ICICI Life Insurance Limited – Investor Presentation Summary

Key Operational Highlights

  • Annualised Premium Equivalent (APE): ₹49.35 billion, 15.1% Y-o-Y growth, 3-year CAGR: 11.9%
  • Retail Weighted Received Premium (RWRP): ₹36.02 billion, 9.7% Y-o-Y growth, 3-year CAGR: 11.0%
  • Total Premium: ₹245.05 billion, 15.3% Y-o-Y growth, 3-year CAGR: 11.2%
  • Retail Sum Assured: ₹2,315.21 billion, 34.9% Y-o-Y growth, 3-year CAGR: 27.6%
  • 13-month Persistency: 84.5% at September 30, 2026 (84.0% at June 30, 2026)
  • Claim Settlement Ratio: 99.3% for H1-FY2027 (99.3% for H1-FY2026)
  • Average claim settlement TAT: 1.1 day for non-investigated individual claims
  • Early claims ratio: 23% for H1-FY2027
  • ~60% of policies issued using digital KYC in H1-FY2027
  • ~54% of savings policies issued on same day in H1-FY2027

Key drivers of operational performance: Strong growth in retail protection and annuity segments, digital onboarding initiatives, and diversified distribution channels.

Segment-wise Performance

Product-wise APE Performance (H1-FY2027):
  • Savings: ₹37.79 billion, 9.3% Y-o-Y growth, 76.6% mix
  • Linked: ₹21.95 billion, 6.6% Y-o-Y growth, 44.5% mix
  • Non-linked: ₹8.93 billion, (4.5%) Y-o-Y growth, 18.1% mix
  • Annuity: ₹3.24 billion, 50.0% Y-o-Y growth, 6.6% mix
  • Group Funds: ₹3.67 billion, 48.0% Y-o-Y growth, 7.4% mix
  • Protection: ₹11.55 billion, 39.5% Y-o-Y growth, 23.4% mix
  • Retail Protection: ₹4.55 billion, 47.2% Y-o-Y growth, 9.2% mix
Channel-wise APE Performance (H1-FY2027):
  • Agency: ₹11.02 billion, 3.3% Y-o-Y growth, 22.3% mix
  • Direct: ₹6.79 billion, 10.9% Y-o-Y growth, 13.8% mix
  • Bancassurance: ₹13.54 billion, 4.6% Y-o-Y growth, 27.4% mix
  • Partnership Distribution: ₹7.32 billion, 34.1% Y-o-Y growth, 14.8% mix
  • Retail APE: ₹38.67 billion, 9.9% Y-o-Y growth, 78.4% mix
  • Group: ₹10.68 billion, 39.2% Y-o-Y growth, 21.6% mix

Explanation of significant changes in segment performance: Protection segment growth driven by retail protection (47.2% YoY growth) and annuity segment growth of 50.0% YoY.

Financial Highlights

  • Value of New Business (VNB): ₹12.83 billion, 22.3% Y-o-Y growth
  • VNB Margin: 26.0% (FY2026: 24.7%)
  • Profit After Tax: ₹7.60 billion, 26.5% Y-o-Y growth
  • Embedded Value: ₹566.69 billion at September 30, 2026, 12.2% Y-o-Y growth from September 30, 2025
  • Assets Under Management: ₹3,289.64 billion at September 30, 2026, 2.3% Y-o-Y growth from September 30, 2025
  • Cost/Total Premium: 20.0% for H1-FY2027 (H1-FY2026: 19.2%)
  • Cost/Total Premium (savings): 12.7% for H1-FY2027 (H1-FY2026: 12.7%)

Drivers of financial performance: Higher VNB growth driven by product mix and margin expansion, supported by premium growth and operational efficiencies.

Comparison to market estimates: Not Specified

Key Risks: Raw material price hikes, regulatory risks - Not Specified

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Regional Breakdown: Not Specified

Balance Sheet Snapshot

  • Solvency Ratio: 229.9% at September 30, 2026 (227.3% at FY2026)
  • Zero NPA since inception
  • 95.2% of fixed income in sovereign or AAA rated securities
  • 99.7% of fixed income AA rated and above
  • 64.7% of liabilities largely pass on market performance to customers

Financial Health Insights: Strong solvency position, high-quality asset portfolio, and resilient balance sheet.

Capex & Cash Flow Health

Capital Expenditure: Not Specified

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Not Specified

Investment Rationale: Not Specified

Strategic & R&D Initiatives

Investments in Innovation: AI-enabled pre-issuance video verification, face match, case summarization, medical & financial OCR, AI/ML techniques for underwriting decisioning, predictive models for claims investigation, digital death certificate verification, automated claim summarization.

Expected impact on growth: ~₹1,050 million in savings from potential adverse claims saved till date, ~₹1,500 million in savings from email classification in FY25 till date.

Strategic Rationale: Leveraging technology for simplified digital customer onboarding, faster issuance, and improved customer service.

Industry Trends & Business Environment

Macro/Industry Trends: Significant allocation of 64% of household savings towards financial assets for FY2024, life insurance constitutes 17% of household financial savings at March 31, 2024, protection gap of $16.5 trillion for FY2020, ~13% of addressable population covered through individual protection policies.

Impact on Company: Opportunities in long-term savings, protection, and retirement segments due to under-penetration and favorable demographics.

Management Commentary & Growth Outlook

Strategic Outlook: Company remains well-positioned to drive sustainable growth, enhance customer outcomes, and create long-term value for stakeholders. Deliver sustainable VNB growth by balancing business growth, profitability, and risk & prudence.

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Not Specified

ESG Updates

  • One of the highest rated Indian life insurer by leading global and Indian ESG rating agencies
  • 68 offices run on renewable energy at H1-FY2027 (H1-FY2026: 63)
  • Gender diversity stable at 30% in H1-FY2027 (H1-FY2026: 30%)
  • Recognized by Business World amongst top 30 India's Most Sustainable Companies