ICICI Prudential Life announced its June quarter of financial year (Q1FY27) results, on Wednesday. The company reported a strong performance in Q1FY27, with net profit rising 28% year-on-year to Rs 386.2 crore from Rs 302 crore a year ago.
Net premium income increased 15% YoY to Rs 9,749 crore.
The insurer's Value of New Business (VNB), a key profitability metric, jumped 24.9% YoY to Rs 571 crore, while VNB margin stood at 26.7%. New Business Premium grew 21.3% YoY to Rs 4,866 crore during the quarter.
Growth was led by its protection segment, with Retail Protection APE surging 60.4% year-on-year. Retail New Business Sum Assured climbed 45.9% to Rs 1.13 lakh crore, while the number of policies issued rose 13.2% YoY.
The company's solvency ratio strengthened to 225.4% in Q1FY27 from 212.3% a year earlier, remaining well above regulatory requirements.
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MD & CEO Anup Bagchi said the board has approved a proposal to rename the company as ICICI Life Insurance Limited, subject to necessary approvals. He noted that the proposed name reflects the strength, trust and legacy of the ICICI brand.
Bagchi said the company started FY27 on a strong note, supported by its diversified business model, disciplined execution and focus on sustainable growth. He highlighted that protection continues to be a core focus area, with the retail protection business delivering its third consecutive quarter of over 40% growth following GST-related reforms.
The insurer also reported a claim settlement ratio of 99.3% in Q1FY27, with an average turnaround time of one day for non-investigative claims.
During the quarter, it settled Rs 1,306 crore of death claims and paid Rs 3,360 crore in maturity and survival benefits.
The company said its savings cost-to-premium ratio improved by 50 basis points to 13.6%, aided by scale benefits and greater use of technology, AI and digital capabilities.
ICICI Prudential Outlook
Management remains optimistic about the long-term growth prospects of India's life insurance sector and plans to continue expanding its protection and savings franchise while enhancing operational efficiency.
“Our long-term outlook for 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,” Bagchi said.
ICICI Prudential Share Price
ICICI Prudential shares were buzzing in trade after the company reported healthy numbers in the June quarter of FY27.
ICICI Prudential's share price rose as much as 5.41% to an intraday high of Rs 531.50 per share. At 2 pm, ICICI Prudential shares were trading off day's high, but up 2.99% at Rs 519.30. By comparison, BSE Sensex was trading 0.22% higher at 77,220 levels.
ICICI Prudential share's 52-week high is Rs 706.50, while its 52-week low is Rs 459.60 apiece.
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