Analysts/Institutional Investor Meet/Con. Call Updates

October 21, 2026 Listing Department Listing Department BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, ‘Exchange Plaza’, C-1, Block G, Dalal Street, Mumbai 400 001, Bandra-Kurla Complex, Bandra (East), Maharashtra, India Mumbai 400 051, Maharashtra, India Dear Sir/Madam, Subject: Earnings Call Transcript for the quarter and half year ended September 30, 2026 In continuation to the intimations dated October 7, 2026 and October 13, 2026, please be informed that the Company had hosted an earnings conference call with investors and analysts on Tuesday, October 13, 2026, at 3:30 p.m. on the performance of the Company for H1-FY2027. Pursuant to Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the earnings conference call for H1-FY2027 has been hosted on the website of the Company at www.icicilife.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 Please note that no unpublished price sensitive information was shared during the meeting.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 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 ICICI Life Insurance Limited Earnings conference call Half Year ended September 30, 2026 (H1-FY2027) October 13, 2026 Anup Bagchi Good afternoon, and welcome to the results call of ICICI Life Insurance Limited for the half-year ended September 30th, 2026. I have several of my senior colleagues with me on this call, Sidharatha Mishra, Chief Operating Officer; Amish Banker, Chief Distribution Officer; Dhiren Salian, Chief Financial Officer; Judhajit Das, Chief Service Delivery; Manish Kumar, Chief Investment Officer; Souvik Jash, Appointed Actuary; and Dhiraj Chugha, Chief Investor Relations Officer. As you are aware, the Board has appointed Sidharatha as the MD and CEO of ICICI Life for a tenure of 5 years, beginning October 14, 2026, subject to the requisite approvals. He has already assumed the role of COO from October 6, 2026. As my tenure as MD and CEO comes to an end today, I want to sincerely thank each one of you for the trust and support you have extended to me, not just at ICICI Life, but also over more than three decades with the ICICI Group. I also extend my best wishes to my colleague, Sidharatha, and I am confident that he will lead the company to continued success. Thank you very much. Now over to you, Sidharatha. Sidharatha Mishra Good afternoon, everyone. Thank you, Anup. It is truly a privilege to lead ICICI Life. Having spent over 28 years within the ICICI Group, the group's values and DNA are deeply ingrained in me, shaped by experiences across diverse businesses over the years. ICICI Life is a resilient organisation, supported by a strong leadership team with deep domain expertise and a disciplined approach to steer the business. Customer-centricity has always been ICICI Life's core ethos, and this unwavering commitment will continue to guide every action we take. Our strategy remains unchanged, delivering sustainable VNB growth while balancing business growth, profitability, and risk and prudence. Protection and annuity stay central to our strategy, addressing significant underpenetrated needs in India. As we grow protection business, we will continue to focus on increasing the sum assured in a sustainable manner. Our customer-focused product suite, well-diversified distribution network, innovative and customer-first sales and service practices, industry-leading quality parameters, and strong risk and capital metrics position us well to capture emerging opportunities. I am stepping into this role at an important milestone. The company has been renamed “ICICI Life Insurance Limited”, strengthening our identity with brand ICICI, that millions of Indians associate with trust, strength, and easy access to financial services. As we open this new chapter, our promise of making "Har Kal Aasaan" is firmly rooted in our customer-first philosophy. My endeavour will be to further strengthen the franchise, accelerate our momentum, and enhance value for all our stakeholders. I look forward to working closely with all of you. With that, I hand it over to Amish to take you through our business performance. Amish Banker Thank you, Sidharatha. H1-FY2027 was marked by global macroeconomic uncertainty, driven by geopolitical tensions. While the Indian economy remained relatively stable, risks persisted from supply chain disruptions and elevated inflation. As a result, equity markets stayed under pressure, with FIIs continuing to sell. Despite this external volatility, we delivered a strong and resilient performance, with VNB growing by 22.3% to ₹ 12.83 billion in H1-FY2027, and margins stood at 26.0%. Total premium grew by 15.3% year-on-year to ₹ 245.05 billion. New business premium grew by 25.0% year-on-year to ₹ 118.21 billion, driven by 10.6% growth in the number of policies, reflecting the continued expansion of our customer base. 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 H1-FY2027, our sum assured grew by 30.1% to ₹ 8.81 trillion, supported by a strong 39.5% year-on-year growth in protection APE. Our sum assured market share stood at 11.5%. Retail sum assured increased by 34.9% to ₹ 2.32 trillion, driven by robust year- on-year growth of 47.2% in retail protection. Recently, our flagship term plan, “iProtect Smart Plus”, has been awarded “Product of the Year 2026-27” through Nielsen IQ's consumer research, a reflection of our commitment to serve innovative and customer- centric products. The overall protection mix increased from 19.3% in H1-FY2026 to 23.4% of APE in H1- FY2027. Consequently, the savings business mix moderated from 80.7% in H1-FY2026 to 76.6% in H1-FY2027. In the savings business, APE stood at ₹ 37.79 billion in H1-FY2027, registering a growth of 9.3% year-on-year. Within savings, annuity segment grew strongly by 50% year-on- year. Linked business grew by 6.6% year-on-year in H1-FY2027. This segment witnessed some softness, especially in the later half of Q2, as uncertain equity markets impacted investor sentiment. Our strategy in this segment continues to be on offering wealth creation solutions which help navigate market volatility while achieving financial goals of the family. The non-linked savings business declined by 4.5% year-on-year in H1-FY2027. However, this business segment has seen a sharp recovery, with Q2 business being at a similar level to last year. Within the non-linked category, non-par mix has increased in Q2 as compared to Q1-FY2027. Group funds business grew by 48% year-on-year in H1- FY2027. Let me now take you through the channel-wise performance. Agency channel grew by 3.3% year-on-year in H1-FY2027 to ₹ 11.02 billion. The channel is on an improving trajectory, with Q2 growth at 4.1% year-on-year. Direct channel grew by 10.9% year-on-year in H1-FY2027 to ₹ 6.79 billion. Together, these channels contributed 46.1% to retail business in H1-FY2027. As a strategic priority within the agency channel, we continue to optimise product mix, which improves profitability and supports sustainable growth. By equipping agents with tools and analytics to automate administrative tasks, they can pivot their focus towards productive activities. As we go deeper into the micro markets, leverage data analytics and technology, we aim to drive higher productivity while ensuring our cost structures remain aligned with our evolving business mix. [Showing first 8,000 characters — download PDF for full document]