Icici Prudential Life Insurance Co. Ltd. · NSE:ICICIPRULI
Icici Prudential Life Insurance — Investor Day (September 2024)
98 slides from Icici Prudential Life Insurance's investor day presentation, Sep 12, 2024
Slide 1: Sustaining Growth Shaping Future
Sustaining Growth Shaping Future Analyst Meet 2024 | September 12, 2024
Slide 2: Agenda
Agenda • Life insurance sector & Company overview • Company strategy
Slide 3: Agenda
Agenda • Life insurance sector & Company overview • Company strategy
Slide 4: Life insurance sector & Company overview
Life insurance sector & Company overview Life insurance opportunity Emerging Company regulatory overview direction Industry overview 4
Slide 5: 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: 60% of household savings • Protection gap of $16.5 tn for FY20202 towards financial assets for FY20231 • ~15%3 of addressable p
Slide 6: Life insurance sector & Company overview
Life insurance sector & Company overview Life insurance opportunity Emerging Company regulatory overview direction Industry overview 6
Slide 7: IRDAI’s vision & strategy
IRDAI’s vision & strategy Life cover for every Indian Health cover for every family IRDAI’s vision: Old age security for every Indian “Insurance for all” by year 2047 IRDAI: Insurance Regulatory & Development Authority of India 7
Slide 8: Key regulatory developments
Key regulatory developments Facilitate business expansion Principle-based Ease of doing business • Flexibility provided in expense of • Flexibility in product design & management launch • Exchange of information by life • Relaxed advertisement filing insurers through IIB1 • Reduction in regulatory r
Slide 9: Life insurance sector & Company overview
Life insurance sector & Company overview Life insurance opportunity Emerging Company regulatory overview direction Industry overview 9
Slide 10: Life insurance: Three phases of evolution
Life insurance: Three phases of evolution Significant regulatory & operating transformation driving strong growth trajectory Market share of private players (%) 34.2 35.5 50.5 57.0 52.3 45.7 36.5 38.0 38.0 49.0 51.5 53.8 56.2 58.0 57.2 59.7 62.9 65.8 67.8 1,040 1,090 RWRP (₹ bn) LIC Private Players
Slide 11: Life insurance sector & Company overview
Life insurance sector & Company overview Life insurance opportunity Emerging Company regulatory overview direction Industry overview 11
Slide 12: Company at a glance
Company at a glance Physical 458 >19,600 >216,000 >21,500 footprint Branches across India Employees Agents1 Partner bank branches Digital >3.0 mn >24.5 mn 96.2% 98.0% footprint Mobile app Website visits2 Self help2 NB application logged digitally2 downloads Financial ` 3.17 tn ` 432.36 bn ` 423.37 b
Slide 13: RWRP growth vs. industry
RWRP growth vs. industry RWRP July-August Q3-FY2024 Q4-FY2024 Q1-FY2025 (Y-o-Y growth) 2024 Overall industry 5.9% 0.3% 19.7% 14.5% Private industry 9.4% 2.4% 23.8% 21.8% ICICI Pru Life 10.0% 11.5% 46.8% 34.6% Endeavour to grow ahead of industry RWRP: Retail weighted received premium Y-o-Y: Year-on-y
Slide 14: Agenda
Agenda • Life insurance sector & Company overview • Company strategy
Slide 15: FY2019: Introduced 4P strategy
FY2019: Introduced 4P strategy Protection Customer Integrating ESG centricity Premium VNB Persistency with business continues to be Growth Growth management at the core Productivity VNB: Value of New Business ESG: Environmental, Social & Governance 15
Slide 16: Elements of 4P strategy
Elements of 4P strategy • Continue to grow both retail & group lines of Protection business • Improve persistency across Premium VNB all cohorts • Deepen penetration in Persistency Growth Growth under-served customer segments • Enhance existing & create new distribution • Augment capability in • Con
Slide 17: FY2019-FY2023: Outcome
FY2019-FY2023: Outcome • Return to growth for retail protection • Leveraged opportunity in group protection Protection • Strong growth delivered in overall protection APE • Broadened product proposition to ensure well- • Significant improvement in Premium VNB persistency across all cohorts diversifi
Slide 18: FY2024: Expanded strategy to include 4D framework
