ICICI Prudential Life Insurance Company Limited Q1-FY2027 VNB Jumps 24.9%, PAT Up 27.8%; Board Approves Name Change
July 23, 2026: ICICI Prudential Life Insurance Company Limited delivered a strong performance for the first quarter of FY27, reporting healthy growth in profitability, new business, and protection sales despite a volatile macroeconomic environment. Alongside its quarterly results, the company also announced that its Board has approved a proposal to change its name to ICICI Life Insurance Limited, subject to regulatory and statutory approvals.
The insurer continued to strengthen its market position through higher Value of New Business (VNB), robust protection business growth, and expanding customer reach.
Value of New Business Rises Nearly 25%
ICICI Prudential Life reported a Value of New Business (VNB) of ₹571 crore for Q1 FY27, representing a 24.9% year-on-year increase.
The company maintained a healthy VNB margin of 26.7%, reflecting its continued focus on profitable growth and an improving business mix.
Profit After Tax Grows 28%
Profitability remained strong during the quarter.
Profit After Tax (PAT) increased 27.8% year-on-year to ₹386 crore, supported by healthy growth in new business and disciplined business execution.
New Business Premium Sees Strong Growth
The company reported a 21.3% year-on-year increase in New Business Premium (NBP) to ₹4,866 crore.
Growth was driven by:
- 13.2% increase in the number of policies sold
- Strong demand across protection and savings products
- Continued expansion of the company’s customer base
Protection Business Continues to Outperform
Protection products remained one of the fastest-growing segments during the quarter.
Key highlights include:
- Protection Annualized Premium Equivalent (APE) increased 45.7% year-on-year
- Retail Protection business grew 60.4% year-on-year
- Retail Sum Assured increased 45.9% to ₹1.13 trillion
The strong growth demonstrates increasing customer awareness of financial protection and life insurance solutions.
Total Sum Assured Approaches ₹5 Trillion
The company’s Total Sum Assured rose 31.8% year-on-year to ₹4.90 trillion, reflecting continued growth in customer coverage and protection-focused product sales.
Board Approves Proposal to Rename Company
In a significant strategic development, the Board of Directors approved a proposal to change the company’s name from:
ICICI Prudential Life Insurance Company Limited to ICICI Life Insurance Limited
The proposed name change is subject to approvals from regulators, shareholders, and other statutory authorities.
The proposal follows Prudential Corporation Holdings Limited (PCHL) seeking to change its status from Promoter to Investor.
The company clarified that the proposed name change will not affect its business operations, management, governance framework, customer relationships, or strategic direction, and it will continue operating with the same focus on delivering long-term value.
Regulatory Developments
ICICI Prudential Life also welcomed recent initiatives by the Insurance Regulatory and Development Authority of India (IRDAI) aimed at strengthening governance and improving customer outcomes.
Management highlighted regulatory measures such as:
- Linking key management compensation with customer-centric performance metrics
- Proposed disclosure requirements for insurance intermediaries
The company believes these initiatives will further improve transparency, governance standards, and policyholder protection across the insurance industry.