ICICI Prudential Life Insurance
ICICI Prudential Life Insurance
Insurance F&OKey Fundamentals
MidcapLife InsuranceInsuranceTapetide Score
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 4.76 times its book value
- The company has delivered a poor sales growth of -5.30% over past five years.
- Tax rate seems low
- Company has a low return on equity of 8.75% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
ICICI Prudential Life Insurance has a market cap of about Rs 67,139 crore and trades at a P/E of 41.9x and a P/B of 5.02x. Profit has compounded at 26% over 3 years and 36% on a TTM basis. Over the same periods, compounded sales fell 10% (TTM) and 5% over 5 years, 3-year average ROE was about 9%, and the stock has returned -21% over 1 year and -7% CAGR over both 3 and 5 years.
- Profit growth has been strong recently: compounded profit growth was 36% on a TTM basis and 26% over 3 years, which points to better margins or product mix even though topline growth has been weak.
- ROE rose to 13% last year, compared with a 3-year and 5-year average of 9%, which suggests capital efficiency is improving.
- Sales compounded at 8% over 3 years, compared with -5% over 5 years, so the medium-term revenue trend has improved on the weaker 5-year base.
- Over 10 years, sales compounded at 12% and ROE averaged 12%, which shows the business has grown over a full cycle in a still under-penetrated Indian life insurance market.
- After a -21% stock return over 1 year and -7% CAGR over both 3 and 5 years, the valuation has come down from earlier levels. Current multiples are 41.9x earnings and 5.02x book.
- The company is flagged as expected to report a good quarter, which could extend the 36% TTM profit growth trend in the near term.
- With a market cap of about Rs 67,139 crore, the company is one of India's large listed private life insurers. It also has the backing of the ICICI group's brand and distribution network.
- Revenue is shrinking: compounded sales fell 10% on a TTM basis and 5% (reported as -5.30%) over 5 years. Premium-linked income is under pressure, and linked-product revenue may also be moving with market returns.
- Return on equity has been low, averaging about 9% (reported as 8.75%) over 3 years and 9% over 5 years. That is modest when set against a P/B of 5.02x.
- The valuation is demanding: the stock trades at 41.9x earnings and about 4.92-5.02x book value while revenue growth is negative.
- Shareholder returns have been poor: the stock returned -21% over 1 year and -7% CAGR over both 3 and 5 years.
- Compounded profit growth over 10 years is 0%, so the recent 26-36% profit growth may partly be a recovery from a low base rather than lasting growth.
- The tax rate is flagged as low, so the 36% TTM profit growth may not be sustainable if the effective tax rate moves back to normal.
- The dividend yield is 0.36%, which gives little income support while the share price is falling.
- Last year's ROE of 13% is well above the 3-year average of 9%. It is not yet clear whether this improvement will last or depends on one-off factors.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- ₹37.53 cr GST demand upheld Sep 10
The Additional Commissioner dismissed the company's appeal and upheld a ₹37.53 crore GST demand. ICICI Prudential Life plans to file a further appeal, so the liability is still unresolved but small relative to the company's scale.
- Strong August APE growth Sep 7
APE rose 23.4% YoY to ₹8.91 billion in August 2026, and retail APE grew 24.5% to ₹7.36 billion. New business sum assured jumped 57.9% to ₹1,377.10 billion, while NB premium grew a slower 10.0% to ₹19.53 billion.
- ICICI Bank lifts stake to 52.84% Sep 5
ICICI Bank bought 2.9 crore shares in open-market purchases, taking its stake to 52.84%, as disclosed under SEBI SAST on September 4, 2026. This signals stronger parent commitment and closer group integration.
- Name change approved at 99.999% Sep 19
Shareholders approved renaming the company ICICI Life Insurance Limited via postal ballot with 99.999% support. The change still needs regulatory approval and reflects tighter alignment with the ICICI brand.
- CEO handover: Bagchi to Mishra Oct 2
Anup Bagchi resigned as MD & CEO effective October 13, 2026. Sidhartha Mishra of ICICI Bank joins as COO on October 6 and becomes MD & CEO on October 14 for five years, subject to IRDAI approval.
- Investor meetings in three cities Sep 11
The company scheduled investor and analyst meetings in Gurgaon, Mumbai and Hong Kong on September 17, 21 and 22, 2026. These are routine engagements with no new disclosures.
