ICICIPRULI

November 7, 2022 General Manager Vice President Listing Department Listing Department BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Tower, ‘Exchange Plaza’, Dalal Street, Bandra-Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai 400 051 Dear Sir/Madam, Subject: Investor presentation Please note the updated investor presentation enclosed alongwith this letter. The same is also made available on the website of the Company. 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 Premium growth ` billion FY2022 H1-FY2023 October 2022 7M-FY2023 New business sum assured 7,731.46 4,800.05 768.71 5,568.76 Y-o-Y growth 25.4% 42.3% 35.8% 41.3% New business premium 150.36 73.59 12.08 85.68 Y-o-Y growth 15.4% 13.9% 4.7% 12.5% APE1(Total) 77.33 35.19 5.21 40.41 Y-o-Y growth 19.7% 10.1% (16.0%) 5.9% RWRP2 62.99 26.13 3.97 30.10 Y-o-Y growth 15.5% 1.0% (25.6%) (3.6%) 1Annualized premium equivalent 2Retail weighted received premium Year on year (Y-o-Y) Components may not add up to the totals due to rounding off 3 Agenda • Company strategy and performance • Opportunity • Industry overview Agenda • Company strategy and performance • Opportunity • Industry overview Key strategic elements Protection Customer Integrating centricity ESG with Premium VNB Persistency continues to Growth Growth business be at core management Productivity Aspiration to double FY2019 VNB in four years 6 Premium growth • Focus on agency & direct to consumer channels Premium • Continue to expand bank partnerships growth • Sustain growth in annuity line of business ` billion FY2022 H1-FY2023 Annualised premium equivalent 77.33 35.19 Y-o-Y growth 19.7% 10.1% New business premium 150.36 73.59 Y-o-Y growth 15.4% 13.9% 32% sequential APE growth in Q2-FY2023 New business premium (as reported to IRDAI) 7 Premium growth: Product & distribution Product mix Retail distribution mix H1-FY2023 H1-FY2023 17% 28% 31% 23% 20% 41% 7% 14% 15% 4% Banca - ICICI Bank Banca - Other Banks Linked Non-linked Protection Annuity Group Agency Direct Partnership Distribution Well diversified product & distribution mix Based on annualisedpremium equivalent (APE) 8 Protection growth • Continue to leverage opportunity in group protection Protection • Focus on revival of retail protection focus • Increase risk retention for greater flexibility in a calibrated manner Q1- Q2- H1- Sum assured market share2 (%) ` billion FY2022 FY2023 FY2023 FY2023 15.7% Protection APE1 13.13 3.30 3.80 7.10 13.4% Y-o-Y growth 25.5% 22.2% 35.2% 29.1% Protection mix3 17.0% 21.7% 19.0% 20.2% FY2022 H1-FY2023 Private market leadership based on new business sum assured 1Includes term with return of premium; FY2022: ` 0.14 bn, Q1-FY2023: ` 0.12 bn; Q2-FY2023: ` 0.13 bn, H1-FY2023: ` 0.25 bn 2Overall new business sum assured 9 3As % of total APE (retail & group combined) Persistency improvement Continue to focus on improving Persistency persistency across all cohorts Persistency# FY2022 5M-FY2023 13th month 84.6% 85.9% 130 bps 49th month 63.4% 65.4% 200 bps Significant improvement in persistency across cohorts #Regular & limited pay persistency in accordance with IRDAI circular on ‘Public disclosures by insurers’ dated September 30, 2021; 12 month rolling persistency 10 Productivity improvement Continue to leverage technology for process Productivity re-engineering & to drive productivity Y-o-Y ` billion H1-FY2022 FY2022 H1-FY2023 Growth APE 31.96 77.33 35.19 10.1% Total expenses 22.34 53.63 27.02 20.9% Cost/TWRP1 (%) 17.8% 18.6% 21.6% Cost/TWRP (savings LOB) (%) 11.8% 12.8% 14.4% Investing in building for future growth 1Total expenses including commission/(Total premium-90% of single premium) Line of business (LOB) 11 Resilient balance sheet Insurance risks Strong solvency ratio • Emerging mortality experience is within • Solvency ratio of 200.7% at September 30, 2022 expectation • COVID-19 claims (net of reinsurance) of ` 271.9 mn received for H1-FY2023 • Out