ICICI Prudential Life Reports 58% Increase in Q4 Profit to Rs 609 Crore

ICICI Prudential Life Insurance Reports Significant Growth in Q4 FY26 Earnings

ICICI Prudential Life Insurance Company Ltd announced its Q4 FY26 earnings on April 14, revealing a substantial surge in profit after tax (PAT). The company's PAT rose 578 percent year-on-year to Rs 609 crore in Q4FY26, compared to Rs 386 crore in the same quarter last year.

The company's performance for the full financial year FY26 also showed impressive growth, with PAT rising 34.6 percent year-on-year to Rs 1,600 crore. This significant increase in earnings is a testament to the company's successful business strategies and operational efficiency.

Business Front Sees Strong Growth

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New business received premium grew 30.6 percent year-on-year to Rs 9,719 crore in Q4FY26, while annualised premium equivalent (APE) stood at Rs 10,641 crore for FY26, registering a growth of 16.4 percent year-on-year. Retail protection APE saw strong momentum, rising 32.3 percent year-on-year to Rs 791 crore in FY26, with H2FY26 witnessing robust growth of 50.9 percent year-on-year.

Operational Performance Remains Healthy

The company reported a Value of New Business (VNB) of Rs 965 crore in Q4FY26, while FY26 VNB grew 10.9 percent year-on-year to Rs 2,629 crore, with a margin of 24.7 percent. Operational performance remained healthy, with the claim settlement ratio at 99.3 percent and an average turnaround time of 1.1 days for non-investigated individual death claims in FY26. Persistency ratios stood at 84.5 percent for the 13th month and 71.8 percent for the 49th month.

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Balance Sheet Performance

On the balance sheet side, assets under management (AUM) stood at Rs 3.14 lakh crore as of March 31, 2026. The solvency ratio remained strong at 227.3 percent, well above the regulatory requirement of 150 percent. Embedded value (EV) increased 10.5 percent year-on-year to Rs 52,989 crore, while return on embedded value (RoEV) stood at 11.9 percent for FY26.

Governance and Leadership Updates

The company has proposed a final dividend of Rs 1.65 per equity share for FY26, subject to shareholder approval at the upcoming annual general meeting. It also announced product expansion with launches such as the 'ICICI Pru Global Wealth Multiplier' and 'ICICI Pru Smart Kid 360' aimed at catering to diverse customer needs. Operational efficiency improved during the year, with savings-related cost-to-premium ratios improving by 40 basis points to 12.1 percent, reflecting cost optimisation initiatives.

The company announced the appointment of Mr. Amish Banker as Chief Distribution Officer, effective April 14, 2026. It also approved the appointment of Chaturvedi & Co LLP as a new joint statutory auditor for a four-year term following the retirement of Walker Chandiok & Co LLP at the upcoming annual general meeting.