NSE: ICICILIFE · BSE: 540133
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%. 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
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ 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 (₹) | — | — | — | — | — |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAX FINANCIAL SERV LTD | 42,492 | 384.8 | 6.62 | — | 1.6 | — | 8.8 | 1.2 |
| ICICI LIFE INSURANCE LTD ◆ | — | — | — | — | — | 0.6 | — | — |
| LIFE INSURA CORP OF INDIA | — | — | — | — | — | — | — | — |
| HDFC LIFE INS CO LTD | — | — | — | — | — | — | — | — |
| SBI LIFE INSURANCE CO LTD | — | — | — | — | — | — | — | — |
| CANARA HSBC LIFE INS CO L | — | — | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| 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% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · 200 equity shares allotted under employee stock option plan | capital market events | low | — | — |
| 21 Oct 2026 · Allotment of 2,697 equity shares under ESU Scheme 2023 | capital market events | low | — | — |
| 21 Oct 2026 · ICICI Life H1-FY27: VNB up 22% to about Rs 12.83bn, margin 26%, new CEO takes over | investor communications | medium | — | — |
| 20 Oct 2026 · Income tax rectification order, company to appeal | regulatory legal | high | — | — |
| 16 Oct 2026 · Name change to ICICI Life Insurance Limited; symbol to ICICILIFE from Oct 23, 2026 | capital market events | medium | — | — |
| 15 Oct 2026 · ICICI Life Insurance gets tax rectification order, to appeal | regulatory legal | medium | — | — |
| 15 Oct 2026 · Newspaper ad for H1-FY2027 results filed with BSE, NSE | compliance | minimal | — | — |
| 14 Oct 2026 · Quarterly demat compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 13 Oct 2026 · IRDAI approves Sidharatha Mishra as MD and CEO for 5 years | regulatory legal | medium | — | — |
| 13 Oct 2026 · Link to audio recording of H1-FY2027 earnings call | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.