ICICI LIFE INSURANCE LTD

Sells life insurance and savings products to Indian retail and group customers across protection, linked, non-par savings, and par segments. Premium income comes through five distribution channels: agency, direct, bancassurance, partnership distribution, and group business. In Q1 FY27, Annualised Premium Equivalent (APE) was ₹21.36 billion; retail protection APE jumped 60.4% year-on-year while non-par savings APE fell 9.5%, shifting the product mix toward protection (savings share moderated from 78.1% to 72.1%). Value of new business (VNB) was ₹5.71 billion at a 26.7% margin, reflecting the protection tilt and cost discipline (savings cost-to-premium ratio improved to 13.6%). Investment income is earned on an assets-under-management base of ₹3.34 trillion with no NPAs since inception. Solvency stood at 225.4% against the 150% required, claim settlement ratio at 99.3% with a 1-day turnaround, and 13th month persistency at 84%. Total cost-to-premium ratio was 21.8%.