FY2024: Expanded strategy to include 4D framework 4D framework enabling our 4P strategy 4P strategy Data Diversified analytics propositions Protection Customer centricity Premium VNB Customer continues Growth Growth Persistency to be at the core Depth in Digitalisation Productivity partnerships Risk
Slide 19: Elements of 4D framework
Elements of 4D framework Data analytics Diversified propositions • Deeper understanding of customer • Offer suitable customer proposition lifestyle & income segments through appropriate distribution • Identify opportunities across diverse • Provide holistic solution across customer segments & geogra
Slide 20: Introducing the 3C framework
Introducing the 3C framework 20
Slide 21: 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 22: 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 23: Customer centricity: Right customer value at every stage
Customer centricity Core philosophy Identify customer segments Deliver superior customer value at every stage Product Understand their needs Distribution Design appropriate products Right Onboarding Servicing Create appropriate product- distribution fitments Settlement of claims Provide superior cus
Slide 24: Customer centricity at the core
Customer centricity Customer centricity at the core Industry leading claim Ranked no. 1 in the industry Seamless digital onboarding settlement ratio of 99.35% for wide customer experience & 24x7 assistance with top- Q1-FY20251; settled within NPS study for 2nd year in a notch convenience 1.2 days2 r
Slide 25: Simplified digital onboarding
Customer centricity Simplified digital onboarding CKYC Digital GST based Digital provident Financial ecosystem Digital recurring Pre-population income estimate fund statement for bank payment solution CKYC* GST^ EPFO^ Account Digital SI@ Aggregator^ Aadhaar* Perfios^ CAS^ Vahan^ Pull OTP@ *For KYC ^
Slide 26: Delivering on our claim promise
Customer centricity Delivering on our claim promise Q1-FY2024 97.94% H1-FY2024 98.40% 1.2 1 days day Average TAT for 9M-FY2024 98.64% Settlement time under claim settlement1 ‘Claim For Sure’ framework 12M-FY2024 99.17% Q1-FY2025 99.35% Standing by our customers & their families when they need us the
Slide 27: Delivering on superior customer experience
Customer centricity Delivering on superior customer experience Net Promoter Score (NPS) leaderboard FY2024 “Customers perceive them as relatively more innovative & have consistently rated the brand higher on their products & plans, digital support, easy 63 60 documentation & policy 57 issuance time
Slide 28: Growing AUM: Reflection of customer trust
Customer centricity Growing AUM: Reflection of customer trust Assets under management ₹3 trillion ₹2.5 trillion ₹2 trillion ₹1 trillion Started operations March March March June FY2001 2015 2021 2023 2024 14 years 6 years 2 years 15 months Total in-force sum assured: ₹ 35.1 tn at June 30, 2024 28
Slide 29: Industry leading persistency ratios
Customer centricity Industry leading persistency ratios Month FY2024 Q1-FY2025 13th month 88.7% 89.7% 25th month 79.7% 80.6% 37th month 72.0% 72.8% 49th month 70.7% 70.7% 61st month 65.6% 65.9% Consistent improvement in persistency ratios Regular & Limited pay persistency in accordance with IRDAI Ma
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: ‘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 32: Right product to the right customer
Comprehensive product suite Right product to the right customer Fundamental customer needs served by life insurer Understanding customer • Segment customers based on scale, needs, solutions & access Long term • Use behavioural, geographic & savings demographic data Customer Product fitment needs • M
Slide 33: Understanding customer needs…
Comprehensive product suite Understanding customer needs… Operational excellence Age group Annual income (₹) <=35 36 to 50 50 to 60 60+ • Protection • Consumption >=3L to needs <=7.5L • Protection • Goal based • Consumption savings needs • Wealth creation >7.5L to 25L • Retirement • Protection • Wea
Slide 34: …fulfilled through diverse product portfolio
Comprehensive product suite …fulfilled through diverse product portfolio Linked Part Guaranteed Long-term Life Guaranteed savings protection Customer needs Retirement Healthcare planning Deliver value propositions to serve varied customer needs ICICI Pru GPP Flexi with BE: Deferred commission New pr
Slide 35: Product innovation