of above, ` 26.13 mn pertain to deaths in H1-FY2023 High quality assets1 Liability profile • 97.5% of fixed income in sovereign or AAA; • 77.2% of liabilities primarily linked to market 0.3% of fixed income below AA performance • Non par guaranteed return book: 2.8% of liabilities • Zero NPA since inception 1Figures mentioned are at September 30, 2022 IBNR: Incurred but not reported 12 Non Performing Assets (NPA) Value of new business (VNB) VNB in bn ` billion FY2021 FY2022 H1-FY2023 17.0% 21.7% 25.1% 28.0% 31.0% VNB1 16.21 21.63 10.92 26.50 21.63 VNB growth 1.0% 33.4% 25.1% 16.05 16.21 13.28 VNB margin 25.1% 28.0% 31.0% 10.92 8.73 FY2019 FY2020 FY2021 FY2022 FY2023 On track to double FY2019 VNB by year end 1For full year, based on actual cost; for H1-FY2023 based on management forecast of full year cost 13 Key strategic elements Protection Customer Integrating centricity ESG with Premium VNB Persistency continues to Growth Growth business be at core management Productivity Aspiration to double FY2019 VNB in four years 14 Products available across all categories Non-linked Savings Linked Savings with Guaranteed savings; ULIP: Suite of funds for ULIP: with capital guarantee and equity Immediate/ Deferred Equity and Debt guarantee participation Annuity Retail Protection Group Pure term, term with Critical illness, Pure term, Micro insurance, Credit insurance, accident cover Disease specific Critical illness 16 Performance across segments Annualised Premium Equivalent (APE) in ` bn Mix (%) Y-o-Y growth Segments FY2022 H1-FY2023 FY2022 H1-FY2023 (%) Savings 64.20 28.09 6.2% 83.0% 79.8% Linked 37.38 14.36 (6.8%) 48.3% 40.8% Non-linked 21.21 9.97 22.8% 27.4% 28.3% Annuity 3.00 2.33 68.8% 3.9% 6.6% Group funds 2.61 1.43 (7.7%) 3.4% 4.1% Protection 13.13 7.10 29.1% 17.0% 20.2% Total APE 77.33 35.19 10.1% 100.0% 100.0% Growth across most segments Total may not add up due to rounding off 17 Pension & Annuity Comprehensive pension provider Annuity PFM assets under management (AUM) Annuity APE 132.44 116.14 97.48 3.00 75.59 2.29 2.33 n n o o 1.38 i l i l l i l b i b ` ` FY2021 FY2022 H1-FY2022 H1-FY2023 Mar-21 Mar-22 Sep-21 Sep-22 APE grew by 69% in H1-FY2023; AUM grew by 36% over September 2021 annuity mix1 of 17% Significant focus on driving synergy between ICICI Pru Life & ICICI Pru PFM 1% of new business received premium as per financials PFM: Pension Fund Manager 18 Enhancing distribution Strategy: Create depth & add width • >800 partnerships; 44 new partnerships • Protection & annuity mix 28%, non- Strategy: Digital focused upsell Strategy: Build profitability linked savings 61% campaigns • 30 bank partnerships; 3 new banks • Analytics driven upsell channel • Protection & annuity mix 42% Partnership • Protection & annuity mix 47% Distribution • Access to >13,000 bank branches Strategy: Invest and grow Strategy: Partner with non- • 15,465 agents recruited traditional distributors during H1-FY2023 E m • Tie-up with wallets, • Diversified product mix: y se c y r payment banks, fin-tech Protection & annuity n sg 31%, non-linked savings e e t n i companies etc. g mg A Distribution 35% & linked 34% se • Product customization c o >850 partnerships including 30 banks; >200,000 advisors Figures mentioned are for H1-FY2023 Product mix based on new business premium (retail) *Direct comprises sales through own website & employees on roll 19 Performance across distribution channels APE (` billion) Mix (%) Channels FY2022 H1-FY2023 Growth (%) FY2022 H1-FY2023 Bancassurance 30.12 11.24 (10.8%) 38.9% 31.9% ICICI Bank 19.26 6.36 (28.5%) 24.9% 18.1% Other thanICICI Bank 10.85 4.89 31.8% 14.0% 13.9% Agency 18.28 8.61 14.0% 23.6% 24.5% Direct 9.97 4.14 (0.2%) 12.9% 11.8% Partnership distribution 7.16 4.05 47.8% 9.3% 11.5% Group 11.80 7.16 45.5% 15.3% 20.3% Total APE 77.33 35.19 10.1% 100.0% 100.0% Growth across most channels Total may not add up due to rounding off 20 Protection business Protection APE