ICICI Prudential Life Insurance Company Limited (ICICIPRULI)
₹445.00 -0.89% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, ICICI Prudential's revenue was ₹3,185 Cr (-79.7% year on year, -86.1% on the previous quarter), and net profit ₹624 Cr (+62.1% year on year); the operating margin was -23.7%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹3,185 | -79.7% | -86.1% |
| Operating profit | ₹-754 | to loss | to loss |
| Net profit | ₹624 | +62.1% | +61.2% |
| EPS (₹) | 4.30 | +61.0% | +61.0% |
| Operating margin | -23.7% | — | — |
ICICIPRULI delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 74.07% of the ICICIPRULI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.52%. Delivery was unusually high while the price barely moved (-0.89%). It traded 2.3 times its average daily volume. In ICICIPRULI futures, open interest rose 0.08% while the futures price fell 1.01%: short buildup (new short positions).
Delivery in the last 5 sessions: 42.5% · 39.3% · 42.7% · 68.1% · 74.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
ICICI Prudential Life Insurance (now ICICI Life Insurance) received a rectification order under Section 154 of the Income Tax Act for AY 2024 from the Assistant Commissioner of Income Tax, Mumbai. The order reduces the original tax demand to ₹215.57 crore while seeking incremental interest of ₹40.96 lakh, bringing total interest to ₹63.33 crore and total demand to ₹278.90 crore. The total demand represents ~17.3% of TTM PAT (₹1,608 crore). The company stated there is no adverse material impact and has filed an appeal before the appropriate authority.
- Received Section 154 rectification order for AY 2024 on October 14, 2026
- Reduced tax demand stands at ₹215,56,50,475 with zero penalty
- Incremental interest demanded is ₹40,96,103, bringing total interest to ₹63,33,27,980
- Total revised demand of ₹278,89,78,455 (~17.3% of TTM PAT) is under appeal
ICICI Life Insurance has received regulatory approval from the IRDAI for the appointment of Mr. Sidharatha Mishra as Managing Director & CEO. The appointment is effective for a 5-year tenure running from October 14, 2026 to October 13, 2031. He has also been designated as an Additional Director, subject to shareholder approval. The leadership transition comes as the insurer manages ₹63,356 Cr in TTM revenue and focuses on diversifying its distribution channels.
- IRDAI approved the appointment of Mr. Sidharatha Mishra (DIN: 06524169) as MD & CEO
- Tenure spans 5 consecutive years, starting October 14, 2026 through October 13, 2031
- Approval received on October 13, 2026 at 6:45 PM following an earlier intimation on October 2, 2026
- Appointment remains subject to shareholder approval
ICICI Life Insurance Limited (formerly ICICI Prudential Life Insurance Company Limited) has allotted 1,552 equity shares of face value ₹10 each on October 13, 2026. The allotment was made under the company's Employees Stock Unit Scheme (2023). Approval was granted by the Managing Director & CEO pursuant to powers delegated by the Board on January 22, 2019. The new shares will rank pari-passu with existing equity shares.
- Allotment of 1,552 equity shares under Employees Stock Unit Scheme (2023)
- Face value of ₹10 per equity share
- Allotment approved on October 13, 2026 at 14:55 IST by MD & CEO
- Allotted shares rank pari-passu with existing equity shares
ICICI Life Insurance Limited reported its H1-FY2027 performance, demonstrating a 22.3% YoY growth in Value of New Business (VNB) to ₹12.83 billion. Total Annualised Premium Equivalent (APE) grew 15.1% YoY to ₹49.35 billion, led by strong traction in retail protection and annuity segments. VNB margin improved to 26.0% compared to 24.7% in FY2026. Embedded Value reached ₹566.69 billion (up 12.2% YoY), while PAT rose to ₹7.60 billion with a robust solvency ratio of 229.9%.
- H1-FY2027 VNB grew 22.3% YoY to ₹12.83 billion, with VNB margin rising to 26.0%
- Total APE increased 15.1% YoY to ₹49.35 billion; Protection APE grew 39.5% YoY to ₹11.55 billion
- Embedded Value (EV) expanded 12.2% YoY to ₹566.69 billion as of September 30, 2026
- Solvency ratio remained robust at 229.9% with zero NPAs reported since inception
- 13th-month persistency stood at 84.5% as of September 30, 2026, with a 99.3% claim settlement ratio
ICICI Life Insurance Limited reported its standalone Q2 FY27 results with Profit After Tax (PAT) increasing 25.1% YoY to ₹374.22 crore compared to ₹299.26 crore in Q2 FY26, though down slightly QoQ from ₹386.18 crore. Net premium income grew 16.6% YoY to ₹13,803.90 crore against ₹11,843.10 crore in Q2 FY25. For H1 FY27, PAT stood at ₹760.40 crore, up 26.4% YoY from ₹601.35 crore. The Board also noted that Mr. Sidharatha Mishra ceases to be a Senior Management Personnel upon his appointment as Additional Director effective October 14, 2026.
