Analysts/Institutional Investor Meet/Con. Call Updates

July 22, 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: Earnings Call Transcript for the quarter ended June 30, 2026 In continuation to our letter(s) dated July 3, 2026, and July 15, 2026, the Company had hosted an earnings conference call with investors and analysts on Wednesday, July 15, 2026, at 3:30 p.m. IST, to discuss the performance of the Company for Q1-FY2027. Pursuant to Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that the transcript of the ‘earnings conference call’ for Q1-FY2027 has been hosted on the website of the Company at www.iciciprulife.com A copy of the transcript is enclosed herewith for immediate reference. Please note that no unpublished price sensitive information was shared during the meeting. 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 ICICI Prudential Life Insurance Company Limited Earnings conference call Quarter ended June 30, 202 6 (Q1 -FY202 7) July 15 , 202 6 Anup Bagchi: Good afternoon and welcome to the results call of ICICI Prudential Life Insurance Company for the quarter ended June 30, 2026. I have several of my senior colleagues with me on this call, Amish Banker, Chief Distribution Officer; Dhiren Salian, CFO; Judhajit Das, Chief Service Delivery; Manish Kumar, Chief Investment Officer; Souvik Jash, Appointed Actuary; and Dhiraj Chugha, Chief Investor Relations Officer. Let me start with the key updates for the quarter. We held our 26th AGM via video conference on June 30, 2026, and all the items specified in the AGM notice were duly approved by the Shareholders. The Board, at its meeting held on July 6, 2026, has approved the proposal to rename the Company as ‘ICICI Life Insurance Limited’, pending regulatory approval. The name change follows the Board’s approval of PCHL’s request to change its status from ‘Promoter’ to ‘Investor’. The proposed name reflects the strength, trust and legacy associated with the ICICI franchise. The Company’s core business operations, strategy, & governance frameworks remain unchanged and continue as usual. We remain well-positioned to drive sustainable growth, enhance customer outcomes & create long-term value for stakeholders. On the regulatory front, IRDAI has introduced regulations linking key management compensation with customer-centric outcomes and has issued an exposure draft on intermediary disclosures. These initiatives are aimed at enhancing transparency, strengthening accountability, and further reinforcing policyholder protection across the insurance industry. We view these developments as positive steps towards fostering greater trust, improving customer outcomes, and supporting the sector's long-term sustainable growth. Macro-economic conditions remained volatile in Q1-FY2027, driven by geo-political uncertainties, inflationary concerns and fluctuations in financial markets. While some of these pressures eased during the quarter, equity markets remained volatile. Inflation remained a key area of focus, with weather-related risks, including the potential emergence of El Niño conditions, warranting close monitoring. Against this backdrop, the RBI maintained a balanced policy stance. Despite these near-term uncertainties, strong structural fundamentals continued to support resilient demand for insurance products. As a Company, we delivered a strong and resilient performance, with VNB growing by 24.9% year-on-year to ₹ 5.71 billion in Q1-FY2027, and VNB margins at 26.7%. PAT also increased by 27.8% year-on-year to ₹ 3.86 billion. These results reflect the strength of our diversified business model, disciplined execution, and continued focus on delivering sustainable growth. Our business model is built on two pillars: protection business which provides risk coverage, and savings business, which creates value through long-term management of customer funds. In Q1-FY2027, our sum assured grew by 31.8% to ₹ 4.90 trillion, supported by a strong 45.7% year-on-year growth in protection APE. Our sum assured market share stood at 11.8%. Retail sum assured increased by 45.9% to ₹ 1.13 trillion, driven by robust year- on-year growth of 60.4% in retail protection during the quarter. As of June 30, 2026, our total in-force sum assured stood at ₹ 48.06 trillion, reflecting the trust reposed in us by our customers and the scale of protection provided by the Company. Notably, our new business sum assured has grown at a CAGR of 18.7% and 25.1% respectively over the 5-year and 10-year period ending FY2026, and we remain focused on sustaining this strong momentum going forward. In the savings business, scalability and cost efficiency are the key drivers of profitability. In Q1-FY2027, New Business Premium grew by 21.3% year-on-year to ₹ 48.66 billion, driven by 13.2% growth in the number of policies, reflecting the continued expansion of our customer base. Over the long term, we have delivered a New Business Premium CAGR of 13.7% and 13.9% over the last five and ten years ending FY2026, respectively, demonstrating the consistency and sustainability of our growth trajectory in the savings segment. During the quarter, APE grew by 14.6% year-on-year to ₹ 21.36 billion and RWRP grew by 13.4% year-on-year to ₹ 15.38 billion in Q1-FY2027. We continue to focus on driving operating efficiency through leveraging economies of scale, aligning our cost structure with the evolving product mix, and investments in technology, digital & AI initiatives. Consequently, our savings Cost-to-Premium ratio reduced by 50 basis points year-on-year to 13.6% in Q1-FY2027, despite the increase in expenses resulting from the unavailability of input tax credit. Our growth continues to be underpinned by a strong focus on risk management and prudent business practices, which is reflected in the resilience of our balance sheet. Our claim settlement ratio remained strong at 99.3% in Q1-FY2027, with an average turnaround time of 1 day, underscoring our commitment to customer service. Our early claim ratio stood at 22%, best-in-class in the industry, highlighting the high quality of business we have consistently sourced over the years. During the quarter, we settled ₹ 13.06 billion of death claims and paid ₹ 33.60 billion in maturity & survival benefits, reflecting our continued focus on delivering timely financial protection and peace of mind to our policyholders. Notably, in FY2026, we settled ₹ 51.49 billion of death claims and paid ₹ 153.63 billion in maturity & survival benefits. Customer retention also remained healthy, with 13th month persistency at 84%. We maintained a robust solvency ratio of 225.4%, significantly above the regulatory requirement of 150%, positioning us well to sustain future growth while maintaining financial strength. Further, we continue to maintain our track record of not having a single non-performing asset in our investment portfolio since inception. Our Assets Under Management stood at ₹ 3.34 trillion as of June 30, 2026, reflecting the scale of our franchise and the trust placed in us by our policyholders. To summarise, despite ongoing global geopolitical uncertainties and market volatility, FY2027 has started on a positive note, demonstrating our business resilience. We remain focused on sustaining this momentum throughout the year. Our priorities continue to be driving sustainable VNB growth, while balancing business growth, pro [Showing first 8,000 characters — download PDF for full document]