ICICI Pru Life Insurance Q1 Profit Surges 28% YoY To Rs 386 Cr

Insurance mammoth ICICI Prudential Life Insurance on Wednesday, July 15, posted a 27.8% year-on-year (YoY) surge in its standalone profit to Rs 386 crore for the quarter ended June in the current year (Q1FY27). 

According to the Mumbai-headquartered company, the annual rise in its profit to higher shareholders' income, improved surplus generation in policyholders’ in-force book, juxtaposed with  lower strain from fresh business.

Top Takeaways From ICICI Pru Life Insurance Q1 Earnings

ICICI Prudential Life's value of new business (VNB) saw an impressive 24.9% YoY rise to Rs 571 crore, while VNB margin increased by 220 bps YoY to 26.7% for Q1FY27.

Total premium during the quarter clocked a 14.5% YoY growth to Rs 10,251 crore, while premium for new business saw a healthy 21.3% YoY rise to Rs 4,866 crore.

Net premium, which is gross premium minus reinsurance premium, increased by 14.7% to Rs 9,749 crore in Q1FY27.

ICICI Prudential Life Insurance Company's assets under management (AUM) increased by 2.9% YoY to stand at Rs 3.34 lakh crore by the end of the June quarter of FY27.

ICICI Prudential Life's annualised premium equivalent (APE), which measures new business sales in the life insurance industry, grew by 14.6% YoY to Rs 21.36 in Q1FY27. Within that, savings APE stood at Rs 1,540 crore and overall protection APE stood at Rs 596 crore.

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The overall protection APE jumped 45.7% YoY, while retail protection APE grew by 60.4% YoY. This marks the third consecutive quarter of robust retail protection year-on-year growth exceeding 40%, following the GST reforms, said the company.

Retail new business sum assured grew by 45.9% YoY to Rs 1.13 lakh crore in Q1FY27. Total in-force sum assured- the quantum of life cover taken by the company's customers- stood at Rs 48.06 lakh crore as of 30 June 2026.