Performance update

July 07, 2023

June 2023 update
Premium growth
` billion FY2023 April 2023 May 2023 June 2023 Q1-FY2024
New business sum assured 10,413.92 840.55 811.22 751.28 2,403.04
Y-o-Y growth 34.7% (1.1%) 21.2% 8.8% 8.8%

APE1 86.40 3.68 4.66 6.26 14.61

Y-o-Y growth 11.7% (24.3%) (1.1%) 11.2% (3.9%)
ICICI Bank APE 11.94 0.46 0.63 0.88 1.97
Y-o-Y growth (38.0%) (54.5%) (36.4%) (13.7%) (34.6%)
Other channels APE 74.46 3.22 4.03 5.38 12.64
Y-o-Y growth 28.2% (16.6%) 8.3% 16.7% 3.7%

RWRP2 67.38 2.33 3.46 4.82 10.61

Y-o-Y growth 7.0% (31.3%) 3.9% 12.4% (3.6%)
New business premium 169.22 7.34 9.94 13.24 30.51
Y-o-Y growth 12.5% (17.1%) (18.5%) 22.6% (4.2%)
1Annualized premium equivalent
2Retailweighted received premium
Year on year (Y-o-Y)
3
Components may not add up to the totals due to rounding off
Agenda

• Company strategy and performance

• Opportunity
• Industry overview
Agenda

• Company strategy and performance

• Opportunity
• Industry overview
Value of new business (VNB) journey
Key strategic elements
Protection

Customer
Integrating ESG
centricity Premium VNB
Persistency with business
continues to be Growth Growth
management
at the core

Productivity

Aspiration to double the FY2019 VNB in four years

7
FY2023: 2xFY2019 VNB
VNB (in ` bn)
` billion FY2019 FY2023
VNB 28.0% 32.0%
17.0% 21.7% 25.1%
margin

VNB 13.28 27.65 27.65

21.63

16.05 16.21
VNB Y-o-Y growth 3.3% 27.8% 13.28

VNB margin 17.0% 32.0%

FY2019 FY2020 FY2021 FY2022 FY2023

Doubled the FY2019 VNB at a CAGR of 20.1% in four years

VNB: Value of new business; Y-o-Y: Year on year

CAGR: Compounded annual growth rate for four years from FY2019 to FY2023 8
 Customer centricity
continues to be at the core Organisational capabilities

Protection

People Process

Premium VNB
VNB Growth Persistency
Growth Growth

Technology & Distribution &

Productivity
Analytics Product

Integrating ESG with

business management

9
Organisational capabilities: People

Capacity Capability Culture

Strengthened capacity for risk- Developed capability to address Built competitive advantage
calibrated business growth & skill gaps, and built future-ready through a culture of
profitability talent empowerment & inclusion

• Employee strength increased • Structured phygital learning • 90%+ VoE score2 on advocacy &
by 15% to capacitise for programs for onboarding and alignment
growth functional & behavioural skills • D&I policy & framework
• Invested in building skill depth • Skill mapping and professional instituted; Diversity Council
in specialist roles certifications for specialist formalised; Gender diversity:
• High-quality leadership team1 roles 29% (FY2022: 27%)
• 82% leadership stability • 1.3+ million learning hours; • Enabled physical, mental &
• 96% leadership depth 12,000+ employees certified financial well-being for
• 97% leadership cover employees

Figures mentioned for FY2023

1 Leadership stability: > 10 years vintage; Leadership depth: > 3 job rotations; Leadership cover:

Key roles with adequate/moderate cover

2 Score refers to top-2 box score in biennial Voice of Employee survey
10
D&I: Diversity & Inclusion
Organisational capabilities: Process
Onboarding Touchpoint Renewal Payout Claims
Payments through
External ecosystems Digital first, anytime Digital payout Claimant centric
new-age digital
integrated anywhere experience approach
channels enabled

Non investigated
Steady increase in digital adoption % (FY2019-FY2023) claim settlement

2.34 1.21
96% 99% 76% 93% 86% 97% 83% 88%
days1 days2

Significant improvement in NPS Customer Experience scores (Q3-FY2021-Q4-FY2023)

83% 71% 86% 71% 82%
62% 39% 35% 37% 78%

Ranked no. 1 in the industry wide Customer Experience NPS study by Hansa research
1 AtMarch 2019; 2 At March 2023
NPS: Net Promoter Score is a trusted and a popular customer loyalty metric used by brands
to measure the health of customer relationships 11
Organisational capabilities: Technology & analytics
Scalability Resilience Security
Implemented seamless Ensured high system Enforced multi factor
onboarding & servicing availability & authentication & zero
Technology journey with scalable performance through trust security across
architecture failover architecture applications and
infrastructure layer

Customer journey Productivity

• Strengthened data analytics at • Deployed robust machine learning
every phase of customer journey models to enhance productivity &
• Developed machine learning models risk management
Analytics to analyze customer behavior, • Streamlined claims process &
preferences & needs reduced fraudulent activity
• Data-driven personalised
experience

12
Organisational capabilities: Distribution & Product

Extensive distribution footprint Comprehensive product suite

Figures mentioned are for FY2023

* Direct
comprises sales through own website & employees on roll
13
 • Focus on agency & direct to consumer

Accelerated growth across channels

channels
Premium
• Continue to expand bank partnerships
growth
• Sustain growth in annuity line of
business

