ICICI Life Insurance Limited reported a 26.5% year-on-year increase in profit after tax (PAT) to ₹760 crore in the first half of FY2027, supported by strong growth in new business premiums, protection and annuity segments.
The company’s new business premium rose 25% year-on-year to ₹11,821 crore during the April-September period, while its value of new business (VNB) increased 22.3% to ₹1,283 crore, with a VNB margin of 26%.
The retail protection segment recorded 47.2% growth, while the annuity segment expanded 50%. Retail sum assured increased 34.9% year-on-year to ₹2.32 lakh crore, reflecting an expansion in insurance coverage.
Chief Operating Officer Sidharatha Mishra said protection and annuity remained central to the company’s long-term strategy, supported by a diversified distribution network, customer-focused products and strong risk and capital metrics. He said the company would focus on sustainable VNB growth while balancing profitability and risk.
The insurer reported a claim settlement ratio of 99.3%, with an average turnaround time of 1.1 days for non-investigated claims. It settled death claims worth ₹2,627 crore and paid ₹8,634 crore in maturity and survival benefits during H1-FY2027.
The company also said 54% of its savings policies were issued on the same day. Its cost-to-premium ratio, excluding GST, declined 30 basis points to 18.3%, while the savings cost-to-premium ratio fell 90 basis points to 11.6%.
The company, recently renamed ICICI Life Insurance Limited, said it was marking 25 years of operations and had served more than 20 crore Indians.
