Outcome of Board Meeting

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, Scrip Code: Equity (BSE: 540133/NSE: ICICIPRULI) Debt (NSE: ICPR34, ICPR35) Subject: Outcome of the Board Meeting held on July 15, 2026 The Board of Directors (the Board) of ICICI Prudential Life Insurance Company Limited has at their meeting, which commenced at 11:05 IST and concluded at 13:28 IST on Wednesday, July 15, 2026, inter alia, approved the following business(es): • Unaudited financial statements and financial results (standalone) for the quarter ended June 30, 2026. Pursuant to Regulation 33, Regulation 52 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a copy of the unaudited financial results (standalone) for the quarter ended June 30, 2026, along with the Limited Review Reports issued by M. P. Chitale & Co. and Chaturvedi & Co LLP, the joint statutory auditors, in the prescribed format along with a copy of press release, is enclosed. Kindly take the above information on records. Thanking you, Yours sincerely, For ICICI Prudential Life Insurance Company Limited Priya Nair Company Secretary ACS 17769 Encl.: As above CC: Axis Trustee Services Limited, Debenture Trustee 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 July 15, 2026 Performance for the quarter ended June 30, 2026 1. Key updates The Board of Directors, at its meeting held on July 6, 2026, approved the proposal to change the Company’s name to “ICICI Life Insurance Limited”, pending IRDAI approval1. The proposed name reflects the strength, trust and legacy associated with the ICICI franchise. The Company’s core business operations, strategy and governance frameworks remain unchanged and continue as usual. It remains well-positioned to drive sustainable growth, enhance customer outcomes & create long-term value for stakeholders. 2. Operating performance review ₹ in billion Q1-FY2026 FY2026 Q1-FY2027 Y-o-Y Growth Profit/(Loss) After Tax (PAT) 3.02 16.00 3.86 27.8% Value of New Business (VNB) 4.57 26.29 5.71 24.9% VNB Margin 24.5% 24.7% 26.7% 220 bps New business received premium 40.12 248.10 48.66 21.3% Total premium 89.54 531.25 102.51 14.5% Annualised Premium Equivalent (APE) 18.64 106.41 21.36 14.6% -Savings APE 13.56 81.23 14.08 3.8% -Annuity APE 1.00 6.13 1.33 33.0% -Protection APE 4.09 19.06 5.96 45.7% New business sum assured (₹ trn) 3.71 14.50 4.90 31.8% Retail new business sum assured (₹ trn) 0.78 4.50 1.13 45.9% Total in-force sum assured (₹ trn) 41.06 46.11 48.06 17.1% Cost/Total premium 21.2% 18.2% 21.8% 60 bps Cost to Premium (savings LOB) 14.1% 12.1% 13.6% (50 bps) Solvency 212.3% 227.3% 225.4% 13.1% Net worth 125.53 136.31 143.75 14.5% Assets under management (₹ trn) 3.24 3.14 3.34 2.9% Total cost including commission excluding interest on sub debt/Total premium Regular and limited pay Persistency June 30, 2025 March 31, 2026 June 30, 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% 12-month rolling persistency 1 The proposed name change follows the Board’s approval of PCHL’s request to reclassify its status from ‘Promoter’ to ‘Investor’. • Profitability Value of new business (VNB) grew by 24.9% year-on-year from ₹ 4.57 billion in Q1-FY2026 to ₹ 5.71 billion in Q1-FY2027, with a margin of 26.7%. The Company’s PAT grew by 27.8% year-on-year from ₹ 3.02 billion in Q1-FY2026 to ₹ 3.86 billion in Q1-FY2027, primarily driven by higher Shareholders’ income, improved surplus generation in policyholders’ in-force book coupled with lower strain from new business. • Premium New business received premium grew by 21.3% year-on-year from ₹ 40.12 billion in Q1-FY2026 to ₹ 48.66 billion in Q1-FY2027, on the back of 13.2% year-on-year growth in the number of policies. APE grew by 14.6% year-on-year from ₹ 18.64 in