ICICI Prudential Life Insurance Company Limited (ICICIPRULI)
Large CapFinancial Services stocks · Large cap · NSE
ICICI Prudential Life Insurance Company Limited offers a comprehensive suite of life insurance products across savings, protection, and annuity segments. It leverages diversified distribution channels including bancassurance, agency, direct, and partnership distribution, focusing on sustainable VNB growth, profitability, and risk prudence.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 57/100Rev +12% YoY · PAT +28% YoY · +764% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹28,513 Cr | +12.3% | +764.3% |
| EBITDA | ₹293 Cr | +31.4% | +145.9% |
| Operating margin | 1.0% | +10 bps | +2000 bps |
| PAT | ₹386 Cr | +27.8% | -36.6% |
| PAT margin | 1.4% | +16 bps | -1711 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
ICICI Prudential Life reports robust Q1-FY2027 performance with APE up 14.6% YoY, VNB up 24.9% YoY, and PAT up 27.8% YoY. Retail sum assured surged 45.9% YoY, driven by strong protection and annuity growth. Solvency ratio remains healthy at 225.4%.
The company delivered strong Q1-FY2027 results, with VNB growth outpacing APE, indicating improved profitability. Retail protection and annuity segments show significant momentum. While cost efficiency improved in the savings LOB, the overall cost/premium ratio increased. Solvency remains robust, supporting future growth, though 13-month persistency saw a slight decline.
APE by Product Mix (Q1-FY2027)
Latest issuer-disclosed distribution across 5 reported categories.
Retail Protection
Retail protection APE grew 60.4% Y-o-Y in Q1-FY2027.
Annuity Segment
Annuity APE grew 33.0% Y-o-Y in Q1-FY2027.
Partnership Distribution
Partnership distribution APE grew 29.5% Y-o-Y in Q1-FY2027.
Group Business
Group APE grew 38.8% Y-o-Y in Q1-FY2027.
Advisor Recruitment
15,000+ advisors recruited in Q1-FY2027.
Partnership Expansion
25+ partnerships added in Q1-FY2027.
Favorable Demography
Large and growing working population (age 25-59 years) in India, projected to reach 777.5 mn by FY2034.
Financialisation of Savings
Life insurance constitutes 17% of household financial savings, indicating significant growth potential.
Low Protection Penetration
India's retail protection sum assured is 27% of GDP, significantly lower than developed markets, implying substantial headroom for growth.
Rising Retirement Population
The ageing population is growing faster, creating an increasing demand for retirement and annuity products.
Credit Life Segment Flatness
The credit life segment remains flat due to Micro Finance Institution (MFI) headwinds.
Interest Rate Risk
66.2% of liabilities largely pass on market performance to customers; derivatives are used to hedge interest rate risks for non-par guaranteed savings, protection & annuities.
Insurance Risks
Persistency experience and mortality experience are monitored regularly.
Market Risk (Equity Values)
A 10% increase/decrease in equity values impacts Embedded Value (EV) by +/- 1.5%.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document explicitly provides Q1-FY2027 results compared to Q1-FY2026, indicating a focus on annual performance trends for this seasonal business.
Annualised Premium Equivalent (APE)
₹ 21.36 bn, 14.6% Y-o-Y growth.
Value of New Business (VNB)
₹ 5.71 bn, 24.9% Y-o-Y growth.
VNB Margin
26.7% in Q1-FY2027, up from 24.5% in Q1-FY2026.
Assets Under Management (AUM)
₹ 3,338.18 bn at June 30, 2026, 2.9% Y-o-Y growth.
Company Renaming Proposal
Board approved proposal to rename the Company as ‘ICICI Life Insurance Limited’, pending regulatory approval.
Strategic Focus
Company remains well-positioned to drive sustainable growth, enhance customer outcomes & create long-term value for stakeholders.
VNB Growth Strategy
Deliver sustainable VNB growth by balancing business growth, profitability and risk & prudence.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| VNB Margin | 26.7% in Q1-FY2027 | Sustained expansion in VNB margin, indicating improved profitability of new business. |
| Retail Protection APE Growth | 60.4% Y-o-Y in Q1-FY2027 | Continued high growth rates in the retail protection segment, a key focus area. |
| 13th Month Persistency | 84.0% at June 30, 2026 | Stabilization or improvement in persistency ratios, crucial for long-term profitability. |
| Overall Cost/Total Premium | 21.8% in Q1-FY2027 | Evidence of overall cost efficiency improvements, despite the increase this quarter. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Indian economy is poised to head towards sustained growth, fuelled by favourable demographics and rising affluence.
"Indian economy poised to head towards sustained growth fuelled by favourable demographics, rising affluence"
Indian economy is poised to head towards sustained growth, fuelled by favourable demographics and rising affluence.
"Indian economy poised to head towards sustained growth fuelled by favourable demographics, rising affluence"
Profitability will be built by growing the protection business faster, continuously improving business persistency, and maintaining focus on cost management.
"Build the profitability of the business through growing the protection business faster... improve persistency... cost management"
Profitability will be built by growing the protection business faster, continuously improving business persistency, and maintaining focus on cost management.
"Build the profitability of the business through growing the protection business faster... improve persistency... cost management"
The company aims to strengthen its multi-channel distribution platforms by deepening existing relationships and building new alliances.
"Strengthening our multi-channel distribution platforms through deepening existing relationships"
The company aims to strengthen its multi-channel distribution platforms by deepening existing relationships and building new alliances.
"Strengthening our multi-channel distribution platforms through deepening existing relationships"
Technology will be used as a key driver for profitable growth, enhancing process efficiency and enabling opportunity mining.
"Using technology as a key driver of profitable growth through process efficiency and opportunity mining"
Technology will be used as a key driver for profitable growth, enhancing process efficiency and enabling opportunity mining.
"Using technology as a key driver of profitable growth through process efficiency and opportunity mining"
Trend score and candlestick chart
35BearishMACD − · near 52W low
Technical chart
ICICIPRULIdaily · 1Y · AUTO-21.2%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 43.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 30% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 7.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.6%.
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.1%.
- Cash flow contributes 5/10 to the score.
- Growth contributes 9/25 to the score.
Main drags
- Altman Z is 0.4, in distress territory.
- Fair-value margin of safety is negative at -27.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 59th percentile within Financial Services. Main check: balance sheet trust is weak at 55/100.
Healthy Trust Lite: Promoter holding is 72.7%. Key concern: Operating cash flow is negative at ₹-5341 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 59th pctile, median 62 · Large: 23rd pctile, median 73
305 documents have extracted text, but claim history is not strong enough yet.
6 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.1%.
- ▸8 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-5341 Cr.
- ▸Altman Z is 0.43.
- ▸OPM spread across recent quarters is 25%.
- ▸Profit margin is 0.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 42.60
- P/B
- 4.99
- EV/EBITDA
- 184.51
- Market Cap
- 71761.00Cr
Profitability
- ROE
- 10.00%
- ROCE
- 8.38%
- ROA
- 0.53%
- Dividend Y
- 0.33%
Growth (CAGR)
- Revenue 5Y
- -5.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- —
- Altman Z
- 0.43
- Book Value
- 99.10
Cash Flow
- FCF Yield
- 3.09%
- FCF Positive Y
- 8/5
- OCF
- -5341.00 Cr
- EPS TTM
- 11.63
Shareholding
- Promoter Hold
- 72.73%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.