ICICI Prudential Life Insurance reported a strong financial performance for the March quarter, with standalone net profit rising 58% year-on-year to Rs 609 crore, compared to Rs 386 crore in the same period last year. The growth was driven by improved new business traction and steady premium inflows.
Key Highlights
- ICICI Prudential Life Insurance posts 58% profit jump to Rs 609 crore, driven by strong new business.
- Insurer announces Rs 1.65 dividend, leadership changes, and improved margins in FY26 results.
The company’s board has recommended a final dividend of Rs 1.65 per equity share (face value Rs 10), subject to shareholder approval at the upcoming annual general meeting. The payout is expected to be completed within 30 days of declaration.
In a key governance update, joint statutory auditor Walker Chandiok & Co LLP will retire after completing its 10-year tenure. The board has approved the appointment of Chaturvedi & Co LLP as the new joint statutory auditor for a four-year term, pending shareholder approval.
Leadership Changes and New Appointments
The insurer also announced changes in its senior leadership team. Rajiv Adhikari, head of corporate communications, and Amit Palta, chief products and distribution officer, will step down effective May 31.
Meanwhile, Amish Banker has been appointed as Chief Distribution Officer, effective April 14. A long-time company executive, Banker currently oversees operations, customer service, underwriting, and claims.
Also Read: General Insurance Premium Growth Rises to 9.3% in FY26
Stock-Based Compensation and Growth Metrics
The board approved stock-based incentives under existing schemes, including the grant of up to 3.4 million stock options priced at Rs 547 per option, along with 0.5 million stock units at Rs 10 each.
On the operational front, the company reported steady improvement in key metrics. Its embedded value (EV) rose to Rs 52,989 crore in FY26, up from Rs 47,951 crore a year ago. The value of new business (VNB) increased to Rs 2,629 crore, while the VNB margin improved to 24.7% from 22.8%, reflecting better profitability in new policies.
ICICI Prudential Life Insurance performance reflects a broader recovery in the life insurance sector, supported by higher premium collections, improved product mix, and rising demand for protection products. Analysts note that growth in new business and margin expansion positions the company for sustained profitability in the coming quarters.
