Icici Prudential Life Insurance Co. Ltd. · NSE:ICICIPRULI
Icici Prudential Life Insurance — ICICI Life Insurance — H1 FY2027 Earnings Presentation
66 slides from Icici Prudential Life Insurance's earnings presentation, Oct 13, 2026
Slide 1: Exchange cover letter: Investor presentation
October 13, 2026 Listing Department Listing Department BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, ‘Exchange Plaza’, C-1, Block-G, Dalal Street, Bandra-Kurla Complex, Mumbai 400 001, Bandra (East), Mumbai 400 051, Maharashtra, India Maharashtra, India Dear Sir/Ma
Slide 2: Performance Update: H1-FY2027
Performance Update: H1-FY2027 October 13, 2026
Slide 3: Agenda
Agenda 1. Company strategy & performance 2. Opportunity & industry overview
Slide 4: Agenda: Company strategy & performance
Agenda 1. Company strategy & performance 2. Opportunity & industry overview
Slide 5: Company update
Company update Company renamed to ‘ICICI Life Insurance Limited’ Name reflects strength, trust & legacy associated with ‘ICICI’ franchise Promise of making ‘Har Kal Aasaan’ anchored in our customer-centric philosophy Core business operations, strategy & governance frameworks remain unchanged Company
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: Performance update: H1-FY2027
Performance update: H1-FY2027 APE 13M Persistency1 VNB ₹ 49.35 bn September 30, 2026: 84.5% ₹ 12.83 bn 15.1% Y-o-Y growth June 30, 2026: 84.0% 22.3% Y-o-Y growth 3-yr CAGR: 11.9% 26.0% VNB margin RWRP Claim settlement2 Profits after tax ₹ 36.02 bn H1-FY2027: 99.3% ₹ 7.60 bn 9.7% Y-o-Y growth H1-FY20
Slide 8: 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 9: Product wise growth
Product wise growth APE (₹ billion) Mix Q2- Y-o-Y H1- Y-o-Y Q2- H1- Segments FY2027 Growth FY2027 Growth FY2027 FY2027 Savings 22.39 11.8% 37.79 9.3% 80.0% 76.6% Linked 12.66 6.7% 21.95 6.6% 45.2% 44.5% Non-linked 5.32 (0.6%) 8.93 (4.5%) 19.0% 18.1% Annuity 1.92 65.5% 3.24 50.0% 6.9% 6.6% Group fund
Slide 10: Channel wise growth
Channel wise growth APE (₹ billion) Mix Q2- Y-o-Y H1- Y-o-Y Q2- H1- Channels FY2027 Growth FY2027 Growth FY2027 FY2027 Agency 6.38 4.1% 11.02 3.3% 22.8% 22.3% Direct 3.94 12.9% 6.79 10.9% 14.1% 13.8% Bancassurance 7.69 3.9% 13.54 4.6% 27.5% 27.4% Partnership distribution 4.20 37.7% 7.32 34.1% 15.0%
Slide 11: Product & Distribution mix: H1-FY2027
Product & Distribution mix: H1-FY2027 Product mix Distribution mix 7% | Group funds 22% | Group 22% | Agency 7% | Annuity 45% | Linked 15% | 23% | Partnership Protection distribution 27% | 14% | Direct Bancassurance 18% | Non-linked Well diversified product & distribution mix Based on Annualised Pre
Slide 12: Segment in focus: Protection & Annuity
Segment in focus: Protection & Annuity Protection Annuity H1- H1- Y-o-Y (₹ billion) (₹ billion) FY2026 FY2027 Growth 3.24 Protection APE 8.28 11.55 39.5% 2.17 Retail protection 3.09 4.55 47.2% APE NB sum assured 6,770.71 8,811.92 30.1% NB retail sum 1,716.14 2,315.21 34.9% assured Sum assured Annuit
Slide 13: Persistency ratios
Persistency ratios Month Mar 31, 2026 Jun 30, 2026 Sep 30, 2026 13th month 84.5% 84.0% 84.5% 25th month 81.0% 77.0% 76.2% 37th month 76.3% 77.3% 77.0% 49th month 71.8% 71.7% 71.6% 61st month 61.6% 61.9% 62.5% Healthy persistency ratios 12 month rolling persistency 12
Slide 14: Productivity improvement
Productivity improvement Y-o-Y (₹ billion) H1-FY2026 H1-FY2027 Growth APE 42.86 49.35 15.1% Total Premium 212.51 245.05 15.3% Total Expenses1 40.73 48.97 20.2% Cost/Total Premium 19.2% 20.0% 80 bps Cost/Total Premium excl. GST 18.6% 18.3% (30 bps) Cost/Total Premium (savings) 12.7% 12.7% - Cost/Tota
Slide 15: Risk & Prudence
Risk & Prudence High quality Strong solvency Insurance risks Interest rate risk asset1 ratio • Persistency • 64.7% of liabilities • 95.2% of fixed • Solvency ratio of experience & largely pass on income in sovereign 229.9% at September mortality experience market performance or AAA; 99.7% of 30, 202
Slide 16: Financial metrics
Financial metrics (₹ billion) FY2026 H1-FY2027 Value of New Business (VNB) 26.29 12.83 VNB margin 24.7% 26.0% Y-o-Y Growth 10.9% 22.3% Profit after Tax 16.00 7.60 AUM1 3,136.34 3,289.64 Solvency ratio1 227.3% 229.9% 1At September 30 of respective financial years; FY: At March 31 AUM: Assets under ma
Slide 17: Embedded value (EV)
