ICICI Prudential Life Insurance Company Limited Earnings Summary — Q2 FY2027
ICICI Life Insurance Q2 PAT jumps 25% YoY to ₹374 Cr on 16.6% Net Premium Growth
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 86.0% sequentially in Q4 FY2026.
- Revenue of ₹3,185 Cr is 79.7% lower year-on-year.
- Revenue has compounded at -61.0% annualised over the last 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹624 Cr is 61.9% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 56.8% annualised across the period.
- Operating margin stands at -23.7% in Q4 FY2026.
- Operating margin compressed by 2633 bps year-on-year.
- Over the last two years operating margin has contracted by 2244 bps.
- PBT margin is 8.8%.
- Expenses grew -74.2% against revenue growth of -79.7%.
- Operating profit of ₹-754 Cr is 281.7% lower year-on-year.
- Operating leverage has been under pressure recently.
- 1 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 31/100 (Weak) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 | Q3 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Volatile | 3,185 | 22,834 | 11,936 | 25,401 | 15,687 | 4,536 | 25,158 | 25,396 | 22,482 | 26,430 |
| Expenses | Volatile | 3,940 | 22,093 | 11,955 | 25,188 | 15,272 | 4,295 | 24,839 | 25,362 | 22,760 | 26,584 |
| Operating Profit | Volatile | -754 | 741 | -19 | 213 | 415 | 241 | 319 | 34 | -278 | -155 |
| Operating Margin | Volatile | -23.7% | 3.3% | -0.2% | 0.8% | 2.6% | 5.3% | 1.3% | 0.1% | -1.2% | -0.6% |
| Other Income | Volatile | 1,036 | -243 | 408 | 177 | 183 | 169 | -17 | 237 | 549 | 420 |
| Interest | Insufficient data | — | — | — | — | — | — | — | — | — | — |
| Depreciation | Insufficient data | — | — | — | — | — | — | — | — | — | — |
| Profit Before Tax | Improving | 281 | 498 | 389 | 390 | 598 | 410 | 303 | 271 | 270 | 265 |
| Tax | Volatile | -343 | 111 | 93 | 89 | 213 | 85 | 52 | 47 | 97 | 38 |
| Net Profit | Accelerating | 624 | 387 | 296 | 301 | 385 | 325 | 251 | 224 | 174 | 227 |
| Net Margin | Volatile | 19.6% | 1.7% | 2.5% | 1.2% | 2.5% | 7.2% | 1.0% | 0.9% | 0.8% | 0.9% |
Key Takeaways
- Net Profit After Tax grew 25.05% YoY to ₹374.22 Cr (₹37,422 lakh) compared to ₹299.26 Cr in Q2 FY2026, though declining marginally by 3.10% QoQ.
- Net Premium Income climbed 16.56% YoY and 41.59% QoQ to ₹13,803.90 Cr, driven by robust single premiums (₹4,812.42 Cr, +38.68% YoY) and renewal premiums (₹7,296.47 Cr, +6.49% YoY).
- Solvency ratio improved significantly to 229.9% as of September 30, 2026, up from 213.2% a year ago and 225.4% in the previous quarter, maintaining a substantial cushion above the 150% regulatory requirement.
- Persistency metrics showed steady improvement, with the 13th-month persistency (premium basis) rising to 83.9% from 81.4% YoY, and 61st-month persistency reaching 62.3% from 59.5% YoY.
- The corporate name changed to ICICI Life Insurance Limited effective September 22, 2026, following Prudential Corporation Holdings' application to reclassify from 'promoter' to 'investor', currently under IRDAI review.
- The company secured regulatory forbearance from IRDAI permitting a one-year deferral of Ind AS adoption, continuing to report under Indian GAAP and IRDAI 2024 regulations.
Management Guidance
Management reiterates focus on quality underwriting, expanding distribution partnerships, and maintaining robust capital buffers while navigating industry seasonality and regulatory transitions.
Sentiment Shift
Improving
A strong 25% YoY growth in quarterly PAT along with double-digit expansion in premium income and improving persistency marks a noticeable rebound from prior margin headwinds.
Outlook
The company remains well-capitalized with a 229.9% solvency ratio and continues to demonstrate balanced product growth across non-par and par portfolios, though seasonality will influence second-half trajectory.
From the Annual Report (Key Quotes)
“The Board approved a proposal to change the name of the Company from 'ICICI Prudential Life Insurance Company Limited' to 'ICICI Life Insurance Limited' effective September 22, 2026.”
“In view of seasonality of the industry, the financial results for the quarter and half year ended September 30, 2026 are not indicative of full year's expected performance.”
“Pursuant to approval from IRDAI for forbearance, permitting it to defer the adoption of Ind AS by one year, the Company has prepared its financial statements as per Indian GAAP.”
Official Quarterly Documents
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This summary is AI-generated from ICICI Prudential Life Insurance Company Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.
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