Icici Prudential Life Insurance Co. Ltd. · NSE:ICICIPRULI
Icici Prudential Life Insurance — 9M-FY2026 Earnings Presentation
66 slides from Icici Prudential Life Insurance's earnings presentation, Jan 13, 2026
Slide 1: Performance update: 9M-FY2026
Performance update: 9M-FY2026 January 13, 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: 9M-FY2026
Performance snapshot: 9M-FY2026 APE 13M Persistency1 VNB ₹ 68.11 bn December 31, 2025: 84.4% ₹ 16.64 bn (1.4%) Y-o-Y growth December 31, 2024: 89.8% 5.7% Y-o-Y growth 2-yr CAGR: 12.0% 24.4% VNB margin RWRP Claim settlement2 Profits after tax ₹ 53.28 bn 9M-FY2026: 99.3% ₹ 9.92 bn (3.8%) Y-o-Y growth
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 Q3-FY2025 Q3- Y-o-Y 9M- Y-o-Y Q3- 9M- Segments Growth FY2026 Growth FY2026 Growth FY2026 FY2026 Savings 32.2% 20.61 0.6% 55.19 (3.8%) 81.6% 81.0% Linked 41.8% 13.00 8.3% 33.59 (4.2%) 51.5% 49.3% Non-linked (24.1%) 4.56 15.2% 13.91 15.4% 18.1% 20.4% APE (₹ billion) Annuity 50.0% 1
Slide 8: Channel wise growth
Channel wise growth Q3-FY2025 Q3- Y-o-Y 9M- Y-o-Y Q3- 9M- Channels Growth FY2026 Growth FY2026 Growth FY2026 FY2026 Agency 26.0% 7.31 0.8% 17.97 (13.7%) 28.9% 26.4% Direct APE (₹ billion) 23.1% 3.70 1.1% 9.83 (7.3%) 14.7% 14.4% Banca 19.1% 6.74 10.5% 19.68 3.0% 26.7% 28.9% Mix PD 7.1% 3.41 51.6% 8.8
Slide 9: Product & Distribution mix: 9M-FY2026
Product & Distribution mix: 9M-FY2026 Product mix Distribution mix 6% | Group funds 17% | Group 26% | Agency 5% | Annuity 49% | Linked 13% | 19% | Partnership Protection distribution 29% | 20% | Non-linked Bancassurance 14% | Direct Well diversified product & distribution mix Based on Annualised Pre
Slide 10: Segment in focus: Protection & Annuity
Segment in focus: Protection & Annuity Protection Annuity Q3- Y-o-Y 9M- Y-o-Y (₹ billion) (₹ billion) FY2026 FY2026 Growth Growth 3.69 Protection APE1 4.64 19.0% 12.92 10.7% Retail protection 2.16 2.07 40.8% 5.15 20.9% APE NB sum assured 3,389.38 15.5% 10,160.09 18.1% NB retail sum 1,239.95 51.6% 2,
Slide 11: Persistency ratios
Persistency ratios December 31, December 31, December 31, Month 2023 2024 2025 13th month 87.4% 89.8% 84.4% 25th month 79.6% 81.6% 82.8% 37th month 71.7% 74.5% 75.5% 49th month 69.3% 69.2% 71.3% 61st month 65.9% 65.3% 61.8% Healthy persistency ratios 12 month rolling persistency 11
Slide 12: Productivity improvement
Productivity improvement (₹ billion) 9M-FY2025 9M-FY2026 Y-o-Y Growth APE 69.05 68.11 (1.4%) Total Premium 321.19 334.77 4.2% Total Expenses 63.66 64.47 1.3% Cost/Total Premium1 19.8% 19.3% (50 bps) Cost/Total Premium1 13.6% 12.7% (90 bps) (savings LOB) Reduction in cost ratios 1Total cost including
Slide 13: Risk & Prudence
Risk & Prudence High quality Strong solvency Insurance risks Interest rate risk asset1 ratio • Persistency • 68.5% of liabilities • 95.8% of fixed • Solvency ratio of experience & largely pass on income in sovereign 214.8% at December mortality experience market performance or AAA; 99.8% of 31, 2025
Slide 14: Financial metrics
Financial metrics (₹ billion) 9M-FY2025 FY2025 9M-FY2026 Value of New Business (VNB) 15.75 23.70 16.64 VNB margin 22.8% 22.8% 24.4% Profit after Tax 8.03 11.89 9.92 AUM1 3,104.14 3,093.59 3,307.29 Solvency ratio1 211.8% 212.2% 214.8% 1At December 31 of respective financial years; FY: At March 31; AU
Slide 15: 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 16: Customer centricity at the core
Customer centricity at the core ~57% of policies issued using digital KYC1 in 9M-FY2026 Claim settlement ratio of 99.3% Ranked no. 1 in the industry for 9M-FY20262; settled within wide customer experience NPS ~50% of savings policies issued 1.1 days3 study for 3rd year in a row4 on same day in 9M-FY
Slide 17: '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 18: 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 19: 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 Available to sell products compliant with IRDAI Q3-FY2026 launches (Insurance Product) Regulations, 2024 19
Slide 20: Innovative value propositions: Q3-FY2026
