Q4 2026 ICICI Prudential Life Insurance Company Ltd Earnings Call Transcript
Key Points
- ICICI Prudential Life Insurance Co Ltd (BOM:540133) achieved a VNB growth of 10.9% in FY 2026, with a VNB margin increase to 24.7% from 22.8% in FY 2025.
- The company reported a strong PAT growth of 34.6% year-on-year to INR16 billion, driven by higher investment income.
- Retail protection segment saw significant growth, with a 50.9% year-on-year increase in retail protection in H2 2026.
- The company maintained an industry-leading claim settlement ratio of 99.3%, with an average turnaround time of 1.1 days.
- ICICI Prudential Life Insurance Co Ltd (BOM:540133) reported a solvency ratio of 227.3%, well above the regulatory requirement of 150%.
- The agency channel APE declined due to a high base of linked and annuity businesses in the previous year.
- Persistency rates showed a decline, particularly in the 13th month persistency, which was impacted by annuity products.
- The company faced challenges in the MFI segment at the start of the year, although recovery was noted from quarter three onwards.
- Despite growth in protection, the overall APE growth was modest at 2.2% year-on-year, indicating slower growth in other segments.
- The company experienced a negative persistency variance of INR2.64 billion, impacting future earnings due to withdrawals.
Ladies and gentlemen, good day and welcome to the ICICI Prudential Life Insurance Company Limited, FY 2026 Earnings Conference Call. (Operator Instructions). I now hand the conference over to Mr. Anup Bagchi, MD and CEO of ICICI Prudential Life Insurance Company Limited. Thank you, and over to you, sir.
Thank you. Good afternoon, and welcome to the results call of ICICI Prudential Life Insurance Company for the year ended March 31, 2026. I have several of my senior colleagues with me on this call, Amit Palta, Chief Product and Distribution Officer, Dhiren Salian, Chief Financial Officer [Jeet], Chief Service Delivery, Manish, Chief Investment Officer, Souvik, Appointed Actuary; and Dhiraj, Chief Investor Relations Officer.
We are also joined today by [Amish Banker]. Amish started his career in branch operations and has a deep understanding of the customer lifecycle and organization processes and systems.
He is currently
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