Comprehensive product suite Product innovation 35
Slide 36: Retirement planning: Understanding customer
Comprehensive product suite Retirement planning: Understanding customer Demographic India’s elderly India’s retirement trends & need for population to grow by India’s life expectancy savings gap to rise to retirement $96 tn by 20501 127% to 347 mn in to be 80+ by 20503 planning 20502 Longer life exp
Slide 37: Retirement planning: Product fitment
Comprehensive product suite Retirement planning: Product fitment Age Age Age <45 45-60 60+ Planning for retirement Nearing retirement Post retirement Have sufficient time to Nearing retirement & Guaranteed monthly retire wants to lock in interest income for longevity & rates lifestyle Sufficient tim
Slide 38: ICICI Pru GPP Flexi BE: Comprehensive solution
Comprehensive product suite ICICI Pru GPP Flexi BE: Comprehensive solution Guaranteed lifelong income from the moment you invest Stress-free retirement Annuity APE mix Q1-FY2025: 10.9% Deferred commission structure Industry 1st features GPP: Guaranteed Pension Plan; BE: Benefit Enhancer; 38 APE: Ann
Slide 39: Innovation across product categories
Comprehensive product suite Innovation across product categories Savings Annuity & Pension Protection & Health • Simple cost-efficient plan with the flexibility to choose level of protection between SA, fund value or combination of both • Industry 1st feature* that offers option to • Increasing inco
Slide 40: Q1-FY2025 APE mix
Comprehensive product suite Well-diversified product mix 3% | Group funds 11% | Annuity Q1-FY2025 APE mix 51% | Linked 18% | Protection 17% | Non-linked Products offered to a large customer base spread across various income segments & geographies APE: Annualised Premium Equivalent 40
Slide 41: ‘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 42: Differentiated strategy
Diversified distribution Differentiated strategy Bancassurance Build scale & profitability • Leverage white spaces in customer segments & geographies Direct • Focus on quality with increased penetration & Digital-focussed upsell campaigns higher market share • Provide superior customer value proposi
Slide 43: Micro-market strategy
Diversified distribution Micro-market strategy 43
Slide 44: Micro-market development
Diversified distribution Micro-market development Understanding Clusters within Distribution Brand & the texture the micro market presence marketing • Customer • “Hot spots” • Mapping channel • Local & regional demographics within micro- & distribution preferences • Segment markets with presence to
Slide 45: Case study: Coimbatore
Diversified distribution Case study: Coimbatore Demographic Identified customer profiles snapshot Customer segments Use case examples • Working women • Homemakers Build profile specific • NRIs with local distribution with connect physical & digital • MSME owners outreach • Establishment 12+ owners I
Slide 46: Most partnerable insurer
Diversified distribution Most partnerable insurer 46
Slide 47: One stop solution: ICICI Pru Stack
Diversified distribution One stop solution: ICICI Pru Stack Partnership ethos • Customer’s relationship with partner is paramount • Partner’s brand & reputation is supreme 47
Slide 48: Diverse partnership experience
Diversified distribution Diverse partnership experience Banks Non-Banks PSU & MNC Private, banks Digital/ Fintech NBFC Co-operative banks Payments banks Small Finance & Distributors Equity/ MF HFC 43 Banks; >21,500 bank branches 1,159 Partnerships A recent partnership took less than two weeks from a
Slide 49: Well-diversified distribution mix
Comprehensive product suite Well-diversified distribution mix 15% | Group Q1-FY2025 APE mix 12% | Partnership distribution 29% | Agency 29% | Bancassurance 15% | Direct Ability to access diverse customer segments spread across geographies APE: Annualised Premium Equivalent 49
Slide 50: ‘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 50
Slide 51: Simplified & frictionless onboarding process
Operational efficiency Simplified & frictionless onboarding process Leveraging external data Financial underwriting through sources for KYC ecosystem enablers Digital consent (pull OTP, CKYC & EPFO, Vahan, Digital GST, ITR and MF Aadhaar based eKYC, Bank pre statement for income estimation populatio