Innovative value propositions: Q3-FY2026 • ULIP offering that incentivises customers to stay invested for long-term wealth creation • All premium allocation charges compounded at guaranteed rate of 7% p.a. & added to policy in 15th year • Plan to secure a child’s future • Legacy plan that helps buil
Slide 21: '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 22: Most partnerable Company
Most partnerable Company • ~50% of savings policies ICICI Pru Stack issued on same day in Array of platform 9M-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
Slide 23: Distribution reach & strategy
Distribution reach & strategy 51 banks 29% | Bancassurance 1 Strategy: Build profitability 1,400+ partnerships 14%1 | Direct • 3 bank tie-ups done in 9M-FY2026 13%1 | Partnership Distribution Strategy: Digital focused • Access to >24,700 bank branches Strategy: Create depth & upsell campaigns • Prot
Slide 24: '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 25: 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 26: 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: 93.5% • Digital KYC1: ~57% Persistency Claims Seamless renewal Single day claim settlemen
Slide 27: 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 28: People strategy aligned to business strategy
People People strategy aligned to business strategy Impact on leadership Organisation design for risk calibrated & profitable growth 78% 91% 100% Learning & growth Leadership cover2 Leadership stability Leadership depth1 Foster Build Leadership positions with Our More than 10 years vintage More than
Slide 29: Leveraging technology to deliver value
Technology Leveraging technology to deliver value 99% digital logins & 100% e- ~28.5 mn digital service insurance account for interactions in Q3-FY2026 eligible base 4.5 mn+ cumulative app 96.8% service interactions downloads are via self-help / digital modes Fitness tracker1 linked to 99.8% of page
Slide 30: 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 31: Technology enabled customer service & claims
Technology Technology enabled customer service & claims Empowering customers Omni channel • Self service • Customer mobile application 1. ~28.5 mn digital service interactions in Q3-FY2026 4.5 mn+ cumulative app downloads as on December 31, 2. 96.8% service interactions are via self-help/ digital mo
Slide 32: 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 33: Enhancing customer journey using advanced analytics
Analytics Enhancing customer journey using advanced analytics AI/ ML use cases Gen AI use cases Upsell models, Advisor Lift in overall upsell Login Product chatbot & from structured reactivation, Online lead recommendation engine interventions prioritisation Longevity & risk model, Face Substantial
Slide 34: Integrating ESG into business management
ESG Integrating ESG into business management Disclosure under IR1 E S G ESG rating by MSCI framework FY2025 nvironmental ocial overnance Integrated annual AA AA report since Focus areas FY2020 • Environment • Human • Governance & A capital business • Responsible ethics investing • Data privacy B • A
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 Africa Japan India Brazil Indonesia S Korea US
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% 38.44 17% 17% 18% 45 40% 35.46 17% 36% 20.86 28.28 39% 17% 23.70 40% 19.54 25 13.64 29% 29%
Slide 39: Protection: Low 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 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 ₹ 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 43: 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% 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 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: Q3-FY2026
Awards & Accolades: Q3-FY2026 Most Innovative Insurer Best Contactless Service Best Payment Solutions Life Category Experience FICCI Insurance Industry The Financial Express CX Excellence Awards by Awards Futech Awards 2025 Quantic India Sales Champion End-to-End Customer Customer Obsessed Life Insu
