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ICICI Prudential Life Insurance Navigates H1-FY2026 with Strategic Resilience Amidst Market Shifts

ICICI Prudential Life Insurance Company Limited has released its performance update for H1-FY2026, showcasing a period of strategic adaptation and resilience. While the company recorded a robust 9.2% year-on-year growth in total premium, reaching ₹21,251 crore, and a significant 26% increase in Profit After Tax (PAT) to ₹601 crore, the Annualised Premium Equivalent (APE) saw a 4.1% year-on-year decline. This mixed performance reflects the company's efforts to navigate a dynamic market influenced by regulatory changes and evolving customer preferences.

The company's customer-centric approach is evident in its strong 13-month persistency ratio of 85.3% and an impressive claim settlement ratio of 99.3%, with an average turnaround time of just 1.1 days for non-investigated individual death claims. The Embedded Value (EV) grew by 9.7% year-on-year to ₹50,501 crore, underscoring the creation of long-term shareholder value. Assets Under Management (AUM) stood at ₹3,21,494 crore, with a healthy solvency ratio of 213.2%.

Product and Channel Performance: A Detailed Look

The product mix for H1-FY2026 reveals shifting trends. Non-linked savings business demonstrated strong growth, increasing by 15.6% year-on-year, as customers sought to capitalize on high yields. In contrast, linked business declined by 10.7% and annuity business by 50.1%, largely attributed to a high base from the previous year and market volatility. Retail protection APE, however, was a standout performer, growing by 10.8% year-on-year, with new business sum assured rising by 17.2%.

SegmentAPE (₹ Crore)Percentage (%)
Savings345880.7
Linked205948.0
Non-linked93521.8
Annuity2165.0
Group funds2485.8
Protection82819.3
Retail Protection3097.2
Total APE4286100.0

Channel-wise, proprietary channels (Agency and Direct) experienced an 18% year-on-year decline, which management views as a

Dive deeper into ICICIPRULI

Frequently Asked Questions

In H1-FY2026, ICICI Prudential Life Insurance reported a 9.2% year-on-year growth in total premium to ₹21,251 crore, a 26% increase in Profit After Tax (PAT) to ₹601 crore, and a 9.7% rise in Embedded Value (EV) to ₹50,501 crore. The company maintained a strong solvency ratio of 213.2%.
The GST reforms, which exempt individual life insurance from GST, are expected to make policies more affordable and accessible, driving higher volumes and deeper penetration. While there is a short-term impact on profitability due to the disallowance of input tax credit, management believes the long-term benefits will outweigh this. The company is actively renegotiating commissions and optimizing operating expenses to mitigate the impact.
Non-linked savings business grew by 15.6% year-on-year. However, linked business declined by 10.7% and annuity business by 50.1%, largely due to a high base from the previous year. Retail protection APE showed strong growth of 10.8% year-on-year, with new business sum assured increasing by 17.2%.
The company is leveraging technology for digital onboarding (e.g., digital KYC, same-day policy issuance), 99% digital logins, and 96.7% service interactions via self-help/digital modes. They are also implementing AI/ML techniques for underwriting and using 24x7 chat/voice assistants for customer service.
ICICI Prudential maintains a well-diversified distribution network, including agents, bancassurance, direct, and partnership distribution. While proprietary channels saw a decline, management views this as transitionary and plans to continue investing in them. The company aims to be the 'most partnerable insurer' by expanding reach and enhancing productivity through platforms like 'ICICI Pru Stack'.
For guaranteed return savings products, derivatives are used to lock in yields for future premiums, with underlying bonds selected based on liability tenure. For annuity products, duration matching and cash flow matching are employed, along with derivatives to lock in yields and match asset liability durations. Pricing is regularly reviewed based on the current interest rate environment.

Content

  • ICICI Prudential Life Insurance Navigates H1-FY2026 with Strategic Resilience Amidst Market Shifts
  • Product and Channel Performance: A Detailed Look
  • Frequently Asked Questions
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