Q1-FY2026 to ₹ 21.36 in Q1-FY2027. Within that, savings APE stood at ₹ 15.40 billion and overall protection APE stood at ₹ 5.96 billion. The overall protection APE registered a strong growth of 45.7% year-on-year in Q1-FY2027. Retail protection APE grew by 60.4% year on-year from ₹ 1.39 billion in Q1-FY2026 to ₹ 2.23 billion in Q1-FY2027. This marks the third consecutive quarter of robust retail protection year-on-year growth exceeding 40%, following the GST reforms. Consequently, retail new business sum assured strongly grew by 45.9% year-on-year from ₹ 0.78 trillion in Q1-FY2026 to ₹ 1.13 trillion in Q1-FY2027. Total in-force sum assured, which is the quantum of life cover taken by customers of the Company stood at ₹ 48.06 trillion at June 30, 2026. • Product mix The Company offers a wide range of products across various segments such as savings (linked and non-linked), annuity and protection to meet the specific needs of the customers. The Company has a well-diversified product mix with Q1-FY2027 APE contribution from linked, non-linked, protection, annuity, and group funds at 43.4%, 16.9%, 27.9%, 6.2% and 5.5% respectively. • Cost efficiency Cost-to-premium ratio for the savings line of business reduced by 50 basis points from 14.1% in Q1- FY2026 to 13.6% in Q1-FY2027, despite the increase in expenses due to unavailability of input tax credit. The reduction is a result of the various cost optimisation initiatives undertaken over the past few years to make the cost structure aligned to the prevailing product mix. Total cost-to-premium ratio for Q1-FY2027 stood at 21.8% as compared to 21.2% in Q1- FY2026, primarily due to increase in protection business. • Persistency The 13th month and 49th month persistency ratio stood at 84.0% and 71.7% respectively at June 30, 2026. • Assets under management The assets under management of the Company stood at ₹ 3.34 trillion at June 30, 2026. The Company has a debt-equity mix of 57:43, and 95.0% of the fixed income investments are in sovereign or AAA rated instruments. The Company has zero Non-Performing Assets (NPA) since inception, indicating high quality of the asset book. • Net worth and capital position The Company’s net worth was ₹ 143.75 billion at June 30, 2026. The solvency ratio was 225.4% against the regulatory requirement of 150%. 3. Financial performance review Summary Standalone Revenue and Profit & Loss Account (₹ in billion) Three months ended Year ended Particulars June 30, 2026 March 31, 2026 June 30, 2025 March 31, 2026 Premium earned 102.51 196.48 89.54 531.25 Premium on reinsurance ceded (5.01) (4.67) (4.51) (17.89) Premium on reinsurance accepted - - - - Net premium earned 97.49 191.80 85.03 513.36 Investment income1 187.63 (159.36) 168.92 120.71 Unit-linked 157.53 (186.03) 140.95 9.18 Other than unit-linked 30.11 26.66 27.97 111.53 Other income 1.25 0.62 0.53 2.31 Total income 286.37 33.06 254.48 636.37 Commission paid2 10.14 17.95 9.44 51.81 Expenses3 12.36 14.37 11.23 48.30 Interest on Non-convertible Debentures 0.51 0.50 0.49 1.93 Tax on policyholders fund 0.38 (4.01) 0.47 (2.53) Claims/benefits paid4 89.48 137.54 97.62 471.95 Change in actuarial liability5 169.19 (139.98) 131.78 46.84 Total outgo 282.06 26.38 251.03 618.30 Profit/(Loss) before tax 4.31 6.68 3.45 18.07 Tax charge/ (credit) 0.45 0.59 0.43 2.06 Profit/(Loss) after tax 3.86 6.09 3.02 16.00 1.Net of provision for diminution in value of investments 2.Commission also includes rewards and/or remuneration to agents, brokers or other intermediaries. Ineligible input tax credit pertaining to commission has been clubbed under Expenses. 3.Includes provisions for doubtful debts (including write off [Showing first 8,000 characters — download PDF for full document]