TL;DR: ICICI Prudential Life's business momentum is improving: August APE grew 23.4% YoY, retail APE grew 24.5%, and protection-heavy sum assured rose 57.9%. ICICI Bank raised its stake to 52.84% and shareholders approved the ICICI Life rebrand, both pointing to closer parent alignment. The risks are a fairly abrupt CEO change, with Bagchi leaving on October 13 and Mishra awaiting IRDAI approval, and a ₹37.53 crore GST dispute that is small in size. The trend looks positive, and the next things to watch are whether Mishra keeps growth going and whether the October APE data confirms the momentum.
Quarterly Results
| Particulars | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,984 | 23,384 | 17,388 | 26,430 | 22,482 | 25,396 | 25,158 | 4,536 | 15,687 | 25,401 | 11,936 | 22,834 | 3,185 |
| Expenses | 11,400 | 23,663 | 17,682 | 26,584 | 22,760 | 25,362 | 24,839 | 4,295 | 15,272 | 25,188 | 11,955 | 22,093 | 3,940 |
| Operating Profit | -416 | -280 | -293 | -155 | -278 | 34 | 319 | 241 | 415 | 213 | -19 | 741 | -754 |
| OPM % | -3.8% | -1.2% | -1.7% | -0.6% | -1.2% | 0.1% | 1.3% | 5% | 2.6% | 0.8% | -0.2% | 3.2% | -24% |
| Other Income | 780 | 496 | 570 | 420 | 549 | 237 | -17 | 169 | 183 | 177 | 408 | -243 | 1,036 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 364 | 216 | 276 | 265 | 270 | 271 | 302 | 410 | 598 | 390 | 389 | 498 | 281 |
| Tax % | 35% | 5% | 12% | 14% | 36% | 17% | 17% | 21% | 36% | 23% | 24% | 22% | -122% |
| Net Profit | 235 | 206 | 244 | 227 | 174 | 224 | 251 | 325 | 385 | 301 | 296 | 387 | 624 |
| EPS in Rs | 1.64 | 1.43 | 1.69 | 1.58 | 1.21 | 1.56 | 1.74 | 2.25 | 2.67 | 2.08 | 2.04 | 2.67 | 4.3 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 34,453 | 20,849 | 37,816 | 38,832 | 41,463 | 21,025 | 83,182 | 63,564 | 50,478 | 89,683 | 70,778 | 63,357 |
| Expenses | 32,798 | 19,008 | 36,010 | 37,062 | 40,922 | 21,344 | 83,572 | 65,728 | 52,235 | 90,580 | 69,321 | 62,050 |
| Operating Profit | 1,655 | 1,842 | 1,806 | 1,771 | 541 | -319 | -390 | -2,163 | -1,757 | -897 | 1,457 | 1,307 |
| OPM % | 4.8% | 9% | 4.8% | 4.6% | 1.3% | -1.5% | -0.5% | -3.4% | -3.5% | -1% | 2.1% | 2.1% |
| Other Income | 43 | 0 | 130 | 132 | 813 | 1,578 | 1,669 | 3,191 | 2,925 | 2,039 | 258 | 397 |
| Interest | 17 | 0 | 15 | 20 | 23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 40 | 0 | 58 | 44 | 57 | 61 | 60 | 67 | 84 | 113 | 134 | 145 |
| PBT | 1,642 | 1,842 | 1,863 | 1,839 | 1,274 | 1,198 | 1,219 | 961 | 1,085 | 1,028 | 1,582 | 1,559 |
| Tax % | 0% | 10% | 10% | 12% | 11% | 11% | 22% | 21% | 25% | 17% | 25% | -3% |
| Net Profit | 1,640 | 1,650 | 1,682 | 1,619 | 1,139 | 1,067 | 956 | 759 | 813 | 851 | 1,186 | 1,608 |
| EPS in Rs | 11.46 | 11.52 | 11.72 | 11.28 | 7.93 | 7.43 | 6.66 | 5.28 | 5.65 | 5.9 | 8.2 | 11.09 |
| Div. Payout % | 51% | 73% | 63% | 59% | 40% | 11% | 30% | 10% | 11% | 10% | 10% | 15% |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,432 | 1,432 | 1,435 | 1,436 | 1,436 | 1,436 | 1,436 | 1,437 | 1,439 | 1,441 | 1,445 | 1,449 |
| Reserves | 3,833 | 3,891 | 4,971 | 5,138 | 5,435 | 5,777 | 7,673 | 7,721 | 8,651 | 9,564 | 10,488 | 12,182 |