Slide 52: Segmented approach
Operational efficiency Segmented approach • Online existence verification facility Senior citizens • Priority service & no queue policy Customer • International medical centers NRI • 24*7 dedicated helpline • Doorstep document pick up • 24*7 hotline Claimant • No queue policy at branches & direct co
Slide 53: Claims philosophy & framework
Operational efficiency Claims philosophy & framework Easy accessibility • Multi channel architecture for assistance on claim process: Physical, & sensitive Phygital & Digital handling • Claim process related information revamped & simplified • Importance of updating correct nominee details Proactive
Slide 54: Customer communication framework
Operational efficiency Customer communication framework Guiding principles: To address customer anxiety, reinforcing trust & guardianship Communication Governance & Milestones Content & design Broadcast modes feedback Communication White space in Communication Integrated Key enablers playbook custom
Slide 55: Excellence at every stage
Operational efficiency Excellence at every stage Onboarding Payouts Simplified digital Deliver quick, secure, customer onboarding seamless payout • Same day issuance of experience savings policies: 48% • Digital payout: 92.5% • Digital KYC: 85%1 Persistency Claims Seamless renewal Single day claim s
Slide 56: 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 56
Slide 57: ‘C’atalyst: People
‘C’atalyst: People Create people edge through: • Learning & development • Supporting environment • Fairness & meritocracy Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency Risk & Prudence 57
Slide 58: People strategy aligned to business strategy
People People strategy aligned to business strategy Business growth • Setting up of growth catalyst unit to deepen penetration in customer micro- segments & micro-markets • Cross functional senior leadership forums & squads to enable agile decision making Building • Capacity augmented in proprietary
Slide 59: Leadership & culture
People Leadership & culture Impact on leadership 77% 91% 100% Leadership stability Leadership depth1 Leadership cover2 More than 10 years More than 3 job rotations Leadership positions vintage with adequate cover Impact on culture 1.2 mn+ 29% 90%+ Learning metrics Gender diversity Voice of employee
Slide 60: ‘C’atalyst: Technology
‘C’atalyst: Technology Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency • Enhance customer experience • Support sales & Risk & Prudence distribution 60
Slide 61: Leveraging technology to deliver value
Tech Leveraging technology to deliver value 98% digital logins & 100% ~9 mn digital service e-insurance account for interactions every month eligible base 96.2% service interactions 3 mn+ app downloads are via self-help / digital modes Highly rated on App store (4.5) 98% of pages with system & Googl
Slide 62: Technology enabled new business & growth
Tech Technology enabled new business & growth Pre-sales Onboarding & issuance Partner integration • Collaboration platform • InstaPlan • Retail partners: Online meetings, joint sales calls, Pre-sales tool to create customised Partner integration portal | Easy UI invite experts & share content soluti
Slide 63: Technology enabled customer service & claims
Tech Technology enabled customer service & claims Empowering customers Omni channel • Self service • Customer mobile application 1. ~9 mn digital service interactions monthly 3 mn+ app downloads with best app rating among the 2. >96.2% service interactions are via self-help/ digital modes peers • Re
Slide 64: ‘C’atalyst: Analytics
‘C’atalyst: Analytics Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency • Powers business & products, drives operational excellence Risk & Prudence & assists in risk mitigation 64
Slide 65: Analytics powering new business
Analytics Analytics powering new business Understanding Satisfying Identifying right Seamless process customer customer need distribution Intelligent Product ML based Longevity & risk customer recommendation upsell/cross sell profiling models segmentation engine propensity models Micro market Person
Slide 66: Analytics powering business & product
