ICICI Life Insurance reported profit after tax of ₹760 crore for the half-year ended 30 September 2026, up 26.5% from a year earlier, according to Kotak Neo. The value of new business, or VNB, was ₹1,283 crore, up 22.3%, with a VNB margin of 26% against 24.7% in the first half of FY26. Total premiums were ₹24,505 crore, up 15.3%.
Premium and protection
Annualised premium equivalent, or APE, was ₹4,935 crore for the half-year, up 15.1%. Protection APE was ₹1,155 crore, up 39.5%, and retail protection APE was ₹455 crore, up 47.2%. New business retail sum assured was ₹2.32 lakh crore, up 34.9%.
The September quarter
Second-quarter APE was ₹2,799 crore, up 15.6%. By product, protection APE rose 51.5%, retail protection APE rose 36.5%, linked savings APE rose 11.8% and non-linked savings APE rose 6.7%. Annuity APE fell 0.6%. The number of retail policies rose 10.8%.
Balance sheet and service
Assets under management were ₹3.29 lakh crore as of 30 September 2026. The solvency ratio was 229.9%, and the 13th-month persistency ratio was 84.5%. The claim settlement ratio for the half-year was 99.3%, which the report describes as an internal high, and the average settlement time for eligible non-investigated individual claims was 1.1 days.
Distribution
The company recruited more than 36,000 advisers in the half-year and added more than 80 partnerships. Its adviser network stands at over 241,000. It has access to more than 27,000 bank branches and over 1,600 partnerships in total.
The share price
Shares closed at ₹447 on the NSE on 13 October 2026, down 3.54% on the day.
Key numbers
- Profit after tax: ₹760 cr (+26.5% YoY)
- Value of new business: ₹1,283 cr (+22.3% YoY)
- VNB margin: 26% (From 24.7%)
- Solvency ratio: 229.9% (30 Sep 2026)
What boards and CFOs should note
Three points stand out for finance teams. First, protection grew far faster than the total, at 39.5% against 15.1% for APE in the half-year, and protection products carry different economics from savings. Second, VNB grew faster than APE, at 22.3% against 15.1%, which fits the margin rising by 1.3 percentage points to 26%. Third, the report shows annuity APE slightly lower in the quarter while other lines grew.
Source: Kotak Neo, 13 October 2026. This is a summary of a news report, published as general information. It is not legal, tax or investment advice.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
