- Profit after tax registers a year-on-year growth of 34.6% to ₹ 1,600 crore in FY2026
- VNB registers a year-on-year growth of 10.9% to ₹ 2,629 crore in FY2026, with a margin of 24.7%
- In-force sum assured stood at ₹ 46.11 lakh crore as on March 31, 2026
- Retail new business sum assured grew by 35.3% year-on-year to ₹ 4.50 lakh crore in FY2026
- Retail Protection APE grew by 60.5% year-on-year in Q4-FY2026
- Final dividend proposed for FY2026 is ₹ 1.65 per share
Bangalore: The Board of Directors of ICICI Prudential Life Insurance Company Limited approved and adopted the financial results for the year ended March 31, 2026.
Financial metrics:
| ₹ crore | FY2025 | FY2026 | Growth Y-o-Y |
| Profit After Tax (PAT) | 1,189 | 1,600 | 34.60% |
| Value of New Business (VNB) | 2,370 | 2,629 | 10.90% |
| VNB Margin | 22.80% | 24.70% | 190 bps |
| Total Premium | 48,951 | 53,125 | 8.50% |
| Annualised Premium Equivalent (APE) | 10,407 | 10,641 | 2.20% |
| · Savings including annuity | 8,769 | 8,735 | -0.40% |
| · Protection | 1,638 | 1,906 | 16.40% |
| Product mix (% of APE): Linked/non- linked/annuity/protection/group funds | 49/21/8/16/6 | 48/20/6/18/8 | – |
| Channel mix (% of APE): Agency/direct/ banca/partnership distribution/group | 30/14/29/11/16 | 25/14/30/13/18 | – |
| Retail NB Sum Assured (₹ lakh crore) | 3.32 | 4.5 | 35.30% |
| NB Sum Assured (₹ lakh crore) | 11.94 | 14.5 | 21.40% |
| Total in-force sum assured (₹ lakh crore) | 39.43 | 46.11 | 16.90% |
| Cost/Total premium1 | 18.10% | 18.20% | 10 bps |
| Cost/Total premium (Savings LOB)1 | 12.50% | 12.10% | (40 bps) |
| Solvency | 212.20% | 227.30% | 15.10% |
| Assets under Management (AUM) (₹ lakh crore) | 3.09 | 3.14 | 1.40% |
| Embedded Value (EV) | 47,951 | 52,989 | 10.50% |
Components may not add up to the totals due to rounding off
1: Total cost including commission excluding interest on sub-debt/ Total premium
MD & CEO’s statement:
Commenting on the results, Mr. 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 ₹ 46.11 lakh crore at March 31, 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% year-on-year to ₹ 1,600 crore. Value of New Business (VNB) grew by 10.9% year-on-year to ₹ 2,629 crore with a margin of 24.7%. Our Company’s Embedded Value grew by 10.5% year-on- year to ₹ 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% year-on-year growth in H2-FY2026. Consequently, the retail new business sum assured witnessed robust 49.5% year-on-year growth in H2-FY2026 to end at ₹ 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.”
Leave a Reply