ICICIPRULI - ICICI Pru Life
📢 Recent Corporate Announcements
ICICI Prudential Life Insurance Company Limited has announced the allotment of 190,760 equity shares on April 28, 2026. These shares, with a face value of ₹10 each, were issued under the company's Employee Stock Option Scheme (2005). The allotment was approved by the Managing Director & CEO under authority delegated by the Board in 2019. These newly issued shares will rank pari-passu with the existing equity shares of the company, resulting in a marginal increase in the total paid-up capital.
- Allotment of 190,760 equity shares of face value ₹10 each.
- Shares issued under the ICICI Prudential Life Insurance Company Limited - Employees Stock Option Scheme (2005).
- Approval granted by the MD & CEO on April 28, 2026, at 1:30 p.m. IST.
- New shares rank pari-passu with existing equity shares in all respects.
ICICI Prudential Life Insurance has issued a clarification regarding a news article in the Economic Times suggesting that its promoter, Prudential Corporation Holdings Limited, is looking to acquire an 85% stake in Bharti's insurance business. The company stated it is unaware of any such developments involving its promoter or group entities. Prudential Corporation Holdings Limited has reiterated its policy of not commenting on market rumours or speculations. This follows a previous clarification on the same matter submitted by the company on March 19, 2026.
- Clarification issued regarding news article 'Bharti looks to sell 85% of insurance business to Prudential'
- Company states it is unaware of any developments pertaining to promoter Prudential Corporation Holdings Limited
- Prudential Corporation Holdings Limited declined to comment on market rumours or speculations
- Follows a previous submission on the same topic dated March 19, 2026
ICICI Prudential Life Insurance has initiated its second 100-day campaign, 'Saksham Niveshak', running from April 1, 2026, to July 9, 2026. The campaign aims to assist shareholders in claiming unpaid or unclaimed dividends declared between FY2020 and FY2026. Shareholders are required to update their KYC and bank details to prevent the transfer of these dividends and the underlying equity shares to the Investor Education and Protection Fund (IEPF). The company has issued formal notices to affected shareholders as per the directives of the Ministry of Corporate Affairs.
- Campaign 'Saksham Niveshak' scheduled from April 1, 2026, to July 9, 2026
- Covers unclaimed dividends and corresponding equity shares from FY2020 to FY2026
- Shares with unclaimed dividends for seven consecutive years are subject to transfer to the IEPF Authority
- Shareholders must update KYC and bank details with KFin Technologies (RTA) to process claims
- Unclaimed dividend details are hosted on the company's official website for transparency
ICICI Prudential Life Insurance Company Limited has announced the allotment of 317,541 equity shares to employees under its Employee Stock Option Scheme (2005). The allotment took place on April 21, 2026, following approval by the Managing Director & CEO. These shares have a face value of ₹10 each and will rank pari-passu with existing equity shares. This is a routine administrative action resulting in a marginal increase in the company's paid-up share capital.
- Allotment of 317,541 equity shares of face value ₹10 each.
- Issued under the ICICI Prudential Life Insurance Company Limited - Employees Stock Option Scheme (2005).
- Approval granted by MD & CEO on April 21, 2026, under delegated authority from the Board.
- New shares rank pari-passu with existing equity shares of the company.
ICICI Prudential Life Insurance Company Limited has allotted 209,760 equity shares of face value ₹10 each on April 15, 2026. These shares were issued under the company's Employee Stock Option Scheme (2005). The allotment was approved by the Managing Director & CEO under authority delegated by the Board. These new shares will rank pari-passu with the existing equity shares of the company, leading to a marginal increase in the total paid-up capital.
- Allotment of 209,760 equity shares under the Employee Stock Option Scheme (2005).
- Shares have a face value of ₹10 each.
- New shares rank pari-passu with existing equity shares of the company.
- Approval granted by the MD & CEO on April 15, 2026, at 12:00 p.m. IST.
ICICI Prudential Life Insurance has filed its quarterly compliance certificate for the period ending March 31, 2026, as per SEBI regulations. The company's Registrar, KFin Technologies, confirmed that no rematerialization requests were processed during this timeframe. All existing securities of the company remain in dematerialized form. This is a routine administrative disclosure required by Indian stock exchanges to maintain transparency in shareholding records.
