ICICI Prudential Life Insurance Reports Strong Q1-FY2027 Premium Growth

ICICI Prudential Life Insurance reported a 13.4% year-on-year increase in Renewal Premium (RWRP) to ₹15.38 billion for Q1-FY2027. New Business (NB) premium surged 21.3% to ₹48.66 billion during the same period. The insurer's performance update for June 2026 highlights growth across key metrics, driven by strong demand in the first quarter of the fiscal year.

The company's Annualized Premium Equivalent (APE) rose 14.6% to ₹21.36 billion in Q1-FY2027. Retail APE, a critical indicator of individual policy sales, grew 8.9% to ₹16.46 billion. The New Business sum assured increased 31.8% to ₹4,896.65 billion, reflecting higher coverage per policy.

Premium Growth Metrics

The following table details the premium performance for FY2026, individual months in Q1-FY2027, and the consolidated first quarter:

Metric:	FY2026	April 2026	May 2026	June 2026	Q1-FY2027
RWRP (₹ billion):	82.06	4.21	4.94	6.23	15.38
Y-o-Y Growth:	(1.2%)	24.6%	6.2%	12.7%	13.4%
APE (₹ billion):	106.41	6.18	7.22	7.95	21.36
Y-o-Y Growth:	2.2%	24.1%	7.3%	14.6%	14.6%
Retail APE (₹ billion):	86.92	4.60	5.58	6.28	16.46
Y-o-Y Growth:	(0.1%)	23.0%	(1.2%)	9.6%	8.9%
NB Premium (₹ billion):	248.10	12.96	16.03	19.67	48.66
Y-o-Y Growth:	9.9%	25.6%	13.9%	25.0%	21.3%
NB Sum Assured (₹ billion):	14,502.24	1,776.83	1,666.50	1,453.33	4,896.65
Y-o-Y Growth:	21.4%	2.9%	70.1%	44.3%	31.8%

In June 2026 specifically, RWRP grew 12.7% year-on-year to ₹6.23 billion, while APE increased 14.6% to ₹7.95 billion. NB premium for the month stood at ₹19.67 billion, marking a 25.0% rise compared to the same period last year. The filing was submitted to the exchanges pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.71%	+0.69%	+3.34%	-28.24%	-26.24%	-21.77%

ICICI Prudential Life Insurance Company Limited will reclassify its promoter, Prudential Corporation Holdings Limited, to an investor and change its corporate name to ICICI Life Insurance Limited, subject to regulatory approval. The Board of Directors approved these proposals on July 6, 2026, aligning the company's identity with its post-reclassification promoter structure. The changes follow a request from Prudential and a Letter of Undertaking dated July 4, 2026, addressing potential conflicts of interest arising from Prudential's proposed acquisition of a 75% stake in Bharti Life Insurance Company Limited.

The Board approved filing an application with the Insurance Regulatory and Development Authority of India (IRDAI) for the reclassification of Prudential from 'Promoter' to 'Investor' under the IRDAI Registration Regulations. Concurrently, the company will seek IRDAI approval to change its name from 'ICICI Prudential Life Insurance Company Limited' to 'ICICI Life Insurance Limited'. The name change requires compliance with the Insurance Act, 1938, the Companies Act, 2013, and SEBI regulations.

Governance and Board Changes

Mr. Naveen Tahilyani resigned as a Non-Executive Director effective July 6, 2026, citing the reclassification request and the proposed realignment of Prudential's governance arrangements. The Board accepted his resignation. As per the Letter of Undertaking, Prudential will arrange for the resignation of its nominee director upon the Board's approval of the reclassification application and will not nominate another director during the interim period.

Upon the effective date of reclassification, ICICI Bank has agreed to vote in favour of appointing one director nominated by Prudential, provided Prudential holds at least 10% shareholding and does not hold promoter status in another life insurance company in India. Prudential has agreed to abstain from voting on matters requiring a special resolution until the transaction closes or IRDAI directs otherwise.

Shareholding and Brand Transition

The agreement includes provisions for the transition of the brand and domain name. As of June 30, 2026, Prudential holds 21.89% of the equity shares, while ICICI Bank holds 50.84%.