India's ICICI Prudential Life on track for best day in two years as quarterly profit jumps (updated)

Icici Prudential Life Insurance

15/04/2026 06:20

Adds details, analyst comment; updates share

April 15 (Reuters) - Shares of India's ICICI Prudential Life Insurance ICIR.NS rose as much as 7% to a four-week high on Wednesday, a day after the firm posted a 58% jump in quarterly profit, driven by higher policy sales and renewal income.

The shares were up 3.49% at 565.60 rupees as of 10:20 a.m. IST, on track for their best session since July 2024. India's benchmark Nifty 50 .NSEI rose 1.71% while financials gained 1.69%.

ICICI Prudential Life was India's first major life insurer to report in a quarter when retail policy growth is expected to be aided by tax benefits, while demand for market-linked products remains subdued amid equity market volatility.

India's tax cut for life insurance premiums has lowered policy costs, improving affordability and supporting adoption, particularly in protection and term segments, which could drive volumes and product mix, analysts said.

ICICI Prudential's annualised premium equivalent sales - a key measure of new business - rose 9.4% for the three months ended March 31.

Goldman Sachs has raised the value of new business estimates for the insurer by up to 2% for fiscal years 2027 and 2028 on improving product mix and margins while keeping the price target unchanged at 600 rupees.

Motilal Oswal said the insurer's long-term profitability is expected to be supported by higher volumes, aided by tax exemption, stronger traction in non-market-linked products, and improved margins.

 (Reporting by Devika Nair in Bengaluru; Editing by Mrigank Dhaniwala)

 ((Devika.MadhusudhananNair@thomsonreuters.com;))