ICICIPRULINSE17 January 2024

ICICI Prudential Life Insurance Company Limited has informed the Exchange about Investor Presentation

ICICI Prudential Life Insurance Company Limited

January 17, 2024

General Manager Listing Department BSE Limited, Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai 400 001

Dear Sir/Madam,

Subject: Investor presentation

Vice President Listing Department National Stock Exchange of India Limited ‘Exchange Plaza’, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051

This is further to our letter dated January 5, 2024, with reference to the earnings conference call to be hosted by the Company on Thursday, January 18, 2024, with investors and analysts at 8:30 a.m. IST.

Please find enclosed the business presentation for ‘earnings conference call’ to discuss the performance of the Company for 9M - FY2024.

The audio recording and transcript of the earnings conference call will be posted on the Company's website, within the prescribed regulatory timelines.

Please take the same on your record.

Thanking you,

Yours sincerely,

For ICICI Prudential Life Insurance Company Limited

Sonali Chandak Company Secretary ACS 18108

Encl.: As above

ICICI Prudential Life Insurance Company Limited 1st and 2nd Floor, Cnergy IT Park, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025. Regd. Office : ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025. India. Visit us at www.iciciprulife.com Phone: +91 22 5039 1600, Fax: +91 22 2422 4484, Email: corporate@iciciprulife.com CIN : L66010MH2000PLC127837

Performance update: 9M-FY2024

January 17, 2024

Agenda

• Company strategy and performance • Opportunity • Industry overview

Agenda

• Company strategy and performance • Opportunity • Industry overview

Key strategic elements 4D framework enabling our 4P strategy

Data analytics

Diversified propositions

Customer

Customer centricity continues to be at the core

Depth in Partnerships

Digitalisation

Risk calibrated growth with focus on quality

4P strategy

Protection

Premium Growth

VNB Growth

Persistency

Productivity

Integrating ESG with business management

VNB: Value of New Business ESG: Environmental, Social & Governance

4D framework

Data analytics

• Deeper understanding of customer

lifestyle & income segments

• Identify opportunities across diverse customer segments & geographies

• Extensive use of analytics to support

risk-based decision making

Depth in Partnerships

• Deep mining of partner specific

customer opportunities

• Focus on quality metrics to enhance

customer proposition

• Building capabilities & integrating

with partner ecosystem

Customer

Risk calibrated growth with focus on quality

Diversified propositions

• Offer suitable customer proposition through appropriate distribution

• Provide holistic solution across customer life stages through innovative products

Digitalisation

• Offer simplified & hassle-free

experience across customer life cycle using digital ecosystem

• Leverage digital tools to strengthen

distribution capabilities

• Empower partners with customer

centric digital support

Performance snapshot: 9M-FY2024

VNB

Premium growth

Persistency

a t o T

) n o

i l l i

b ₹ (

14.51

n g r a M

26.7%

E P A

) n o

i l l i

b ₹ (

) n o

i l l i

b ₹ (

54.30

1 h t n o M

13th

49th

87.4%

67.1%

Protection

Productivity

10.92

P R W T / t s o C

2 s g n v a S

16.3%

1 Regular & Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated September 30, 2021 2 Total Cost including commission/ TWRP computed for savings LOB LOB: Line of business; TWRP: Total weighted received premium (Total premium – 90% of single premium)

Customer focused & most partnerable Company

Best claim settlement ratio among private insurers for Q1-FY2024 & Q2-FY2024

Enhanced customer proposition: Complete suite of products available for varied customer needs

Customer centric

Partnerable

Simplified customer onboarding: ~80% of policies issued using digital KYC1 in Q3-FY2024

Consistent improvement in customer experience: 13M Persistency2 @ 87.4%

Strong & resilient balance sheet with zero NPA since inception

Customer centricity continues to be at the core

Seamless process: ~40% of savings policies issued on same day in Q3-FY2024

Same day commission: Available for select advisors

Simplified partner integration: New distribution partner onboarded in <2 weeks

Data analytics driven risk management: ~70%* reduction in cases with higher propensity for fraud & early claims

ICICI Pru Stack: Array of platform capabilities for our partners

1Includes Aadhar, CKYC & Banker’s confirmation; 2Regular & Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated September 30, 2021; *For savings policies in the period October 2023 to November 2023; NPA: Non Performing Assets

4P strategic elements 4D framework enabling our 4P strategy

Data analytics

Diversified propositions

Customer

Customer centricity continues to be at the core

Depth in Partnerships

Digitalisation

Risk calibrated growth with focus on quality

4P strategy

Protection

Premium Growth

VNB Growth

Persistency

Productivity

Integrating ESG with business management

VNB: Value of New Business ESG: Environmental, Social & Governance

4P: Premium growth

Premium growth (1/2)

Premium growth

• Build capacity & enhance efficiency in

proprietary channels Focus on new partnership additions & increase share of shop in existing Focus to grow annuity line of business

•

Channels

Q3- FY2024

Growth

9M- FY2024

Growth

Q3- FY2024

9M- FY2024

Agency

Direct

Bancassurance

Partnership distribution

Group

Total APE

) n o

i l l i

b ₹ ( E P A

5.78

12.0%

14.76

7.1%

30.3%

27.2%

2.95

12.6%

8.03

18.8%

15.4%

14.8%

5.12

2.4%

15.13

(6.9%)

26.8%

27.9%

x M

2.10

(1.9%)

