Icici Prudential Life Insurance Co. Ltd. · NSE:ICICIPRULI
Icici Prudential Life Insurance — FY2026 Earnings Presentation
69 slides from Icici Prudential Life Insurance's earnings presentation, Apr 14, 2026
Slide 1: Performance update: FY2026
Performance update: FY2026 April 14, 2026
Slide 2: Agenda
Agenda • Company strategy & performance • Opportunity & industry overview
Slide 3: Agenda
Agenda • Company strategy & performance • Opportunity & industry overview
Slide 4: 3C Framework
3C Framework Customer centricity Competency Catalyst Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency Risk & Prudence Deliver sustainable VNB growth by balancing business growth, profitabilit
Slide 5: Performance snapshot: FY2026
Performance snapshot: FY2026 APE 13M Persistency1 VNB ₹ 106.41 bn March 31, 2026: 84.5% ₹ 26.29 bn 2.2% Y-o-Y growth March 31, 2025: 89.1% 10.9% Y-o-Y growth 2-yr CAGR: 8.5% 24.7% VNB margin RWRP Claim settlement2 Profits after tax ₹ 82.06 bn FY2026: 99.3% ₹ 16.00 bn (1.2%) Y-o-Y growth FY2025: 99.3
Slide 6: 3C Framework
3C Framework Customer centricity Competency Catalyst Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency Risk & Prudence Deliver sustainable VNB growth by balancing business growth, profitabilit
Slide 7: Product wise growth
Product wise growth APE (₹ billion) Mix Q4- Y-o-Y Y-o-Y Q4- Segments FY2026 FY2026 FY2026 Growth Growth FY2026 Savings 32.17 6.1% 87.35 (0.4%) 84.0% 82.1% Linked 17.44 14.8% 51.04 1.6% 45.5% 48.0% Non-linked 7.94 (20.7%) 21.85 (1.0%) 20.7% 20.5% Annuity 2.44 (5.8%) 6.13 (29.9%) 6.4% 5.8% Group funds
Slide 8: Channel wise growth
Channel wise growth APE (₹ billion) Mix Q4- Y-o-Y Y-o-Y Q4- Channels FY2026 FY2026 FY2026 Growth Growth FY2026 Agency 8.89 (3.4%) 26.86 (10.5%) 23.2% 25.2% Direct 4.48 0.9% 14.30 (4.9%) 11.7% 13.4% Bancassurance 12.07 4.7% 31.75 3.6% 31.5% 29.8% Partnership distribution 5.13 17.9% 14.01 23.4% 13.4%
Slide 9: Product & Distribution mix: FY2026
Product & Distribution mix: FY2026 Product mix Distribution mix 8% | Group funds 18% | Group 25% | Agency 6% | Annuity 48% | Linked 13% | 18% | Partnership Protection distribution 30% | 20% | Non-linked Bancassurance 14% | Direct Well diversified product & distribution mix Based on Annualised Premiu
Slide 10: Segment in focus: Protection & Annuity
Segment in focus: Protection & Annuity Protection Annuity Q4- Y-o-Y Y-o-Y (₹ billion) (₹ billion) FY2026 FY2026 Growth Growth 6.13 Protection APE1 6.13 29.9% 19.06 16.4% Retail protection 2.76 60.5% 7.91 32.3% APE 3.00 NB sum assured 4,342.14 30.1% 14,502.24 21.4% NB retail sum 1,541.64 47.9% 4,497.
