ICICI Prudential Life Insurance on Wednesday reported around 28 per cent year-on-year growth in standalone net profit at ₹386.18 crore for the first quarter this fiscal, as its net premium income grew over 14 per cent y-o-y. The private life insurance company had registered a net profit of ₹302.08 crore for the first quarter last fiscal.According to a stock exchange filing, the insurer’s new premium income witnessed a 14.65 per cent increase to ₹9,749.33 crore in Q1FY27 from ₹8,503.19 crore in Q1FY26.The first-year premium increased 18.43 per cent y-o-y at ₹1,711.86 crore, whereas renewal premium rose 8.94 per cent y-o-y to ₹5,383.60 crore for the period under review. Single premium increased 22.9 per cent y-o-y to ₹3,155.17 crore in the first quarter of the current financial year.During the period under review, persistency ratios for the 13th month and 61st month grew 200 basis points and 190 basis points y-o-y to 86 per cent and 61.9 per cent, respectively.growth in APEThe annualised premium equivalent (APE) grew 14.6 per cent year-on-year from ₹1,864 crore in Q1FY26 to ₹2,136 crore in Q1FY27. Within that, savings APE stood at ₹1,540 crore and overall protection APE stood at ₹596 crore. Value of new business (VNB) grew 24.9 per cent y-o-y from ₹457 crore in Q1FY26 to ₹571 crore in Q1FY27, with a margin of 26.7 per cent.On the product mix, it said the APE contribution from linked, non-linked, protection, annuity and group funds stood at 43.4 per cent, 16.9 per cent, 27.9 per cent, 6.2 per cent and 5.5 per cent, respectively, during the first quarter this fiscal.“We reported a new business premium growth of 21.3 per cent year-on-year in Q1FY27 on the back of number of policies growth of 13.2 per cent. Protection continues to be our core focus area, and we registered a strong growth of 60.4 per cent y-o-y in our retail protection business in Q1FY27, driven by the GST exemption on protection products and various company-led initiatives. This marks the third consecutive quarter of retail protection growth exceeding 40 per cent, following the GST reforms,” said ICICI Prudential Life Insurance MD & CEO Anup Bagchi.“The board of directors recently approved a proposal to rename the company as ICICI Life Insurance Ltd, subject to relevant approvals. The proposed name reflects the strength, trust and legacy associated with the ICICI franchise,” Bagchi added.Published on July 15, 2026