ICICI Pru Q2 slip adds to unease

Balancing act ICICI Prudential Life Insurance Company saved VNB margin with tight cost control, but APE declined year-on-year in Q2FY26.

- Manish joshi [e-mail]

ICICI Prudential Life Insurance Co. Ltd’s stock is down about 10% so far in calendar year 2025, even as peers HDFC Life Insurance Co. Ltd and SBI Life Insurance Co. Ltd have delivered positive returns.

The company’s muted September-quarter (Q2FY26) performance suggests this lag may persist.

The insurer's annualized premium equivalent (APE) fell 3.3% year-on-year to ₹2,421 crore on an unfavourable base, dragged by weaker sales of unit-linked insurance plans (Ulips), which dropped 8.5% to ₹1,187 crore. Ulips still made up nearly half of APE, but the decline likely reflects volatility in Indian equity markets. In contrast, Ulip demand had surged in the year-ago quarter when the Nifty 50 hit a record high of 26,277—momentum that has not carried through.