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ICICI Prudential Life Insurance Company Ltd

| Standalone Audited Results – Q4 & FY Ended 31 March 2026

Report Source

⬤14th Apr 26

Summary : ICICI Prudential Life Insurance reported strong profit and new business growth, improved cost efficiency, and maintained high solvency, driven by product innovation and digital solutions.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Commission
  2. Operating Expenses (Employees remuneration, Advertisement, Other operating expenses)
  3. Provisions for doubtful debts
  4. Provisions for diminution in value of investments
  5. Goods and Services tax on ULIP charges
  6. Provision for taxes
  7. Benefits Paid
  8. Change in actuarial liability
  9. Total Outgo
  10. Gross premium income (First Year, Renewal, Single Premium)
  11. Net premium income
  12. Income from investments (Net)
  13. Other income
  14. Transfer of funds from Shareholders' A/c
  15. Total income
  16. Segment-wise income (Par life, Par pension, Non Par Life, Non Par Pension, Non Par Variable Life, Non Par Variable Pension, Annuity Non Par, Health Non Par, Linked Life, Linked Pension, Linked Health, Linked Group Life, Linked Group Pension)
  17. Net cash flow from operating activities
  18. Net cash flow from investing activities
  19. Net cash flow from financing activities
  20. Net increase/(decrease) in cash and cash equivalents
  21. Cash and cash equivalents at end of year
  22. Contingent liabilities are reported in the balance sheet (e.g., ₹82,589 lakhs standalone, ₹82,589 lakhs consolidated as of March 31, 2026).
  23. Shareholders' funds (Share capital, Reserve and surplus, Fair value change account)
  24. Borrowings
  25. Policyholders' funds (Fair value change account, Revaluation reserve)
  26. Policy liabilities (Non unit liabilities, Provision for linked liabilities, Funds for discontinued policies)
  27. Funds for Future Appropriations
  28. Investments (Shareholders', Policyholders', Asset held to cover linked liabilities)
  29. Loans
  30. Fixed assets - net block
  31. Current assets (Cash and Bank balances, Advances and Other assets)
  32. Current liabilities
  33. Provisions
  34. Net Current Assets
  35. Total Assets
  36. Detailed related party transactions are disclosed in Annexure I and subsequent pages, including transactions with ICICI Bank Limited, ICICI Securities Limited, ICICI Lombard General Insurance Company Limited, ICICI Pension Fund Management Company Limited, and various trusts and individuals.
  37. Both standalone and consolidated financial results are presented and audited with unmodified opinion.

Corporate Overview

  1. India
  2. Challenging global macro environment
  3. Unavailability of input tax credit
  4. ICICI Bank Limited (promoter)
  5. Prudential Corporation Holdings Limited (promoter)
  6. Indian regulatory environment (IRDAI, SEBI)
  7. Life insurance
  8. Protection and Savings category
  9. Digital platform for buying and claims
  10. Promoted by ICICI Bank and Prudential Corporation Holdings
  11. Confident
  12. Committed to customer value
  13. Resilient operating model
  14. Future-ready organization
  15. Agile and thoughtful
  16. Over 20 crore customers
  17. Savings (linked and non-linked)
  18. Protection
  19. Annuity
  20. Group funds
  21. Assets under management (AUM) of ₹3,136.34 billion
  22. Total in-force sum assured of ₹46.11 lakh crore

Risk Factors

  1. Uncertainty in demand growth.
  2. Challenges in strategy implementation.
  3. Impact of regulatory changes.
  4. Rapid technological advancements.

Key Drivers

  1. Profit after tax grew 34.6%.
  2. New business value grew 10.9%.
  3. Retail protection APE up 60.5%.
  4. Strong solvency ratio at 227.3%.

Auditor’s Report

  1. Unmodified opinion on standalone and consolidated financial results.
  2. Actuarial valuation of liabilities for life policies in force and discontinued policies.

Board Commentary

  1. Change in Statutory Auditor: Walker Chandiok & Co LLP retired, Chaturvedi & Co LLP appointed for four years.
  2. Senior management changes: Rajiv Adhikari and Amit Palta resigned, Amish Banker appointed Chief Distribution Officer.
  3. Recommended final dividend of ₹1.65 per equity share (face value ₹10) for FY2026, subject to shareholders' approval.
  4. Approved grant of up to 3.4 million Employee Stock Options and up to 0.5 million Employee Stock Units.
  5. Redeemed ₹1,200 crores of non-convertible debentures and issued ₹1,195 crore new subordinated NCDs.
  6. Approved sale of 100% equity shareholding in ICICI Pension Funds Management Company Limited.

Corporate Governance

  1. Board Audit Committee recommended new statutory auditor, suggesting oversight.
  2. Board Audit Committee
  3. Board Nomination and Remuneration Committee (BNRC)

Management Discussion & Analysis

Future Strategy

  1. Building a future-ready organisation
  2. Adapting thoughtfully and acting with agility
  3. Expanding access to insurance
  4. Delivering long-term sustainable value
  5. Leveraging economies of scale, technology, digital solutions

Industry Overview

  1. 0% GST reform made insurance policies more affordable
  2. Retail protection segment grew strongly

Macroeconomic Outlook

  1. Navigated challenging global macro environment successfully

Operational Focus Areas

  1. Improve efficiencies
  2. Reduce cost ratios
  3. Smooth transition of senior management responsibilities

Performance Drivers

  1. Higher investment income from Shareholders' funds
  2. Improved new business profile
  3. Economic assumption changes
  4. Cost optimisation initiatives
  5. Strong persistency ratios
  6. High solvency ratio
  7. New product innovation

Risk Control Measures

  1. Diversified product mix
  2. High solvency ratio (227.3% vs 150% regulatory)
  3. Zero Non-Performing Assets (NPA)
  4. Cost optimisation initiatives

Critical Risks

  1. Actual growth in demand for products
  2. Ability to successfully implement strategy
  3. Integration of mergers or acquisitions
  4. Growth in domestic and overseas markets
  5. Technological changes
  6. Ability to market new products
  7. Outcome of legal/regulatory proceedings
  8. Future impact of new accounting standards
  9. Ability to implement dividend policy
  10. Impact of changes in insurance regulations