Sum assured1 Market share (%) 7.10 15.7% 4,800.05 5.50 13.2% 3,374.16 n n o o i i l l l l i i b b ` ` H1-FY2022 H1-FY2023 H1-FY2022 H1-FY2023 Increase in overall market share; leadership in private sector 1Overall new business (retail & group combined) Annualised premium equivalent (APE) 22 Persistency Regular & limited pay Fully paid & single premium Month 5M-FY2022 FY2022 5M-FY2023 Month 5M-FY2022 FY2022 5M-FY2023 13th month 85.1% 84.6% 85.9% 13th month 100.0% 100.0% 100.0% 25th month 74.6% 77.3% 77.2% 25th month 99.9% 100.0% 100.0% 37th month 66.3% 66.9% 68.7% 37th month 97.7% 99.0% 99.8% 49th month 64.6% 63.4% 65.4% 49th month 96.1% 96.4% 96.7% 61st month 51.6% 54.7% 61.2% 61st month 99.0% 99.2% 99.2% Significant improvement across cohorts Regular & Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated September 30, 2021; 12 month rolling persistency 24 Productivity: Cost efficiency H1-FY2022 FY2022 H1-FY2023 Expense ratio (excluding commission)1 12.2% 12.8% 15.8% Commission ratio2 5.5% 5.8% 5.7% Cost/TWRP3 17.8% 18.6% 21.6% Cost/Average AUM4 2.0% 2.4% 2.2% Cost/TWRP (savings LOB) 11.8% 12.8% 14.4% ` billion H1-FY2022 FY2022 H1-FY2023 Commission 6.96 16.73 7.19 Non-commission 15.39 36.90 19.83 Investing in building for future growth 1Expense ratio: All insurance expenses (excl. commission)/(Total premium - 90% of single premium) 2Commission ratio: Commission/(Total premium - 90% of single premium) 3Cost/(Total premium - 90% of single premium) 4Annualized cost/Average assets under management during the period 26 VNB growth levers update (4P’s) Y-O-Y ` billion FY2022 H1-FY2023 Growth Value of New Business (VNB)1 21.63 10.92 25.1% VNB margin 28.0% 31.0% 300 bps Y-O-Y ` billion FY2022 H1-FY2023 Growth Premium growth (APE) 77.33 35.19 10.1% Protection growth (APE) 13.13 7.10 29.1% Persistency (13th month)2 84.6% 85.9% 130 bps Persistency (49th month)2 63.4% 65.4% 200 bps Productivity (Cost/TWRP: Savings)3 12.8% 14.4% 1For full year,basedon actual cost; H1: based on managementforecast of full year cost 2Regular & limited pay persistency of respective financial years in accordance with IRDAI circular on ‘Public disclosures by Insurers’ dated September30, 2021; 12 month rolling persistency 3Total cost including commission/(Total premium- 90% of single premium) 27 Financial metrics ` billion H1-FY2022 FY2022 H1-FY2023 Profit after Tax (PAT) 2.59 7.54 3.55 Solvency ratio 199.9%1 204.5%2 200.7%1 Assets under management 2,370.871 2,404.922 2,442.791 Solvency continues to be strong at over 200% 1At September 30 of respective financial years 2At March 31, 2022 29 Embedded value (EV)1 326.48 302.03 316.25 78.51 291.06 89.07 83.60 95.22 n n o o i l l i b i l l i b ` ` 247.97 232.66 212.96 195.84 Mar-21 Mar-22 Sep-21 Sep-22 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 30 ESG: Focus areas, framework and approach Sustainability intrinsic to life insurance as we serve long term savings & protection needs 3 pillars of our sustainability Our focus areas framework Human Responsible Governance & capital investing business ethics Environmental Social Governance leaving the planet a giving back to transparency in Data privacy Access to Environment better place for our society functioning next generation & security finance & CSR Our ESG framework ESG approach •Analysis of assessment by ESG research firms on each parameter •Benchmarking of ESG disclosures by companies with good scores •Introduction of initiatives & disclosures based on gap analysis Board Sustainability & Sustainability risk Sustainability Steering •Outcome: Upgrade by two well known ESG rating agencies (highest CSR Committee* included in Board risk Committee policy (dedicated ESG resource) rated Indian insurance company); Improvement in ESG score by FTSE Russell in Q1-FY2023 *Terms of reference of CSR committee enhanced to include oversight of sustainability 32 Focus area: Human capital Enabling Enabling employee Building an