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Private sector ICICI Life Insurance on Tuesday reported around 25 per cent year-on-year growth in its net profit to ₹374.22 crore for the second quarter this fiscal, backed by a 16.55 per cent y-o-y growth in net premium income during the period.

The life insurer had registered a net profit of ₹299.26 crore for the second quarter last fiscal. According to a stock exchange filing, its net premium income witnessed a 16.55 per cent increase to ₹13,803.90 crore in Q2FY27 from ₹11,843.10 crore in Q1FY26.

The company, during an post-earnings analysts call, said it will continue to leverage its proprietary partner stack platform to collaborate closely with the partners as insurance distribution reforms take shape going forward.

The first-year premium increased 8.63 per cent y-o-y at ₹2,145.70 crore, whereas renewal premium rose 6.49 per cent y-o-y to ₹7296.47 crore for the second quarter this fiscal. Single premium increased 38.68 per cent y-o-y to ₹4,812.42 crore during the period under review.

The company said H1-FY27 was marked by a challenging macro environment. “Despite the external volatility, the company’s resilient performance was backed by its well-diversified distribution network, customer-centric products & processes, industry leading quality parameters, and strong risk & capital metrics,” it said.

New business premium grew 25 per cent year-on-year to ₹11,821 crore in the first half of this financial year. Value of New Business (VNB) grew 22.3 per cent y-o-y to ₹1,283 crore, with a margin of 26 per cent.

Sidharatha Mishra, Chief Operating Officer, ICICI Life Insurance, said, “Customer centricity has always been ICICI Life’s core ethos, and this steadfast commitment will continue to guide all our actions in the years ahead as well. Protection and annuity remain at the heart of our long-term strategy, addressing deeply underpenetrated needs in India.”

Backed by a well-diversified distribution network, innovative and customer-centric product portfolio, customer-first sales and service, industry leading quality parameters, strong risk and capital metrics, the insurer is a resilient organisation that can successfully capitalise on emerging opportunities, Mishra said.

“Our commitment is to deliver sustainable VNB growth while balancing business, profitability and risk & prudence,” he added.

During the analysts call, the Chief Operating Officer said the company considered regulator Irdai’s policyholder-focused reforms initiative as a catalyst for growth and long-term value creation for all stakeholders — policyholders, distributors, and the company. “With a strong and resilient business model, we are well positioned to benefit from the significant insurance opportunity ahead. As these recalibrations take place, we expect the company to emerge even stronger, more policyholder friendly, more productive, and significantly more efficient,” Mishra added.

Irdai, which released its much-awaited public consultation paper on insurance distribution reforms aimed at lowering policy costs and curbing mis-selling, said the purpose of these reforms is to facilitate better and more sustainable outcomes for all stakeholders, specifically policyholders.

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