Guidance ledger · Q4 FY26

ICICI Prudential Life Insurance Co Ltd ICICIPRULI

3 revisions on record · 1 lowered · 1 raised — the strikethrough is what management used to say

directional guidance only · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised VNB margin Q1 FY26 → Q4 FY26

~~22.8% FY25~~ → 24.7% FY26

“VNB margin expanded by 190 basis points year -on-year to 24.7% in the current year”

↓ lowered 13-month persistency Q1 FY26 → Q4 FY26

~~86% Q1FY26~~ → 84.5% FY26

“Our 13th month persistency stood at 84.5%”

→ narrowed Cost-to-premium ratio (total) Q1 FY26 → Q4 FY26

~~21.2% Q1FY26 marquee narrative~~ → 18.2% FY26 stable

“Our total cost to premium ratio for FY2026 stood at 18.2% and remained stable at previous year's level”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.