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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail protection, Savings (linked, non-par, par) (72%), Group business (23%), Agency channel, Direct channel, Partnership distribution (15%). Long-duration liability-driven life insurer earning premium income and investment returns on the policyholder float
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | — | — |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | 1,186 | 1,608 |
| EPS, as reported (₹) | — | — |
| ROE % · ROCE % | — · — | — · — |
| Debt / equity (x) | — | — |
| Cash from operations | 1,07,641 | (5,355) |
| Capex | (259) | (123) |
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Profit before tax | 413 | 343 | 342 | 443 | 683 |
| Net profit | 385 | 301 | 296 | 387 | 624 |
| EPS (₹) | — | — | — | — | — |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAX FINANCIAL SERV LTD | 50,971 | 461.6 | 7.94 | 208.8 | 1.6 | — | 8.8 | 1.2 |
| ICICI PRU LIFE INS CO LTD ◆ | — | — | — | — | — | 0.6 | — | — |
| LIFE INSURA CORP OF INDIA | — | — | — | — | — | — | — | — |
| HDFC LIFE INS CO LTD | — | — | — | — | — | — | — | — |
| SBI LIFE INSURANCE CO LTD | — | — | — | — | — | — | — | — |
| CANARA HSBC LIFE INS CO L | — | — | — | — | — | — | — | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · ICICI Pru Life schedules investor and analyst meetings in September 2026 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · ICICI Pru Life schedules investor meetings on Sept 17-22, 2026 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · ICICI Pru Life schedules investor meetings on Sept 17, 21 and 22 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Schedule of investor and analyst meetings on Sep 17, 21 and 22, 2026 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · ICICI Pru Life: GST appeal dismissed, tax demand of about Rs 3.75 crore upheld | regulatory legal | high | — | — |
| 8 Sept 2026 · Allotment of 1,84,265 equity shares under ESOP and ESUS schemes | capital market events | low | — | — |
| 7 Sept 2026 · ICICI Pru Life Aug 2026 APE up 23.4% YoY at Rs 8.91 bn | business updates | medium | — | — |
| 5 Sept 2026 · ICICI Bank buys 2% in ICICI Pru Life, promoter holding rises to 52.84% | ownership changes | high | — | — |
| 1 Sept 2026 · Allotment of 214,255 equity shares under ESOP and ESU schemes | capital market events | low | — | — |
| 25 Aug 2026 · Allotment of 9,894 shares under Employee Stock Unit Scheme 2023 | capital market events | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 0.6 | 4.6 | 2 of 2 | 0% |
| Profit growth | 61.9 | 21.9 | 3 of 12 | 82% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