6.86

11.2%

11.0%

12.6%

3.13

(4.6%)

9.52

(8.8%)

16.4%

17.5%

19.07

4.7%

54.30

1.7%

100.0%

RWRP growth of ~10% y-o-y in Q3-FY2024

APE: Annualised Premium Equivalent RWRP: Retail Weighted Received Premium Y-o-Y: Year-on-year Total may not add up due to rounding off

Premium growth (2/2)

Premium growth

• Build capacity & enhance efficiency in

proprietary channels Focus on new partnership additions & increase share of shop in existing Focus to grow annuity line of business

•

Segments

Savings

Linked

Non-linked

Annuity

Group funds

Protection

Retail protection

Q3- FY2024

15.49

8.46

5.22

1.22

0.60

3.58

1.05

Growth

4.6%

8.9%

(1.3%)

17.3%

(15.5%)

9M- FY2024

43.39

23.40

14.58

3.39

2.03

Growth

1.1%

5.7%

(4.5%)

0.6%

(5.1%)

Q3- FY2024

9M- FY2024

81.2%

44.4%

27.3%

6.4%

3.1%

79.9%

43.1%

26.8%

6.2%

3.7%

x M

5.3%

10.92

4.0%

18.8%

20.1%

26.5%

3.43

55.9%

5.5%

6.3%

) n o

i l l i

b ₹ ( E P A

Total APE

19.07

4.7%

54.30

1.7%

100.0%

Strong growth in annuity & retail protection in Q3-FY2024

APE: Annualised Premium Equivalent Total may not add up due to rounding off

Premium growth: Product & Distribution

Product mix

Distribution mix

4% | Group funds

9M-FY2024

6% | Annuity

43% | Linked

9M-FY2024

27% | Agency

17% | Group

13% | Partnership distribution

20% | Protection

27% | Non-linked

28% | Bancassurance

15% | Direct

Well diversified product & distribution mix

Based on Annualised Premium Equivalent

4P: Protection

Protection growth

Protection focus

• Focus on retail protection growth • Increase protection with rider attachment • Focus on opportunities in group protection

(₹ billion)

9M-FY2023

9M-FY2024

Retail protection APE

Protection APE1

10.50

10.92

Retail protection APE

2.20

3.43

Protection mix2

19.7%

20.1%

n o

i l l i

b ₹

3.26

3.43

Sum assured

6,921.93

7,228.49

FY2023

9M-FY2024

Continued strong growth in retail protection

1Includes term with return of premium; FY2023: ₹ 0.74 bn, 9M-FY2024: ₹ 0.63 bn 2As % of total APE (retail & group combined) APE: Annualised Premium Equivalent Sum assured based on overall new business

4P: Persistency

Persistency improvement

Persistency

Continue to focus on improving persistency across all cohorts

Month

8M- FY2023

FY2023

8M- FY2024

8M- FY2023

FY2023

8M- FY2024

13th Month

86.1%

85.4%

87.4%

25th Month

37th Month

49th Month

y a p d e t i

m L & r a u g e R

77.1%

79.6%

70.0%

71.5%

63.9%

67.1%

100.0%

99.9%

99.8%

99.9%

99.7%

99.6%

100.0% 100.0%

99.4%

97.1%

98.4%

99.7%

m u m e r p e g n S & d a p y

l l

u F

61st Month

64.2%

65.8%

64.9%

99.0%

98.5%

98.3%

Consistent improvement in persistency ratios across cohorts

Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated September 30, 2021; 12 month rolling persistency

4P: Productivity

Productivity improvement

Productivity

Continue to leverage technology for process re- engineering & to drive productivity

(₹ billion)

9M- FY2023

FY2023

9M- FY2024

Y-o-Y Growth

Total expenses

41.44

64.75

53.16

28.3%

Cost/TWRP1

20.8%

21.5%

25.3%

Cost/TWRP1 (savings LOB)

13.9%

14.2%

16.3%

Cost structure realigned post regulatory changes; Capacity creation to support future growth

1Total Cost including commission/ TWRP TWRP: Total weighted received premium (Total premium – 90% of single premium) LOB: Line of business; Y-o-Y: Year-on-year

Resilient balance sheet

Insurance risks

Strong solvency ratio

• Emerging mortality experience within

• Solvency ratio of 196.5% at December 31,

expectation

2023

• Persistency experience monitored regularly & witnessed improvement across all cohorts

• Ability to raise additional sub debt

High quality assets1

Liability profile

• 96.4% of fixed income in sovereign or AAA;

• 73.9% of liabilities largely pass on market

0.4% of fixed income below AA

performance to customers

• Zero NPA since inception

• Non-par guaranteed savings & annuities: Derivatives to hedge interest rate risks

1Figures mentioned are at December 31, 2023 Non Performing Assets (NPA)

VNB growth levers update (4P)

B N V

P 4

(₹ billion)

9M-FY2023

FY2023

9M-FY2024

Value of New Business (VNB)

VNB margin

17.10

32.0%

27.65

32.0%

14.51

26.7%

(₹ billion)

9M-FY2023

FY2023

9M-FY2024

Premium growth (APE)

Protection growth (APE)

Persistency

13th month1

49th month1

Productivity (Cost/TWRP: Savings)2

53.41

10.50

86.1%

63.9%

13.9%

86.40

15.04

85.4%

63.9%

14.2%

54.30

10.92

87.4%

67.1%

16.3%

1 Regular & Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated September 30, 2021; 12month rolling persistency 2 Total Cost including commission/ TWRP computed for savings LOB LOB: Line of business; TWRP: Total weighted received premium (Total premium – 90% of single premium)