Slide 11: Persistency ratios
Persistency ratios March 31, June 30, September December March 31, Month 2025 2025 30, 2025 31, 2025 2026 13th month 89.1% 86.0% 85.3% 84.4% 84.5% 25th month 82.6% 83.4% 83.1% 82.8% 81.0% 37th month 75.2% 75.1% 75.2% 75.5% 76.3% 49th month 69.5% 69.8% 70.5% 71.3% 71.8% 61st month 64.1% 63.8% 62.9% 6
Slide 12: Productivity improvement
Productivity improvement (₹ billion) FY2025 FY2026 Y-o-Y Growth APE 104.07 106.41 2.2% Total Premium 489.51 531.25 8.5% Total Expenses 88.55 96.74 9.2% Cost/Total Premium1 18.1% 18.2% 10bps Cost/Total Premium1 12.5% 12.1% (40bps) (savings LOB) Reduction in savings cost ratios 1Total cost including c
Slide 13: Risk & Prudence
Risk & Prudence High quality Strong solvency Insurance risks Interest rate risk asset1 ratio • Persistency • 65.1% of liabilities • 94.5% of fixed • Solvency ratio of experience & largely pass on income in sovereign 227.3% at March 31, mortality experience market performance or AAA; 99.6% of 2026 mo
Slide 14: Financial metrics
Financial metrics (₹ billion) FY2025 FY2026 Y-o-Y Growth Value of New Business (VNB) 23.70 26.29 10.9% VNB margin 22.8% 24.7% 190bps Profit after Tax 11.89 16.00 34.6% Embedded Value 479.51 529.89 10.5% AUM 3,093.59 3,136.34 1.4% Solvency ratio 212.2% 227.3% 15.1% FY: At March 31 AUM: Assets under m
Slide 15: VNB & EV movement
VNB & EV movement Value of new business (VNB) margin Embedded value (EV)2 3.4% (3.9)% 529.89 2.5% 24.7% 479.51 22.8% 133.25 119.32 ` billion 360.19 396.64 FY2025 New Operating Economic FY2026 Mar-25 Mar-26 Business Assumptions Assumptions Profile1 Change Change Value of Inforce (VIF) Adjusted net wo
Slide 16: Analysis of movement in EV
Analysis of movement in EV 26.29 (2.64) 0.23 0.16 (7.78) 1.13 529.89 35.54 (2.56) 479.51 ANW ANW EVOP1 = 57.02 133.25 119.32 ROEV2 = 11.9% ` billion VIF VIF 360.19 396.64 EV (Mar 31, Unwind Operating VNB Persistency Mortality Expense Economic Net Capital EV (Mar 31, 2025) Assumption and Other and va
Slide 17: Sensitivity analysis
Sensitivity analysis Change in VNB margin % Change in EV Scenario FY2025 FY2026 FY2025 FY2026 Increase in 100 bps in the reference rates (3.7) (1.4) (3.5) (1.8) Decrease in 100 bps in the reference rates 3.9 0.6 3.8 1.6 10% increase in the discontinuance rates (1.6) (1.9) (0.4) (0.6) 10% decrease in
Slide 18: 3C Framework
3C Framework Customer centricity Competency Catalyst Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational Deliver superior customer distribution efficiency value through appropriate product propositions, seamless onboar
Slide 19: Customer centricity at the core
Customer centricity at the core ~58% of policies issued using Claim settlement ratio of 99.3% Awarded ‘The Best Customer digital KYC1 in FY2026 for FY20262; settled within Oriented Company’ by ICC 1.1 days3 ~50% of savings policies issued Emerging Asia Insurance Best-in-class early claims ratio on s
Slide 20: 'C'ompetency: Comprehensive product suite
‘C’ompetency: Comprehensive product suite • Provide right product to right customer • Offer innovative product propositions addressing dynamic customer needs across life stages Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified O
Slide 21: Products across life stages
Products across life stages… Married with Nearing retirement Young & single Married children & retired • Protection • Protection • Protection • Retirement planning • Savings • Health • Child education • Pension • Savings • Retirement planning • Legacy planning • Wealth • Health • Wealth Age 25 - 30
Slide 22: Catering to varied customer needs
…catering to varied customer needs Linked Part Guaranteed Linked & Non-linked Guaranteed Long-term Life savings protection Customer needs Retirement Healthcare planning Linked & Non-linked Q4-FY2026 launches 22
Slide 23: Innovative value propositions: Q4-FY2026
Innovative value propositions: Q4-FY2026 • Offers comprehensive protection along with wealth creation till the age of 99 years • Choice of different portfolio strategies, cost-efficient charge structure & fund additions • Combines market-linked growth & • Term plan that offers health USD-denominated
Slide 24: 'C'ompetency: Diversified distribution
‘C’ompetency: Diversified distribution • Create depth & width in multi partner shops • Invest & grow in proprietary channels • Deeper penetration in micro markets • To be the “most partnerable insurer” Comprehensive product suite ESG integrated with Customer business management centricity People Tec
