For the full year, profit rose 35% to Rs 1,600 crore, including gains from the sale of its stake in ICICI Pension Fund Management Company. Net premium income jumped 17% to Rs 19,180 crore. One-time premiums increased 46%, while renewal premiums rose nearly 6%.
ICICI Prudential is India’s first major life insurer to report its results in a quarter where retail policy growth is expected to be supported by tax cut benefits, while demand for market-linked products, where returns depend on equity market performance, is likely to remain subdued amid volatility.
“The recent GST reform in September 2025 has made insurance policies more affordable, and our retail protection segment registered a strong 50.9% year-on-year growth in the second half of FY26,” said Anup Bagchi, MD and CEO.
Annualised premium equivalent (APE) sales, a key measure of new business for insurers, rose 9.4% to Rs 3,830 crore.
Value of new business (VNB), which reflects expected profit from new policies, increased more than 21% to Rs 965 crore, supported by an improved product mix.
Margins on new business expanded to 24.7% at the end of March from 22.8% a year earlier, as a shift towards higher-margin products helped offset the impact of the loss of a tax credit following tax cuts.For FY26, the company reported a total premium of Rs 53,125 crore, up 8% YoY, indicating resilience in customer demand despite macro uncertainties. Retail weighted received premium stood at Rs 8,206 crore, while annualised premium equivalent (APE), a key measure of new business sales, grew 2% to Rs 10,641 crore.
The company’s assets under management expanded to Rs 3.13 lakh crore, supported by market performance and consistent inflows, while embedded value, a key indicator of long-term shareholder value, increased 10% to Rs 52,989 crore.
Operationally, ICICI Pru Life continued to see traction in protection and annuity segments, which are typically margin-accretive. The company also maintained a diversified distribution mix across agency, bancassurance, and partnerships, helping sustain growth despite uneven demand across product categories.
However, growth in new business premiums remained relatively muted year-on-year, indicating that while profitability is improving, volume expansion is still gradual. This aligns with the broader trend in the life insurance sector, where companies focus more on margin optimisation rather than aggressive top-line growth.