ICICI Prudential Life Insurance Company on Tuesday reported a 58% year-on-year rise in standalone net profit for the March quarter, while announcing a final dividend and changes in its statutory auditor and senior management.

Standalone net profit for Q4FY26 stood at ₹609 crore, compared with ₹386 crore in the year-ago period.

The board recommended a final dividend of ₹1.65 per equity share of face value ₹10, subject to shareholder approval at the upcoming annual general meeting. The payout will be made within 30 days of declaration.

The company announced that joint statutory auditor Walker Chandiok & Co LLP will retire after completing its 10-year term. The board has approved the appointment of Chaturvedi & Co LLP as joint statutory auditor for a period of four consecutive years, subject to shareholder approval.

Senior management changes

The company also disclosed changes in its senior leadership.

Rajiv Adhikari, head – corporate communications, and Amit Palta, chief products and distribution officer, have resigned and will step down on May 31.

Separately, Amish Banker has been appointed chief distribution officer with effect from April 14. Banker, a company veteran, currently oversees operations, customer service, underwriting and claims.

Stock-based compensation

The board approved stock-based compensation under existing schemes, including the grant of up to 3.4 million stock options at an exercise price of ₹547 per option, along with 0.5 million stock units at ₹10 per unit.

Embedded value and new business

For FY26, the company’s embedded value (EV) rose to ₹52,989 crore from ₹47,951 crore a year earlier, while value of new business (VNB) increased to ₹2,629 crore from ₹2,370 crore.

The VNB margin improved to 24.7% from 22.8%, indicating better profitability in new business.

The shares of ICICI Prudential Life Insurance Co ended 1.5% higher at ₹548.50 on Monday. The company's stock price has fallen over 7% during the past year, as compared to the Nifty 500 index which has given a return of over 6% during the same period.