ICICI Prudential Life Q4 FY26 PAT up 58% to ₹609 crore

ICICI Prudential Life Insurance Company Ltd announced its Q4 FY26 results on April 14, 2026, reporting a sharp rise in profit and steady improvement in business value metrics. The insurer posted profit after tax (PAT) of ₹609 crore for the March quarter, compared with ₹386 crore in the same quarter last year. For the full year FY26, PAT rose to ₹1,600 crore, aided by higher investment income from shareholder funds and operating efficiencies highlighted by management.

Alongside profit growth, the company reported Value of New Business (VNB) of ₹965 crore in Q4 FY26 and FY26 VNB of ₹2,629 crore, with VNB margin expanding to 24.7%. The board proposed a final dividend of ₹1.65 per share for FY26, subject to shareholder approval at the annual general meeting.

Q4 FY26: Profit rises, premium momentum holds

For Q4 FY26, ICICI Prudential Life reported PAT of ₹609 crore, up about 58% year-on-year, based on the year-ago comparison provided by the company. The same disclosure also reported new business received premium of ₹9,719 crore for the quarter, a year-on-year increase of 30.6%.

On the value metric that insurers track closely, VNB for the quarter stood at ₹965 crore. The quarter’s numbers were released along with broader commentary that the company continued to focus on balancing business growth, profitability, risk, and prudence.

FY26: PAT climbs to ₹1,600 crore

For the full year ended March 31, 2026, PAT rose 34.6% year-on-year to ₹1,600 crore. Management attributed the increase primarily to higher investment income from shareholder funds.

The earnings call also disclosed a gain of ₹114 crore from the sale of 100% equity shareholding in ICICI Pension Fund Management Company. Excluding the sale transaction, PAT growth was reported at 25% year-on-year in FY26.

New business and APE trends in FY26

The company reported annualised premium equivalent (APE) of ₹10,641 crore for FY26, representing a growth of 16.4% year-on-year. Retail protection APE rose 32.3% year-on-year to ₹791 crore in FY26, with the second half (H2 FY26) showing stronger momentum at 50.9% year-on-year.

On protection lines beyond retail, group protection, including credit life and group term, grew 7.1% year-on-year in FY26. Within that, group term business grew 14.6% year-on-year, while credit life grew 1.8% year-on-year, as shared in the company’s earnings call.

VNB up 10.9% and margin expands to 24.7%

ICICI Prudential Life reported FY26 VNB of ₹2,629 crore, up 10.9% year-on-year. The VNB margin for FY26 stood at 24.7%, compared with 22.8% in FY25, as stated in the management presentation.

The company also said margin expansion was supported by improvements in the new business profile and economic assumption changes, while noting that the unavailability of input tax credit was accounted for in its assessment.

Efficiency and claims: Cost ratios improve, settlement stays high

The insurer reported a claim settlement ratio of 99.3% for FY26. For non-investigated individual death claims, the average turnaround time was 1.1 days in FY26, indicating faster servicing for that category.

On costs, the savings-related cost-to-premium ratio improved by 40 basis points to 12.1% during FY26. Total cost-to-premium ratio for FY26 was reported at 18.2%, remaining broadly stable versus the previous year’s level cited in the conference call.

Persistency and customer retention metrics

Persistency ratios were reported at 84.5% for the 13th month and 71.8% for the 49th month. In the earnings call, the company reiterated its focus on aligning its cost structure with its evolving product mix and using technology and digital solutions to improve efficiency.

Balance sheet: AUM, solvency, and embedded value

Assets under management (AUM) stood at ₹314,000 crore as of March 31, 2026, as per the company’s results communication. The solvency ratio was reported at 227.3%, well above the regulatory requirement of 150%, indicating a strong capital position on the prevailing solvency framework.

Embedded value (EV) increased 10.5% year-on-year to ₹52,989 crore, while return on embedded value (RoEV) was reported at 11.9% for FY26.

Dividend proposal and product launches

The board proposed a final dividend of ₹1.65 per equity share for FY26, subject to shareholder approval at the upcoming annual general meeting. On the product side, the company announced launches including ‘ICICI Pru Global Wealth Multiplier’ and ‘ICICI Pru Smart Kid 360’, positioning these as additions aimed at serving different customer needs.

Leadership and audit updates

ICICI Prudential Life announced the appointment of Mr. Amish Banker as Chief Distribution Officer, effective April 14, 2026. The company also approved the appointment of Chaturvedi & Co LLP as a new joint statutory auditor for a four-year term, following the retirement of Walker Chandiok & Co LLP at the upcoming annual general meeting.

Key numbers snapshot

Why the FY26 print matters for investors

The FY26 results combine higher profit with improving VNB and a stronger margin, which are central metrics in assessing a life insurer’s value creation. The disclosures also show a continued shift in business mix, with retail protection growth highlighted as a key driver, particularly in H2 FY26.

Capital strength remained a focus area, with solvency well above the regulatory threshold and AUM maintained at a large base. The company also flagged regulatory developments, including the transition to Ind AS, which management said would improve transparency and comparability of reporting.

Conclusion

ICICI Prudential Life closed FY26 with PAT of ₹1,600 crore, FY26 VNB of ₹2,629 crore, and a VNB margin of 24.7%, alongside a proposed final dividend of ₹1.65 per share. The company’s updates on costs, claims servicing, solvency, and leadership changes add context to the operating picture going into the next financial year. Shareholders will watch for the AGM outcome on the dividend and auditor appointment, and for subsequent disclosures as the Ind AS transition progresses.