Embedded value (EV)1 566.69 505.01 142.80 126.61 423.89 378.40 Sep-25 Sep-26 Value of In-force (VIF) Adjusted net worth (ANW) Continued strong growth 1As per Indian Embedded value (IEV) method Total may not add up due to rounding off Shareholders’ share of the MTM on assets and derivatives in the po
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 ~60% of policies issued using Claim settlement ratio of 99.3% Awarded ‘The Best Customer digital KYC1 in H1-FY2027 for H1-FY20272; settled within Oriented Company’ by ICC 1.1 day3 ~54% of savings policies issued Emerging Asia Insurance Awards Best-in-class early claim
Slide 20: 3C Framework
3C Framework Customer centricity Competency Catalyst Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational • Provide right product to distribution efficiency right customer • Offer innovative product propositions address
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 Long term savings Life protection uaranteed uaranteed Lin ed Part Customer needs etirement planning ealthcare Q2-FY2027 launch Riders 21
Slide 23: 3C Framework
3C Framework Customer centricity Competency Catalyst Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational • Create depth & width in distribution efficiency multi partner shops • Invest & grow in proprietary channels Ris
Slide 24: Most “partnerable” Company
Most “partnerable” Company • ~54% of savings Partner Stack policies issued on same day in H1- FY2027 Array of platform capabilities to help • Same day us deliver superior commission value propositions available for select to our customers, distributors in collaboration • New distribution with our pa
Slide 25: Distribution reach & strategy
Distribution reach & strategy 52 banks 27% | Bancassurance 1 Strategy: Build profitability 1,600+ partnerships 14%1 | Direct 15%1 | Partnership Distribution • Access to >27,000 bank branches Strategy: Digital focused Strategy: Create depth & • Non-linked savings 18%, add width upsell campaigns Prote
Slide 26: 3C Framework
3C Framework Customer centricity Competency Catalyst Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational • Enable simplified & distribution efficiency frictionless processes across policy life cycle Risk & Prudence 25
Slide 27: Simplified & frictionless process
Simplified & frictionless process Leveraging external data sources Onboarding experience • Consent based eKYC (CKYC & Aadhaar), Bank • Intuitive and non-invasive journey pre-population • In app journey validation • Digital Income validation • Premium payment through BASBA • IIB - insurance coverage
Slide 28: Superior customer value at every stage
Superior customer value at every stage Onboarding Payouts Simplified digital customer Deliver quick, secure, onboarding seamless payout • Same day issuance of experience savings policies: ~54% • Digital payout: 92.6% • Digital KYC1: ~60% Claims Persistency Single day claim settlement Seamless renewa
Slide 29: 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 28
Slide 30: People strategy aligned to business strategy
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 women Emp
Slide 31: Leveraging technology to deliver value
Leveraging technology to deliver value 99% digital logins & 100% e- ~44 mn digital service insurance account for interactions in H1-FY2027 eligible base 5.4 mn+ cumulative app 96.4% service interactions downloads are via self-help / digital modes Fitness tracker1 linked to 99.8% of pages with system
Slide 32: Technology enabled new business & growth
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 solution for cu
Slide 33: Technology enabled customer service & claims
Technology enabled customer service & claims Empowering customers Omni channel • Self service • Customer mobile application 1. ~44 mn digital service interactions in H1-FY2027 5.4 mn+ cumulative app downloads as on September 30, 2. 96.4% service interactions are via self-help/ digital 2026 modes • 2
Slide 34: AI analytics embedded deeply in customer journey
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 satisfaction
Slide 35: Integrating ESG into business management
Integrating ESG into business management Scores by ESG ratings Disclosure under IR2 E nvironmental S ocial G overnance provider 76.9 framework FY2026 Integrated annual Focus areas (One of the highest report since FY2020 • Environment • Human • Governance & among life insurers) capital business 74 •
