ICICI Prudential Life Insurance reported a 27.8% year-on-year increase in Profit After Tax (PAT) to ₹386 crore for the quarter ended June 6, while its retail protection (term plan) business registered a robust 60.4% growth during the first quarter 202of FY2027. The company also announced that its board has approved a proposal to rename the insurer as ICICI Life Insurance Limited, subject to regulatory approvals.
The insurer said it paid total customer benefits of ₹4,666 crore during the quarter, including ₹1,306 crore towards death claims and ₹3,360 crore as maturity and survival benefits. It also maintained an industry-leading claim settlement ratio of 99.3% in Q1-FY2027, with an average turnaround time of one day for non-investigative claims. During FY2026, the company settled ₹5,149 crore in death claims and disbursed ₹15,363 crore as maturity and survival benefits.
Commenting on the results, Managing Director and CEO AnupBagchi said the company remains focused on a customer-first strategy, with investments in technology, artificial intelligence (AI) and digital capabilities to improve efficiency and customer experience. He added that the savings cost-to-premium ratio declined by 50 basis points to 13.6% in Q1-FY2027, creating room for further investment in innovation and future growth. Bagchi said the proposed name change reflects the strength and legacy of the ICICI brand while reaffirming the company’s commitment to expanding its reach and addressing India’s growing life insurance needs.