Financial metrics

(₹ billion)

9M-FY2023

FY2023

9M-FY2024

Profit after Tax

5.76

8.11

6.79

Solvency ratio1

212.2%

208.9%

196.5%

AUM1

2,518.84

2,511.91

2,866.76

Solvency ratio continues to be strong

1. 9M: At December 31 of respective financial years; FY: At March 31

Environmental, Social &

Governance (ESG)

ESG Update & Framework

Environmental Social Governance

• Environment

Focus areas

• Human Capital

• Responsible investing

• Access to finance

• CSR

• Governance &

business ethics

• Data privacy & security

ESG rating by MSCI

2020

2021

2022

2023

• Highest rated Indian insurer as per two of the leading ESG rating agencies • Conferred the ‘Best Sustainability Report’ & ‘Best Overall Sustainable

Performance’ awards from ‘World Sustainability’ and ‘Transformance Forums’

• Decarbonization plan formulated for scope 1 and 2 emissions • Gender diversity stable at 29% for Company in 9M-FY2024

1 Integrated reporting 2 Business Responsibility and Sustainability Report

Disclosure under IR1 framework FY2023 Integrated annual report since FY2020

ESG report since FY2020

BRSR2 as per SEBI since FY2022

4D framework

4D framework enabling our 4P strategy

Data analytics

Diversified propositions

Customer

Customer centricity continues to be at the core

Depth in Partnerships

Digitalisation

Risk calibrated growth with focus on quality

4P strategy

Protection

Premium Growth

VNB Growth

Persistency

Productivity

Integrating ESG with business management

VNB: Value of New Business ESG: Environmental, Social & Governance

ICICI Pru Stack: Suite of platform capabilities

Array of platform capabilities to help us deliver superior value propositions to our customers, in collaboration with our partners

1. Data analytics 2. Diversified propositions 3. Digitalisation 4. Depth in Partnerships

4D: Data analytics

Customer centric analytics powering New Business

Understanding customer

Satisfying customer need

Identifying right distribution

Seamless process

Intelligent customer segmentation

Geographical clusters classification

Product recommendation engine

ML based upsell/cross sell propensity models

Longevity & risk profiling models

Personalized product offers

Pre-approved term by invite (TBI)

Smart lapse management at login stage

Smart customer profiling

Market based product recommendation

Propensity based annuity by invite offers

Digital income imputation & issuance prediction

ML: Machine learning | TBI: Term by invite

Customer centric analytics powering Operations

Enabling renewals

Driving customer satisfaction

Faster settlement of claims

Managing maturity & foreclosure

ML based lapse propensity model

Early warning model for customer dissatisfaction

Robust claims investigation framework

Smart MAFC reinvestment framework

Smart revival identification model

Data driven propensity campaigns

Customer satisfaction management(NPS)

Anomaly detection for claims payout

Unclaimed propensity model

Social media sentiment analytics

Algorithm based claims investigation triggers

ML engine for surrender & fraud detection

MAFC: Maturity and foreclosure | ML : Machine learning | NPS: Net promoter score

Analytics engine powering Business & Product

Agency

Banca/PD

Direct

Product

Analytics driven agent activation

Analytics driven campaign strategy

ML based leads assistance

Geographic product segments

Incentives efficacy framework

Pre-issuance journey integration

Personalized online banner offers

Market household analytics

Productivity framework

Leads generation framework

Clinical campaign strategy

Product prioritization engine

Data driven strategic planning

Smart manpower planning

Smart governance framework

Analytics based product positioning

PD: Partnership Distribution | ML: Machine learning

Key initiatives 9M-FY2024: AI based risk management

Risk Management

Focus on extensive utilisation of AI & ML along with data analytics to mitigate insurance risk at onboarding stage

Model based on AI / ML algorithm

Output: Customer classification

Higher propensity for fraud & early claims (Additional underwriting)

Lower propensity for fraud & early claims (Straight through processing)

Input: Customer application (Savings policy)

~70%* reduction in cases with higher propensity for fraud & early claims

AI: Artificial Intelligence; ML: Machine Learning *For savings policies in the period October 2023 to November 2023

4D: Diversified propositions

Products for every life stage

Linked

Part Guaranteed

Guaranteed

Long-term savings

Life protection

Customer needs

Retirement planning

Healthcare

Deliver value proposition to serve varied customer needs

New products/riders launched in FY2024 till date

Additional features launched in FY2024 till date

Key initiatives 9M-FY2024: Innovation

Increasing income

Choice of amount of MoneyBack

Choice of MoneyBack Year

Low cover multiple for affluent segment

Dual benefit of life & health insurance

Multiple life & health cover combinations

Multiple payout options to receive life cover

Innovative products/ funds/riders addressing customer needs

Constant Maturity Fund

Rider enhances customer proposition of the underlying base policy

Waiver of premium on death, critical illness & accidental disability

Ensures benefits continue even if proposer unable to pay premiums

Life Continuity Option - Industry 1st feature

Flexibility to receive sum assured as lumpsum/ monthly income or combination of both

