ICICI Pru Life Profit Surges 58% on Strong Premium Growth

ICICI Prudential Life Insurance announced a substantial 58% increase in its profit after tax for the March quarter, reaching Rs 609 crore compared to Rs 386 crore in the previous year. For the full fiscal year, the company's profit surged by 35% to Rs 1,600 crore. This performance was supported by a 17% rise in net premium income to Rs 19,180 crore, with one-time premiums growing by 46% and renewal premiums by nearly 6%.

The insurer's annualised premium equivalent (APE) sales grew by 9.4% to Rs 3,830 crore. The value of new business (VNB) saw an increase of over 21% to Rs 965 crore, driven by an improved product mix and a rise in new business margins to 24.7%. Despite macro uncertainties, total premium for FY26 was Rs 53,125 crore, up 8% year-on-year.

Looking ahead, ICICI Prudential Life expects retail demand to benefit from tax cut incentives, as highlighted by a 50.9% year-on-year growth in the retail protection segment in the second half of FY26. However, demand for market-linked products is predicted to remain subdued amidst equity market volatility. The company's assets under management expanded to Rs 3.13 lakh crore, and its embedded value increased by 10% to Rs 52,989 crore.