Investor Presentation

October 13, 2026 Listing Department Listing Department BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, ‘Exchange Plaza’, C-1, Block-G, Dalal Street, Bandra-Kurla Complex, Mumbai 400 001, Bandra (East), Mumbai 400 051, Maharashtra, India Maharashtra, India Dear Sir/Madam, Subject: Investor presentation This is in continuation to the intimation dated October 7, 2026, of the earnings conference call to be hosted by the Company at 3.30.p.m. on Tuesday, October 13, 2026 with investors and analysts. Please find enclosed the business presentation on the performance of the Company for H1- 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 Life Insurance Limited (Formerly known as ICICI Prudential Life Insurance Company Limited) Priya Nair Company Secretary ACS 17769 Encl.: As above 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@icicilife.com | Visit us at www.icicilife.com | CIN: L66010MH2000PLC127837 Performance Update: H1-FY2027 October 13, 2026 Agenda 1. Company strategy & performance 2. Opportunity & industry overview Agenda 1. Company strategy & performance 2. Opportunity & industry overview Company update Company renamed to ‘ICICI Life Insurance Limited’ Name reflects strength, trust & legacy associated with ‘ICICI’ franchise Promise of making ‘Har Kal Aasaan’ anchored in our customer-centric philosophy 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 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: H1-FY2027 APE 13M Persistency1 VNB ₹ 49.35 bn September 30, 2026: 84.5% ₹ 12.83 bn 15.1% Y-o-Y growth 22.3% Y-o-Y growth June 30, 2026: 84.0% 3-yr CAGR: 11.9% 26.0% VNB margin RWRP Claim settlement2 Profits after tax ₹ 36.02 bn H1-FY2027: 99.3% ₹ 7.60 bn 9.7% Y-o-Y growth H1-FY2026: 99.3% 26.5% Y-o-Y growth 3-yr CAGR: 11.0% Total premium Cost/ Total Premium3 Embedded value4 ₹ 245.05 bn H1-FY2027: 20.0% ₹ 566.69 bn 15.3% Y-o-Y growth H1-FY2026: 19.2% 12.2% Y-o-Y growth5 3-yr CAGR: 11.2% Cost/ Total Assets under Retail sum assured Premium3: Savings management4 H1-FY2027: 12.7% ₹ 3,289.64 bn ₹ 2,315.21 bn 34.9% Y-o-Y growth H1-FY2026: 12.7% 2.3% Y-o-Y growth5 3-yr CAGR: 27.6% 112 month rolling persistency; 2Individual death claims; 3Total cost including commission, GST and excluding interest on sub-debt/ Total premium; 4Value at September 30, 2026; 5Year-on-year growth from nos. at September 30, 2025 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 Q2- Y-o-Y H1- Y-o-Y Q2- H1- Segments FY2027 Growth FY2027 Growth FY2027 FY2027 Savings 22.39 11.8% 37.79 9.3% 80.0% 76.6% Linked 12.66 6.7% 21.95 6.6% 45.2% 44.5% Non-linked 5.32 (0.6%) 8.93 (4.5%) 19.0% 18.1% Annuity 1.92 65.5% 3.24 50.0% 6.9% 6.6% Group funds 2.50 51.5% 3.67 48.0% 8.9% 7.4% Protection 5.60 33.7% 11.55 39.5% 20.0% 23.4% Retail protection 2.32 36.5% 4.55 47.2% 8.3% 9.2% Total APE 27.99 15.6% 49.35 15.1% 100.0% 100.0% New business premium grew by 25% in H1-FY2027 Channel wise growth APE (₹ billion) Mix Q2- Y-o-Y H1- Y-o-Y Q2- H1- Channels FY2027 Growth FY2027 Growth FY2027 FY2027 Agency 6.38 4.1% 11.02 3.3% 22.8% 22.3% Direct 3.94 12.9% 6.79 10.9% 14.1% 13.8% Bancassurance 7.69 3.9% 13.54 4.6% 27.5% 27.4% Partnership distribution 4.20 37.7% 7.32 34.1% 15.0% 14.8% Retail APE 22.21 10.7% 38.67 9.9% 79.3% 78.4% Group 5.78 39.6% 10.68 39.2% 20.7% 21.6% Total APE 27.99 15.6% 49.35 15.1% 100.0% 100.0% Business growth delivered on the back of 10.8% retail NOP growth Product & Distribution mix: H1-FY2027 Product mix Distribution mix 7% | Group funds 22% | Group 22% | Agency 7% | Annuity 45% | Linked Partnership Protection distribution 14% | Direct Bancassurance 18% | Non-linked Well diversified product & distribution mix Based on Annualised Premium Equivalent Segment in focus: Protection & Annuity Protection Annuity H1- H1- Y-o-Y (₹ billion) (₹ billion) FY2026 FY2027 Growth 3.24 Protection APE 8.28 11.55 39.5% 2.17 Retail protection 3.09 4.55 47.2% NB sum assured 6,770.71 8,811.92 30.1% NB retail sum 1,716.14 2,315.21 34.9% assured Sum assured Annuity APE 10.8% 11.5% - market share1 H1-FY2024 H1-FY2027 Continued strong growth in retail protection & annuity 1Based on overall new business sum assured Persistency ratios Month Mar 31, 2026 Jun 30, 2026 Sep 30, 2026 13th month 84.5% 84.0% 84.5% 25th month 81.0% 77.0% 76.2% 37th month 76.3% 77.3% 77.0% 49th month 71.8% 71.7% 71.6% 61st month 61.6% 61.9% 62.5% Healthy persistency ratios 12 month rolling persistency Productivity improvement Y-o-Y (₹ billion) H1-FY2026 H1-FY2027 Growth APE 42.86 49.35 15.1% Total Premium 212.51 245.05 15.3% Total Expenses1 40.73 48.97 20.2% Cost/Total Premium 19.2% 20.0% 80 bps Cost/Total Premium excl. GST 18.6% 18.3% (30 bps) Cost/Total Premium (savings) 12.7% 12.7% - Cost/Total Premium excl. GST (savings) 12.5% 11.6% (90 bps) Reduction in cost ratios excluding GST 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 13 Risk & Prudence High quality Strong solvency Insurance risks Interest rate risk asset1 ratio • Persistency • 64.7% of liabilities • 95.2% of fixed • Solvency ratio of experience & largely pass on income in sovereign 229.9% at September 30, 2026 mortality experience market performance or AAA; 99.7% 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 September 30, 2026 Non-Performing Assets (NPA) 14 Financial metrics (₹ billion) FY2026 H1-FY2027 Value of New Business (VNB) 26.29 12.83 VNB margin 24.7% 26.0% Y-o-Y Growth 10.9% 22.3% Profit after Tax 16.00 7.60 AUM1 3,136.34 3,289.64 Solvency ratio1 227.3% 229.9% 1At September 30 of respective financial years; FY: At March 31 AUM: Assets under management 15 Embedded value (EV)1 566.69 505.01 142.80 126.61 423.89 378.40 Sep-25 Sep-26 Value of In-force (VIF) Adjusted net worth (ANW) Continued strong growth 1As per Indian Embedded value (IEV) method Total may not add up due to rounding off Shareholders’ share of the MTM on assets and derivatives in the policyholders’ funds 16 have been reclassified to VIF from ANW, with no impact on EV 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% ~60% of policies issued using Awarded ‘The Best Customer for H1-F [Showing first 8,000 characters — download PDF for full document]