Icici Bank Limited · NSE:ICICIBANK
Icici Bank — ICICI Prudential Life Insurance Company — Q1 FY2027 Earnings Presentation
66 slides from Icici Bank's earnings presentation, Jul 15, 2026
Slide 1: Letter to stock exchanges: Investor presentation
July 15, 2026 General Manager Vice President Listing Department Listing Department BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, ‘Exchange Plaza’, Dalal Street, Bandra-Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai 400 051 Dear Sir/Madam, Subject: Investor pre
Slide 2: Performance update: Q1-FY2027
Performance update: Q1-FY2027 July 15, 2026
Slide 3: Agenda
Agenda • Company strategy & performance • Opportunity & industry overview
Slide 4: Agenda
Agenda • Company strategy & performance • Opportunity & industry overview
Slide 5: 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 6: Performance update: Q1-FY2027
Performance update: Q1-FY2027 APE 13M Persistency1 VNB ₹ 21.36 bn June 30, 2026: 84.0% ₹ 5.71 bn 14.6% Y-o-Y growth March 31, 2026: 84.5% 24.9% Y-o-Y growth 3-yr CAGR: 13.5% 26.7% VNB margin RWRP Claim settlement2 Profits after tax ₹ 15.38 bn Q1-FY2027: 99.3% ₹ 3.86 bn 13.4% Y-o-Y growth Q1-FY2026:
Slide 7: 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 8: Product wise growth
Product wise growth APE (₹ billion) Mix Q1- Q1- Y-o-Y Q1- Q1- Segments FY2026 FY2027 Growth FY2026 FY2027 Savings 14.56 15.40 5.8% 78.1% 72.1% Linked 8.72 9.28 6.4% 46.8% 43.5% Non-linked 4.00 3.62 (9.5%) 21.5% 16.9% Annuity 1.00 1.33 33.0% 5.4% 6.2% Group funds 0.83 1.18 42.2% 4.4% 5.5% Protection
Slide 9: Channel wise growth
Channel wise growth APE (₹ billion) Mix Q1- Q1- Y-o-Y Q1- Q1- Channels FY2026 FY2027 Growth FY2026 FY2027 Agency 4.54 4.63 2.0% 24.3% 21.7% Direct 2.64 2.86 8.3% 14.2% 13.4% Bancassurance 5.53 5.84 5.6% 29.7% 27.4% Partnership distribution 2.41 3.12 29.5% 12.9% 14.6% Retail APE 15.12 16.46 8.9% 81.1
Slide 10: Product & Distribution mix: Q1-FY2027
Product & Distribution mix: Q1-FY2027 Product mix Distribution mix 6% | Group funds 23% | Group 22% | Agency 6% | Annuity 43% | Linked 15% | 28% | Partnership Protection distribution 27% | Bancassurance 13% | Direct 17% | Non-linked Well diversified product & distribution mix Based on Annualised Pre
Slide 11: Segment in focus: Protection & Annuity
Segment in focus: Protection & Annuity Protection Annuity Q1- Q1- Y-o-Y (₹ billion) FY2026 FY2027 (₹ billion) Growth 1.33 Protection APE1 4.09 5.96 45.7% 0.91 Retail protection 1.39 2.23 60.4% APE NB sum assured 3,714.52 4,896.65 31.8% NB retail sum Annuity APE 777.50 1,134.13 45.9% assured Q1-FY202
Slide 12: Persistency ratios
Persistency ratios June 30, March 31, June 30, Month 2025 2026 2026 13th month 86.0% 84.5% 84.0% 25th month 83.4% 81.0% 77.0% 37th month 75.1% 76.3% 77.3% 49th month 69.8% 71.8% 71.7% 61st month 63.8% 61.6% 61.9% Healthy persistency ratios 12 month rolling persistency 11
Slide 13: Productivity improvement
Productivity improvement Y-o-Y (₹ billion) Q1-FY2026 Q1-FY2027 Growth APE 18.64 21.36 14.6% Total Premium 89.54 102.51 14.5% Total Expenses 18.99 22.38 17.8% Cost/Total Premium1 21.2% 21.8% 60 bps Cost/Total Premium1 (savings LOB) 14.1% 13.6% (50 bps) Reduction in savings cost ratios 1Total cost inc
Slide 14: Risk & Prudence
Risk & Prudence High quality Strong solvency Insurance risks Interest rate risk asset1 ratio • Persistency • 66.2% of liabilities • 95.0% of fixed • Solvency ratio of experience & largely pass on income in sovereign 225.4% at June 30, mortality experience market performance or AAA; 99.8% of 2026 mon
Slide 15: Financial metrics
Financial metrics (₹ billion) Q1-FY2026 FY2026 Q1-FY2027 Value of New Business (VNB) 4.57 26.29 5.71 VNB margin 24.5% 24.7% 26.7% Y-o-Y Growth (3.2%) 10.9% 24.9% Profit after Tax 3.02 16.00 3.86 AUM1 3,244.89 3,136.34 3,338.18 Solvency ratio1 212.3% 227.3% 225.4% 1At June 30 of respective financial
Slide 16: Company update: Q1-FY2027
Company update: Q1-FY2027 • Board approved proposal to rename the Company as ‘ICICI Life Insurance Limited’1 • Proposed name reflects strength, trust & legacy associated with ‘ICICI’ franchise • Company’s core business operations, strategy & governance frameworks remain unchanged • Company remains w
Slide 17: 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 18: 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 Q1-FY2027 for Q1-FY20272; settled within Oriented Company’ by ICC 1.0 day3 ~54% of savings policies issued Emerging Asia Insurance Best-in-class early claims ratio
Slide 19: '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 20: 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 21: 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 Q1-FY2027 launch Riders 20
Slide 22: '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 23: Most "partnerable" Company
Most “partnerable” Company • ~54% of savings policies Partner Stack issued on same day in Array of platform Q1-FY2027 capabilities to help • Same day commission us deliver superior available for select value propositions distributors to our customers, in collaboration • New distribution partner with
Slide 24: Distribution reach & strategy