Effective income replacement solution

High life cover with market linked returns

Choice of portfolio strategy

Option for systematic withdrawals

Industry’s 1st ULIP debt fund with ‘constant maturity’ as theme

Launched at time of peaked interest rates

Offers wealth preservation & tax-efficient returns

Q3-FY2024 launches

Innovation: ICICI Pru GPP Flexi with Benefit Enhancer

• Industry’s first annuity product to give back 100% of the

premiums paid at any time

• Regular pay deferred annuity plan with Benefit enhancer

option

• Joint-life with Waiver of Premium option ensures the financial

security of the spouse

• Offers loan against policy to meet temporary liquidity needs

• In alignment with the proposed regulations on offering policyholders fair and appropriate surrender value

4D: Digitalisation

Digital @ICICI Prulife

~3.3 million digital service interactions every month

2.5 million+ app downloads

One of the highly rated app: 4.3 & 4.0 rating on app store & play store respectively

Access to over 60 types of policy transactions

99% digital logins & 100% e- insurance account for eligible base

92.7% service interactions are via self-help / digital modes

98% of pages with system uptime of more than 99%

Fitness tracker

At December 31, 2023

Key initiatives 9M-FY2024: Digital infrastructure

CKYC Pre-population

Digital GST based income estimate

Digital provident fund statement

Financial ecosystem for bank

Digital recurring payment solution

CKYC*

GST^

EPFO^

Account Aggregator^

Digital SI@

Aadhaar*

Perfios^

CAS^

Vahan^

Pull OTP@

eKYC for digital identity verification

Digital ITR

Digital mutual fund statement

Income estimation basis vehicle insurance value

Digital consent

Integration with central agencies for simplified digital customer onboarding; ~80% of policies issued using digital KYC1 & ~40% of savings policies issued on same day in Q3-FY2024

CKYC: Central Know Your Customer; EPFO: Employees Provident Fund Organisation; CAS: Consolidated Account Statement; SI: Standing Instructions; eKYC: Electronic Know Your Customer; ITR: Income Tax Return 1Includes Aadhar, CKYC & Banker’s confirmation

* Used for KYC ^ Income estimation @ Other enablers

New business & growth

Pre-sales

Onboarding & issuance

Partner integration

• Collaboration platform Online meetings, joint sales calls, invite experts & share content

• Lead Management System Enabled with enhanced voice capability & geographical tagging

• Saksham & My Coach On-the-go e-learning platform with AI capabilities to improve pitch

• Digital demand generation Platform to generate interest, qualify leads with nurture framework & funnel management

InstaPlan

• Pre-sales tool to create customised solution for customer by combining multiple products on the go

• Leveraging eco system Leverage digital public infrastructure by integrating with multiple platforms to get income details for financial underwriting

• Retail partners: Partner integration portal | Easy UI with pre-coded premium quotation pages | Data pre population | Digital payment with SI & digital consent | Video based pre-issuance verification on WhatsApp | Video verification & CKYC as a service enabled

• Group portal End-to-end automated process for on-boarding | Instant certificate of issuance | Instant refund into customer account, in case of cancellation

OCR: Optical Character Recognition | CKYC : Central KYC | KYC : Know Your Customer | UI : User Interface | SI : Standing Instruction

Customer service

Empowering customers

Omni channel

• Self service 1. ~3.3 mn digital service interactions monthly 2. >92.7% service interactions are via self-help/ digital modes

• Customer mobile application 2.5mn+ app downloads with best app rating among the peers

• Renewals 1. Flexible premium payment options including multiple UPI 2. Humanoid : 2-way conversational AI bot with speech recognition capability deployed in customer calls for renewal collection

• e-Insurance account Facility provided to 4mn+ policyholders to access their insurance policy details

• Quick claim assistance Provided through digital claim registration process, real time tracking through chatbot/WhatsApp, and AI-based pre-claim assessment & claim processing

• 24x7 chat/voice assistants Customers have the flexibility to place service requests & queries 24X7 on LiGo chat bot & WhatsApp bot

IVR

• Visual, intuitive and traditional IVRs cater to 64% of eligible customers & thus helps improving productivity

• Digital Life Verification Facility provided for retail annuity customers

AI : Artificial Intelligence | IVR : Interactive Voice Response | UPI: Unified Payments Interface

4D: Depth in Partnerships

Distribution reach & strategy

42 banks

28%1 | Bancassurance

Strategy: Build profitability

• 3 new bank tie-ups done

• Access to >20,300 bank branches

• Protection & Annuity mix 23%

15%1 | Direct* Strategy: Digital focused upsell campaigns

• Analytics driven upsell channel

• Protection & Annuity mix 45%

201,000+

27%1 | Agency

advisors

Strategy: Invest & grow

• 28,788 advisors recruited in 9M-

FY2024

• Linked 46%, Non-Linked savings 31% & Protection & Annuity mix 23%

1,052 partnerships

13%1 | Partnership Distribution Strategy: Create depth & add width

• 144 partnerships added in 9M-

FY2024

• Non-linked savings 54% &

Protection & Annuity mix 36%

18%1 | Group Strategy: Increase attachment & market share

• Profitable & risk caliberated growth in group protection

• Retail cross sell to members of

group policy holders

1Channel mix (based on APE) & all other figures for 9M-FY2024 Product mix based on new business premium (retail) *Direct comprises sales through company website & employees on roll

Awards & Accolades

Awards & Accolades: Q3-FY2024

Quantic India

ASSOCHAM Award

Indian Chamber of Commerce (ICC)

Best Use of Technology in Customer Service (Life Insurance)

Best Transformative Security Initiative (Life Insurance)