Slide 50: Awards & Accolades: Q3-FY2026
Awards & Accolades: Q3-FY2026 Product or Service Innovation Best Rural Initiative - Excellence in Generative AI of the Year - Insurance Insurance Innovation - Insurance 7th Edition Economic Times 7th Edition Economic 7th Edition Economic Times BFSI Exceller Awards 2025 Times BFSI Exceller Awards BFS
Slide 51: Trend in protection APE
Trend in protection APE FY2023 FY2024 FY2025 ₹ 3.26 bn | ₹ 4.78 bn | ₹ 5.98 bn | ₹ 6.97 bn | Retail ₹ 4.45 bn | Retail ₹ 4.32 bn | Retail Group term protection Group term protection Group term protection 46.3% 21.7% 29.2% 31.3% 26.4% 36.5% ₹ 15.04 bn ₹ 15.25 bn ₹ 16.38 bn ₹ 4.81 bn | ₹ 6.02 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, 2025
Retail persistency: March 31, 2025 Persistency across product categories 13th month 49th month 90.9% 86.8% 92.5% 76.6% 72.5% 65.0% Linked Non linked Protection Persistency across channel categories 13th month 49th month 89.6% 93.2% 90.7% 85.8% 75.9% 77.7% 67.8% 64.2% Agency Direct Bancassurance Othe
Slide 54: Average APE by product categories
Average APE by product categories Average policy term (years) 35 35 Segment (₹) FY2024 FY2025 26 19 ULIP 182,940 182,844 Savings Protection Non-linked savings 114,033 140,693 Average customer age* (years) Protection1 36,284 33,759 43 43 35 34 Total 130,593 136,122 Savings Protection FY2024 FY2025 1P
Slide 55: Channel wise product mix
Channel wise product mix1 Channel category Product category FY2023 FY2024 FY2025 ULIP 57.0% 58.6% 62.8% Non-linked savings 31.7% 30.3% 28.5% Bancassurance Annuity 7.3% 5.2% 2.4% Protection 4.0% 5.9% 6.3% Total 100.0% 100.0% 100.0% ULIP 35.6% 46.0% 54.2% Non-linked savings 55.4% 30.6% 24.8% Agency An
Slide 56: Product wise channel mix
Product wise channel mix1 Product category Channel category FY2023 FY2024 FY2025 Bancassurance 46.6% 38.8% 38.3% Agency 26.1% 31.0% 32.5% ULIP Direct 23.7% 24.6% 23.1% Partnership distribution 3.6% 5.5% 6.1% Total 100.0% 100.0% 100.0% Bancassurance 25.0% 33.6% 39.5% Agency 39.1% 34.5% 33.9% Non-link
Slide 57: Annexures: Embedded value
Annexures: Annexures: Others value Embedded
Slide 58: VNB & EV movement
VNB & EV movement Value of new business (VNB) margin Embedded value (EV)2 growth 2.0% (3.3)% VIF: 9.1% VIF: 18.1% Y-o-Y 24.6% EV: 13.3% EV: 9.7% (0.6)% 22.8% 479.51 505.01 ` billion 143.85 127.40 335.66 377.61 FY2024 New Operating Economic FY2025 Mar-25 Sep-25 Business Assumptions Assumptions Profil
Slide 59: Analysis of movement in EV: FY2025
Analysis of movement in EV: FY2025 23.70 0.17 0.05 0.05 (0.24) 1.04 479.51 33.90 (2.54) 423.37 ANW EVOP2 = 55.34 143.85 ANW ROEV3 = 13.1% 115.80 ` billion VIF VIF 335.66 307.56 EV (Mar 31, Unwind Operating VNB Persistency Mortality Expense Economic Net Capital EV (Mar 31, 2024) Assumption and Other
Slide 60: Analysis of movement in EV
Analysis of movement in EV1 ` billion FY2021 FY2022 FY2023 FY2024 FY2025 Opening EV 230.30 291.06 316.25 356.34 423.37 Unwind 16.61 20.85 27.08 30.71 33.90 Value of New Business (VNB) 16.21 21.63 27.65 22.27 23.70 Operating assumption changes + Operating variance 2.24 (10.56) 0.15 (2.81) (2.26) Oper
Slide 61: Sensitivity analysis
Sensitivity analysis Change in VNB margin % Change in EV Scenario FY2024 FY2025 FY2024 FY2025 Increase in 100 bps in the reference rates (2.9) (3.7) (3.5) (3.5) Decrease in 100 bps in the reference rates 2.7 3.9 3.8 3.8 10% increase in the discontinuance rates (1.2) (1.6) (0.4) (0.4) 10% decrease in
Slide 62: Economic assumptions underlying EV & VNB
Economic assumptions underlying EV & VNB Reference rates Tenor (years) March 31, 2025 December 31, 2025 1 6.6% 5.8% 5 6.7% 7.1% 10 7.2% 8.0% 15 7.4% 8.3% 20 7.5% 8.4% 25 7.5% 8.3% 30 7.5% 8.2% EV: Embedded value VNB: Value of new business 62
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) • 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 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 FY2025 Annual Sustainability FY2025 ESG Report profile Report
ICICI Prudential Life Insurance Company — 9M-FY2026 Earnings Presentation on 6ix