ICICI Prudential Life Insurance reported a 27.8% year-on-year rise in Profit After Tax (PAT) to ₹386 crore for the quarter ended June 2026, driven by robust growth in its retail protection business and continued operational efficiencies. The company’s term insurance (retail protection) segment recorded a sharp 60.4% year-on-year growth during the first quarter of FY2027, while its Board approved a proposal to rename the insurer as ICICI Life Insurance Limited, subject to regulatory approvals.
The insurer paid total customer benefits of ₹4,666 crore during the quarter, comprising ₹1,306 crore in death claims and ₹3,360 crore in maturity and survival benefits. It maintained an industry-leading claim settlement ratio of 99.3% in Q1-FY2027, with an average turnaround time of one day for non-investigative claims. During FY2026, the company settled ₹5,149 crore in death claims and paid ₹15,363 crore as maturity and survival benefits.
Managing Director and CEO AnupBagchi said the company continues to pursue a customer-first strategy while leveraging technology, artificial intelligence (AI) and digital capabilities to improve efficiency and customer experience. He said the savings cost-to-premium ratio declined by 50 basis points to 13.6% in Q1-FY2027, enabling greater investments in innovation and future growth. Bagchi added that the proposed name change reflects the strength and trust associated with the ICICI brand, while the company remains focused on expanding its reach and capitalising on opportunities in India’s growing life insurance market.
