ICICI Prudential Life Sees Profit Surge 27.8%

ICICI Prudential Life Insurance has announced a strong financial performance for the quarter ending June 30, 2026. The company's standalone net profit surged by 27.84% year-on-year, reaching Rs 386.18 crore. This growth was supported by a 14.65% increase in net premium earned, which totaled Rs 9,749 crore for the quarter.

New business premiums experienced a significant boost, rising 21.3% year-on-year to Rs 4,866 crore. The insurer also saw a substantial increase in its protection business, with retail protection APE surging 60.4%. The Value of New Business (VNB) grew by 24.9% to Rs 571 crore, accompanied by an improved VNB margin of 26.7%.

The company reported an industry-leading claim settlement ratio of 99.3% during the quarter. Management has approved a proposal to rename the company to ICICI Life Insurance Limited, subject to necessary approvals, aiming to leverage the strong ICICI brand legacy. The insurer's assets under management reached Rs 3.34 trillion as of June 30, 2026.