Best Technology Enabled Transformation – Runner Up

Best Innovation and Diversification – India

ET Now

League of American Communications Professionals (LACP)

Transformance

Sales Champion - Life Insurance (Large)

Gold Award for the Company’s FY2023 Integrated Annual Report

Best Sustainability Report (BFSI)

Best Overall Sustainable Performance (BFSI)

Agenda

• Company strategy and performance • Opportunity • Industry overview

Favorable demography Large & growing population base1

Population in mn

1,407.6 1,425.9

High share of working population1

Population in mn (age group 25-59 years )

51.8

59.4

124.6

145.1

214.3

273.8

337.0

a e r o K S

a c i r f A S

n a p a J

a i s s u R

l i z a r B

A S U

a i s e n o d n

Driving GDP growth2

a d n

7.7% 7.9%

4.8%

4.2%

1.9%

8.0%

7.2%

6.4%

5.2%

3.1% 2.7% 2.9%

4.0%

3.8% 2.8%

8.7%

6.2%

7.2%

6.3% 6.3%

3.5% 3.0% 2.9%

2 0 0 2 Y F

8 0 0 2 Y F

0 1 0 2 Y F

2 1 0 2 Y F

4 1 0 2 Y F

6 1 0 2 Y F

8 1 0 2 Y F

0 2 0 2 Y F

1 2 0 2 Y F

2 2 0 2 Y F

3 2 0 2 Y F

-1.7%

-3.1%

India

World

-6.6%

E 4 2 0 2 Y F

E 5 2 0 2 Y F

a n h C

645.6

FY2021

736.1

FY2030

Rising affluence3 GDP per capita CAGR (FY2010-FY2022)

3.0% 3.4%

5.1% 5.5% 6.2%

-0.4% -1.1%

n a p a J

l i z a r B

a i s s u R

A S U

a e r o K

a i s e n o d n

a d n

1Source: UN population division at July 2022 2Source: World Economic Outlook update, October 2023 3Source: The World Bank Compound annual growth rate (CAGR) Gross domestic product (GDP)

10.4%

a n h C

Financialisation of savings: Opportunity for insurance

Household savings1

Distribution of financial savings (including currency)2

-15

n t

52%

36%

14.53

11.91 -3.59

61%

45%

13.64

14.96 -3.91

63%

40%

19.54

20.61

-7.38

57%

41%

23.70

22.84

-6.64

71%

52%

20.86

31.09

-8.05

80%

56%

60%

28.28

39%

40%

25.98

-8.07

20%

17%

18%

17%

FY2014

FY2016

FY2018

FY2020

FY2021

FY2022

FY2014

FY2016

FY2018

FY2019

FY2021

FY2022

Physical savings Gross financial savings Household borrowings Gross financial savings as % of household savings Net financial savings as % of household savings

Provident & pension funds (including PPF) and small savings

Investments

Life insurance funds

Currency & deposits

FY2002 FY2008 FY2010 FY2012 FY2014 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Life insurance premium3 as % of GDP

2.1%

4.0%

4.1%

3.3%

2.8%

2.7%

2.8%

3.2%

2.9%

3.0%

1Source: RBI & CSO 2Source: RBI 3Total life insurance industry premium including renewal; Source: IRDAI

Protection opportunity: Low penetration

Sum assured as % of GDP1,2

332%

Addressable population# coverage3 (%)

Protection gap(%)4,5

252% 251%

153% 143%

127%

15%

21%

16.5

n o

i l l i r t D S U

* e r o p a g n S

* n a p a J

* A S U

* a i s y a a M

* d n a

l i

a h T

* a e r o K h t u o S

* Total sum assured ** Retail protection sum assured (company estimates)

* * a d n

Covered by retail protection policies

a d n

8.4

n a p a J

3.9

2.8

2.0

0.9

0.7

0.6

a e r o K h t u o S

i l

a r t s u A

a i s e n o d n

d n a

l i

a h T

a i s y a a M

e r o p a g n S

1FY2023 for India; Source: NSO & Company estimates 2FY2018 for USA & Japan; FY2020 for other countries; Source: McKinsey estimates

3Inforce no. of lives for retail protection/no. of returns with income > ` 0.25 mn

4Protection gap (%): Ratio of protection lacking/ protection needed 5Source: Swiss Re, Closing Asia’s mortality protection gap, 2020 #Income tax department data with individual income > ` 0.25 mn & company estimates

Protection opportunity: Sum assured (SA) as % of GDP

SA as % of GDP (SA growth @ 20% CAGR)

SA as % of GDP1,2

65%

332%

India: FY2035

21%

25%

39%

252% 251%

153% 143%

127% 107%

65%

21%

e r o p a g n S

n a p a J

A S U

a i s y a a M

d n a

l i

a h T

a e r o K h t u o S

a d n

* ) R G A C % 5 2 (

a d n

* ) R G A C % 0 2 (

* a d n

FY2023

FY2025

FY2030

FY2035

SA as % of GDP (SA growth @ 25% CAGR)

107%

21%

27%

51%

FY2023

FY2025

FY2030

FY2035

1FY2023 for India; Source: NSO & Company estimates 2FY2018 for USA & Japan; FY2020 for other countries; Source: McKinsey estimates *For retail protection sum assured (company estimates)

Protection opportunity: Addressable population (%)

