ICICI Prudential Life Insurance reported a 1.72 per cent decline in its net profit for Q2 FY26 at Rs 295.8 crore. The figure stood at Rs 300.99 crore in the same quarter last year. However, on a year-on-year basis, profit rose 18 per cent from Rs 251 crore, supported by higher premium income and improved margins.
The company’s annualised premium equivalent (APE) fell 2 per cent to Rs 2,450 crore from Rs 2,500 crore. Despite this, gross premium income grew 19 per cent to Rs 13,320 crore, driven by steady retail business growth. Total premium income rose 10 per cent to Rs 12,297 crore during the quarter, while the Value of New Business (VNB) increased slightly to Rs 592 crore. The VNB margin improved to 24.4 per cent, reflecting better profitability.
In product mix, linked savings formed 48 per cent of APE, while non-linked savings and protection contributed 22 and 19 per cent respectively. Retail protection APE rose 2.4 per cent, and annuity APE increased 11.8 per cent. Agency and direct channels both reported 23 per cent growth, while bancassurance APE dropped 21 per cent.
Operational efficiency also improved, with the cost-to-total premium ratio for savings declining to 17.7 per cent. The company’s solvency ratio stood at 213.2 per cent, and AUM reached Rs 3.21 lakh crore. Following the results, ICICI Prudential shares rose 3 per cent to Rs 610.65 on the BSE.
