Credit Rating

October 1, 2026 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: Intimation under Regulation 30, 51 and 55 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 This is with reference to the issuance of 1,40,000 rated, listed, redeemable, unsecured, subordinated, taxable, fully paid-up, non-cumulative, non-convertible debentures having a face value of ₹ 1 lakh each aggregating to ₹ 1400 Crores (Rupees One Thousand Four Hundred Crores) and 1,19,500 unsecured, subordinated, listed, rated, redeemable, non-cumulative, fully paid-up, taxable, non-convertible debentures having a face value of ₹ 1 lakh each aggregating to ₹ 1195 Crores (Rupees One Thousand One Hundred and Ninety Five Crores) by the Company (‘Non-Convertible Securities’). Pursuant to Regulation 30, 51 and 55 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that ICRA Limited has re-affirmed the rating for the Non-Convertible Securities at 4:25 p.m. IST on September 30, 2026, as follows: Details of cr edit rating ISIN INE726G08022, INE726G08030 Name of the Credit Rating Agency ICRA Limited Credit rating assigned ICRA AAA/Stable Outlook (Stable/ Positive/ Negative/ No Outlook) Stable Rating Action (New/ Upgrade/ Downgrade/ Re-Affirm/ Re-affirm Other) ICRA AAA/Stable Specify other rating action NA Date of Credit rating September 30, 2026 Verification status of Credit Rating Agencies Verified Date of verification September 30, 2026 Please find enclosed press release dated September 30, 2026, issued by ICRA Limited, in this regard. Kindly take the same on records. Thanking you, Yours sincerely, For ICICI Life Insurance Limited (Formerly known as ICICI Prudential Life Insurance Company Limited) Priya Nair Company Secretary ACS 17769 Encl: As above CC: Axis Trustee Services Limited, Debenture Trustee ICICI Life Insurance Limited (Formerly known as: ICICI Prudential Life Insurance Company Limited) Regd. Office: ICICI Prulife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, India. Phone: +91 22 4039 1600 | Email: corporate@iciciprulife.com | Visit us at www.icicilife.com | CIN: L66010MH2000PLC127837 September 30, 2026 ICICI Life Insurance Limited: Rating reaffirmed Summary of rating action Previous rated Current rated Instrument* amount amount Rating action Financial sector regulator# (Rs. crore) (Rs. crore) Subordinated debt 2,600.00 2,600.00 [ICRA]AAA (Stable); reaffirmed SEBI programme Total 2,600.00 2,600.00 *Instrument details are provided in Annexure I # SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI Rationale The rating factors in ICICI Life Insurance Limited’s (ICICI Life) established market position as one of the largest private life insurers with a diversified product offering and distribution. The company’s capitalisation profile continues to be supported by healthy internal accruals with a reported solvency of 2.25 times as on June 30, 2026 (compared to the required regulatory level of 1.50 times). The profitability remains healthy with an average RoE1 and RoEV2 of 9.1% and 13.5%, respectively, in the last five years. The rating also factors in the strong promoter profile with ICICI Bank Limited3 (ICICI Bank) holding 50.8% in ICICI Life as on June 30, 2026. Subsequently, ICICI Bank acquired an additional 2% stake from the market, increasing its shareholding to approximately 52.8% as on September 02, 2026. The rating considers the company’s strategic importance to ICICI Bank, the bank’s representation on the company’s board of directors and the shared brand name. These factors strengthen ICRA’s expectation that ICICI Life is likely to receive timely and adequate support from ICICI Bank, if needed. ICICI Life’s value of new business (VNB) remained healthy, increasing by 10.9% year-on-year (YoY) to Rs. 2,629 crore in FY2026 from Rs. 2,370 crore in FY2025. The momentum continued in Q1FY2027, with VNB growing by 24.9% YoY to Rs. 571 crore. While the company recorded a healthy increase in the VNB in FY2026 and Q1FY2027, its ability to maintain this trend will be a key monitorable. The profitability and solvency may also remain susceptible to changes in the actuarial assumptions, leading to long-term changes in the reserving requirements. The Stable outlook factors in the expectation that the company will continue to receive support from ICICI Bank, if required, and will maintain its solvency level above the negative rating trigger. Key rating drivers and their description Credit strengths Strong promoter profile – ICICI Bank and Prudential Corporation Holdings Limited (PCHL, a part of Prudential PLC - Prudential) held 50.8% and 21.9%, respectively, in ICICI Life as on June 30, 2026. Subsequently, ICICI Bank acquired an additional 2% stake from the market, increasing its shareholding to approximately 52.8% as on September 02, 2026. The majority shareholder, ICICI Bank, is a systemically important private sector bank in India. As per ICRA’s estimates, the bank had a 7.6% market share in the Indian banking sector’s advances and a 19.1% share in the private bank sector’s advances as on June 30, 2026. With a presence in banking, insurance, asset management, investment banking and private equity, the ICICI Group is a large player in the Indian financial system. ICICI Life is the life insurance subsidiary and an exclusive life insurance partner of ICICI Bank. The 1 Return on equity (RoE) – Profit after tax/Net worth excluding fair value change account 2 Return on embedded Value (RoEV) – Embedded value operating profit/Opening embedded value 3 Rated [ICRA]AAA (Stable) for its Basel III Tier II bonds www.icra .in 1 Sensitivity Label : Public Page | strong parentage and shared brand name with ICICI Bank, along with board supervision, strengthen ICRA’s expectation that the company will receive timely support if required. The foreign promoter, Prudential holding is in the process of being reclassified from a promoter to an investor, subject to receipt of the requisite approvals. ICRA does not expect these developments to materially affect ICICI Life’s credit profile. Leading market position with diversified products and distribution channels – ICICI Life is a well-established player in the life insurance space. It is one of the largest private life insurers and had a market share of 6.2% in terms of individual APE4 and 5.4% in terms of overall new business premium (NBP) in FY2026 (6.9% and 5.7%, respectively, in FY2025), as per ICRA’s estimates. The company has a diversified product offering across the savings, annuity, and protection businesses with a focus on serving varied customer needs across the life stages of the customer. The product mix comprises unit linked insurance plans (ULIPs; 48.0% of the overall APE in FY2026), non-linked savings (20.5%), protection (17.9%), group funds (7.8%) and annuity (5.8%). Within protection, the share of retail protection increased to 41.5% in FY2026 from 36.5% in FY2025, supported by the goods and services tax (GST) exemption, company led initiatives and increased focus across distribution channels. ICICI Life has a diversified distribution network, with proprietary channels, comprising agency and direct channels, contributing 38.7% to APE in FY2026. Bancassurance and other partnership channels contributed 29.8% and 13.2%, respectively. While the company also has an exclusive tie-up with ICICI Bank, it contributed around 12-15% to APE in FY2026, indicating limited dependence on a single distribution partner. Apart from ICICI Bank, ICICI Life had tie-ups with 52 other banks and mor [Showing first 8,000 characters — download PDF for full document]