Slide 36: Agenda
Agenda 1. Company strategy & performance 2. Opportunity & industry overview
Slide 37: Opportunities in the Indian life insurance industry
Opportunities in the Indian life insurance industry Long-term savings Protection Steady growth opportunity Strong multi-decadal 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 38: Long-term savings opportunity: Favorable demography
Long-term savings opportunity Favorable demography 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 Japan India Brazil Indonesia USA Russia S Korea
Slide 39: Financialisation of savings
Long-term savings opportunity Financialisation of savings 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 40: Protection opportunity: Low protection penetration
Protection opportunity Low protection penetration Sum Sum assured assured as as % % of of GDP 1,2 GDP1,2 Addressablepopulation Addressable population3 3 Protection gap(%) Protection 5,6 gap(%)5,6 332% coverage coverage 4 (%) 4 (%) 83 61 55 54 76 71 74 55 252% 251% 16.5 153% 143% 13% 127% 8.4 USD tn
Slide 41: Low sum assured as % of GDP
Protection opportunity Low sum assured (SA) as % of GDP A SA as % of GDP (SA growth @ 20% CAGR) SA as % of GDP1,2 70% 332% India: FY2035 41% 27% 252% 251% B 153% 143% A 127% 105% FY2025 FY2030 FY2035 70% 27% B SA as % of GDP (SA growth @ 25% CAGR) Singapore (25%CAGR)* (20%CAGR)* Thailand South Korea
Slide 42: Addressable population
Protection opportunity Addressable population (%) 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% CAGR2 132.6 132.6 CAGR2 18% CAGR2 @10% 25% @10% @10% 82.3 82.3 74.8 74.8 53.5 38.5 19.7 22.6 9.8 10.9 9.8 10.9 FY2024 FY2025 FY2030 F
Slide 43: Strong growth in retail credit
Protection opportunity Strong growth in retail credit Retail credit1 ₹ bn 69,398 59,523 53,313 35,838 33,870 29,418 25,534 26,126 25,534 17,026 19,085 12,144 13,922 12,144 30,105 33,560 9,339 27,188 6,454 13,390 16,844 9,746 13,390 7,468 Mar'16 Mar'18 Mar'20 Mar'22 Mar'23 Mar'24 Mar'25 Mar'26 Home L
Slide 44: Rising retirement population in India
Retirement opportunity Rising retirement population in India 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 overall 234 85-89 annuity population income 80-84 75-79 Today’s 70-74 client base 65-69 ~
Slide 45: Retirement needs are under-served
Retirement opportunity Retirement needs are under-served 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 46: Indicators of health opportunity
Health opportunity Indicators of health opportunity Health insurance premium trend1 % of population covered by health schemes2 ₹ bn Uncovered population 1,175 1,077 30% 895 373 322 731 253 582 508 200 378 345 51% 151 252 137 201 159 124 391 410 424 9% 246 272 329 10% FY2020 FY2021 FY2022 FY2023 FY20
Slide 47: Evolution of life insurance industry in India
Industry overview Evolution of life insurance industry in India 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 48: Historical product & channel mix
Industry overview Historical product & channel mix 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 49: Annexures
Annexures (QICICI Life INSURANCE
Slide 50: Awards & Accolades: Q2-FY2027
Awards & Accolades: Q2-FY2027 Product of the year (ICICI Use of Martech for Customer Claims Excellence Award Best use of AI in insurance Life iProtect Smart Plus) Experience Product of the year 2026 The ET Brand Equity India InsurTech Summit 2026 by India InsurTech Summit 2026 by saliency report by
Slide 51: 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 52: 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 53: 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 54: 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 Non-linked Savings Protection 140,693 167,661 savings Average customer age (years) Protection1 33,759 36,104 43 42 34 34 Total 136,122 126,994 Savings Protection FY2025 FY2026 1Pr
Slide 55: 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 56: 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 57: VNB & EV movement: FY2026
VNB & EV movement: FY2026 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) Adjuste
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) • Annualised 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 Life Insurance — H1 FY2027 Earnings Presentation on 6ix