15% CAGR in new policy count1

20% CAGR in new policy count1

143.3

102.2

63.6

72.8

n m n

63.6

72.8

29%

n m n

143.3

59.3

9.3

FY2023

11.4

FY2025

20.9

40.9

FY2030

FY2035

9.3

11.7

24.8

FY2023

FY2025

FY2030

FY2035

Insured

Uninsured

Insured

Uninsured

~40% of India’s addressable population expected to be covered by FY20352

1Assumed 10% lapse rate for in-force policies each year 2Estimates at accelerated policy growth rates of 20% CAGR Compound annual growth rate (CAGR) *Industry opportunity size

41%

Indicators of protection opportunity

Retail credit1

Health & motor2

₹ billion

10,097

4,711

5,386

13,922

6,454

7,468

25,534

12,144

13,390

19,085

9,339

9,746

40,852

21,488

33,870

17,026

Gross direct premium (` billion)

FY2023

Health

Motor

906.68

812.92

16,844

19,364

Motor own damage (OD)

317.84

Motor third party (TP)

495.08

Mar'14

Mar'16

Mar'18 Home Loans

Mar'20

Others

Mar'22

Mar'23

• Healthy growth in retail credit • Credit life is voluntary

1Source: RBI: Deployment of Gross Bank Credit by Major Sector 2Source: General Insurance Council Components may not add up to the totals due to rounding off

Agenda

• Company strategy and performance • Opportunity • Industry overview

Evolution of life insurance industry in India

FY2002

FY2010

FY2015

FY2023

New business premium1 (` bn)

116

21.5%

550

(5.8%)

408

12.4%

1,040

Total premium (` bn)

501

23.2%

2,654

4.3%

3,281

11.5%

7,825

Penetration (as % to GDP)

2.1%

4.1%

2.6%

3.0%

Assets under management (` tn)

2.3

24.0%

12.9

12.6%

23.4

11.0%

54.1

In-force sum assured2 (` tn)

11.8*

15.5%

37.5

15.8%

78.1

15.0%

239.2

In-force sum assured (as % to GDP)

50.1%

57.9%

62.7%

87.8%

1Retail weighted received premium (RWRP) 2Individual & group in-force sum assured Note: % change between years denotes CAGR Source: IRDAI, CSO, Life insurance council, *Company estimate

Industry overview

Industry

1 x m

t c u d o r P

2 x m

e n n a h C

18%

20%

22%

19%

82%

80%

78%

81%

Linked

Non-linked

44%

56%

Private sector

39%

40%

61%

60%

32%

68%

FY2020

FY2021

FY2022

FY2023

FY2020

FY2021

FY2022

FY2023

12%

28%

13%

29%

13%

32%

14%

33%

60%

58%

55%

53%

Others

Bancassurance

Agency

22%

53%

25%

22%

55%

24%

53%

23%

FY2020

FY2021

FY2022

FY2023

FY2020

FY2021

FY2022

FY2023

Well developed banking sector enables bancassurance to be largest channel for private players

1Based on new business weighted premium 2Based on individual new business premium Source: Life insurance council

Annexures

Retirement focus: ICICI Pru PFM opportunity

Total subscribers

Assets under Management

Net Inflows

1 h t w o r g

Y - o - Y

0 0 0

‘

30%

26%

677.17

1 h t w o r g

Y - o - Y

42%

60%

h t w o r g

Y - o - Y

26%

59%

n o

i l l i

b ₹

234.05

n o

i l l i

b ₹

40.46

593.70

164.66

25.45

Mar-23

Dec-23

Mar-23

Dec-23

9M-FY2023

9M-FY2024

40% of NPS retirement corpus mandated for annuity conversion, significantly enhances insurance industry’s annuity growth outlook

1Y-o-Y growth represents FY2023 growth for March 2023 & 9M-FY2024 growth for December 2023 PFM: Pension Fund Manager

Interest rate risk management

Guaranteed return savings product

• Derivatives used to lock in yields for future premiums

• Underlying bonds for derivatives selected based on tenure of liability

Retail protection business

• Asset liability duration matching using derivatives

Annuity products

• Duration matching & cash flow matching

• Derivatives undertaken to lock in yields for future premiums & match asset liability

durations

Review of pricing based on current interest rate environment

Awards & Accolades: 9M-FY2024 (1/2)

Quantic India

ASSOCHAM Award

Indian Chamber of Commerce (ICC)

Best Use of Technology in Customer Service (Life Insurance)

Best Transformative Security Initiative (Life Insurance)

Best Technology Enabled Transformation – Runner Up

Best Innovation and Diversification – India

ET Now

League of American Communications Professionals (LACP)

Transformance

Sales Champion - Life Insurance (Large)

Gold Award for the Company’s FY2023 Integrated Annual Report

Best Sustainability Report (BFSI)

Best Overall Sustainable Performance (BFSI)

Awards & Accolades: 9M-FY2024 (2/2)

