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 presentation This is in continuation to our letter dated July 3, 2026, with reference to the earnings conference call to be hosted by the Company on Wednesday, July 15, 2026, with investors and analysts at 3:30 p.m. IST. Please find enclosed the business presentation for ‘earnings conference call’ relating to the performance of the Company for Q1-FY2027. The audio recording, video recording, if any and transcript of the earnings conference call will be hosted on the Company's website, within the prescribed regulatory timelines. Please take the same on your record. Thanking you, Yours sincerely, For ICICI Prudential Life Insurance Company Limited Priya Nair Company Secretary ACS 17769 Encl.: As above ICICI Prudential Life Insurance Company Limited Registered Office: ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025 India Tel.: +91 22 4039 1600 • Email: corporate@iciciprulife.com Visit us at www.iciciprulife.com • CIN: L66010MH2000PLC127837 Performance update: Q1-FY2027 July 15, 2026 Agenda • Company strategy & performance • Opportunity & industry overview Agenda • Company strategy & performance • Opportunity & industry overview 3C Framework ustomer ompetency atalyst centricity 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, profitability and risk & prudence 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 24.9% Y-o-Y growth March 31, 2026: 84.5% 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: 99.6% 27.8% Y-o-Y growth 3-yr CAGR: 13.2% Cost/ Total Solvency ratio4 Total premium Premium3 ₹ 102.51 bn Q1-FY2027: 21.8% Q1-FY2027: 225.4% 14.5% Y-o-Y growth Q1-FY2026: 21.2% Q1-FY2026: 212.3% 3-yr CAGR: 11.6% Cost/ Total Assets under Retail sum assured Premium3: Savings management4 Q1-FY2027: 13.6% ₹ 3,338.18 bn ₹ 1,134.13 bn 45.9% Y-o-Y growth Q1-FY2026: 14.1% 2.9% Y-o-Y growth 3-yr CAGR: 32.5% 112 month rolling persistency; 2Individual death claims; 3Total cost including commission and excluding interest on sub-debt/ Total premium; 4Value at June 30, 2026; 3C Framework ustomer ompetency atalyst centricity 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, profitability and risk & prudence 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 4.09 5.96 45.7% 21.9% 27.9% Retail protection 1.39 2.23 60.4% 7.5% 10.5% Total APE 18.64 21.36 14.6% 100.0% 100.0% Business growth on the back of no. of policies growth of 13% y-o-y 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% 77.1% Group 3.53 4.90 38.8% 18.9% 22.9% Total APE 18.64 21.36 14.6% 100.0% 100.0% New business premium grew by 21% y-o-y Product & Distribution mix: Q1-FY2027 Product mix Distribution mix 6% | Group funds 23% | Group 22% | Agency 6% | Annuity 43% | Linked Partnership Protection distribution Bancassurance 13% | Direct 17% | Non-linked Well diversified product & distribution mix Based on Annualised Premium Equivalent Segment in focus: Protection & Annuity Protection Annuity Q1- Q1- Y-o-Y (₹ billion) (₹ billion) FY2026 FY2027 Growth 1.33 Protection APE1 4.09 5.96 45.7% 0.91 Retail protection 1.39 2.23 60.4% 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-FY2024 Q1-FY2027 Sum assured market share2 of 11.8% in Q1-FY2027 1Includes term with return of premium Q1-FY2026: ₹ 0.14 bn; Q1-FY2027: ₹ 0.11 bn; 2Based on overall new business sum assured 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 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 including commission and excluding interest on sub-debt/ Total premium; APE: Annualised Premium Equivalent; LOB: Line of business; Y-o-Y: Year-on-year 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, 2026 mortality experience market performance or AAA; 99.8% of monitored regularly to customers fixed income AA & above • Non-par guaranteed savings, protection & • Zero NPA since annuities: Derivatives inception to hedge interest rate risks Strong & resilient balance sheet with zero NPA since inception 1Figures mentioned are at June 30, 2026 Non-Performing Assets (NPA) 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 years; FY: At March 31 AUM: Assets under management 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 well-positioned to drive sustainable growth, enhance customer outcomes & create long-term value for stakeholders 1Pending regulatory approval; Proposed name change follows the Board’s approval of PCHL’s request to reclassify its status from ‘Promoter’ to ‘Investor’ 3C Framework ustomer ompetency atalyst centricity Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Deliver superior customer Diversified Operational value through appropriate distribution efficiency product propositions, seamless onboarding & Risk & Prudence sourcing, best-in-class servicing & settling claims with utmost sensitivity & care Customer centricity at the core Claim settlement ratio of 99.3% ~58% of policies issued using Awarded ‘The Best Customer for Q1-FY20272; settled within digital KYC1 in Q1-FY2027 Oriented Company’ by ICC 1.0 day3 ~54% of savings policies issued Emerging Asia Insurance Best-in-class early claims ratio on same day in Q1-FY2027 Awards in FY2026 of 22% for Q1-FY20274 13M persistency5 of 84.0% at Assets under management of June 30, 2026 ₹ 3.34 trillion at June 2026 1Includes Aadhar, CKYC & Banker’s confirmation; 2Individual death claims; 3Non-investigated individual claims from last document received date; 4Retail claims within 3 years from the date of acceptance of risk; 512 [Showing first 8,000 characters — download PDF for full document]