ICICI Prudential Q1 results: Net profit jumps 34%; new business margin above estimates

ICICI Prudential Life Insurance on Tuesday (July 15) reported a 34% rise in net profit for the quarter ended June 30. Net profit stood at ₹302.08 crore compared to ₹225.4 crore a year ago.The company said the increase came from lower new business strain and better investment income from shareholders.
Total Annualised Premium Equivalent (APE) came in at ₹1,864 crore, in line with the CNBC-TV18 poll. However, total APE was down 5% year-on-year from ₹1,963 crore.
The value of new business (VNB) stood at ₹457 crore, higher than the CNBC-TV18 poll of ₹440 crore. But VNB dropped 3.2% year-on-year from ₹472 crore.VNB margin came in at 24.5%, beating the CNBC-TV18 poll estimate of 23.57%. This is also higher than last year’s 24%.

The insurer’s total in-force sum assured rose 17.1% to ₹41.1 lakh crore. Assets under management (AUM) stood at ₹3.2 lakh crore as of June 30.

ICICI Prudential said it has a well-diversified distribution network across channels. In Q1FY26, APE share from agency stood at 24.9%, direct at 13.5%, bancassurance at 29.7%, partnerships at 12.9% and group business at 18.9%.

Anup Bagchi, MD & CEO, said, “Our customer-centric approach resulted in 54% of our savings policies being issued on the same day. Our claim settlement ratio stands at 99.6% with an average turnaround time of 1.1 days for non-investigated individual death claims. Our cost optimisation steps lowered the cost-to-premium for the savings business by 270 basis points to 14.1% this quarter.”

ICICI Prudential shares were up 0.35% at ₹675.00 at the time of writing this report.

Catch LIVE updates of Q1 results here