while net premium earned (gross premium less reinsurance premium) increased 14.65% to Rs 9,749 crore.
Total investment income rose 11.07% YoY to Rs 18,763 crore, driven by growth in both unit-linked and non-unit-linked investment income.
Claims and benefit payouts (net of reinsurance) decreased by 8.3% from Rs 9,762 crore in Q1-FY2026 to Rs 8,948 crore in Q1-FY2027 primarily on account of a decrease in surrenders/withdrawals claims, partly offset by an increase in maturity claims.
New business received a premium increase of 21.3% YoY to Rs 4,866 crore, while the Annualised Premium Equivalent (APE) rose 14.6% to Rs 2,136 crore. The company's overall protection APE grew 45.7%, with retail protection APE surging 60.4% YoY.
The Value of New Business (VNB) rose 24.9% YoY to Rs 571 crore, with the VNB margin improving to 26.7%.
The insurer reported a claim settlement ratio of 99.3% during the quarter, with an average turnaround time of one day for non-investigated individual death claims. Its solvency ratio stood at 225.4% as of 30 June 2026, well above the regulatory requirement of 150%.
The insurer's 13th-month and 49th-month persistency ratios stood at 84.0% and 71.7%, respectively, in Q1 FY27, reflecting continued policyholder retention.
Assets under management (AUM) stood at Rs 3.34 trillion as of 30 June 2026. The company said 95% of its fixed-income investments are in sovereign or AAA-rated instruments and it has maintained zero non-performing assets (NPAs) since inception.
Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said, 'The Board of Directors recently approved a proposal to rename the company as 'ICICI Life Insurance Limited', subject to relevant approvals. The proposed name reflects the strength, trust, and legacy associated with the ICICI franchise. Our business continues to be on a growth trajectory, operating as usual, and we remain focused on expanding our reach, enhancing customer value, and capitalizing on the significant opportunities presented by India's growing life insurance market.
We have commenced the new fiscal year on a strong note, delivering performance that directly highlights the strength of our diversified business model, disciplined execution, and continued focus on delivering sustainable growth. In Q1-FY2027, our VNB grew by 24.9% year-on-year to Rs 571 crore, with a margin of 26.7%. The Profit after tax increased by 27.8% year-on-year to Rs 386 crore in the same period
We reported a new business premium growth of 21.3% year-on-year in Q1-FY2027 on the back of a number of policies growth of 13.2%. Protection continues to be our core focus area, and we registered a strong growth of 60.4% year-on-year in our retail protection business in Q1-FY2027, driven by the GST exemption on protection products and various company-led initiatives. This marks the third consecutive quarter of retail protection growth exceeding 40%, following the GST reforms. Consequently, the retail sum assured increased by 45.9% to Rs 1.13 lakh crore. The robust growth in protection business has translated into a meaningful expansion in coverage offered to our customers, demonstrating the company's continued commitment towards addressing India's protection needs.
At the heart of our performance is the trust our customers place in us. Our industry-leading claim settlement ratio of 99.3% in Q1-FY2027, with an average turnaround time of just 1 day for non-investigative claims, underscores our commitment to supporting customers and their families when they need us the most. During the quarter, we settled Rs 1,306 crore of death claims and paid Rs 3,360 crore as maturity & survival benefits, reflecting our continued focus on delivering timely financial protection and peace of mind to our policyholders. Notably, in FY2026, we settled Rs 5,149 crore of death claims and paid Rs 15,363 crore as maturity and survival benefits.
We continue to leverage economies of scale, technology, artificial intelligence (AI), and digital capabilities to improve efficiency and enhance customer experience. Our savings cost-to-premium ratio reduced by 50 basis points (bps) to 13.6% in Q1-FY2027, enabling us to reinvest in innovation, strengthen digital capabilities and support future growth.
Our long-term outlook for the Indian life insurance sector remains strong. We are actively driving our core priorities of deepening customer trust, delivering sustainable and profitable growth, widening our protection and savings footprint and unlocking efficiencies through technology. Ultimately, our objective is to empower more Indian households with the financial solutions and confidence needed to plan for a secure financial future.'
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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