Asia’s Best CSR Practices Awards by CMO Asia

National Awards for Excellence in CSR & Sustainability

Best Sustainability Report

Best Overall Sustainable Performance

Best Sustainability Report

ASSOCHAM Award

Customer FEST Awards 2023

Reputation Today Awards

Organisational excellence & contribution to the insurance sector

Best Data/Analytics Team of the Year

Best Use of Data & Insights in a Transformation Project

Best Use of Mobile to Enhance Customer Experience

Best Data Enablement Campaign in a Loyalty Programme

Top 30 Top Corporate Communication Teams for 2023

Retail persistency: FY2023

Persistency1 across product categories

Regular & Limited pay

Fully paid & Single premium

84.9%

62.6%

89.1%

75.8%

88.7%

68.9%

13th month 49th month

100.0%

99.9%

99.8%

100.0%

91.7%

Linked

Non linked

Protection

Linked

Non linked

Protection

Persistency1 across channel categories

Regular & Limited pay

Fully paid & Single premium

83.8%

60.9%

89.9%

69.6%

85.1%

63.0%

90.6%

75.7%

99.9%

100.0%

99.9%

97.8%

13th month 49th month

95.6%

Bancassurance

Agency

Direct

Partnership distribution

Bancassurance

Agency

Direct

Partnership distribution

1Persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated September 30, 2021

Value of New Business (VNB)

VNB contribution*

VNB margin movement

FY2022

21.63

VNB ` billion

3.52 (16.3%)

8.87 (41.0%)

28.0%

3.5%

1.0% (0.5)% 32.0%

FY2023

27.65

2.01 (7.3%)

9.24 (42.7%)

10.87 (39.3%)

14.77 (53.4%)

FY2022

Business mix Operating

Assumptions change

Economic Assumptions change

FY2023

Protection

Savings: Non-linked

Savings: Linked

Well diversified pools of profit

*Figures in brackets represent share of VNB Total may not add up due to rounding off

Average APE by product categories

Segment (`)

FY2022

FY2023

ULIP

163,770

177,057

Non-linked savings

94,925

119,748

Protection

22,608

23,086

Total

100,407

118,928

Average policy term* (years)

Savings

Protection

Average customer age* (years)

Savings

Protection

FY2022

FY2023

* Protection excludes credit life APE: Annualised Premium equivalent

Channel wise product mix1

Channel category

Product category

FY2021

FY2022

FY2023

Bancassurance

Agency

Direct

Partnership distribution

ULIP Non-linked savings Annuity Protection Total

73.3% 11.6% 4.3% 10.9% 100.0%

33.3% 57.0% 2.1% 7.7% 100.0%

61.4% 21.2% 7.8% 9.6% 100.0%

13.1% 70.5% 2.9% 13.5% 100.0%

70.7% 19.2% 4.9% 5.2% 100.0%

42.6% 48.8% 3.9% 4.7% 100.0%

73.4% 13.6% 6.6% 6.4% 100.0%

13.7% 71.8% 2.1% 12.4% 100.0%

57.0% 31.7% 7.3% 4.0% 100.0%

35.6% 55.4% 6.4% 2.6% 100.0%

69.0% 17.4% 8.4% 5.3% 100.0%

8.8% 75.8% 6.7% 8.5% 100.0%

1 Retail Annualised Premium Equivalent (APE) Components may not add up to the totals due to rounding off

Product wise channel mix1

Product category

Channel category

FY2021

FY2022

FY2023

ULIP

Non-linked savings

Annuity

Protection

Bancassurance Agency Direct Partnership distribution Total

64.9% 16.6% 16.1% 2.5% 100.0%

17.8% 49.3% 9.7% 23.3% 100.0%

51.1% 14.0% 27.5% 7.4% 100.0%

51.9% 20.6% 13.6% 13.8% 100.0%

57.0% 20.8% 19.6% 2.6% 100.0%

27.3% 42.1% 6.4% 24.1% 100.0%

49.1% 23.8% 22.0% 5.1% 100.0%

39.6% 21.7% 16.2% 22.5% 100.0%

46.6% 26.1% 23.7% 3.6% 100.0%

25.0% 39.1% 5.7% 30.1% 100.0%

36.5% 28.8% 17.6% 17.0% 100.0%

31.0% 18.4% 17.2% 33.4% 100.0%

1 Retail Annualised Premium Equivalent (APE) Components may not add up to the totals due to rounding off

Embedded value

Embedded value (EV)1

n o

i l l i

b `

316.25

83.60

232.66

356.34

87.82

326.48

78.51

385.29

95.66

289.63

n o

i l l i

b `

268.52

247.97

Mar-22

Mar-23

Sep-22

Sep-23

Value of Inforce (VIF)

Adjusted net worth (ANW)

Continued strong growth in VIF

1As per Indian Embedded value (IEV) method Total may not add up due to rounding off

Analysis of movement in EV

n o

i l l i

27.08

(1.61)

27.65

1.43

0.22

0.03

0.08

(14.49)

(0.30)

356.34

EVOP1 = 54.88 ROEV2 = 17.4%

ANW 87.82

VIF 268.52

316.25

ANW 83.60

VIF 232.66

EV (Mar 31, 2022)

Unwind

Operating Assumption Changes

VNB

Persistency variance

Expense variance

Other variance

Mortality and morbidity variance

Economic Assumption Change and Investment Variance

Net Capital Injection

EV (Mar 31, 2023)

1 EVOP is the embedded value operating profit net of tax 2 ROEV is the return on embedded value net of tax EV results prepared as per APS 10 and reviewed by Milliman Advisors LLP ANW: Adjusted new worth; VIF: Value of in-force; EV: Embedded value; VNB; Value of new business

Analysis of movement in EV1

` billion Opening EV

Unwind

Value of New Business (VNB)

Operating assumption changes + Operating variance

Operating assumption changes

Operating variance

Persistency variance

Mortality and morbidity variance

Expense variance

Other variance

EVOP

Return on embedded value (ROEV)

