ICICI Life Insurance Limited reported a 26.5% year-on-year rise in profit after tax (PAT) to ₹760 crore in the first half of FY2027, supported by robust growth in new business premiums and protection and annuity segments.
The insurer’s new business premium increased 25% to ₹11,821 crore during the April-September period, while its value of new business (VNB) rose 22.3% to ₹1,283 crore, with a margin of 26%. Retail protection grew 47.2% and annuity business expanded 50%, pushing retail sum assured up 34.9% to ₹2.32 lakh crore.
Chief Operating Officer Sidharatha Mishra said protection and annuity remained central to the company’s long-term strategy. He highlighted its diversified distribution network, customer-centric products and strong risk and capital metrics as key strengths supporting sustainable growth.
The company reported a claim settlement ratio of 99.3%, with an average turnaround time of 1.1 days for non-investigated claims. It settled death claims worth ₹2,627 crore and paid ₹8,634 crore in maturity and survival benefits during the period.
Operational efficiency also improved, with 54% of savings policies issued on the same day. The cost-to-premium ratio, excluding GST, declined 30 basis points year-on-year to 18.3%, while the savings cost-to-premium ratio fell 90 basis points to 11.6%.
Recently renamed ICICI Life Insurance Limited, the company is marking 25 years of operations and says it has secured the financial futures of more than 20 crore Indians.