Distribution reach & strategy 52 banks 27% | Bancassurance 1 Strategy: Build profitability 1,500+ partnerships 13%1 | Direct • Access to >26,800 bank branches 15%1 | Partnership Distribution Strategy: Digital focused • Non-linked savings 16%, Strategy: Create depth & upsell campaigns Protection & An
Slide 25: '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 24
Slide 26: 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 27: 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: ~54% • Digital payout: 92.3% • Digital KYC1: ~58% Persistency Claims Seamless renewal Single day claim settlemen
Slide 28: 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 27
Slide 29: 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 30: Leveraging technology to deliver value
Technology Leveraging technology to deliver value 99% digital logins & 100% e- ~27 mn digital service insurance account for interactions in Q1-FY2027 eligible base 5.1 mn+ cumulative app 97.0% service interactions downloads are via self-help / digital modes Fitness tracker1 linked to 99.8% of pages
Slide 31: 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 32: Technology enabled customer service & claims
Technology Technology enabled customer service & claims Empowering customers Omni channel • Self service • Customer mobile application 1. ~27 mn digital service interactions in Q1-FY2027 5.1 mn+ cumulative app downloads as on June 30, 2026 2. 97.0% service interactions are via self-help/ digital mod
Slide 33: AI analytics embedded deeply in customer journey
Analytics AI analytics embedded deeply in customer journey Sales Onboarding Service Claims AI-driven AUM Demand generation, Automated underwriting management; AI driven claims ensuring right product to for faster issuance Differentiated processes investigation triggers right customer for customer sa
Slide 34: Integrating ESG into business management
ESG Integrating ESG into business management Disclosure under IR2 E S G ESG score by SES4 framework FY2026 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 35: Agenda
Agenda • Company strategy & performance • Opportunity & industry overview
Slide 36: 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 37: 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 ) 1,422.6 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 38: Financialisation of savings
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 39: Protection: Low protection penetration
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 40: 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 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 41: Protection: Addressable population
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 42: Protection: Strong growth in retail credit
Protection Strong growth in retail credit opportunity Retail credit1 69,398 ₹ bn 59,523 53,313 35,838 33,870 29,418 26,126 25,534 25,534 17,026 12,144 19,085 13,922 12,144 30,105 33,560 9,339 27,188 6,454 16,844 13,390 13,390 7,468 9,746 Mar'16 Mar'18 Mar'20 Mar'22 Mar'23 Mar'24 Mar'25 Mar'26 Home L
Slide 43: Retirement: 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 44: 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% 162.5% Projected retirement savings gap widening CAGR 146.7% 147.0% $ tn 170 130 77.4% 79.2% 71.5% 96 65.1% 46 32 19 22 11.0% 12 12 8 US China UK Japan India 2022
Slide 45: 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 46: 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 47: 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 48: Annexures: Others
Annexures: Annexures:Others Others
Slide 49: Awards & Accolades: Q1-FY2027
Awards & Accolades: Q1-FY2027 Insurance Company of the Excellence in Claims Best Digital Insurance Excellence in Customer Year Automation & Fraud Detection Platform Experience (InsurTech) Bharat Insurance Summit & Bharat Insurance Summit & ETBFSI Finnext Awards 2026 ETBFSI Finnext Awards 2026 Awards
Slide 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: Annexures: Embedded value
Annexures: Annexures: Others value Embedded
Slide 57: 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 58: Analysis of movement in EV: FY2026
Analysis of movement in EV: FY2026 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 Othe
Slide 59: Economic assumptions underlying EV & VNB
Economic assumptions underlying EV & VNB Reference rates Reference rates Tenor (years) March 31, 2026 Tenor (years) March 31, 2026 1 6.14% 30 8.84% 5 7.55% 35 8.73% 10 8.41% 40 8.62% 15 8.78% 45 8.50% 20 8.91% 50 8.39% 25 8.90% EV: Embedded value VNB: Value of new business 58
Slide 60: 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 61: 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 62: 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 63: 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 64: Glossary (2/2)
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 assumptio
Slide 65: 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 66: Thank you
Thank you FY2026 Annual Sustainability FY2026 ESG Report profile Report
ICICI Prudential Life Insurance Company — Q1 FY2027 Earnings Presentation on 6ix