| Borrowings | 0 | 1,029 | 0 | 0 | 0 | 0 | 1,200 | 1,200 | 1,200 | 1,200 | 2,600 | 2,595 |
| Other Liabilities | 95,951 | 98,413 | 1,18,335 | 1,35,245 | 1,56,215 | 1,48,818 | 2,06,911 | 2,34,079 | 2,44,562 | 2,86,796 | 2,99,705 | 3,03,509 |
| Total Liabilities | 1,01,215 | 1,04,765 | 1,24,741 | 1,41,819 | 1,63,086 | 1,56,031 | 2,17,220 | 2,44,437 | 2,55,851 | 2,99,001 | 3,14,239 | 3,19,735 |
| Fixed Assets | 209 | 212 | 207 | 404 | 463 | 932 | 911 | 433 | 479 | 1,168 | 1,315 | 1,378 |
| CWIP | 6 | 7 | 7 | 18 | 13 | 20 | 22 | 54 | 117 | 49 | 36 | 43 |
| Investments | 99,491 | 1,03,024 | 1,21,581 | 1,38,537 | 1,59,003 | 1,50,776 | 2,11,727 | 2,38,101 | 2,48,216 | 2,89,230 | 3,03,475 | 3,07,369 |
| Other Assets | 1,509 | 1,522 | 2,946 | 2,859 | 3,607 | 4,303 | 4,560 | 5,848 | 7,039 | 8,553 | 9,412 | 10,944 |
| Total Assets | 1,01,215 | 1,04,765 | 1,24,741 | 1,41,819 | 1,63,086 | 1,56,031 | 2,17,220 | 2,44,437 | 2,55,851 | 2,99,001 | 3,14,239 | 3,19,735 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 523 | 3,634 | 4,130 | 5,690 | 11,377 | 8,596 | 7,314 | 1,831 | 89 | -7,315 | -9,408 | -5,355 |
| Investing | -1,822 | 27 | -696 | -5,389 | -7,559 | -10,797 | -5,084 | -816 | -1,145 | 7,420 | 6,869 | 7,571 |
| Financing | -966 | -1,442 | -994 | -1,188 | -843 | -405 | 1,205 | -319 | -112 | -88 | 1,422 | -171 |
| Net Cash Flow | -2,264 | 2,219 | 2,439 | -887 | 2,975 | -2,606 | 3,434 | 696 | -1,168 | 17 | -1,116 | 2,045 |
| Free Cash Flow | 471 | 3,583 | 4,078 | 5,622 | 11,270 | -1,12,909 | 7,279 | 1,736 | -105 | -7,550 | -9,663 | -5,473 |
| CFO/OP | 32 | 208 | 229 | 321 | 2,103 | -2,710 | -1,930 | -95 | -21 | 790 | -623 | -365 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -10 | -16 | -2 | -9 | -9 | -5 | -2 | -6 | -5 | 2 | 3 | -1 |
| ROCE % | 34% | 32% | 29% | 29% | 16% | 17% | 14% | 9% | 10% | 3% | 12% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about ICICI Prudential Life Insurance
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Company Information
ICICI Prudential Life Insurance Company Ltd carries on business of providing life insurance, pensions and health insurance products to individuals and groups. The business is conducted in participating, non-participating and unit linked lines of business. These products are distributed through individual agents, corporate agents, banks, brokers, sales force and company's website.[1] It is promoted by ICICI Bank and Prudential Corporation :- ICICI Bank (51% stake)[2] - The company is a part of ICICI Bank Ltd which is the 2nd largest private bank in India. It offers a diversified range of products and services to retail, SME and corporate customers.[3] Prudential Plc (22% stake) - It is a British multinational insurance company based in London, England. It is the largest UK life insurer in Asia with presence in India, China, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines and other Asian countries. It is also present in African subcontinent in Nigeria, Ghana, Togo and other countries.[4]
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