Slide 25: Most partnerable Company
Most partnerable Company • ~50% of savings policies ICICI Pru Stack issued on same day in Array of platform FY2026 capabilities to help • Same day commission us deliver superior available for select value propositions distributors to our customers, in collaboration • New distribution partner with ou
Slide 26: Distribution reach & strategy
Distribution reach & strategy 53 banks 30% | Bancassurance 1 Strategy: Build profitability • 5 bank tie-ups done in FY2026 1,500+ partnerships 14%1 | Direct 13%1 | Partnership Distribution Strategy: Digital focused • Access to >26,400 bank branches Strategy: Create depth & upsell campaigns • Non-lin
Slide 27: 'C'ompetency: Operational efficiency
‘C’ompetency: Operational efficiency Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency • Enable simplified & Risk & Prudence frictionless processes across policy life cycle 27
Slide 28: Simplified & frictionless process
Simplified & frictionless process Leveraging external data sources Onboarding experience • Consent based eKYC (CKYC & Aadhaar), • Intuitive and non-invasive journey Bank pre-population • In app journey validation • Digital Income validation • Premium payment through BASBA • IIB - insurance coverage
Slide 29: Superior customer value at every stage
Superior customer value at every stage Onboarding Payouts Simplified digital Deliver quick, secure, customer onboarding seamless payout • Same day issuance of experience savings policies: ~50% • Digital payout: 92.5% • Digital KYC1: ~58% Persistency Claims Seamless renewal Single day claim settlemen
Slide 30: 3C Framework
3C Framework Customer centricity Competency Catalyst Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency Risk & Prudence 30
Slide 31: People strategy aligned to business strategy
People People strategy aligned to business strategy 91% Impact on leadership Impact on culture 77% 78% 92% 90% 67 30% 81 Leadership stability Leadership depth1 Leadership cover2 Learning metrics Gender diversity eNPS3 More than 10 years More than 3 job Leadership positions Learning hours per % of wo
Slide 32: Leveraging technology to deliver value
Technology Leveraging technology to deliver value 99% digital logins & 100% e- ~31 mn digital service insurance account for interactions in Q4-FY2026 eligible base 4.8 mn+ cumulative app 96.8% service interactions downloads are via self-help / digital modes Fitness tracker1 linked to 99.8% of pages
Slide 33: Technology enabled new business & growth
Technology Technology enabled new business & growth Pre-sales Onboarding & issuance Partner integration • Lead Management System • InstaPlan • Retail partners: Enabled with enhanced voice Pre-sales tool to create customised Partner integration portal | Data pre capability & geographical tagging solu
Slide 34: Technology enabled customer service & claims
Technology Technology enabled customer service & claims Empowering customers Omni channel • Self service • Customer mobile application 1. ~31 mn digital service interactions in Q4-FY2026 4.8 mn+ cumulative app downloads as on March 31, 2026 2. 96.8% service interactions are via self-help/ digital mo
Slide 35: Analytics embedded across customer journey
Analytics Analytics embedded across customer journey 3. Renewal 1. Login AI driven persistency management & 5. Claims surrender retention AI driven initiatives for AI driven claims demand generation investigation triggers ensuring right product to right customer Automated real time Data driven diffe
Slide 36: AI driven analytics
Analytics AI driven analytics Sales Onboarding Servicing Claims Smart recommendation In-house speech analytics through virtual assistant Medical summariser for system for customer Automated claim & product bot pathology reports insights summarisation & verification verification Propensity model Auto
Slide 37: Integrating ESG into business management
ESG Integrating ESG into business management Disclosure under IR2 E S G ESG score by SES4 framework FY2025 nvironmental ocial overnance Integrated annual report since Focus areas 78.9 FY2020 • Environment • Human • Governance & capital business 77.3 • Responsible ethics investing • Data privacy 76.2
Slide 38: Environmental initiatives
ESG Environmental initiatives • End to end digital • Green energy expanded to • E-waste disposal solutions for our 64 branches in through government business activities Maharashtra, Odisha, West certified vendors • 98% of new business Bengal & Assam • No single use plastic applications logged • Move
