ICICI Prudential Life Insurance has begun FY2027 on a strong note, reporting a 27.8% year-on-year rise in net profit to ₹386 crore for the quarter ended June 2026. The company also paid customer benefits worth ₹4,666 crore during the quarter, underlining its focus on timely claim settlements and financial security.
During Q1-FY2027, the insurer settled ₹1,306 crore in death claims and disbursed ₹3,360 crore towards maturity and survival benefits. It maintained an impressive claim settlement ratio of 99.3%, with non-investigative claims being settled in an average of just one day.
A key highlight of the quarter was the 60.4% year-on-year growth in the retail protection (term insurance) business, reflecting rising awareness and demand for life insurance protection among Indian consumers.
Managing Director & CEO Anup Bagchi said the company continues to place customers at the centre of its strategy while leveraging technology, artificial intelligence and digital capabilities to enhance operational efficiency and customer experience. He noted that the savings cost-to-premium ratio improved by 50 basis points to 13.6%, enabling the company to reinvest in innovation and future growth.
The Board of Directors has approved a proposal to rename the company as ICICI Life Insurance Limited, subject to regulatory approvals. The proposed change is intended to strengthen the company's brand identity by aligning it more closely with the trusted ICICI franchise, while reinforcing its commitment to expanding insurance access and delivering long-term value to customers across India.