ICICI Life Insurance Q2 net profit rises 25% to ₹374 crore on premiums | Company Results

ICICI Life Insurance, the third-largest private life insurer, recorded 25.05 per cent year-on-year (Y-o-Y) growth in net profit to Rs 374.22 crore in the second quarter of FY27 (Q2FY27), supported by healthy growth in premium income. The profit in Q2FY26 stood at Rs 299.26 crore.

The insurer’s net premium income grew 16.56 per cent Y-o-Y to Rs 13,804 crore in the quarter from Rs 11,843.1 crore in the year-ago period. Meanwhile, annualised premium equivalent (APE) grew 15.56 per cent Y-o-Y to Rs 2,799 crore. APE in the insurance industry is the sum of annual first-year regular premiums and 10 per cent of weighted single premiums and single-premium top-ups.

Value of new business (VNB) grew 20.3 per cent Y-o-Y to Rs 712 crore from Rs 592 crore. The VNB margin stood at 25.44 per cent, against 24.44 per cent in Q2FY26.

The insurer’s expenses grew 23.3 per cent Y-o-Y to Rs 2,654.17 crore, with net commissions growing 14.3 per cent Y-o-Y to Rs 1,376 crore. The expenses of management (EoM) ratio stood at 18.6 per cent, compared with 17.5 per cent in Q2FY26.

The insurer’s solvency ratio stood at 229.9 per cent, compared with 213.2 per cent.

The 13th-month persistency ratio on a premium basis was 83 per cent as of September 30, 2026, compared with 79.9 per cent as of September 30, 2025. The 61st-month persistency ratio stood at 62.3 per cent, compared with 59.5 per cent.

In its post-results press release, the insurer said, “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 per cent YoY and the annuity segment grew by 50.0 per cent YoY. As a result, retail sum assured increased by 34.9 per cent YoY to Rs 2.32 trillion, reflecting a meaningful expansion in the coverage offered to customers.”

The board has also announced that Sidharatha Mishra has been appointed an additional director, effective October 14, 2026. Mishra is the MD & CEO-designate of the insurer. He will succeed Anup Bagchi as the insurer’s chief, subject to requisite approvals.

Sidharatha Mishra, chief operating officer (COO), ICICI Life Insurance, 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.”