Financial Performance Highlights

Q1-FY2027 Key Metrics:

  • Annualised Premium Equivalent (APE): ₹21.36 billion, representing 14.6% year-on-year growth (Q1-FY2026: ₹18.64 billion)
  • Value of New Business (VNB): ₹5.71 billion (Q1-FY2026: ₹4.57 billion)
  • VNB Margin: 26.7% (Q1-FY2026: 24.5%)
  • Profit After Tax: ₹3.86 billion (Q1-FY2026: ₹3.02 billion)
  • Assets Under Management (AUM): ₹3,338.18 billion as of June 30, 2026 (June 30, 2025: ₹3,244.89 billion)
  • Solvency Ratio: 225.4% as of June 30, 2026 (June 30, 2025: 212.3%)

Product Performance Breakdown

APE by Segment (Q1-FY2027 vs Q1-FY2026):

  • Savings: ₹15.40 billion (5.8% growth), mix 72.1% vs 78.1%
  • Linked: ₹9.28 billion (6.4% growth), mix 43.5% vs 46.8%
  • Non-linked: ₹3.62 billion (-9.5% decline), mix 16.9% vs 21.5%
  • Annuity: ₹1.33 billion (33.0% growth), mix 6.2% vs 5.4%
  • Group funds: ₹1.18 billion (42.2% growth), mix 5.5% vs 4.4%
  • Protection: ₹5.96 billion (45.7% growth), mix 27.9% vs 21.9%
  • Retail protection: ₹2.23 billion (60.4% growth), mix 10.5% vs 7.5%

Operational Metrics

Persistency Ratios (as of June 30, 2026):

  • 13th month: 84.0% (March 31, 2026: 84.5%; June 30, 2025: 86.0%)
  • 25th month: 77.0% (March 31, 2026: 81.0%; June 30, 2025: 83.4%)
  • 37th month: 77.3% (March 31, 2026: 76.3%; June 30, 2025: 75.1%)
  • 49th month: 71.7% (March 31, 2026: 71.8%; June 30, 2025: 69.8%)
  • 61st month: 61.9% (March 31, 2026: 61.6%; June 30, 2025: 63.8%)

Expense Management:

  • Total Expenses: ₹22.38 billion (17.8% YoY growth)
  • Cost/Total Premium: 21.8% (60 bps increase YoY)
  • Cost/Total Premium (savings LOB): 13.6% (50 bps decrease YoY)

Risk Management & Balance Sheet Strength

  • Zero Non-Performing Assets (NPA) since inception
  • 95.0% of fixed income in sovereign or AAA rated instruments
  • 99.8% of fixed income AA rated and above
  • 66.2% of liabilities largely pass market performance to customers
  • Derivatives used to hedge interest rate risks for non-par guaranteed savings, protection & annuities

Strategic Corporate Development

  • Board approved proposal to rename the Company as 'ICICI Life Insurance Limited'
  • Proposed name change reflects strength, trust and legacy associated with 'ICICI' franchise
  • Pending regulatory approval
  • Company's core business operations, strategy and governance frameworks remain unchanged
  • This follows the Board's approval of PCHL's request to reclassify its status from 'Promoter' to 'Investor'

Digital Transformation & Customer Centricity

  • ~58% of policies issued using digital KYC in Q1-FY2027 (includes Aadhar, CKYC & Banker's confirmation)
  • ~54% of savings policies issued on same day in Q1-FY2027
  • Claim settlement ratio of 99.3% for Q1-FY2027 for individual death claims
  • Average claim settlement within 1.0 day for non-investigated individual claims
  • Best-in-class early claims ratio of 22% for Q1-FY2027 (retail claims within 3 years from date of acceptance of risk)
  • ~27 million digital service interactions in Q1-FY2027
  • 97.0% service interactions via self-help/digital modes
  • 5.1 million+ cumulative app downloads as of June 30, 2026

Industry Context & Opportunities

Document highlights significant growth opportunities in Indian life insurance industry:

  • Protection gap of $16.5 trillion for FY2020
  • ~13% of addressable population covered through individual protection policies
  • Life insurance constitutes 17% of household financial savings at March 31, 2024
  • Pension assets at 11% of GDP (compared to HK:65%, US:146%, Australia:162%)
  • Large and growing population base with high share of working population

ESG Integration

  • One of the highest rated Indian life insurer by leading global and Indian ESG rating agencies
  • Board Sustainability & CSR Committee oversees ESG aspects
  • 64 offices run on renewable energy in FY2026 (up from 59 in FY2025)
  • Gender diversity stable at 30% in FY2026