- Compliance certificate issued for the quarter ended March 31, 2026
- Confirmed by Registrar and Share Transfer Agent, KFin Technologies Limited
- Zero requests for rematerialization of securities received during the quarter
- All securities of the company are confirmed to be held in dematerialized form
ICICI Prudential Life Insurance has released the audio recording of its earnings conference call held on April 14, 2026. The call focused on the company's financial and operational performance for the fourth quarter and the full fiscal year ended March 31, 2026. This disclosure is a routine regulatory requirement following analyst and institutional investor interactions. Investors can access the recording on the company's website to understand management's commentary on growth and margins.
- Earnings conference call conducted on April 14, 2026, at 3:00 p.m. IST
- Discussion covered the performance for the quarter and full year ended March 31, 2026 (FY2026)
- Audio recording link made available on the company's official website for public access
ICICI Prudential Life Insurance has announced a final dividend of ₹1.65 per share for the financial year ended March 31, 2026. The Board also approved the grant of 3.4 million stock options at an exercise price of ₹547 and 0.5 million stock units at ₹10 to eligible employees. In a significant administrative shift, Chaturvedi & Co LLP will replace Walker Chandiok & Co LLP as joint statutory auditors for a four-year term. Furthermore, senior management executive Mr. Amit Palta is set to resign effective June 1, 2026.
- Recommended a final dividend of ₹1.65 per equity share for FY2026.
- Approved grant of 3.4 million ESOPs at ₹547.00 and 0.5 million ESUs at ₹10.00.
- Chaturvedi & Co LLP appointed as joint statutory auditor for a period of four consecutive years.
- Resignation of Mr. Amit Palta from senior management effective June 1, 2026.
- Audited financial results for Q4 and FY2026 approved with unmodified audit opinions.
ICICI Prudential Life Insurance has recommended a final dividend of ₹1.65 per share for the fiscal year ended March 31, 2026. The company is transitioning its joint statutory auditor to Chaturvedi & Co LLP for a four-year term following the retirement of Walker Chandiok & Co LLP. To incentivize staff, the board approved the grant of 3.4 million stock options at ₹547 and 0.5 million stock units. Furthermore, Mr. Amish Banker has been appointed to the senior management team effective April 14, 2026.
- Recommended a final dividend of ₹1.65 per equity share of face value ₹10 for FY2026.
- Appointed Chaturvedi & Co LLP as joint statutory auditor for a 4-year term starting from the 26th AGM.
- Approved grant of up to 3.4 million stock options at an exercise price of ₹547.00 per option.
- Approved grant of up to 0.5 million stock units at an exercise price of ₹10.00 per unit.
- Appointment of Mr. Amish Banker to the senior management team effective April 14, 2026.
ICICI Prudential Life Insurance has recommended a final dividend of ₹1.65 per equity share for the financial year ended March 31, 2026. The company is undergoing a mandatory rotation of its joint statutory auditor, appointing Chaturvedi & Co LLP for a four-year term as Walker Chandiok & Co LLP completes its 10-year tenure. Additionally, the board approved the grant of 3.4 million stock options at an exercise price of ₹547 and 0.5 million stock units at ₹10 to employees. The audited financial results for FY2026 were approved with an unmodified audit opinion.
- Recommended a final dividend of ₹1.65 per equity share of face value ₹10 for FY2026.
- Appointed Chaturvedi & Co LLP as joint statutory auditor for a 4-year term starting from the 26th AGM.
- Granted 3.4 million ESOPs at an exercise price of ₹547.00 with a 3-year vesting schedule.
- Granted 0.5 million ESUs at an exercise price of ₹10.00 subject to performance criteria.
- Audited financial results for the year ended March 31, 2026, received an unmodified opinion.
ICICI Prudential Life Insurance has recommended a final dividend of ₹1.65 per share for the financial year ended March 31, 2026. The board approved the grant of up to 3.4 million stock options at an exercise price of ₹547 and 0.5 million stock units at ₹10 to eligible employees. Additionally, Chaturvedi & Co LLP has been appointed as the new joint statutory auditor for a four-year term, replacing Walker Chandiok & Co LLP. These decisions were finalized during the board meeting held on April 14, 2026, alongside the approval of audited financial results.
- Recommended a final dividend of ₹1.65 per equity share for FY2026.
- Approved the grant of up to 3.4 million ESOPs at an exercise price of ₹547.00.
- Approved the grant of up to 0.5 million ESUs at an exercise price of ₹10.00.
- Appointed Chaturvedi & Co LLP as joint statutory auditor for a period of four consecutive years.
- Audited financial results for Q4 and FY2026 approved with an unmodified audit opinion.
