ICICI Prudential Life Q1 Profit Jumps 28%, Board Approves Name Change

Srinagar  KNT: ICICI Prudential Life Insurance on Wednesday reported a 27.8 per cent year-on-year increase in net profit to ₹386 crore for the quarter ended June 2026, driven by strong growth in its retail protection business and improved operational efficiency.

The company’s retail protection (term insurance) business registered a robust 60.4 per cent year-on-year growth during the first quarter of FY2027, reflecting increasing demand for life insurance protection products.

The Board of Directors also approved a proposal to rename the company as ICICI Life Insurance Limited, subject to regulatory and statutory approvals. The company said the proposed name reflects the strength and legacy of the ICICI brand.

Managing Director and Chief Executive Officer Anup Bagchi said customer-centricity continues to remain at the core of the company’s strategy.

He said the insurer achieved an industry-leading claim settlement ratio of 99.3 per cent during the quarter, with non-investigative claims being settled in an average of one day.

During the April-June quarter, the company settled death claims worth ₹1,306 crore and paid ₹3,360 crore towards maturity and survival benefits. In FY2026, it settled death claims amounting to ₹5,149 crore and disbursed ₹15,363 crore as maturity and survival benefits.

The company also reported an improvement in operational efficiency, with its savings cost-to-premium ratio declining by 50 basis points to 13.6 per cent. According to the insurer, the savings will be reinvested in technology, artificial intelligence (AI), digital capabilities and customer experience initiatives to support future growth.

The company said it remains focused on expanding its market reach and capitalising on the growing opportunities in India’s life insurance sector. [KNT]