ICICI Life Insurance, the third-largest private life insurer, recorded 25.05 per cent year-on-year (Y-o-Y) growth in net profit to ₹374.22 crore in the quarter ended September of the financial year 2027 (Q2FY27), supported by healthy growth in premium income.
The profit stood at ₹299.26 crore in Q2 FY26.
The insurer’s net premium income grew 16.56 per cent Y-o-Y to ₹13,804 crore in the quarter from ₹11843.1 crore in the year-ago period. The annual premium equivalent (APE) rose 15.56 per cent Y-o-Y to ₹2799 crore. APE in the insurance industry is the sum of annual first-year regular premiums and 10 per cent of weighted single premiums and single premium top-ups.
Value of new business (VNB) grew 20.3 per cent Y-o-Y to ₹712 crore from ₹592 crore. The VNB margin stood at 25.44 per cent against 24.44 per cent in Q2FY26.
The expenses of the insurer increased 23.3 per cent Y-o-Y to ₹2,654.17 crore, with almost 14.3 per cent Y-o-Y growth in net commissions to ₹1,376 crore. The expense of management (EoM) ratio stood at 18.6 per cent, compared to 17.5 per cent in Q2FY26.
Also Read
The solvency ratio stood at 229.9 per cent as opposed to 213.2 per cent.
The 13th month persistency ratio on a premium basis was 83 per cent as of September 30, against 79.9 per cent in the same period last year. The 61st month persistency was at 62.3 per cent as compared to 59.5 per cent.
In its post-result press release, the insurer said: “The company continues to focus on protection and annuity segments representing the under-served needs of Indians.”
It added that the retail protection segment grew 47.2 per cent Y-o-Y in H1FY27 and the annuity segment grew 50.0 per cent Y-o-Y. As a result, retail sum assured increased by 34.9 per cent Y-o-Y to ₹2.32 trillion, reflecting a meaningful expansion in the coverage offered to customers.
The board has also announced that Sidharatha Mishra has been appointed as an additional director effective from October 14, 2026. Mishra is the managing director and chief executive director (MD & CEO) designate of the insurer. He will succeed Anup Bagchi as the chief, subject to requisite approvals
Sidharatha Mishra, chief operating officer (COO), ICICI Life Insurance, said: “Backed by a well-diversified distribution network, innovative and customer-centric product portfolio, customer-first sales and service, industry-leading quality parameters, and strong risk and capital metrics, we are a resilient organisation that can successfully capitalise on emerging opportunities. Our commitment is to deliver sustainable VNB growth while balancing business, profitability, and risk and prudence.”