ICICI Pru Life profit up 34%

ICICI PRUDENTIAL LIFE Insurance reported a 34% year-on-year (y-o-y) increase in net profit for the first quarter at ₹302 crore, aided by growth in both new business and renewal premiums.

- FE BUREAU

The insurer's total premium rose 8% y-o-y to ₹8,954 crore in the April-June quarter. New business premium grew 6.4% to ₹4,012 crore. Renewal premium income rose 9.4% to ₹4,942 crore, reflecting stronger policyholder retention.

However, the annualised premium equivalent (APE)—a key metric that captures total premium from new business on an annualised basis—declined 5% y-o-y to ₹1,864 crore in Q1FY26.

The value of new business (VNB), which reflects the present value of future profits from new policies sold during the period, stood at ₹457 crore, with a VNB margin of 24.5%.