Slide 39: Social initiatives
ESG Social initiatives • Innovative value • High quality leadership: 77% • 53.8 mn lives impacted by propositions (refer slide 23 leadership stability3 , 92% micro insurance products for details) leadership depth4, 90% (73.7 mn lives total) • 96.8% self-help usage leadership cover5 • Providing finan
Slide 40: Governance structures & policies
ESG Governance structures & policies • Diverse Board composition • Compliance policy: Quarterly • Code of conduct • 55.6%* IDs with two certificate to the Board • Framework for managing women IDs • Risk policy: Financial, conflict of interest Compliance, Risk & Internal Audit • Board Committees sust
Slide 41: Agenda
Agenda • Company strategy & performance • Opportunity & industry overview
Slide 42: Opportunities in the Indian life insurance industry
Opportunities in the Indian life insurance industry Long-term savings Protection Strong multi-decadal Steady growth opportunity growth opportunity • Significant allocation: 64% of household savings • Protection gap of $16.5 tn for FY20202 towards financial assets for FY20241 • ~13%3 of addressable p
Slide 43: Long-term savings: Favorable demography opportunity
Long-term savings Favorable demography opportunity Large & growing population base1 High share of working population in India1 Population in mn Population in mn (age group 25-59 years ) 1,422.6 1,438.1 777.5 281.2 343.5 124.4 145 211.1 679.6 51.7 63.2 S Korea Japan India Brazil Indonesia USA S Afric
Slide 44: Financialisation of savings opportunity
Long-term savings Financialisation of savings opportunity Household savings1 Distribution of financial savings (including currency)2 80% 85 ` tn 71% 61% 63% 60% 65 57% 64% 17% 52% 52% 56% 60% 18% 17% 45% 41% 38.4 17% 17% 18% 45 40% 35.5 17% 36% 20.9 28.3 39% 17% 23.7 40% 19.5 25 13.6 29% 29% 14.5 31
Slide 45: Protection: Low protection penetration opportunity
Protection Low protection penetration opportunity Sum assured as % of GDP1,2 Addressable population3 Protection gap(%)5,6 332% coverage4 (%) 83 61 55 54 76 71 74 55 252% 251% 16.5 153% 143% 13% 127% 8.4 USD tn 3.9 27% 2.8 2.0 0.9 0.7 0.6 Thailand* USA* Japan* South Korea* India** Malaysia* Singapore
Slide 46: Protection: Low sum assured as % of GDP opportunity
Protection Low sum assured (SA) as % of GDP opportunity A SA as % of GDP (SA growth @ 20% CAGR) SA as % of GDP1,2 70% 332% India: FY2035 41% 252% 251% 27% B 153% 143% A 127% 105% FY2025 FY2030 FY2035 70% 27% B SA as % of GDP (SA growth @ 25% CAGR) Thailand Singapore South Korea (25%CAGR)* (20%CAGR)*
Slide 47: Protection: Addressable population opportunity
Protection Addressable population (%) opportunity 15% CAGR in new policy count1 20% CAGR in new policy count1 in mn in mn 213.5 213.5 CAGR2 CAGR2 @10% @10% CAGR2 @10% 132.6 CAGR2 132.6 CAGR2 18% CAGR2 @10% 25% @10% @10% 82.3 82.3 74.8 74.8 53.5 38.5 19.7 10.9 22.6 9.8 10.9 9.8 FY2024 FY2025 FY2030 F
Slide 48: Protection: Strong growth in retail credit opportunity
Protection Strong growth in retail credit opportunity Retail credit1 ₹ bn 59,523 53,313 41,828 29,418 26,126 33,870 25,534 21,916 17,026 19,085 13,922 12,144 10,097 9,339 27,188 30,105 6,454 19,912 4,711 13,390 16,844 7,468 9,746 5,386 Mar'14 Mar'16 Mar'18 Mar'20 Mar'22 Mar'23 Mar'24 Mar'25 Home Loa
Slide 49: Rising retirement population in India
Retirement Rising retirement population in India opportunity Demography shift over next ~25 years1 Faster growth of ageing population2 Age group 2024 2050 100+ 95-99 Future client 90-94 ~35% of the base seeking 85-89 overall annuity 234 population income 80-84 75-79 Today’s 70-74 client base 65-69 ~
Slide 50: Retirement needs are under-served
Retirement Retirement needs are under-served opportunity Retirement savings gap projections1 Pension assets/GDP2 5.0% 7.4% 3.7% 2.3% 9.6% 143.4% 146.4% Projected retirement savings gap widening CAGR 130.3% $ tn 170 81.1% 130 96 55.7% 58.7% 46 32 19 22 10.6% 12 12 8 6.9% US China UK Japan India 2022
Slide 51: Indicators of health opportunity
Health Indicators of health opportunity opportunity Health insurance premium trend1 % of population covered by health schemes2 ₹ bn Uncovered population 1,175 1,077 30% 895 373 322 731 253 582 508 200 378 51% 345 151 252 137 201 159 124 9% 391 410 424 246 272 329 10% FY2020 FY2021 FY2022 FY2023 FY20
Slide 52: Evolution of life insurance industry in India
