ICICIPRULI Q2 FY27 Results Analysis: PAT Jumps 25%, VNB Margin Expands 150 bps
ICICIPRULI's Q2 FY27 numbers came in strong, with revenue of Rs. 24,505.00 Cr (+15.30% YoY) and PAT growth of +25.05% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 13, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 24,505.00 Cr (+15.30% YoY) |
| PAT (Q2) | Rs. 374.22 Cr (+25.05% YoY) |
| EPS (Q2) | Rs. 2.58 (+24.64% YoY) |
| Market cap | Rs. 67,046.99 Cr |
| CMP | Rs. 462.00 |
Quarter Snapshot
Q2 PAT grew 25.05% YoY to Rs.374 cr and H1 VNB rose 22.3% to Rs.1,283 cr with margin up 150 bps to 26.0%, driven by protection (+39.5%) and annuity (+50.0%) APE growth. New business premium grew 25.0% and solvency improved to 229.9% from 213.2%, while the ex-GST cost ratio declined 30 bps to 18.3%. 25th-month persistency fell to 76.2% from 81.0% in March and the GST-inclusive cost ratio rose 80 bps on input-tax-credit disallowance.
Key Investment Insights
Key Positives
- H1 VNB grew 22.3% YoY to Rs.1,283 cr with VNB margin up 150 bps to 26.0%
- Q2 PAT grew 25.05% YoY to Rs.374.22 cr; H1 PAT up 26.45% to Rs.760.40 cr
- New business premium grew 25.0% YoY to Rs.11,821 cr; APE up 15.1% to Rs.4,935 cr
- Protection APE grew 39.5% YoY to Rs.1,155 cr and annuity APE grew 50.0% to Rs.324 cr
- Solvency ratio improved to 229.9% from 213.2% YoY; net worth up 14.98% to Rs.14,633 cr
- Cost/total premium ex-GST improved 30 bps to 18.3%; savings cost ratio ex-GST down 90 bps to 11.6%
- Embedded value grew 12.2% YoY to Rs.56,669 cr
- ICICI Bank raised promoter holding from 50.84% to 52.84% via open-market purchases in September 2026
Risk Factors
- 25th-month persistency declined to 76.2% from 81.0% at March 2026
- Cost/total premium including GST rose 80 bps YoY to 20.0% on input-tax-credit disallowance; other operating expenses rose 50.44% YoY in Q2
- Expenses of management grew 23.34% YoY in Q2, outpacing total premium growth of 15.3%
- Protection APE growth moderated to 39.5% from 60%+ rates in prior quarters
- Savings APE grew 6.6% YoY, below total APE growth of 15.1%, with linked savings share down from 48% to 45%
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.