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The net premium income for Q1 FY26 rose by 7.98% year-on-year to Rs 8,503.19 crore. The first-year gross premium income fell by 11.24% YoY to Rs 1,445.42 crore. Meanwhile, renewal premium income jumped 9.45% YoY to Rs 4,941.65 crore, and single premium income saw a rise of 19.94% to Rs 2,566.97 crore.
Net commission stood at Rs 984.92 crore during the quarter, registering a growth of 4.16% YoY.
The value of new business (VNB), which represents the present value of future profits, stood at Rs 457 crore with a VNB margin of 24.5% for Q1 FY26.
The total Annualised Premium Equivalent (APE) stood at Rs 1,864 crore for Q1 FY26. The company’s retail New Business Sum Assured grew by 31.5% year-on-year to Rs 77,750 crore in Q1 FY26. Annuity business grew at a four-year CAGR of 15% in Q1 FY26. Retail protection business APE registered a strong growth of 24.1% year-on-year from Rs 1.12 billion in Q1-FY2025 to Rs 1.39 billion for Q1-FY2026.
New Business Sum Assured (NBSA) grew by 36.3% year-on-year from Rs 2,72,468 crore in Q1 FY25 to Rs 3,71,452 crore in Q1 FY26.
The company’s new business received a premium added 6.4% to Rs 4,012 crore, while total premium collections increased 8.1% to Rs 8,954 crore. The assets under management (AUM) rose 5.1% to Rs 3,24,489 crore in Q1 FY26 from Rs 3,08,875 crore in Q1 FY25.
The cost-to-total premium ratio dropped to 21.2% from 24% a year earlier. Within the savings line of business, the metric improved to 14.1% from 16.8%.
From a regulatory perspective, the solvency ratio strengthened to 212.3%, well above the IRDAI-mandated 150%. The company’s net worth also rose to Rs 12,553 crore from Rs 11,291 crore last year.
Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said, ““In line with our strategy to place our customers at the center of everything we do, simplifying our products and processes, strengthening our distribution network, aligning our cost structures with our product portfolio and proactively managing business risks, our Q1-FY2026 performance demonstrates the strength and resilience of our business model. Our profit after tax grew by 34.2% year-on-year to Rs 302 crore in Q1-FY2026 and our VNB stood at Rs 457 crore with a margin of 24.5%. We reported a total premium growth of 8.1% year-on-year in Q1-FY2026 on the back of our extensive distribution and comprehensive product suite.
Protection continues to remain at the heart of our business strategy and we registered a strong growth of 24.1% year-on-year in our retail protection business. Furthermore, our total New Business Sum Assured grew by 36.3% year-on-year in the same period. Our customer-centric approach resulted in 54% of our policies being issued on the same day for the savings line of business. Our claim settlement ratio of 99.6%, with an average turnaround time of 1.1 days for non-investigated individual death claims, reinforces our commitment towards transparency and reliability.
Notably, the results of our cost optimization initiatives have led to an improvement in our cost-to-premium for the savings line of business by 270 bps to 14.1% in Q1-FY2026. Risk management continues to be an integral part of our approach to business with a focus on right selling, sourcing and onboarding, reflected by our strong solvency ratio that stood at 212.3% in Q1-FY2026 and zero NPA since inception.
Our 13th-month persistency ratio stood at 86% in Q1-FY2026, exemplifying the quality of our business. We will continue to work on our strengths, that is, customer centricity, product leadership, extensive distribution network and business excellence, aided by the building blocks of people, digitalisation and analytics to help us achieve our core objective of growing the absolute VNB.”
ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in the United Kingdom. The company offers an array of products in the protection and savings category that match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals.