ICICI Life Insurance Limited reported a strong performance for the half-year ended September 30, 2026 (H1-FY2027). Value of New Business (VNB) grew by 22.3% year-on-year to ₹12.83 billion, with VNB margins standing at 26.0%. Total premium increased by 15.3% to ₹245.05 billion, driven by a 25.0% rise in new business premium. The company highlighted its focus on protection and annuity segments, along with initiatives to strengthen its proprietary channels and customer-centric approach.
ICICI Life Insurance Reports Strong H1 FY2027 Performance
ICICI Life Insurance Limited has announced robust financial results for the half-year ended September 30, 2026 (H1-FY2027). The company’s Value of New Business (VNB) saw a significant increase of 22.3% year-on-year, reaching ₹12.83 billion. This growth was accompanied by an expansion in VNB margins, which stood at 26.0%, an improvement of 130 basis points from the full-year margin of 24.7% in FY2026.
Key Financial Highlights
Total premium for H1-FY2027 grew by 15.3% year-on-year to ₹245.05 billion. New business premium also demonstrated strong momentum, increasing by 25.0% year-on-year to ₹118.21 billion. This growth in new business premium was attributed to a 10.6% increase in the number of policies, reflecting an expanding customer base.
Strategic Focus and Business Mix
The company’s strategy continues to center on delivering sustainable VNB growth by balancing business growth, profitability, risk, and prudence. Protection and annuity segments remain central to its strategy, addressing significant underpenetrated needs in India. The overall protection mix increased from 19.3% in H1-FY2026 to 23.4% of APE in H1-FY2027. Consequently, the savings business mix moderated to 76.6%.
Within the savings business, the annuity segment experienced strong growth of 50% year-on-year. The non-linked savings business, while declining 4.5% year-on-year in H1-FY2027, showed a sharp recovery in Q2. The company also reported a 48% year-on-year growth in group funds business.
Channel Performance and Outlook
Performance across distribution channels showed varied growth. The agency channel grew by 3.3% year-on-year to ₹11.02 billion, with Q2 growth at 4.1%. The direct channel grew by 10.9% to ₹6.79 billion. Bancassurance and Partnership Distribution channels contributed 27.4% and 14.8% to APE, respectively. Group business grew by 39.2% year-on-year.
The company emphasized its focus on leveraging core strengths, a customer-centric product portfolio, and a well-diversified distribution architecture. Initiatives include strengthening proprietary channels, executing micro-market strategies, and enhancing multi-partner shop presence. Looking ahead, the company aims to deliver sustainable, long-term growth through varying market conditions.
Regulatory Developments and Financial Updates
The company noted the IRDAI’s public consultation paper on recalibrating insurance distribution economics, viewing it as a step towards greater efficiency and transparency. Financially, the solvency ratio remains strong at 229.9%, with assets under management at ₹3.29 trillion. The company reported no NPAs since its inception. Profit after tax grew by 26.5% year-on-year to ₹7.60 billion.
Efficiency metrics showed positive movement, with 54% of savings policies issued on the same day in H1-FY2027. The Cost to Premium ratio (excluding GST) reduced by 30 basis points to 18.3%. The claim settlement ratio remained industry-leading at 99.3% with an average turnaround time of 1.1 days for non-investigated claims. 13th-month persistency stood at a healthy 84.5%.
Embedded value grew by 12.2% year-on-year to ₹566.69 billion. The company reiterated its commitment to delivering VNB growth and prioritizing protection and annuity segments.
Source: BSE
