ICICI Life Insurance

“The expectation is that as you get into H2 of this year, those growth numbers should taper down from the 40%-50% that we've been seeing to more moderate levels.”

“So the idea being again endeavor is agency to deliver better growth than company over the medium term.”

“In H1-FY2027, our sum assured grew by 30.1% to ₹ 8.81 trillion, supported by a strong 39.5% year-on-year growth in protection APE. Our sum assured market share stood at 11.5%.”

“Consequently, the savings business mix moderated from 80.7% in H1-FY2026 to 76.6% in H1-FY2027.”

“In the savings business, APE stood at ₹ 37.79 billion in H1-FY2027, registering a growth of 9.3% year-on-year.”

“Linked business grew by 6.6% year-on-year in H1-FY2027. This segment witnessed some softness, especially in the later half of Q2, as uncertain equity markets impacted investor sentiment.”

“The non-linked savings business declined by 4.5% year-on-year in H1-FY2027. However, this business segment has seen a sharp recovery, with Q2 business being at a similar level to last year.”

“I think the market volatility, as Amish also pointed out in his comments, has had an impact in this quarter.”

“If the rates stay high for longer, then it is likely that non-par as a share, and this also adds annuity to it, both of these can become a larger proportion of the business, not just for us, for others as well.”

“VNB margin stood at 26.0%, an expansion of 130 basis points from the full-year margin of 24.7% last year.”

“As we had discussed at the Q1 call itself, a large portion of this movement fundamentally is the product mix and that continues from quarter one all the way to quarter two as well.”

“Additionally, we kept working towards improving the profitability of each line of business through longer tenure of policies, higher sum assured multiples, and increasing rider attachment.”

“Our operating expenses, excluding GST and stamp duty, have reduced at a CAGR of 8% over the last three years, an absolute 22% reduction in FY2026 compared to FY2023,”

“Our Cost to Premium ratio, excluding GST, reduced by 30 basis points year-on-year to 18.3% in H1-FY2027, and the Savings Cost to Premium ratio, excluding GST, reduced by 90 basis points year-on-year to 11.6% over the same period.”

“Our solvency ratio continues to be strong at 229.9%, and assets under management stood at ₹ 3.29 trillion at September 30th, 2026.”

“ICRA has reaffirmed the rating of our existing ₹ 26 billion sub-debt programme as [ICRA] AAA (Stable).”

“As you are aware, the Board has appointed Sidharatha as the MD and CEO of ICICI Life for a tenure of 5 years, beginning October 14, 2026, subject to the requisite approvals.”

“As my tenure as MD and CEO comes to an end today, I want to sincerely thank each one of you for the trust and support you have extended to me”

“H1-FY2027 was marked by global macroeconomic uncertainty, driven by geopolitical tensions. While the Indian economy remained relatively stable, risks persisted from supply chain disruptions and elevated inflation.”

“IRDAI has released a public consultation paper on recalibrating economics of insurance distribution.”

“A key element is the recalibration of expenses of management framework, with revised limits and a phased glide path to instill stronger cost discipline.”

“In the distribution space, the paper proposes an efficiency-oriented approach with differentiated commission caps.”

“The regulator has set a time towards the end of this month to collect feedback from all stakeholders, including the general public”

“The company has been renamed “ICICI Life Insurance Limited”, strengthening our identity with brand ICICI, that millions of Indians associate with trust, strength, and easy access to financial services.”

“Our strategy remains unchanged, delivering sustainable VNB growth while balancing business growth, profitability, and risk and prudence. Protection and annuity stay central to our strategy, addressing significant underpenetrated needs in India.”

“Despite this external volatility, we delivered a strong and resilient performance, with VNB growing by 22.3% to ₹ 12.83 billion in H1-FY2027, and margins stood at 26.0%.”

“Total premium grew by 15.3% year-on-year to ₹ 245.05 billion. New business premium grew by 25.0% year-on-year to ₹ 118.21 billion, driven by 10.6% growth in the number of policies”

“Today, we have the strength of 2.41 lakh+ advisors, 52 bank partnerships with access to more than 27,000 bank branches, and 1,600+ non-bank partnerships.”