agile & engaged productivity wellbeing workforce • Focus on building awareness, • Talent attraction & onboarding • Enabling a diverse workforce establishing policies & enabling • 46% fresher hiring; robust onboarding • Equal opportunity employer, Diversity & habit formation & training framework Inclusion policy instituted • Physical wellness campaigns on • Learning & development • Diversity council constituted Anti tobacco, heart care, critical • ~ 1.2 million digital learning hours • ~ 40% women in non-sales roles illness (diabetes, cancer etc.), • 11,000+ employees certified • Engagement framework continue with health-focused • 96% leadership depth, 86% leadership • 3i framework to align employees to strategy, policies stability enhance connect & belongingness to • Mental wellness campaigns: • Performance & talent management Company Remove stigma, encourage • Alignment to Board KPIs • Robust grievance redressal framework practice of restorative breaks for • Differentiated rewards based on • Employee surveys employees performance & potential • 90%+ Voice of employee survey* score on • Financial wellness campaigns: • Identification of bench for all key roles alignment, advocacy, support, technology & Lifestage based, specific sessions based on talent management & infra, health & safety measures and learning for women succession planning processes & engagement opportunities • NPS: 90% for top talent, 87% overall Figures for FY2022; *Biennial survey conducted in FY2021 KPIs: Key Performance Indicators; NPS: Net Promoter Score Leadership stability> 10 years organisation vintage, Leadership depth> 3 job rotations 33 Focus area: Responsible investing Three pronged approach ICICI Prudential Stewardship policy & ESG integration Sustainable Equity process Fund Engaging with investee companies Framework made operational; subscribed to Benchmarked against NSE 100 ESG Index ESG ratings by an external service provider Disclosing voting actions Became signatory to UN PRI1 ~45% of our AUM*: Infrastructure/housing & Government bonds (` 332 billion & ` 758 billion respectively) 1United Nations supported Principles for Responsible Investment *At March 31, 2022 34 Focus area: Governance & data privacy Information/cyber security Governance structure Data Privacy Policy Cyber Security Framework Board composition Board Diversity Evaluation framework •Covering collection, usage, •Information & Cyber Security •>50% IDs including •Policy on Board diversity & • Evaluation framework storage, retention, sharing Policy Chairman criteria on appointment of for Directors, only for specific purposes with •ISO 27001: ISMS certification Directors Chairman, the Board & consent & security related •Committees> 50% IDs/ its Committees aspects NEDs &chaired by IDs •Woman Independent Director •BNRC now includes woman Risk management director Compensation framework Risk Management Policy Mitigating risk • Board, BRMC & ERC •Framework sets out limits & oversight controls for risk exposure • Covers financial, operational, •Risk-based internal audit sustainability & reputational framework Compensation Governance Alignment risk •ISO 22301: BCM certification Policy •Compensation of •WTD compensation aligned •Based on meritocracy WTDs approved by to KPIs incl. financial & non- Business ethics/compliances BNRC, Board, IRDAI financial metrics along with & fairness within framework of prudent & Members risk parameters; capping & •Code of Conduct •Compliance Policy deferral of bonus; malus & risk management •Framework for Managing claw back provisions •POSH Conflicts of Interest •ABC Policy Policies •Insider Trading Code •AML Policy •Whistle Blower Policy ID: Independent Director, NEDs: Non-executive Directors, WTD: Whole Time Directors, BNRC: Board Nomination & Remuneration Committee, ISMS: Information Security Management Systems, BRMC: Board Risk Management Committee, ERC: Executive Risk Committee, BCM: Business Continuity 35 