ICICI Prudential Life Insurance reported a growth of 27.8% year-on-year in net profit to ₹ 386 crore for the first quarter ended June 2026. Notably, the Term plan (retail protection) business of the company grew by 60.4% year-on-year in Q1-FY2027. The Board of the Company approved proposal to rename the Company as ‘ICICI Life Insurance Limited’.
The Company’s MD & CEO, Mr. Anup Bagchi, said, “Customer-first remains the core of our strategy. Our industry-leading claim settlement ratio of 99.3% in Q1-FY2027, with an average turnaround time of just 1 day for non-investigative claims underscores our commitment to supporting customers and their families when they need us the most. During the quarter, we settled ₹ 1,306 crore of death claims and paid ₹ 3,360 crore as maturity & survival benefits reflecting our continued focus on delivering timely financial protection and peace of mind to our policyholders. Furthermore, in FY2026, we settled ₹ 5,149 crore of death claims and paid ₹ 15,363 crore as maturity and survival benefits.
Our Company’s Profit After Tax increased by 27.8% year-on-year to ₹ 386 crore in Q1-FY2027. Notably, we registered a strong growth of 60.4% year-on-year in our retail protection business in Q1-FY2027, demonstrating our continued commitment towards addressing India’s protection needs.
We shall continue to leverage economies of scale, technology, Artificial Intelligence (AI) and digital capabilities to improve efficiency and enhance customer experience. Importantly, our savings cost-to-premium ratio reduced by 50 basis points (bps) to 13.6% in Q1-FY2027, enabling us to reinvest in innovation, strengthen digital capabilities and support future growth.
The Board of Directors recently approved a proposal to rename the Company as ‘ICICI Life Insurance Limited’, subject to relevant approvals. The proposed name reflects the strength, trust and legacy associated with the ICICI franchise. Our business continues to be on growth trajectory, operating as usual, and we remain focused on expanding our reach, enhancing customer value, and capitalising on the significant opportunities presented by India’s growing life insurance market.”
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