ICICIPRULI
Large CapICICI Prudential Life Insurance Company Limited
Financial Services
ICICI Prudential Life Insurance Company Limited is an Indian life insurer offering a comprehensive suite of products across savings, protection, and annuity segments. The company focuses on diversified distribution, operational efficiency, and customer centricity, aiming for sustainable Value of New Business (VNB) growth.
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 31 Mar 2026
Bad · 17/100Rev -80% YoY · margin compression · PAT +62% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,185 Cr | -79.7% | -86.0% |
| EBITDA | ₹-754 Cr | -281.7% | -201.8% |
| Operating margin | -24.0% | -2700 bps | -2700 bps |
| PAT | ₹624 Cr | +62.1% | +61.2% |
| PAT margin | 19.6% | +1714 bps | +1790 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY2026 sees robust VNB and PAT growth, but APE growth remains modest, with retail weighted received premium declining. Strong persistency and solvency maintained.
While VNB and PAT growth are strong, the underlying APE growth of 2.2% and a decline in RWRP of 1.2% suggest challenges in premium generation. The focus on protection and annuity, coupled with digital initiatives, is positive, but overall premium momentum needs close monitoring to sustain VNB expansion.
Annualised Premium Equivalent (APE) Mix for FY2026
Latest issuer-disclosed distribution across 5 reported categories.
Retail Protection
Retail protection APE grew by 32.3% YoY in FY2026, partly aided by GST reforms.
Annuity Segment
Annuity APE grew from ₹3.00 billion in FY2022 to ₹6.13 billion in FY2026, indicating strong growth.
Diversified Distribution
Partnership distribution APE grew 23.4% YoY in FY2026, with 200+ partnerships added.
Digital & Analytics Integration
Leveraging AI/ML for demand generation, automated underwriting, persistency management, and claims processing.
Advisor Recruitment
Over 63,000 advisors were recruited in FY2026.
Partnership Expansion
Over 200 partnerships were added in FY2026, and 5 new bank tie-ups were established.
Green Energy Offices
Green energy expanded to 64 branches in FY2026 (from 59 in FY2025).
Favorable Demography
India's population aged 25-59 years is projected to grow from 777.5 million in FY2024 to 777.5 million in FY2034, driving long-term savings opportunity.
Financialisation of Savings
Gross financial savings as a percentage of household savings reached 64% in FY2024.
Low Protection Penetration
India's sum assured as % of GDP is 27%, significantly lower than other Asian countries, indicating substantial growth potential.
Rising Retirement Population
The 60+ population is projected to grow faster than the overall population, indicating a widening retirement savings gap.
Credit Life Segment Flatness
The credit life segment remained flat in FY2026 due to Micro Finance Institution (MFI) headwinds.
Interest Rate Risk
A 100 bps increase in reference rates could decrease EV by 1.8% and VNB margin by 1.4% in FY2026.
Mortality/Morbidity Rates
A 10% increase in mortality/morbidity rates could decrease EV by 2.6% and VNB margin by 4.6% in FY2026.
Discontinuance Rates
A 10% increase in discontinuance rates could decrease EV by 0.6% and VNB margin by 1.9% in FY2026.
Acquisition Expenses
A 10% increase in acquisition expenses could decrease VNB margin by 4.7% in FY2026.
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 provided document presents annual performance data for FY2026 compared to FY2025. Annual comparisons are standard for assessing the full-year performance of insurance companies, which often have seasonal variations in premium collection and policy issuance.
Annualised Premium Equivalent (APE) Growth
APE grew by 2.2% YoY to ₹106.41 billion in FY2026.
Retail Weighted Received Premium (RWRP) Growth
RWRP declined by 1.2% YoY to ₹82.06 billion in FY2026.
Total Premium Growth
Total premium grew by 8.5% YoY to ₹531.25 billion in FY2026.
Value of New Business (VNB) Growth
VNB grew by 10.9% YoY to ₹26.29 billion in FY2026.
Sustainable VNB Growth
Management aims to deliver sustainable VNB growth by balancing business growth, profitability, and risk & prudence.
Customer Value Focus
Deliver superior customer value through appropriate product propositions, seamless onboarding, best-in-class servicing, and sensitive claim settlement.
Diversified Distribution Strategy
Strategy includes creating depth and width in multi-partner shops, investing in proprietary channels, and deeper penetration in micro markets.
Operational Efficiency
Enable simplified and frictionless processes across the policy life cycle, leveraging technology and analytics.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Annualised Premium Equivalent (APE) Growth | 2.2% YoY in FY2026 | Acceleration in APE growth, particularly in retail segments, to support VNB expansion. |
| Retail Weighted Received Premium (RWRP) Growth | (1.2%) YoY in FY2026 | Reversal of the declining trend in RWRP, indicating improved retail sales momentum. |
| VNB Margin | 24.7% in FY2026 | Maintenance or further improvement in VNB margin, reflecting profitable new business mix and operational efficiency. |
| Persistency Ratios | 13M: 84.5% at March 31, 2026 | Sustained healthy persistency across all cohorts, crucial for long-term profitability and embedded value. |
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"
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"
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"
The company intends to maintain its market-leading cost efficiency.
"Maintain market-leading cost efficiency"
The company will focus on growing the significantly underpenetrated protection opportunity by providing suitable solutions to customers.
"Focus on growing the significantly underpenetrated protection opportunity by providing suitable solutions"
Trend score and candlestick chart
41NeutralSMA20 -18.4% / mo · near 52W low
Technical chart
ICICIPRULIdaily · 1Y-24.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 30.
- SMA20 falling (~6.7% over last month) — short-term momentum negative.
- RSI(14) at 30 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.2%.
- 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 -8.1%.
- 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
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 42nd percentile of the scored universe and 59th percentile within Financial Services. Main check: financial discipline is weak at 52/100.
Healthy Trust Lite: Promoter holding is 72.8%. Key concern: Operating cash flow is negative at ₹-5355 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 59th pctile, median 62 · Large: 22nd pctile, median 74
305 documents indexed, 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 72.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.2%.
- ▸8 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-5355 Cr.
- ▸Altman Z is 0.40.
- ▸OPM spread across recent quarters is 29%.
- ▸Profit margin is 2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 42.90
- P/B
- 5.05
- EV/EBITDA
- 395.27
- Market Cap
- 68949.00Cr
Profitability
- ROE
- 12.60%
- ROCE
- 10.10%
- ROA
- 0.50%
- Dividend Y
- 0.35%
Growth (CAGR)
- Revenue 5Y
- -5.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- —
- Altman Z
- 0.40
- Book Value
- 94.00
Cash Flow
- FCF Yield
- 3.21%
- FCF Positive Y
- 8/5
- OCF
- -5355.00 Cr
- EPS TTM
- 11.09
Shareholding
- Promoter Hold
- 72.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.