ICICI Prudential Life Insurance Company earnings calls.

ICICI Prudential Life delivered a strong Q1 FY27 with VNB growing 24.9% YoY to ₹571 crore and PAT up 27.8Current reported value: 27.8. No comparable prior figure is available in the source record.% to ₹386Current reported value: 386. No comparable prior figure is available in the source record. crore. The VNB margin expanded 200bps to 26.7% driven by favorable product mix shift toward protection and operational efficiencies, despite GST input tax credit headwinds persisting for another quarter. Retail protection surged 60.4% YoY (3rd consecutive quarter of 40%+ growth post GST exemption) and now comprises 10.5% of AP versus 7.5% YoY. Sum assured grew 31.8% to ₹49.06 trillion with retail sum assured at ₹1.13 trillion (+45.9% YoY). The company maintained 99.3% claim settlement ratio and 225.4% solvency. Protection momentum is channel-agnostic and structural, though growth rates will moderate from elevated Q1 bases in H2. No formal guidance provided—management prioritizes absolute VNB growth over margin targets. Key risks include fixed deposit competition dampening non-par savings and agency channel growth lagging overall at 2%.