Mumbai, July 15 : ICICI Prudential Life Insurance Company on Tuesday reported a sequential decline of nearly 21.8 per cent in net profit for the quarter ended June 30 (Q1 FY26).

The company’s net profit for Q1 FY26 stood at Rs 302.08 crore, down from Rs 386.29 crore in the previous quarter (Q4 FY25), according to its stock exchange filing.

The net premium income also fell sharply on a quarter-on-quarter (QoQ) basis, dropping to Rs 8,503.19 crore from Rs 16,369.17 crore recorded in the previous quarter of the last fiscal.

This represents a decline of about 48.06 per cent. However, on a year-on-year (YoY) basis, the company showed improvement, with net profit rising 34 per cent compared to Rs 225.4 crore in the same quarter previous financial year.

Net premium income also grew 8 per cent from Rs 7,875 crore posted in Q1 FY25, as per its filing.

The value of new business (VNB), a key metric for life insurers, was reported at Rs 457 crore, which is 3.2 per cent lower than the same quarter previous year.

With an annual premium equivalent (APE) of Rs 1,864 crore, the VNB margin stood at 24.5 per cent.

Commenting on the performance, Anup Bagchi, Managing Director and CEO of ICICI Prudential Life, said the results reflect the strength and resilience of the company’s business model.

He added that the company’s focus remains on customer-centric strategies, simplification of products, expanding distribution, cost alignment and proactive risk management.

The company also made progress on the cost front. The overall cost-to-premium ratio improved to 21.2 per cent in Q1 FY26 from 24 per cent in the same quarter previous fiscal.

In the savings segment, the cost-to-premium ratio improved further from 16.8 per cent to 14.1 per cent -- highlighting the company’s efforts in managing expenses more efficiently.

As of June 30, ICICI Prudential Life’s assets under management stood at Rs 3.2 lakh crore.