Analytics Analytics powering business & product Agency Banca/PD Direct Product Analytics driven Analytics driven ML based leads Geographic agent activation campaign strategy assistance product segments Incentives efficacy Pre-issuance Personalised online Market household framework journey integratio
Slide 67: Analytics powering customer service & claims
Analytics Analytics powering customer service & claims Enabling Driving customer Faster settlement Managing maturity renewals satisfaction of claims & foreclosure ML based lapse Early warning Robust claims Smart MAFC propensity model model for customer investigation reinvestment dissatisfaction fram
Slide 68: AI & ML fueling business excellence
Analytics AI & ML fueling business excellence Persistency management AI based risk management Focus on extensive utilisation of AI & ML along Utilising AI across policy life stages to provide with data analytics to mitigate insurance risk at superior customer experience onboarding stage Model based
Slide 69: ESG
ESG Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency Risk & Prudence 69
Slide 70: Integrating ESG into business management
ESG Integrating ESG into business management Disclosure under IR1 E S G ESG rating by MSCI framework FY2024 nvironmental ocial overnance Integrated AA AA annual report Focus areas since FY2020 A A • Environment • Human • Governance & capital business • Responsible ethics investing • Data privacy B &
Slide 71: ‘3C’ framework: Objectives
‘3C’ framework: Objectives Deliver business growth by providing Drive profitability through right product to the right customer continuous product innovation, through our diversified distribution building scale, optimising cost & process improvement Comprehensive product suite ESG integrated with Cu
Slide 72: Risk & Prudence
Risk & Prudence Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency Risk & Prudence Imbibe risk & prudence across organisational culture, sales & processes through robust governance 72
Slide 73: Risk management
Risk & Prudence Risk management Culture Governance 1 3 Process framework 2 Investment Data risk 5 4 analytics Risk management is an integral part of our ecosystem 73
Slide 74: Robust governance framework
Risk & Prudence Robust governance framework 1 Governance structure comprises of the Board, the Board Risk Management Committee (BRMC), the Product Management Committee (PMC), the Executive Risk Committee (ERC) & its supporting committees 1st line of defense: 2nd line of defense: 3rd line of defense:
Slide 75: Risk & prudence imbibed in our culture
Risk & Prudence Risk & prudence imbibed in our culture 2 Emphasis on right behaviour: Composite indicator (score) to capture key business quality parameters impacting organisation profitability, brand & business growth Metrics Expected actions Outcome • Right selling by aligning product to customer
Slide 76: Prudence starts at onboarding stage
Risk & Prudence Prudence starts at onboarding stage 3 KYC Income Risk check Communication Customer profile • Photo • Estimated • Mortality • Phone • Mortality & • Aadhar income risk validity fraud risk • PAN • Surrogate • Fraud risk • E-mail model income • Medical validity • Policy triage lapsation
Slide 77: Risk management helps mitigate early claims
Risk & Prudence Risk management helps mitigate early claims 4 Pre-issuance Post issuance Claims Governance Sales personnel Technology Sales personnel Sales personnel • Importance of due diligence • Alert/pattern-based field • Collaboration with • Actions as per Company & correct disclosures checks f
Slide 78: Our approach to investment management
Risk & Prudence Our approach to investment management 5 Expectations Our philosophy • Portfolio safety • Managing policyholders' money in fiduciary capacity • Healthy absolute/relative return over medium to long term • Focus on ensuring long term safety, stability & return • Consistent performance o
Slide 79: Interest rate risk management
Risk & Prudence Interest rate risk management 5 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 Annuity products • Durati
Slide 80: Strong & resilient balance sheet
Risk & Prudence Strong & resilient balance sheet Insurance risks Strong solvency ratio • Persistency experience & mortality • Solvency ratio of 187.9% at June 30, 2024 experience monitored regularly • Ability to raise additional sub debt High quality assets1 Liability profile1 • 96.3% of fixed incom
