ICICI Life Q2 net profit rises 25% on better product mix

Mumbai: ICICI Life Insurance's second-quarter profit rose 25% year-on-year as growth in new business and a shift towards protection and annuity products supported profitability.

Net profit for the quarter ended September 2026 increased to ₹374 crore from ₹299 crore a year earlier. For the first half of FY27, profit rose 26.5% to ₹760 crore.

Shares fell 2.65% on the BSE to ₹446 apiece even as the benchmark index rose 1.54%.


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Annualised premium equivalent (APE), a measure of new business sales, grew 15.1% to ₹4,935 crore in the first half. Protection APE rose 39.5% to ₹1,155 crore, while annuity APE increased 50% to ₹324 crore. Savings APE grew at a slower 6.6% to ₹3,455 crore as the business mix moved towards protection and retirement products.

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"The mix is geared more towards protection, and that is what is helping us deliver the margins at this point," management said during the earnings call.

The stronger mix helped improve the value of new business (VNB), a measure of profitability from new policies, by 22.3% to ₹1,283 crore in the first half. The VNB margin expanded 150 basis points to 26%, indicating higher expected profitability from new business.