ICICI Life Insurance, formerly known as ICICI Prudential Life Insurance Company, Q2 result shows 25.1% year-on-year (YoY) to Rs 374.22 crore in the quarter that ended on June 30. In the same quarter of the previous year, the insurer had registered PAT of Rs 299.26 crore.
Key Highlights
- ICICI Life Insurance posted a 25.1% YoY growth in Q2 FY27 net profit at Rs 374.22 crore.
- Gross premium income rose 15.9% to Rs 14,254.59 crore, crossing research estimates of Rs 14,040 crore.
The company's standalone unaudited financial results for the July-September quarter show gross premium income has grown 15.9% YoY to Rs 14,254.59 crore compared to Rs 12,297.03 crore in the corresponding period a year ago.
ICICI Life Insurance Q2 results also beat the market estimates. ICICI Life Insurance was projected to make a net profit of Rs 330 crore and gross premium income of Rs 14,040 crore, Zee Business Research said. The gross premium revenue was Rs 214.59 crore higher than the estimate, the PAT was also reported higher by Rs. 44.22 crore.
ICICI Life Insurance Q2 Results: Net Profit Grows 25.1%
The standalone PAT expanded by Rs 74.96 crore to Rs 374.22 crore in Q2 FY27 compared to Rs 299.26 crore in Q2 FY26.
Profit before tax (PBT) shrank 25.4% YoY to Rs 435.32 crore from Rs 347.01 crore as of Q1 last year. This provision for tax was raised from Rs 47.75 crore to Rs 61.10 crore in the same period.
The net profit was reported at its highest level in the quarter as compared to the research estimate of Rs 330 crore and it was 13.4% higher.
Gross Premium Income Rises 15.9% to Rs 14,255 Crore
Gross premium income of ICICI Life Insurance rose by Rs 14,254.59 crore in the second-quarter of the fiscal 2027 (FY27) compared to Rs 12,297.03 crore in the same quarter of last year.
Single premium income was the biggest contributor as it rose by 38.7% year-over-year to Rs 4,812.42 crore from Rs 3,470.08 crore. First-year premium rose 8.6% to Rs 2,145.70 crore from Rs 1,975.17 crore, while renewal premium increased 6.5% to Rs 7,296.47 crore from Rs 6,851.78 crore.
Net premium income also recorded growth, rising 16.6% YoY to Rs 13,803.90 crore from Rs 11,843.10 crore.
The gross premium income of the insurer was about 1.5% higher than the research estimate of Rs 14,040 crore, showing higher-than-anticipated revenue on premiums during the September quarter.
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ICICI Life Insurance Q2 Results: Expenses Increase
The insurance company also had growing operating expenses and policyholder benefits, in addition to the rising premium income and profitability.
Management costs, such as commissions and operating costs for the insurance business, increased to Rs 2,654.17 crore in Q2 FY27 compared to Rs 2,151.84 crore in the same quarter of FY26.
Net commission expenses rose to Rs 1,375.55 crore as compared to Rs 1,203.76 crore. Other operating expenses grew by Rs 727.54 crore from Rs 483.61 crore, and employee remuneration and welfare expenses grew by Rs 551.08 crore from Rs 464.47 crore.
The benefit payout to policyholders (excluding reinsurance) increased to Rs 12,923.89 crore from Rs 11,276.81 crore in the previous year.
The surplus in the policyholders' account was Rs 189.71 crore against Rs 484.92 crore in the corresponding quarter last year.
Investment Income Supports ICICI Life Insurance’s Results
The investment income figure has risen to Rs 350.73 crore in FY27 Q2 from Rs 318.33 crore during the corresponding quarter in the previous year. Other income was Rs 1.97 crore as against Rs 0.22 crore in the prior year's same quarter.
The increase in investment income was in addition to the growth in premium collections and profitability of the company during the quarter.