ICICI Prudential Life Insurance has recommended a final dividend of ₹1.65 per equity share for the financial year ended March 31, 2026. The company also announced a significant employee incentive program, granting 3.4 million stock options at ₹547 and 0.5 million stock units at ₹10. Additionally, the board approved the audited financial results for FY2026 and appointed Chaturvedi & Co LLP as the new joint statutory auditor for a four-year term, replacing the retiring Walker Chandiok & Co LLP.
- Recommended a final dividend of ₹1.65 per equity share of face value ₹10.
- Approved the grant of 3.4 million stock options at an exercise price of ₹547.00 per option.
- Authorized the grant of 0.5 million stock units at an exercise price of ₹10.00 per unit.
- Appointed Chaturvedi & Co LLP as joint statutory auditors for a 4-year term starting from the 26th AGM.
- Audited financial results for the quarter and year ended March 31, 2026, were approved with an unmodified audit opinion.
ICICI Prudential Life Insurance reported a strong financial performance for FY2026, highlighted by a 34.6% surge in Profit After Tax to ₹16.00 billion. The Value of New Business (VNB) grew by 10.9% to ₹26.29 billion, driven by an expansion in VNB margins to 24.7% from 22.8% in the previous year. While Annualised Premium Equivalent (APE) saw a modest growth of 2.2% to ₹106.41 billion, the retail protection segment showed robust momentum with 32.3% growth. The company maintains a healthy solvency ratio of 227.3% and an Embedded Value of ₹529.89 billion.
- VNB margin expanded by 190 bps to 24.7% in FY2026, up from 22.8% in FY2025.
- Profit After Tax (PAT) increased significantly by 34.6% Y-o-Y to reach ₹16.00 billion.
- Retail protection APE grew by 32.3% Y-o-Y, significantly outperforming the overall APE growth of 2.2%.
- Solvency ratio remains strong at 227.3%, supported by a sub-debt raise of ₹12.00 billion in November 2025.
- 13th-month persistency ratio stood at 84.5% as of March 31, 2026, compared to 89.1% in the previous year.
ICICI Prudential Life Insurance has approved its audited financial results for the fiscal year ended March 31, 2026, and recommended a final dividend of ₹1.65 per share. The company is transitioning its joint statutory auditor to Chaturvedi & Co LLP as Walker Chandiok & Co LLP completes its 10-year tenure. Furthermore, the board approved the grant of 3.4 million stock options at ₹547 each and 0.5 million stock units at ₹10 each to eligible employees. These moves aim to reward shareholders and align employee interests with long-term growth.
- Recommended a final dividend of ₹1.65 per equity share of face value ₹10 for FY2026.
- Approved the grant of up to 3.4 million stock options at an exercise price of ₹547.00 per option.
- Approved the grant of up to 0.5 million stock units at a discounted exercise price of ₹10.00 per unit.
- Appointed Chaturvedi & Co LLP as joint statutory auditor for a 4-year term starting from the 26th AGM.
- Auditors issued an unmodified opinion on the standalone and consolidated financial results for FY2026.
ICICI Prudential Life Insurance Company has announced its earnings conference call to discuss the financial performance for the full fiscal year 2026. The call is scheduled for Tuesday, April 14, 2026, at 3:00 PM IST. Management will discuss the company's annual results and provide outlooks for the upcoming period. Transcripts and recordings will be available on the company's website following the event.
- Earnings conference call for FY2026 scheduled for April 14, 2026, at 15:00 IST.
- Universal dial-in numbers provided are +91 22 7115 8305 and +91 22 6280 1404.
- International toll-free access available for USA, UK, Hong Kong, and Singapore.
- The company will provide audio/video recordings and transcripts within regulatory timelines.
- Pre-registration link provided to allow participants to bypass operator assistance.
Financial Performance
Revenue Growth by Segment
Individual New Business Premium (NBP) grew 11.2% YoY in FY2025, recovering from a 3.7% growth in FY2024. Annual Premium Equivalent (APE) growth drove Value of New Business (VNB) to INR 2,370 Cr in FY2025 from INR 2,227 Cr in FY2024.
Geographic Revenue Split
The company has been operational pan-India since 2001, utilizing a network of 24,300 bank branches and over 1,400 non-bank partnerships to distribute products across the country.
Profitability Margins
Value of New Business (VNB) margin improved to 24.5% in H1 FY2026 from 22.8% in FY2025. Return on Embedded Value (RoEV) stood at 13.1% in FY2025 compared to 14.1% in FY2024. Profit After Tax (PAT) grew 26% YoY to INR 601 Cr in H1 FY2026.
EBITDA Margin
VNB margin of 24.5% in H1 FY2026 reflects core profitability, driven by a higher mix of protection and non-par business and improved product-level profitability through sum assured multiples.
