HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
ICICI Prudential Life Insurance Company Limited
NSE: ICICIPRULIFinancial ServicesInsurance - Life
- Last close
- ₹422.20
- Day change
- −₹8.80 (−2.04%)vs
- Market cap
- ₹62,529 crIndian rupees
- Research updated
- 6 reports
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About ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company Limited is a prominent life insurance provider in India, known for delivering extensive insurance solutions to cater to diverse customer needs. The company's primary function is to offer a range of life insurance products, including term plans, health insurance, wealth-building insurance, and retirement solutions. These products are designed to provide financial security, investment growth, and post-retirement income to policyholders, thereby ensuring a comprehensive coverage across life stages. ICICI Prudential Life Insurance significantly impacts sectors such as healthcare, retirement planning, and personal financial services by offering tailored insurance plans that align with the evolving demands of the insurance market. With a strong emphasis on customer-centric services and digital transformation, ICICI Prudential Life Insurance leverages technology to enhance service delivery, policy management, and ease of doing business with its clients. In the broader financial market, ICICI Prudential Life Insurance plays a vital role by contributing to the stability and growth of the Indian insurance industry. It is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, reflecting a blend of local knowledge and international expertise that underscores its market position.
- Sector
- Financial Services
- Industry
- Insurance - Life
- Listing
- NSE: ICICIPRULI
- Chief executive
- Mr. Anup Bagchi B.Tech, PGDM
- Employees
- 18,963
- Headquarters
- Mumbai, India
- ISIN
- INE726G01019
- Website
- iciciprulife.com
Public research · Report of
Business model & financial foundation
ICICI Prudential Life (NSE: ICICIPRULI), Life insurance: revenue of ₹51,336 crore in FY26 (+8.6% on FY25) and net profit of ₹1,608 crore.
- Revenue, FY26 (₹ crore)
- 51,336
- consolidated
- Revenue growth, FY26
- +8.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,608
- to owners
- Return on equity, FY26
- 12.6%
- on average equity
- Market capitalisation (₹ crore)
- 67,229
- at the close of 22 Oct 2026
Company profile
ICICI Prudential Life (renamed ICICI Life Insurance Limited from 22 Sep 2026) is one of India's largest private life insurers, selling unit-linked and traditional savings, annuities, retail term and group protection through agency, ICICI Bank and 50+ other banks, partnerships and direct channels. FY26 APE was Rs10,641 crore, VNB Rs2,629 crore at a 24.7% margin, and embedded value Rs52,989 crore. It is a subsidiary of ICICI Bank.
| Item | Value |
|---|---|
| Legal name | ICICI Life Insurance Limited (formerly ICICI Prudential Life Insurance Company Limited) |
| Exchange and ticker | NSE: ICICIPRULI; BSE: 540133 |
| ISIN | INE726G01019 |
| CIN | L66010MH2000PLC127837 |
| Sector | Financial Services |
| Industry | Life insurance |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP and M. P. Chitale & Co (joint) |
| Market capitalisation | ₹67,229 crore (22 Oct 2026) |
| Shares outstanding | 144.70 crore shares (FY26) |
| Price | ₹431.0 (close, 22 Oct 2026) |
| 52-week range | ₹422.6 - ₹706.8 (to 22 Oct 2026) |
| Website | https://www.iciciprulife.com |
Corporate structure and shareholding
Parent: ICICI Bank Limited (52.84% from 2 Sep 2026).
| Entity | Holding | Business |
|---|---|---|
| ICICI Prudential Pension Funds Management Company Limited | 0% | NPS pension fund manager; stake sold to ICICI Bank in FY26 for Rs203.5cr |
Prudential Corporation Holdings (21.89% at Jun 2026) is being reclassified from promoter to investor and has said it expects to cut its stake below 10% (S17).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 72.93% | 72.88% | 72.80% | 72.73% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 13.20% | 11.50% | 10.90% | 10.20% |
| Domestic institutions | 8.70% | 10.40% | 11.10% | 11.80% |
| of which mutual funds | 6.41% | 8.37% | 9.45% | 10.39% |
| Other | 5.17% | 5.22% | 5.20% | 5.27% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ICICI Life sells savings, protection and annuity products through bancassurance, agency and partner channels. APE and VNB margin are the clearest indicators of new-business value; embedded value (EV) captures in-force value and future profitability. The company is now a subsidiary of ICICI Bank; its pension-fund subsidiary was sold in FY26.