Economic assumption change and investment variance

Net capital injection

Closing EV

FY2019

187.88

15.84

13.28

8.89

4.20

4.69

2.66

1.97

0.04

0.02

38.01

20.2%

(1.22)

(8.43)

216.23

FY2020

216.23

17.25

16.05

(0.42) (2.25)2

1.83

0.85

0.42

0.01

0.56

32.88

15.2%

(14.76)

(4.05)

230.30

FY2021 230.30

16.61

16.21

2.24

3.09

(0.85)

1.10 (2.37)3

0.01

0.41

35.05

15.2%

25.67

0.04

FY2022 291.06

20.85

21.63

(10.56)

(0.91)

(9.64)

1.51 (11.87)3

0.07

0.64

31.92

11.0%

(4.37)

(2.36)

291.06

316.25

1As per Indian Embedded Value (IEV) method 2Negative impact of ` 5.49 billion due to change in effective tax rate 3Mortality variance includes the negative impact of COVID claims Components may not add up to the totals due to rounding off

FY2023 316.25

27.08

27.65

0.15

(1.61)

1.76

1.43

0.22

0.03

0.08

54.88

17.4%

(14.49)

(0.30)

356.34

Sensitivity analysis

Scenario

Increase in 100 bps in the reference rates

Decrease in 100 bps in the reference rates

10% increase in the discontinuance rates

10% decrease in the discontinuance rates

10% increase in mortality/morbidity rates

10% decrease in mortality/morbidity rates

10% increase in acquisition expenses

10% decrease in acquisition expenses

10% increase in maintenance expenses

10% decrease in maintenance expenses

Tax rates increased to 25%

10% increase in equity values

10% decrease in equity values

% change in VNB

% change in EV

FY2022

FY2023

FY2022

FY2023

(3.5)

3.2

(4.9)

5.3

(8.3)

8.4

(10.1)

10.1

(2.3)

2.3

(10.3)

0.6

(0.6)

(4.2)

4.8

(3.4)

3.6

(10.0)

10.1

(11.8)

11.8

(2.3)

2.3

(10.4)

0.4

(0.4)

(4.2)

4.6

(1.0)

1.0

(1.9)

1.9

Nil

(0.7)

0.7

(6.3)

1.9

(1.9)

(3.5)

3.7

(0.5)

0.6

(1.9)

2.0

Nil

(0.8)

0.8

(6.4)

1.7

(1.7)

VNB: Value of new business EV: Embedded value

Economic assumptions underlying EV & VNB

Tenor (years)

Reference rates

March 31, 2023

December 31, 2023

7.2%

7.5%

7.6%

7.7%

7.2%

7.5%

7.6%

7.7%

7.8%

7.9%

EV: Embedded value VNB: Value of new business

Glossary (1/2) • Annualized Premium Equivalent (APE): APE is the sum of the annualized first year premiums on

regular premium policies, & ten percent of single premiums, from both individual & group customers • Retail Weighted Received Premium (RWRP): Premiums actually received by the insurers under

individual products & weighted at the rate of ten percent for single premiums

• Total Weighted Received Premium (TWRP): Measure of premiums received on both retail & group products & is the sum of first year & renewal premiums on regular premium policies & ten percent of single premiums received during any given period

• Sum Assured: The amount that an insurer agrees to pay on the occurrence of a stated contingency • Cost Ratio: Cost ratio is a measure of the cost efficiency of a Company. Expenses are incurred by the Company on new business as well as renewal premiums. Cost ratio is computed as a ratio of all expenses incurred in a period comprising commission, operating expenses, provision for doubtful debts & bad debts written off to total weighted received Premium (TWRP)

• Persistency Ratio: Persistency ratio is the percentage of policies that have not lapsed & is expressed as 13th month, 49th month persistency etc. depicting the persistency level at 13th month (2nd year) & 49th month (5th year) respectively, after issuance of contract

Glossary (2/2) • Value of New Business (VNB): VNB is used to measure profitability of the new business written in a period. It is present value of all future profits to shareholders measured at the time of writing of the new business contract. Future profits are computed based on long-term assumptions which are reviewed annually. VNB is also referred to as NBP (new business profit). VNB margin is computed as VNB for the period/APE for the period. It is similar to profit margin for any other business Embedded Value (EV): EV represents the present value of shareholders’ interests in the earnings distributable from the assets allocated to the business after sufficient allowance for the aggregate risks in the business Embedded Value Operating Profit (EVOP): EVOP is a measure of the increase in the EV during any given period due to matters that can be influenced by management

•

• Return on Embedded Value (RoEV): RoEV is the ratio of EVOP for any given period to the EV at the

beginning of that period

• Solvency Ratio: Solvency ratio is calculated as ratio of Available Solvency Margin (ASM) over

Required Solvency Margin (RSM)

• Assets Under Management (AUM): AUM refers to the carrying value of investments managed by the

company & includes loans against policies & net current assets pertaining to investments

Safe harbor

Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'would', ‘indicating’, ‘expected to’ etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward- looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion in business, the impact of any acquisitions, implementation and changes, the actual growth in demand for insurance technological products and services, investment income, cash flow projections, our exposure to market risks, policies and actions of regulatory authorities; impact of competition; experience with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the impact of changes in capital, solvency or accounting standards, tax and other legislations and regulations in the jurisdictions as well as other risks detailed in the reports filed by ICICI Bank Limited, our holding company, with the United States Securities and Exchange Commission. ICICI Prudential Life Insurance undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

Thank you

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