Capital Expenditure
The company continues to invest in creating capacity, digitalization, and improving brand awareness to deliver sustainable VNB growth, though specific INR Cr figures for planned capex were not disclosed.
Credit Rating & Borrowing
Crisil reaffirmed 'Crisil AAA/Stable' on subordinated debt. The company maintains a healthy solvency margin of 2.13 times as of September 30, 2025, well above the regulatory requirement of 1.50 times.
Operational Drivers
Raw Materials
Not applicable for life insurance services; primary operational costs are commissions and operating expenses.
Capacity Expansion
Current distribution capacity includes 50 bank partners with 24,300 branches and 1,400+ non-bank partnerships. Added 90+ non-bank partners in recent periods to expand reach.
Raw Material Costs
Cost to premium ratio reduced to 19.2% in H1 FY2026 from 22.0% in H1 FY2025. Savings line cost to premium ratio decreased to 12.7% from 15.5% in the same period.
Manufacturing Efficiency
Claim settlement ratio was 99.3% for H1 FY2026. Thirteenth and forty-ninth month persistency ratios stood at 85.3% and 70.5%, respectively, as of September 30, 2025.
Logistics & Distribution
Bancassurance APE distribution mix was 30.2% in H1 FY2026, while proprietary channels (agency and direct) contributed 39.2% to overall APE.
Strategic Growth
Expected Growth Rate
11.20%
Growth Strategy
Achieving growth through channel diversification (50 bank partners), increasing sum assured multiples, longer tenure policies, and higher rider attachments. The company is also leveraging a benign base in H2 FY2026 and expected benefits from GST reforms.
Products & Services
Life insurance policies including Unit-Linked Insurance Plans (ULIPs), Retail Protection, Credit Life, Group Term, and Annuity products.
Brand Portfolio
ICICI Prudential Life Insurance.
New Products/Services
Annuity is an emerging product focus due to retirement planning needs. Retail protection continues to be a core focus area alongside credit life and group term business.
Market Expansion
Expanding through 1,400+ non-bank partnerships and 50 bank tie-ups including Standard Chartered, IDFC First, and IndusInd Bank to reduce dependency on any single channel.
Market Share & Ranking
Market share among private players was 11.4% as of September 30, 2025, down from 13.2% as of March 31, 2025.
Strategic Alliances
Exclusive tie-up with ICICI Bank (51% owner) and partnership with Prudential Corporation Holdings Limited (22% owner).
External Factors
Industry Trends
The industry is shifting towards higher surrender values and GST reforms. Removal of GST on individual policies is expected to push higher sales volumes but squeeze base margins.
Competitive Landscape
Facing intense competition from other private insurers, leading to a market share decline from 13.2% to 11.4% in FY2025.
Competitive Moat
Sustainable moat derived from the 'ICICI' brand name, a 99.3% claim settlement ratio, and a massive distribution network of 24,300 bank branches, providing high switching costs and trust.
Macro Economic Sensitivity
ULIP growth is highly sensitive to equity market buoyancy, which drove the 11.2% YoY NBP revival in FY2025.
Consumer Behavior
Increasing demand for retirement planning is driving growth in the annuity segment, while equity market performance dictates ULIP demand.
Regulatory & Governance
Industry Regulations
IRDAI regulations regarding increased surrender values and the removal of GST on individual policies are key factors affecting product design and profitability.
Environmental Compliance
The company published an ESG Report for FY2025, though specific compliance costs were not disclosed.
Taxation Policy Impact
Budget announcement regarding taxation on returns from life policies with premiums > INR 5 lakh per annum impacted FY2024 growth. GST on commissions and operating expenses is an ongoing monitorable.
Risk Analysis
Key Uncertainties
The impact of GST on the existing book is estimated to have a 1% negative impact on Embedded Value (EV). Ability to maintain VNB margins amidst rising competition is a key monitorable.
Geographic Concentration Risk
Operates pan-India with no specific regional concentration disclosed; however, distribution is tied to the branch networks of its 50 bank partners.
Third Party Dependencies
High dependency on bancassurance partners for 30.2% of APE, with ICICI Bank being a critical strategic partner.
Technology Obsolescence Risk
Mitigating tech risks through continuous investment in digitalization and technological capabilities to provide superior customer experience.
Credit & Counterparty Risk
Superior liquidity with a debt investment book of INR 1,36,893 Cr, of which 98.28% is in sovereign or 'AAA' rated instruments as of September 30, 2025.