ICICI Prudential Life Insurance Q1 FY2027: Protection-Led VNB Expansion

In Q1 FY2027, the company reported APE of ₹21.36 billion (up 14.6% YoY), VNB of ₹5.71 billion (up 24.9% YoY) with a VNB margin of 26.7%, and profit after tax of ₹3.86 billion (up 27.8% YoY). Solvency ratio was 225.4% at June 30, 2026.

Protection APE increased 45.7% YoY to ₹5.96 billion. Retail protection APE grew 60.4% YoY to ₹2.23 billion. New business retail sum assured grew 45.9% YoY to ₹1.13 trillion. Management cited GST exemption tailwind and company-led initiatives.

Non-linked savings APE declined 9.5% YoY (₹3.62 billion vs ₹4.00 billion). Management attributed this mainly to subdued demand for non-participating products in an environment where fixed deposits offered high sticker rates, making them more attractive to customers.

Distribution mix in Q1 FY2027 was: Bancassurance 27%, Group 23%, Agency 22%, Direct 13%, and Partnership distribution 15% (based on APE, as presented in the investor deck).

The company reported an individual death claim settlement ratio of 99.3% in Q1 FY2027 with average settlement turnaround time of 1 day (for non-investigated individual claims from last document received date). The deck also cited 97% service interactions via self-help/digital modes and 92.3% digital payout.

Persistency ratios (12-month rolling) as of June 30, 2026 included: 13th month 84.0%, 25th month 77.0%, 37th month 77.3%, 49th month 71.7%, and 61st month 61.9%. Management noted the 13th month metric was broadly stable sequentially.

The Board approved a proposal to rename the company as ICICI Life Insurance Limited, subject to regulatory approval. Management said the proposed name reflects the strength, trust and legacy associated with the ICICI franchise and that core business operations, strategy and governance frameworks remain unchanged.