Mumbai: ICICI Prudential Life Insurance delivered a strong financial performance in the first quarter of FY2027, reporting a 27.8% year-on-year increase in Profit After Tax (PAT) to ₹386 crore, alongside robust growth in its retail protection business and continued focus on customer service.
The insurer disbursed ₹4,666 crore in total customer benefits during the quarter ended June 2026, including ₹1,306 crore in death claims and ₹3,360 crore towards maturity and survival benefits. The company also maintained an industry-leading claim settlement ratio of 99.3%, with an average turnaround time of just one day for non-investigative claims, highlighting its emphasis on prompt claim processing.
A key growth driver during the quarter was the company’s retail protection (term insurance) segment, which expanded by 60.4% year-on-year, reflecting rising consumer demand for financial protection products.
The Board of Directors has also approved a proposal to rename the company as ICICI Life Insurance Limited, subject to the necessary regulatory and statutory approvals. The proposed rebranding is intended to align the company more closely with the trusted ICICI brand while retaining its focus on long-term growth.
Commenting on the quarterly performance, Managing Director and Chief Executive Officer Anup Bagchi said the company’s strategy continues to be centred on customers, with a strong emphasis on timely claims settlement and financial security for policyholders and their families.
He noted that the company settled ₹5,149 crore in death claims and paid ₹15,363 crore in maturity and survival benefits during FY2026, underscoring its commitment to honouring policyholder obligations.
Bagchi added that ICICI Prudential Life will continue investing in technology, artificial intelligence and digital capabilities to improve operational efficiency and enhance customer experience. The company also reported an improvement in cost efficiency, with its savings cost-to-premium ratio declining by 50 basis points to 13.6% during the quarter, creating additional capacity to invest in innovation and future growth initiatives.
With steady earnings growth, expanding protection business and continued digital transformation, the insurer remains focused on strengthening its market presence and addressing India’s growing life insurance needs while delivering greater value to policyholders.