- Standalone Q2 FY27 PAT up 25.1% YoY to ₹374.22 crore (₹299.26 crore in Q2 FY26)
- Net premium income increased 16.6% YoY to ₹13,803.90 crore from ₹11,843.10 crore
- First-year premium rose 8.6% YoY to ₹2,145.70 crore compared to ₹1,975.17 crore
- H1 FY27 PAT grew 26.4% YoY to ₹760.40 crore from ₹601.35 crore
- Operating expenses and net commission (expenses of management) expanded to ₹2,654.17 crore from ₹2,151.84 crore YoY
ICICI Life Insurance Limited reported its standalone Q2 FY27 results with Profit After Tax (PAT) increasing 25.1% YoY to ₹374.22 crore compared to ₹299.26 crore in Q2 FY26, though down slightly QoQ from ₹386.18 crore. Net premium income grew 16.6% YoY to ₹13,803.90 crore against ₹11,843.10 crore in Q2 FY25. For H1 FY27, PAT stood at ₹760.40 crore, up 26.4% YoY from ₹601.35 crore. The Board also noted that Mr. Sidharatha Mishra ceases to be a Senior Management Personnel upon his appointment as Additional Director effective October 14, 2026.
- Standalone Q2 FY27 PAT up 25.1% YoY to ₹374.22 crore (₹299.26 crore in Q2 FY26)
- Net premium income increased 16.6% YoY to ₹13,803.90 crore from ₹11,843.10 crore
- First-year premium rose 8.6% YoY to ₹2,145.70 crore compared to ₹1,975.17 crore
- H1 FY27 PAT grew 26.4% YoY to ₹760.40 crore from ₹601.35 crore
- Operating expenses and net commission (expenses of management) expanded to ₹2,654.17 crore from ₹2,151.84 crore YoY
ICICI Life Insurance released its business performance update for September 2026 and H1 FY2027. For H1 FY2027, Annualised Premium Equivalent (APE) grew 15.1% YoY to ₹49.35 billion, driven by total New Business (NB) premium growth of 25.0% YoY to ₹118.21 billion. In September 2026, total NB premium jumped 53.4% YoY to ₹27.01 billion, while APE increased 10.1% YoY to ₹9.59 billion. However, Retail APE declined 1.8% YoY in September 2026 to ₹7.26 billion, contrasting with strong overall new business expansion.
- H1 FY2027 APE grew 15.1% YoY to ₹49.35 billion (vs ₹106.41 billion in full FY2026)
- H1 FY2027 New Business (NB) premium surged 25.0% YoY to ₹118.21 billion
- September 2026 NB premium grew 53.4% YoY to ₹27.01 billion
- September 2026 Retail APE saw a slight decline of 1.8% YoY to ₹7.26 billion
- H1 FY2027 NB sum assured rose 30.1% YoY to ₹8,811.92 billion
ICICI Prudential Life Insurance has announced the resignation of its Managing Director and CEO, Anup Bagchi, effective from the close of business hours on October 13, 2026. The resignation comes as Mr. Bagchi departs to pursue an external career opportunity, with a commitment to ensure a smooth transition. This executive departure comes at a crucial time as the company manages a private market share of 11.4% (down from 13.2% in FY25) against TTM revenues of Rs 63,356 crore and a market capitalization of Rs 64,965 crore. Investors will await the board's decision regarding his successor and regulatory approval from IRDAI.
- Resignation tendered by MD and CEO Anup Bagchi on October 1, 2026
- Effective resignation date is the close of business hours on October 13, 2026
- Leadership change affects an insurer with Rs 64,965 crore market capitalization and Rs 63,356 crore TTM revenue
- Company private-player market share stood at 11.4% as of September 30, 2025
ICICI Life Insurance Company Limited announced that Managing Director and CEO Anup Bagchi has resigned to pursue outside opportunities, effective October 13, 2026. The Board approved the appointment of Mr. Sidharatha Mishra as Chief Operating Officer from October 6, 2026, and subsequently as Managing Director & CEO for a 5-year term starting October 14, 2026, subject to IRDAI approval. Mr. Mishra brings over 26 years of banking experience, most recently heading digital channels, partnerships, and customer service at ICICI Bank. This leadership transition occurs as the company manages a market capitalization of Rs 64,965 crore and TTM revenues of Rs 63,356 crore.
- MD & CEO Anup Bagchi to step down effective close of business on October 13, 2026
- Sidharatha Mishra appointed as Chief Operating Officer starting October 6, 2026
- Sidharatha Mishra appointed MD & CEO for a 5-year term effective October 14, 2026, subject to IRDAI approval
- New appointee brings over 26 years of banking experience from ICICI Bank Limited
ICICI Life Insurance Company Limited announced that Managing Director and CEO Anup Bagchi has resigned to pursue outside opportunities, effective October 13, 2026. The Board approved the appointment of Mr. Sidharatha Mishra as Chief Operating Officer from October 6, 2026, and subsequently as Managing Director & CEO for a 5-year term starting October 14, 2026, subject to IRDAI approval. Mr. Mishra brings over 26 years of banking experience, most recently heading digital channels, partnerships, and customer service at ICICI Bank. This leadership transition occurs as the company manages a market capitalization of Rs 64,965 crore and TTM revenues of Rs 63,356 crore.
