In the first quarter of FY26, which insurance company's share of ULIP in total APE decreased to 46.8%?

Correct option is A

The correct answer is (a) ICICI Prudential Life Insurance

Explanation:
• For the first quarter (Q1) of FY26, ICICI Prudential Life Insurance reported that its share of Unit Linked Insurance Plans (ULIPs) in the total Annualized Premium Equivalent (APE) decreased to 46.8%.
• This shift indicates a diversification strategy by the company to move toward more non-linked and protection-oriented products.
• APE is a standard measure used in the insurance industry to normalize policy premiums into a comparable annual figure.
• The decrease from previous highs in the ULIP segment is often a response to market volatility or changes in taxation norms for high-value ULIPs.
• Despite the percentage drop, the company maintained a healthy Value of New Business (VNB) margin by focusing on high-margin protection products.

Information Booster:
• ULIPs are products that provide the combined benefit of insurance and investment, where the premium is invested in equity/debt markets.
• APE is calculated as the sum of 100% of regular premiums and 10% of single premiums received during the period.

Additional Knowledge:
Bajaj Allianz (Option b)
• While a major player, its product mix for Q1 FY26 did not feature the specific 46.8% ULIP share reported in financial news for ICICI Pru.
LIC (Option c)
• LIC’s product mix is heavily dominated by traditional participating (Par) and non-linked products, with a much lower ULIP share compared to private peers.
Axis Max Life (Option d)
• Now largely part of the Axis group ecosystem, its ULIP exposure varies but did not match the specific data point of 46.8% for this quarter.

So the correct answer is (a)