ICICI Life reports robust PAT growth of 26.5% to ₹760 crore in H1-FY2027

Mumbai, October, 2026: The Board of Directors of ICICI Life Insurance Limited approved and adopted the financial results for the quarter ended September 30, 2026.

The Company has been renamed to ‘ICICI Life Insurance Limited’, marking an important milestone in its 25-year journey of securing dreams and financial future of more than 20 crore Indians. As this new chapter unfolds, the Company’s commitment of making ‘Har Kal Aasaan’ for all its stakeholders continues to be guided by its customer-first philosophy. Thus, reflecting the Company’s broader commitment to make the experience of securing one’s financial future simpler, more transparent, more flexible and with ease.

The Company continues to focus on protection and annuity segments representing the under-served needs of Indians. In H1-FY2027, the retail protection segment grew by 47.2% year-on-year and the annuity segment grew by 50.0% year-on-year. As a result, retail sum assured increased by 34.9% year-on-year to ₹2.32 lakh crore, reflecting a meaningful expansion in the coverage offered to customers. The Company’s flagship term plan, iProtect Smart Plus, has been awarded ‘Product of the Year 2026-27’ through NielsenIQ’s consumer research, a reflection of its commitment to launch innovative and customer-centric products.

H1-FY2027 was marked by a challenging macro environment. Despite the external volatility, the Company’s resilient performance was backed by its well-diversified distribution network, customer-centric products & processes, industry leading quality parameters, and strong risk & capital metrics. New business premium grew by 25.0% year-on-year to ₹11,821 crore in H1-FY2027. Value of New Business (VNB) grew by 22.3% year-on-year to ₹1,283 crore, with a margin of 26.0%. Profit After Tax (PAT) increased by 26.5% year-on-year to ₹760 crore in H1-FY2027. Embedded Value (EV) stood at ₹56,669 crore, reflecting a year-on-year growth of 12.2%, and the Value of in-force business (VIF) stood at ₹42,389 crore registering a growth of 12.0% year-on-year.

The Company continues to leverage economies of scale, technology, Artificial Intelligence (AI), and digital capabilities to improve efficiency and enhance customer experience. The Company issued 54% of its savings policies on the same day in H1-FY2027. Cost-to-premium ratio excluding GST reduced by 30 bps year-on-year to 18.3% in H1-FY2027 and savings cost-to-premium ratio excluding GST reduced by 90 bps year-on-year to 11.6% in the same period.

The Company’s claim settlement ratio stood at 99.3% in H1-FY2027, with an average turnaround time of 1.1 days for non-investigated claims. During the period, the Company settled ₹2,627 crores of death claims and paid ₹8,634 crores as maturity and survival benefits, reflecting its continued focus on delivering timely financial protection and peace of mind to customers when needed the most.

Mr. Sidharatha Mishra, Chief Operating Officer (COO) of ICICI Life Insurance Limited said, “Customer centricity has always been ICICI Life’s core ethos, and this steadfast commitment will continue to guide all our actions in the years ahead as well. Protection and annuity remain at the heart of our long-term strategy, addressing deeply underpenetrated needs in India. Backed by a well-diversified distribution network, innovative & customer-centric product portfolio, customer-first sales & service, industry leading quality parameters, strong risk & capital metrics, we are a resilient organisation that can successfully capitalise on emerging opportunities. Our commitment is to deliver sustainable VNB growth while balancing business, profitability and risk & prudence.”

Key performance highlights

Premium: New business received premium grew by 25.0% year-on-year from ₹9,456 crore in H1-FY2026 to ₹11,821 crore in H1-FY2027. Annualised Premium Equivalent (APE) grew by 15.1% year-on-year from ₹4,286 crore in H1-FY2026 to ₹4,935 crore in H1-FY2027. The overall protection APE registered a growth of 39.5% year-on-year in H1-FY2027. Retail protection APE grew by 47.2% year-on-year from ₹309 crore in H1-FY2026 to ₹455 crore in H1-FY2027. Annuity APE grew by 50.0% year-on-year from ₹216 crore in H1-FY2026 to ₹324 crore in the same period.

Sum assured: Retail new business sum assured grew strongly by 34.9% year-on-year to ₹2.32 lakh crore in H1-FY2027. The total in-force sum assured, which is the quantum of life cover taken by customers of the Company, grew by 18.4% year-on-year from ₹42.16 lakh crore at September 30, 2025, to ₹49.92 lakh crore at September 30, 2026.

Cost: Cost to premium ratio (without GST) reduced by 30 bps year-on-year to 18.3% in H1-FY2027. Savings cost to premium ratio (without GST) reduced by 90 bps year-on-year to 11.6% in the same period. Including GST, cost to premium ratio increased by 80 bps year-on-year to 20.0% in H1-FY2027 and savings cost to premium ratio remained stable at 12.7% in the same period.

Profitability: The Value of New Business (VNB) grew by 22.3% year-on-year and stood at ₹1,283 crore with a margin of 26.0% in H1-FY2027. Profit after tax (PAT) grew by 26.5% year-on-year from ₹601 crore in H1-FY2026 to ₹760 crore in H1-FY2027.

Embedded Value: EV grew by 12.2% year-on-year to ₹56,669 crore and Value of In-force business (VIF) grew by 12.0% year-on-year to ₹42,389 crore as on September 30, 2026.

Claim Settlement Ratio: Claim settlement ratio stood at 99.3% with an average turnaround time of 1.1 day for non-investigated individual death claims in H1-FY2027.

Persistency: 13th month and 49th month persistency stood at 84.5% and 71.6% respectively in H1-FY2027.

Solvency Ratio: Solvency ratio stood at 229.9% as on September 30, 2026, against the regulatory requirement of 150%.

Assets under Management (AUM): AUM stood at ₹3.29 lakh crore as on September 30, 2026.

ESG: The Company continues to retain one of the highest rankings in the Indian life insurance industry as per leading global and Indian ESG rating agencies.

Financial metrics