ICICI Prudential Life Insurance posted a strong start to FY2027, reporting a 27.8 per cent year-on-year rise in profit after tax (PAT) to ₹386 crore for the quarter ended June 2026, reflecting sustained demand for protection products and operational efficiency. The company’s retail protection (term insurance) business recorded a sharp 60.4 per cent growth during the quarter, while total benefits paid to policyholders reached ₹4,666 crore. The Board also approved a proposal to rename the company as ICICI Life Insurance Limited, subject to the necessary regulatory approvals, in a move aimed at strengthening the ICICI brand identity.
The insurer settled ₹1,306 crore in death claims and disbursed ₹3,360 crore as maturity and survival benefits during Q1-FY2027, maintaining an industry-leading claim settlement ratio of 99.3 per cent with an average turnaround time of one day for non-investigative claims. In FY2026, it had settled ₹5,149 crore in death claims and paid ₹15,363 crore as maturity and survival benefits. Managing Director and CEO AnupBagchi said the company would continue to leverage technology, artificial intelligence and digital capabilities to improve customer experience. He added that the savings cost-to-premium ratio declined by 50 basis points to 13.6 per cent, creating room for greater investment in innovation and future growth.
In Siliguri, the company’s strong earnings growth, rapid expansion in term insurance and high claim settlement efficiency are expected to support increasing demand for life insurance products across North Bengal. As Siliguri continues to emerge as a key commercial and financial hub serving North Bengal, Sikkim and the Northeast, improving financial awareness and wider adoption of digital insurance services are likely to boost demand for protection and long-term savings products, benefiting both customers and insurance distributors in the region.