Management, POSH: Prevention of Sexual Harassment at the Workplace, ABC: Anti Bribery & Anti Corruption, AML: Anti Money Laundering Focus area: Access to finance, CSR & Environment Access to Finance CSR Environment • 45.6 mn lives impacted by micro • ₹ 68.2 mn spent for CSR initiatives • ~1,700 tonnes of carbon footprint saved insurance products (58.1 mn lives total) • Over 155,000 children & adults • 96% of new business applications logged • 84.6%: One of the best persistency1 beneficiaries supported through digitally ratios (13th month) in industry • 24x7 service architecture; 91.5% self- COVID-19 vaccination program • 94% shareholders communicated digitally help usage • 61.4 million consumers reached through • Environment policy formulated & • 97.8%: One of the best claim settlement consumer awareness & education approved ratios2; 1.46 days3 average TAT program • Green energy implemented for some • Providing financial safety net to society: • 1,558 underprivileged youth trained offices in Mumbai (from January 2022) 21,600 retail death claims settled & through ICICI Academy for Skills (skill • External consultant for carbon emissions 238,000 group claims settled • Insurance awareness campaigns, focus development program) project finalised on right selling & product suitability • 2,117 underprivileged beneficiaries • Robust policy & framework for supported through other CSR programs grievance redressal Figures for FY2022 1Computed as per IRDAI circular dated September 30, 2021 2Individual death claims 3Average turnaround time (TAT) for non-investigated claims from receipt of last requirement 36 Digital@ICICI Prulife ~3.2 million digital service Digital logins >95% interactions every month >92.6% service interactions 1.2 million+ app downloads are via self-help/digital modes Highest rated app within life 97% of pages having system insurance industry uptime of 99% & above Access to over 45 types of Fitness tracker to monitor policy transactions health statistics Above mentioned figures are at September 30, 2022 38 New business & growth Pre-sales Onboarding & issuance Partner integration InstaPlan Pre-sales tool to create customised Partner integration portal Collaboration platform solution for customer by combining multiple Easy UI Pre-coded premium Online meetings, joint sales calls, products on the go quotation pages invite experts, share content Data pre population Digital journey No KYC document, digital payment 24x7 cognitive bots End to end digital onboarding with SI & digital consent 24x7 query resolution using chat bots Form pre-fill with OCR of KYC document viz. Chat Buddy, PSF Guru, Tara 3-click PASA onboarding Video based Pre -issuance Term by invite – pre approved offers verification on WhatsApp Lead Management System Smart doc upload with instant OCR Enhanced with voice capability & E-quote app  Instant certificate of issuance geographical tagging Video risk verification  Instant refund into customer Tele & video underwriting account, in case of cancellation Learner’s Box & MyCoach  Video verification & CKYC as service On the go e-learning modules enabled for partners Leveraging eco system with AI capabilities to improve pitch  End-to-end digital journey for group Partner & third party data for pre- partners population and process de- Demand generation congestion Group portal An end to end automated Digital platform to generate interest, qualify Document aggregator integration to process for on-boarding group leads with nurture framework & funnel get income details for financial customers management underwriting PASA: Pre Approved Sum Assured; OCR: Optical Character Recognition; CKYC: Central KYC; KYC: Know Your Customer; UI: User Interface; SI : Standing Instruction 39 Customer service Empowering customers Omni channel Self service Mobile application ~3.1 mn digital service interactions monthly 1.2 mn+ app downloads with best app rating >92.6% service interactions are