ICICI Prudential Life Insurance Ltd. reported a 27.8 per cent year-on-year increase in profit after tax (PAT) to ₹386 crore for the quarter ended June 2026, supported by strong growth in its retail protection business and operational efficiencies. The insurer’s term insurance (retail protection) business grew 60.4 per cent year-on-year during the first quarter of FY2027, while total benefits paid to customers stood at ₹4,666 crore. The company’s Board also approved a proposal to rename the insurer as ICICI Life Insurance Limited, subject to statutory and regulatory approvals.
The insurer settled ₹1,306 crore in death claims and disbursed ₹3,360 crore as maturity and survival benefits during the quarter, taking the total customer payouts to ₹4,666 crore. It maintained an industry-leading claim settlement ratio of 99.3 per cent in Q1-FY2027, with an average turnaround time of just one day for non-investigative claims. In FY2026, the company settled ₹5,149 crore in death claims and paid ₹15,363 crore as maturity and survival benefits.
Managing Director and CEO AnupBagchi said the company remains focused on a customer-first strategy while leveraging technology, artificial intelligence and digital capabilities to enhance efficiency and customer experience. He added that the savings cost-to-premium ratio improved by 50 basis points to 13.6 per cent, enabling greater investment in innovation and future growth. Bagchi said the proposed name change reflects the strength, trust and legacy associated with the ICICI franchise while reaffirming the company’s focus on expanding its reach in India’s growing life insurance market.
In Imphal, the insurer’s strong financial performance, high claim settlement ratio and growing protection business are expected to reinforce confidence among policyholders and first-time insurance buyers in Manipur. With increasing awareness of financial planning and life protection in Imphal, faster claim settlements and expanding digital services could accelerate demand for term insurance and long-term savings products, creating new opportunities for insurers in the state’s evolving financial services market.