| Peer | Why the dossier compares them |
|---|---|
| HDFC Life Insurance (HDFCLIFE) | Largest bank-promoted private life insurer; same product and channel mix |
| SBI Life Insurance (SBILIFE) | Bank-promoted private life insurer, scale leader in private APE |
| Max Financial Services (Axis Max Life) (MFSL) | Listed holding of Axis Max Life; agency and banca mix |
| Life Insurance Corporation of India (LICI) | Market leader; state-owned, par-heavy comparator |
| Bajaj Finserv (Bajaj Allianz Life) (BAJAJFINSV) | Owns a large private life insurer; indirect comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net premium income (gross premium less reinsurance ceded) | n.r. | 38,560 | 41,760 | 47,259 | 51,336 |
| Other operating costs (vendor classification) * | 2,063 | 2,572 | 934.7 | 1,079 | 824.7 |
| EBIT * | 908.8 | 1,014 | 1,043 | 1,476 | 2,025 |
| Finance cost | 114.0 | 113.3 | 122.6 | 113.8 | 193.0 |
| Profit before tax | 794.8 | 900.3 | 920.5 | 1,332 | 1,812 |
| Tax | 35.6 | 86.8 | 69.9 | 146.2 | 204.0 |
| Profit after tax (vendor: before the non-controlling share is taken out) | 759.2 | 813.5 | 850.7 | 1,186 | 1,608 |
| Diluted EPS (₹) | 5.26 | 5.65 | 5.89 | 8.16 | 11.05 |
| Policyholder commissions | 4,689 | 5,181 | |||
| Policyholder employee remuneration | 1,861 | 1,879 | |||
| Other policyholder operating expenses excluding employee (including advertising) | 2,281 | 2,551 | |||
| Benefits net of reinsurance (excluding bonus) | 45,471 | 46,208 | |||
| Change actuarial liabilities excluding FFA | 13,571 | 4,027 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 9,158 | 10,090 | 11,005 | 11,934 | 13,631 |
| Borrowings * | 1,200 | 1,200 | 1,200 | 2,600 | 2,595 |
| Cash and cash equivalents * | 1,001 | 1,330 | 2,632 | 1,855 | 2,038 |
| Trade receivables * | 796.9 | 615.1 | 1,003 | 1,214 | 1,013 |
| Trade payables * | 436.3 | 358.2 | 473.2 | 1,094 | 2,345 |
| Net property, plant and equipment * | 138.0 | 179.6 | 258.2 | 210.7 | 237.5 |
| Capital work in progress * | 54.4 | 117.2 | 49.5 | 36.1 | 43.4 |
| Total assets * | 3,14,239 | 3,19,417 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Free cash flow (vendor definition) * | 1,642 | -103.2 | -7,552 | -9,666 | -5,478 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -95.1 | -191.0 | -234.8 | -257.1 | |
| Dividends paid (the provider's sign: an outflow is negative) * | -287.3 | -79.1 | -86.5 | -86.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 143.69 | 143.81 | 143.95 | 144.36 | 144.70 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Net premium income | 4,540 | 15,675 | 25,395 | 11,843 | 22,834 | 3,130 | 28,513 | 13,804 |
| Other operating costs (vendor classification) * | 385.1 | 390.8 | 370.5 | 205.3 | -18.9 | 289.6 | ||
| Profit before tax | 374.7 | 412.9 | 344.8 | 342.4 | 443.3 | 682.8 | 431.2 | 435.3 |
| Tax provision | 49.8 | 27.6 | 42.8 | 46.6 | 56.1 | 58.9 | 45.0 | 61.1 |
| Profit after tax | 324.9 | 385.3 | 302.1 | 295.8 | 387.2 | 623.9 | 386.2 | 374.2 |
| Diluted EPS (₹) | 2.24 | 2.67 | 2.08 | 2.03 | 2.68 | 4.30 | 2.66 | 2.57 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 8.3% | 13.2% | 8.6% | ||
| Net margin | 2.1% | 2.0% | 2.5% | 3.1% | |
| Return on equity | 8.3% | 8.5% | 8.1% | 10.3% | 12.6% |
| Return on assets | 0.4% | 0.5% | |||
| Dividend payout | 37.8% | 9.7% | 10.2% | 7.3% | |
| EPS, diluted (₹) | 5.26 | 5.65 | 5.89 | 8.16 | 11.05 |
| Book value per share (₹) | 63.74 | 70.16 | 76.45 | 82.67 | 94.21 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 6, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on ICICI Prudential Life Insurance Company includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on ICICI Prudential Life Insurance Company
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 25 Oct 2026.
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