via self- among the peers help/digital modes Renewals 24x7 chat/voice assistants Flexible premium payment options including multiple UPI LiGo chat bot; WhatsApp bot; E-mail bot Humanoid Two way conversational AI bot with speech recognition capability deployed in customer calls for Voice bot renewal premium collection; provides superior customer Voice bot on IVR provides customers with personalised experience scalability interactions with human touch >50% of calls handled by bots end-to-end, improved Quick claim assistance through digital claim registration productivity process, real time tracking through chatbot/WhatsApp, AI- based pre-claim assessment & claim processing Digital life verification for individual annuity customer Figures mentioned above are at September 30, 2022 AI: Artificial Intelligence; IVR: Interactive Voice Response; UPI: Unified Payments Interface 40 Digital experience Actionable insights Personalization Nudge engine/Actionable insights Data Hyper personalization analytics based system which suggests the best Personalised messages to handhold suited action to achieve next goal customers throughout journey Segmented targeting Smart solutions Pre-approved personalized Reaching the customer by mapping their best offers for instant issuance & persistency interests/affinities backed by data Interactive banners Modular data integration approach to Banners with built-in calculators for meet partner requirements instant & customised quotes Use of AI & ML to analyze structured & unstructured data Search engine optimization Use of ML to rank ICICI Pru higher on Cognitive automation End-to-end process search engines automation using intelligence & cognitive automation tools AI: Artificial Intelligence; MI: Machine Learning 41 Key initiatives taken in H1-FY2023 Account Aggregator Empowering Partners Personalised proposal Instant customised customer ICICI Pru Life is now a Financial Micro services for powering partner Information User and Financial systems for enhanced customer proposal for empowering sales & Information Provider in the Account experience distribution for prospecting Aggregator ecosystem  Customers can now initiate service Key highlights:  The Account Aggregator requests like frequency change,  Financial life stage analysis and framework facilitates consented modify premium payment option, goal based recommendation accessing and sharing of and place other service requests on  Cash flow statement information in real-time and partner website or mobile app  Personalised with customer ensures data privacy  Pre-login nudge on document and photograph  The Account Aggregator network underwriting requirement for first  Relationship Manager digital aims to replace all forms of time right visiting card physical documents with a  Account number validation for simple, digital, data-sharing payout mandate using penny drop process services 42 Data excellence@ every phase of customer journey Product recommender Cross sell engine @ Upsell engine identifies Presale high propensity customers offers best product based on partners identifies customers customer needs propensity Fraud detection Predict lapse Sale manage persistency risk engine detect high risk @ login cases @ login Smart risk model Predict early Accurate and Onboarding predicts customers with robust Issuance claims before high risk propensity prediction issuance Renewal model Propensity Surrender model Renewals provides renewal to revive provides revival predicts propensity to propensity predictions of lapse cases surrender Complaints NPS Engine Customer supports exceptional model for better service customer satisfaction customer experience Anomaly Unclaimed Maturity engine Risk investigation Claims / detection for efficiently monitors model provides model for credit life & retail Payouts claims payout AUM leakage unclaimed propensity customers 43 Awards & Accolades: H1-FY2023 Only Indian insurance Company