- MD & CEO Anup Bagchi to step down effective close of business on October 13, 2026
- Sidharatha Mishra appointed as Chief Operating Officer starting October 6, 2026
- Sidharatha Mishra appointed MD & CEO for a 5-year term effective October 14, 2026, subject to IRDAI approval
- New appointee brings over 26 years of banking experience from ICICI Bank Limited
ICRA has reaffirmed its top-tier '[ICRA]AAA' credit rating with a Stable outlook for ICICI Life Insurance's ₹2,600 crore subordinated debt programme. The rating reflects the company's strong solvency ratio of 2.25 times as of June 30, 2026 (against regulatory requirement of 1.50 times) and strong backing from ICICI Bank, which held a 52.8% stake as of September 2, 2026. The insurer recorded a 10.9% YoY increase in Value of New Business (VNB) to ₹2,629 crore in FY2026, alongside Q1 FY2027 VNB growth of 24.9% YoY to ₹571 crore. Overall embedded value reached ₹52,989 crore as of March 31, 2026.
- Reaffirmed [ICRA]AAA (Stable) rating across ₹2,600 crore subordinated debentures.
- Reported solvency ratio was healthy at 2.25 times as of June 30, 2026, versus the 1.50 times regulatory minimum.
- Parent ICICI Bank increased its equity shareholding to approximately 52.8% as of September 2, 2026.
- Value of New Business (VNB) grew 24.9% YoY to ₹571 crore in Q1 FY2027, after touching ₹2,629 crore in FY2026.
ICICI Prudential Life Insurance Company has scheduled a Board of Directors meeting on Tuesday, October 13, 2026, to approve unaudited financial results for the quarter and half-year ended September 30, 2026. In compliance with SEBI insider trading regulations, the trading window for designated persons will remain closed from October 1, 2026, to October 15, 2026. This is a routine administrative intimation regarding financial calendar reporting.
- Board meeting scheduled for October 13, 2026, to review Q2 and H1 FY27 results
- Trading window closes on Thursday, October 1, 2026
- Trading window reopens after Thursday, October 15, 2026
- Financial period considered covers the quarter and half year ending September 30, 2026
ICICI Prudential Life Insurance Company Limited announced that the Registrar of Companies (ROC) has approved changing its name to 'ICICI Life Insurance Limited', effective September 22, 2026. A fresh Certificate of Incorporation was issued following shareholder approval received on September 19, 2026. The insurer will now file an intimation with IRDAI to obtain a revised Certificate of Registration and execute subsequent stock exchange ticker/depository updates. This is a corporate rebranding and administrative change with no immediate direct impact on operational metrics or financials (TTM revenue of Rs 63,356 Cr; PAT of Rs 1,608 Cr).
- ROC approved the name change to ICICI Life Insurance Limited with effect from September 22, 2026
- Fresh Certificate of Incorporation issued by ROC at 15:19 IST on September 22, 2026
- Follows members' approval obtained previously on September 19, 2026
- Company to intimate IRDAI for issuance of a revised Certificate of Registration under 2024 regulations
Shareholders of ICICI Prudential Life Insurance Company Limited have approved a special resolution via postal ballot to change the company's name to 'ICICI Life Insurance Limited'. A total of 1,32,32,65,093 valid votes were polled, with 99.999% (1,32,32,57,250 votes) cast in favour and just 7,843 votes against. The name change and corresponding alterations to the Memorandum and Articles of Association remain subject to regulatory approvals from the Ministry of Corporate Affairs, IRDAI, and stock exchanges. Overall voter turnout stood at 91.21% of the total 1,45,08,11,823 shares represented across the voter base.
- Special resolution to rename company to 'ICICI Life Insurance Limited' passed with 99.9994% majority
- Total votes polled stood at 1,32,32,65,093 representing 91.2086% of total voting shares
- 100% of promoter votes (1,06,85,80,669 shares) and 100% of institutional votes polled were in favour
- Remote e-voting ended on September 19, 2026, which acts as the deemed date of approval
Shareholders of ICICI Prudential Life Insurance Company Limited have approved a special resolution via postal ballot to change the company's name to 'ICICI Life Insurance Limited'. A total of 1,32,32,65,093 valid votes were polled, with 99.999% (1,32,32,57,250 votes) cast in favour and just 7,843 votes against. The name change and corresponding alterations to the Memorandum and Articles of Association remain subject to regulatory approvals from the Ministry of Corporate Affairs, IRDAI, and stock exchanges. Overall voter turnout stood at 91.21% of the total 1,45,08,11,823 shares represented across the voter base.
- Special resolution to rename company to 'ICICI Life Insurance Limited' passed with 99.9994% majority
- Total votes polled stood at 1,32,32,65,093 representing 91.2086% of total voting shares
- 100% of promoter votes (1,06,85,80,669 shares) and 100% of institutional votes polled were in favour
- Remote e-voting ended on September 19, 2026, which acts as the deemed date of approval
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.