Evolution of life insurance industry in India Industry overview FY2002 FY2010 FY2015 FY2025 21.5% (5.8%) New business premium1 (` bn) 116 550 408 11.4% 1,204 10.4% Total premium (` bn) 501 23.2% 2,654 4.3% 3,281 8,857 Penetration (as % to GDP) 2.1% 4.1% 2.6% 2.7% 12.6% 11.2% Assets under management
Slide 53: Historical product & channel mix
Historical product & channel mix Industry overview Industry Private sector 20% 22% 19% 15% 19% 39% 40% 32% 32% 36% Product mix1 Linked 80% 78% 81% 85% 81% Non-linked 61% 60% 68% 68% 64% FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2025 13% 13% 14% 16% 18% 22% 22% 24% 25% 27% Chan
Slide 54: Annexures: Others
Annexures: Annexures:Others Others
Slide 55: Awards & Accolades: Q4-FY2026
Awards & Accolades: Q4-FY2026 The Best Customer Oriented The Best Life Insurance Best Innovations led by Platinum Award for Company - Joint winner Company - Runner up Technology - Runner up Integrated Report 6th ICC Emerging Asia 6th ICC Emerging Asia 6th ICC Emerging Asia LACP Vision Awards Insuran
Slide 56: Trend in protection APE
Trend in protection APE FY2024 FY2025 FY2026 ₹ 4.78 bn | ₹ 5.98 bn | ₹ 7.91 bn | ₹ 4.45 bn | Retail ₹ 4.32 bn | Retail ₹ 4.95 bn | Retail Group term protection Group term protection Group term protection 29.2% 31.3% 26.4% 36.5% 26.0% 41.5% ₹ 15.25 bn ₹ 16.38 bn ₹ 19.06 bn ₹ 6.02 bn | ₹ 6.08 bn | ₹ 6
Slide 57: Interest rate risk management
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 • Derivatives undertaken to match asset lia
Slide 58: Retail persistency: March 31, 2026
Retail persistency: March 31, 2026 Persistency across product categories 13th month 49th month 90.0% 91.8% 73.2% 74.5% 78.9% 69.3% Linked Non linked Protection Persistency across channel categories 13th month 49th month 89.9% 85.4% 86.6% 80.3% 76.3% 80.2% 70.6% 66.8% Agency Direct Bancassurance Othe
Slide 59: Average APE by product categories
Average APE by product categories Average policy term (years) 35 36 29 Segment (₹) FY2025 FY2026 26 ULIP 182,844 171,413 Savings Protection Non-linked savings 140,693 167,661 Average customer age (years) Protection1 33,759 36,104 43 42 34 34 Total 136,122 126,994 Savings Protection FY2025 FY2026 1Pr
Slide 60: Channel wise product mix
Channel wise product mix1 Channel category Product category FY2024 FY2025 FY2026 ULIP 58.6% 62.8% 63.4% Non-linked savings 30.3% 28.5% 26.0% Bancassurance Annuity 5.2% 2.4% 3.7% Protection 5.9% 6.3% 6.9% Total 100.0% 100.0% 100.0% ULIP 46.0% 54.2% 59.2% Non-linked savings 30.6% 24.8% 29.2% Agency An
Slide 61: Product wise channel mix
Product wise channel mix1 Product category Channel category FY2024 FY2025 FY2026 Bancassurance 38.8% 38.3% 39.4% Agency 31.0% 32.5% 31.1% ULIP Direct 24.6% 23.1% 20.8% Partnership distribution 5.5% 6.1% 8.6% Total 100.0% 100.0% 100.0% Bancassurance 33.6% 39.5% 37.8% Agency 34.5% 33.9% 36.0% Non-link
Slide 62: Annexures: Embedded value
Annexures: Annexures: Others value Embedded
Slide 63: EV composition
EV composition 529.89 ` billion 479.51 423.37 133.25 119.32 356.34 316.26 107.61 99.60 90.90 396.64 360.19 315.76 225.36 256.74 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Value of Inforce (VIF) Adjusted net worth (ANW) As per Indian Embedded value (IEV) method Total may not add up due to rounding off Shareh
Slide 64: Analysis of movement in EV
Analysis of movement in EV1 ` billion FY2022 FY2023 FY2024 FY2025 FY2026 Opening EV 291.06 316.25 356.34 423.37 479.51 Unwind 20.85 27.08 30.71 33.90 35.54 Value of New Business (VNB) 21.63 27.65 22.27 23.70 26.29 Operating assumption changes + Operating variance (10.56) 0.15 (2.81) (2.26) (4.81) Op
Slide 65: Economic assumptions underlying EV & VNB
Economic assumptions underlying EV & VNB Reference rates Tenor (years) March 31, 2025 March 31, 2026 1 6.6% 6.1% 5 6.7% 7.5% 10 7.2% 8.4% 15 7.4% 8.8% 20 7.5% 8.9% 25 7.5% 8.9% 30 7.5% 8.8% EV: Embedded value VNB: Value of new business 65
Slide 66: Glossary (1/2)
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
Slide 67: Glossary (2/2)
Glossary (2/2) • 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 t
Slide 68: Safe harbour
Safe harbour Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'would', ‘indicating’, ‘expected to’ etc., & similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward
Slide 69: Thank you
Thank you FY2025 Annual Sustainability FY2025 ESG Report profile Report
ICICI Prudential Life Insurance Company — FY2026 Earnings Presentation on 6ix