to be featured in The Corporate Communication Team Technology Champion of the Year –Life the list of top 100 companies inBW Businessworld featured in the ’30 Top Corporate Best Contact Centre Insurance –‘India's Most Sustainable Companies’ Communication Teams –2022’ BW Businessworld in association with Sustain Labs Quantic 3rdAnnual BFSI Technology Reputation Today Customer Fest Leadership Awards 2022 Paris Excellence Awards 2022 3rdEmerging Asia Awards 2021 -Indian Chamber of Commerce (ICC) Gold in the BFSI category for the Campaign “Protect & Save” Jury award -Best Innovation and 2ndRunner up award -Best Life Runner up award -Company with the Diversification introduced by a Company ET Brand Equity Kaleido Awards 2022 Insurance Company of the Year Best Risk Management Strategy (Life) (Life) 45 Agenda • Company strategy and performance • Opportunity • Industry overview Favorable demography Large & growing population base1 High share of working population1 Population in mn Population in mn (age group 25-59 years ) 1,407.6 1,425.9 736.1 337.0 214.3 273.8 124.6 145.1 645.6 52.0 59.4 a e r o K S a c ir f A S n a p a J a is s u R liz a r B a is e n o d A S U a id n I a n ih C FY2021 FY2030 n I Driving GDP growth2 Rising affluence3 8.7% GDP per capita CAGR 7.7% 7.9% 8.0% 6.4% 7.2% 6.0% 6.8% 6.1% (FY2010-FY2022) 5.2% 4.8% 4.2% 10.4% 4.0% 3.2% 3.1% 2.7% 2.7% 1.9% 2.9% 3.8% 2.8% 5.1% 5.5% 6.2% 3.0% 3.4% -0.4% -1.1% 2 8 0 2 4 6 8 0 1 2 E E 0 0 1 1 1 1 1 2 2 2 3 4 0 2 Y F 0 2 Y F 0 2 Y F 0 2 Y F 0 2 Y F 0 2 Y F 0 2 Y F 0 2 Y F 0 2 Y F -3.1% 0 2 Y F 2 0 2 Y F 2 0 2 Y F n a p a J liz a r B a is s u R A .S .U a e r o K .S a is e n o d a id n I a n ih C -1.7% India World -6.6% n I 1Source: UN population division at December 2021 2Source: WEO update, April 2022 3Source: The World Bank Compound annual growth rate (CAGR) 47 Gross domestic product (GDP) Financialisation of savings: Opportunity for insurance Household savings1 Distribution of financial savings (including currency)2 80% 85 71% 61% 63% 65 57% 60% 17% 52% 18% 17% n 45% 41% 52% 17% t45 40% 36% 20.86 17% ` 40% 23.70 19.54 25 13.64 14.53 31.09 20.61 22.84 20% 5 11.91 14.96 -3.59 -3.91 -7.38 -6.64 -8.05 -15 0% FY2014 FY2016 FY2018 FY2020 FY2021 FY2014 FY2016 FY2018 FY2021 FY2022 Physical savings Provident & pension funds (including PPF) and small savings Gross financial savings Investments Household borrowings Gross financial savings as % of household savings Life insurance funds Net financial savings as % of household savings Currency & deposits FY2002 FY2008 FY2010 FY2012 FY2014 FY2018 FY2019 FY2020 FY2021 FY2022 Life insurance premium3 as 2.1% 4.0% 4.1% 3.3% 2.8% 2.7% 2.7% 2.8% 3.2% 2.9% % of GDP 1Source: RBI & CSO 2Source: RBI 3Total life insurance industry premium including renewal; Source: IRDAI 48 Protection opportunity: Low penetration Sum assured as % of GDP1,2 Addressable population# Protection gap(%)4,5 coverage3 (%) 332% 83 61 55 54 76 71 74 55 252% 251% 16.5 12% 153% 143% 127% n o i 8.4 l l i r t D 3.9 S 2.8 22% U 2.0 0.9 0.7 0.6 * * * * * * * e n A a d a * a n a a a d a e r o p a g n i S a p a J S U i s y a l a M n a l i a h T e r o K h t u o a i d n I p C r o o v te e c r t e i d o n b y p o re li t c a ie il s i d n I a p a J e r o K h t u o i l a r t s u A i s e n o d n I n a l i a h T i s y a l a M r o p a g n i S S S * Total sum assured ** Retail protection sum assured (company estimates) 1FY2022 for India, GDP Source: National statistics office 2FY2020 for USA & FY2018 for Japan; 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 4499 Protection opportunity: Sum assured (SA) as % of GDP A SA as % of GDP (SA growth @ 20% CAGR) SA as % of GDP1,2 74% 332% India: FY2035 44% 252% 251% 28% B 22% A 153% 143% 127% 125% FY2022 FY2025 FY2030 FY2035 74% 22% B SA as % of GDP (SA growth @ 25% CAGR) e n A a d a * * * r o p a p S U i s y n a e r o ) R G ) R G a i d 125% a g a J a l a l i a h K h a i d A C a i d A C n I n M T t n % n % i S u I I o 5 0 S 2 2 ( ( 60% 32% 22% FY2022 FY2025 FY2030 FY2035 1FY2022 for India; GDP source: National statistics office 2FY2020 for USA & FY2018 for Japan; Source: McKinsey estimates *For retail protection sum assured (company estimates) 50 Protection opportunity: Addressable population (%) 15% CAGR in new policy count1 20% CAGR in new policy count1 244.2 244.2 166.2 166.2 n n m 103.2 m 103.2 n 21% n i 31% i 71.5 71.5 76.9 50.7 31.3 25.2 8.4 12.6 8.4 13.3 FY2022 FY2025 FY2030 FY2035 FY2022 FY2025 FY2030 FY2035 Insured Uninsured Insured Uninsured ~30% 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) 51 Indicators of protection opportunity Retail credit1 Health & motor2 ` billion 33,749 Gross direct premium FY2022 (` billion) Health 735.82 17,856 19,085 Motor 704.33 13,922 9,339 10,097 6,454 Motor own damage (OD) 271.78 4,711 15,893 9,746 7,468 5,386 Motor third party (TP) 432.55 March 2014 March 2016 March 2018 March 2022 Home Loans Others • Healthy growth in retail credit • Credit life is voluntary 1Source: RBI 2Source: General Insurance Council and company estimate Components may not add up to the totals due to rounding off 52 Agenda • Company strategy and performance • Opportunity • Industry overview Evolution of life insurance industry in India FY2002 FY2010 FY2015 FY2022 New business premium1 (` bn) 116 21.5% 550 (5.8%) 408 11.5% 876 Total premium (` bn) 501 23.2% 2,654 4.3% 3,281 11.2% 6,917 Penetration (as % to GDP) 2.1% 4.1% 2.6% 2.9% Assets under management (` tn) 2.3 24.0% 12.9 12.6% 23.4 12.3% 52.5 In-force sum assured2 (` tn) 11.8* 15.5% 37.5 15.8% 78.1 14.8% 205.5 In-force sum assured (as % to 50.1% 57.9% 62.7% 86.8% GDP) 1Retail weighted received premium (RWRP) 2Individual & group in-force sum assured Source: IRDAI, CSO, Life insurance council, *Company estimate 54 Industry overview Industry Private sector 18% 20% 22% 1 x 44% 39% 40% i m Linked t c 82% 80% 78% u Non-linked d 56% 61% 60% o r P FY2020 FY2021 FY2022 FY2020 FY2021 FY2022 12% 13% 13% 2 22% 22% 22% x i m 28% 29% 32% Others l e Bancassurance n 53% 55% 55% n a h 60% 58% 55% Agency C 25% 23% 23% FY2020 FY2021 FY2022 FY2020 FY2021 FY2022 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 5555 Risk management: Non-participating business Guaranteed return savings product (including RP deferred pension) • Interest risk hedged through a combination of cash market instruments and derivatives • Premium payment term upto 15 years only • Hedge program designed for each tranche of new business • Locked in yields for future premiums • Underlying bonds for derivatives selected keeping in mind liability tenure • Annuity (SP and RP): Average deferment period ~ 7 years Review of pricing based on current interest rate environment GPP: Guaranteed Pension Plan SP: Single Premium; RP: Regular Premium 57 Protection business: FY2022 Protection split based on APE* Total new business sum assured ` billion ` billion 0.14 0.62 (1.1%) (4.7%) 7,731.46 6,166.84 2.90 (22.1%) 5.67 (43.2%) 3.80 (28.9%) FY2021 FY2022 Group Term Retail protection Credit life - Other Credit life – ICICI Bank Sum assured grew by 25% in FY2022 Retail protection ROP *Figures in brackets represent mix of protection APE ROP: Return of premium Total may not add up due to rounding off 58 Retail persistency: FY2022 Persistency1 across product categories Regular and Limited pay Fully paid and Single premium 100.0%100.0% 100.0%100.0% 100.0% 91.7% 84.2% 89.2% 84.0% 13th month 73.8% 49th month 62.4% 61.9% Linked Non linked Protection Linked Non linked Protection Persistency1 across channel categories Regular and Limited pay Fully paid and Single premium 100.0% 100.0%100.0% 100.0%100.0% 100.0% 82.4% 90.3% 85.4% 88.4% 74.3% 60.7% 67.3% 63.0% 13th month 94.0% 49th month 92.5% Bancassurance Agency Direct Partnership Bancassurance Agency Direct Partnership distribution distribution Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated September30, 2021 59