Slide 81: 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 82: Annexures
Annexures
Slide 83: Life insurance opportunity
Life insurance opportunity
Slide 84: Long-term savings: Favorable demography
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 ) 1,407.6 1,425.9 736.1 273.8 337.0 124.6 145.1 214.3 645.6 51.8 59.4 India Japan Brazil Indonesia S Korea USA S Afr
Slide 85: Financialisation of savings
Long-term savings Financialisation of savings opportunity Household savings1 Distribution of financial savings (including currency)2 80% 85 71% ` tn 61% 63% 65 57% 52% 56% 60% 60% 17% 52% 18% 17% 45% 41% 17% 17% 18% 45 40% 35.46 36% 20.86 28.28 39% 17% 23.70 40% 19.54 25 13.64 29% 14.53 31.09 20.61
Slide 86: Protection: Low protection penetration
Protection Low protection penetration opportunity Sum assured as % of GDP1,2 Addressable population# Protection gap(%)4,5 332% coverage3 (%) 83 61 55 54 76 71 74 55 252% 251% 16.5 153% 143% 15% 127% 8.4 USD tn 3.9 21% 2.8 2.0 0.9 0.7 0.6 Thailand* USA* Japan* South Korea* India** Malaysia* Singapore
Slide 87: Protection: Low sum assured as % of GDP
Protection Low sum assured (SA) as % of GDP opportunity A SA as % of GDP (SA growth @ 20% CAGR) SA as % of GDP1,2 65% 332% India: FY2035 39% 252% 251% 21% 25% B 153% 143% A 127% 107% FY2023 FY2025 FY2030 FY2035 65% 21% B SA as % of GDP (SA growth @ 25% CAGR) Thailand Singapore South Korea (25%CAGR)*
Slide 88: Protection: Addressable population
Protection Addressable population (%) opportunity 15% CAGR in new policy count1 20% CAGR in new policy count1 143.3 143.3 102.2 102.2 72.8 72.8 63.6 63.6 29% 41% in mn in mn 59.3 40.9 24.8 20.9 9.3 11.7 9.3 11.4 FY2023 FY2025 FY2030 FY2035 FY2023 FY2025 FY2030 FY2035 Insured Uninsured Insured Uninsu
Slide 89: Strong growth in retail credit
Protection Strong growth in retail credit opportunity Retail credit1 ₹ bn 40,852 33,870 21,488 25,534 17,026 19,085 12,144 13,922 9,339 10,097 6,454 19,364 4,711 16,844 13,390 7,468 9,746 5,386 Mar'14 Mar'16 Mar'18 Mar'20 Mar'22 Mar'23 Home Loans Others • Healthy growth in retail credit • Credit lif
Slide 90: 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 100+ 95-99 Future client 90-94 ~35% of the base seeking 85-89 overall annuity population income 234 80-84 75-79 Today’s 70-74 client base 65-69 ~38% of see
Slide 91: Retirement needs under-served
Retirement Retirement needs under-served opportunity Retirement savings gap projections1 Pension assets/GDP2 5.0% 7.4% 3.7% 2.3% 9.6% 159.0% Projected retirement savings gap widening CAGR 145.0% 132.1% $ tn 170 130 80.0% 96 64.5% 56.0% 46 32 19 22 12.8% 12 12 8 6.5% US China UK Japan India 2022 2050
Slide 92: Indicators of health opportunity
Health Indicators of health opportunity opportunity Health insurance premium trend1 % of population covered by health schemes2 ₹ bn Uncovered 895 population 731 253 30% 582 508 200 449 151 252 137 201 51% 107 159 107 124 329 391 9% 235 246 272 10% FY2019 FY2020 FY2021 FY2022 FY2023 Government Privat
Slide 93: ESG
ESG
Slide 94: Environmental initiatives
Environmental initiatives • Green energy expanded to • Wet waste converter Reuse & recycle • End to end digital Reduce Replace solutions for our business 38 more branches in installed at one of activities Maharashtra (total 44) Company owned large • Move towards 5 star rated office, enabling waste •
Slide 95: Social initiatives
Social initiatives • Innovative products with • High quality leadership: 77% • 80.4 mn lives impacted by Commitment to Commitment to industry’s first features leadership stability3 , 91% micro insurance products Community employees Customer centricity (refer slide 37 for details) leadership depth4,
Slide 96: Governance structures & policies
Governance structures & policies • Code of conduct Compliance, Risk • Compliance policy: Quarterly Ethical practices & Internal Audit • Diverse Board composition certificate to the Board • Framework for managing Supervisory • 60% IDs including structure Chairman • Risk policy: Investment, conflict o
Slide 97: 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 98: Thank you
Thank you FY2024 Annual Sustainability FY2024 ESG Report factsheet Report
ICICI Prudential Life Insurance Company — Investor Day (September 2024) on 6ix