ICICI Prudential Life Insurance Company540133Quarterly results

Earnings call: VNB up 22.3%, new business premium up 25.0% in H1-FY2027

Transcript of the H1-FY2027 earnings call held on October 13, 2026 is now shared with the exchanges.

By ScoutQuest · Wed 21 Oct 2026, 4:04 PM IST · 3 min read

It is the transcript of the earnings conference call the company hosted for investors and analysts on October 13, 2026, discussing performance for the half year ended September 30, 2026, referred to as H1-FY2027.
The update states that no unpublished price sensitive information was shared during the meeting.

Anup Bagchi's tenure as MD and CEO came to an end; the Board appointed Sidharatha Mishra as MD and CEO for a tenure of 5 years beginning October 14, 2026, subject to the requisite approvals. He had already assumed the role of Chief Operating Officer from October 6, 2026.
The company has been renamed "ICICI Life Insurance Limited", formerly ICICI Prudential Life Insurance Company Limited.

Value of new business (VNB, the expected profit from new policies sold) grew 22.3% year-on-year to ₹ 12.83 billion, and VNB margin stood at 26.0%.
Total premium grew 15.3% year-on-year to ₹ 245.05 billion.
New business premium (premium from freshly sold policies) grew 25.0% year-on-year to ₹ 118.21 billion, driven by 10.6% growth in the number of policies.
Sum assured (the total cover written) grew 30.1% to ₹ 8.81 trillion, with a stated sum assured market share of 11.5%.
Retail sum assured increased 34.9% to ₹ 2.32 trillion, helped by 47.2% year-on-year growth in retail protection.

Protection APE grew 39.5% year-on-year.
Protection rose from 19.3% of APE in H1-FY2026 to 23.4% in H1-FY2027; the savings share moderated from 80.7% to 76.6%.
Management described protection and annuity as central to strategy, and said it will keep focusing on increasing sum assured in a sustainable manner.

Savings APE stood at ₹ 37.79 billion, up 9.3% year-on-year.
Annuity grew 50% year-on-year; linked (market-linked) business grew 6.6% year-on-year, though management noted some softness in the later half of Q2 as uncertain equity markets affected investor sentiment.
Non-linked savings declined 4.5% year-on-year, with Q2 business at a similar level to last year and the non-par mix rising in Q2 versus Q1.
Group funds business grew 48% year-on-year.

Agency channel grew 3.3% year-on-year to ₹ 11.02 billion, with Q2 growth at 4.1%; direct channel grew 10.9% to ₹ 6.79 billion. Together they contributed 46.1% to retail business.
Bancassurance grew 4.6% year-on-year and contributed 27.4% to APE.
Partnership Distribution grew 34.1% year-on-year and contributed 14.8% to APE.
Group business grew 39.2% year-on-year and contributed 21.6% to APE.
The company cited 2.41 lakh+ advisors, 52 bank partnerships with access to more than 27,000 bank branches, and 1,600+ non-bank partnerships.

IRDAI has released a public consultation paper on recalibrating economics of insurance distribution, which management said lays the groundwork for greater efficiency, competition and transparency in the sector.

The stated strategy is unchanged: sustainable VNB growth while balancing business growth, profitability, and risk and prudence.
Priorities mentioned include growing the protection business and sum assured, strengthening the proprietary agency channel, going deeper into micro markets using data analytics and technology, scaling the online business, and deepening the NRI segment through GIFT City.
Product recognition: the flagship term plan "iProtect Smart Plus" was awarded "Product of the Year 2026-27" through Nielsen IQ's consumer research.

The call describes growth across premium, new business premium, VNB and sum assured, alongside a rising protection share and a lower savings share.
The parts that lean softer are a 4.5% year-on-year decline in non-linked savings and some softness in linked business in the later half of Q2, which management linked to uncertain equity markets.

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