Company Company (ex-ICICI Bank)

26.5% 42.9%
14.9%
4.2% 19.9%
-0.3%
3 year CAGR 9M-FY2023 Q4-FY2023 3 year CAGR 9M-FY2023 Q4-FY2023

Agency Direct PD1

57.0%
18.7% 66.8%
29.2% 29.4%
2.7% 9.9% 2.2% 0.9%

3 year CAGR 9M-FY2023 Q4-FY2023 3 year CAGR 9M-FY2023 Q4-FY2023 3 year CAGR 9M-FY2023 Q4-FY2023

18.1% CAGR2 of Company APE (ex- ICICI Bank) over four years
CAGR: Compounded annual growth rate
3-years CAGR: FY2019 to FY2022; y-o-y growth for 9M-FY2023 & Q4-FY2023
1PD: Partnership distribution including Bancassurance (other than ICICI Bank); 2Based on 4-year
14
CAGR from FY2019 to FY2023; Growth based on annualised premium equivalent
 • Focus on agency & direct to consumer

Strong growth across products

channels
Premium
• Continue to expand bank partnerships
growth
• Sustain growth in annuity line of
business

Non-linked savings Annuity

104.6% 102.4%

63.2% 56.0%
44.7%

18.1%

3 year CAGR 9M-FY2023 Q4-FY2023 Group funds 3 year CAGR 9M-FY2023 Q4-FY2023

38.1% 41.5%

9.2%

3 year CAGR 9M-FY2023 Q4-FY2023

36.6% CAGR1 across products (ex-linked)1 over four years

CAGR: Compounded annual growth rate
3-years CAGR: FY2019 to FY2022; y-o-y growth for 9M-FY2023 & Q4-FY2023
1Based on 4-year CAGR APE from FY2019 to FY2023
15
Growth based on APE (annualised premium equivalent)
 • Continue to leverage opportunity in

Robust protection growth

group protection
Protection
focus • Focus on retail protection growth
• Increase risk retention for greater
flexibility in a calibrated manner

New business sum assured Retail protection

10,413.92
27.7%
` billion

-3.3%
4,428.12
3 year CAGR 9M-FY2023 Q4-FY2023

-29.3%
FY2019 FY2023

Return to growth for retail protection, leveraged opportunity in group protection

20.2% four-year CAGR1 for overall protection APE
CAGR: Compounded annual growth rate
3-years CAGR: FY2019 to FY2022; y-o-y growth for 9M-FY2023 & Q4-FY2023
1Based on 4-year CAGR from FY2019 to FY2023
16
Growth based on annualised premium equivalent
Resulting in diversified business mix
Distribution mix Product mix
FY2019 FY2023 FY2019 FY2023

5%
6% 15%
17%
37%
12% 9%
12%
51% 14% 80% 36%
9%
22%
26% 1%
16% 17%
1%
4% 4% 6%
Banca-ICICI Bank Banca-Ex ICICI Bank
Agency Direct Linked Non-linked Protection
Partnership Distribution Group Annuity Group

Well positioned to deliver sustainable growth in the future

Based on annualised premium equivalent (APE) 17

Resilience across risks, capital & profitability
Insurance & Strong solvency ratio
investment risks
• Insurance risk • Solvency ratio of 208.9% at March 31,
• Emerging mortality experience is 2023
consistent with expectation • Ability to raise additional sub debt
• High asset quality • Economic solvency ratio1 of 385% at
• 97.3% of fixed income in sovereign December 31, 2022
or AAA; 0.3% of fixed income below
AA
• Zero NPA since inception Profitability
• Prudent ALM • Focus on absolute VNB
• 74.4% of liabilities largely pass on • VNB CAGR of 20.1% over 4 years
market performance to customers • Improvement in VNB margins; industry
• Non par guaranteed savings: FRA leading
to hedge interest rate risks

Figures at March 31, 2023; ALM: Asset liability management; FRA: Forward rate agreements;
NPA: Non-performing assets; VNB: Value of new business; CAGR: Compounded annual growth
rate from FY2019 to FY2023
1 Derived by applying various stresses to the Economic Balance Sheet of the Company &
18
reflects risks embedded within the business
FY2023 performance
Key strategic elements
Protection

Customer
Integrating ESG
centricity Premium VNB
Persistency with business
continues to be Growth Growth
management
at the core

Productivity

Aspiration to double the FY2019 VNB in four years

20
Extensive distribution footprint
Strategy: Create depth & add width
• 908 partnerships; 113 new partnerships
• Non-linked savings 70%, protection &
Strategy: Build profitability Strategy: Digital focused upsell
annuity mix 22%
• 39 bank partnerships; 13 new campaigns
banks • Analytics driven upsell channel
• Access to >17,500 bank Partnership • Protection & annuity mix 44%
branches Distribution
• Protection & annuity mix 34%

Strategy: Invest and grow

Strategy: Partner with
• 33,833 advisors
non-traditional distributors
recruited during FY2023

Emerging eco
• Diversified product mix: • Tie-up with wallets,

systems
Non-linked savings 43%, payment banks, fin-tech
linked 32% and companies etc.
protection & annuity Distribution • Product customization
25%

>945 partnerships including 39 banks; >200,000 advisors

Figures mentioned are for FY2023
Product mix based on new business premium (retail)
*Direct comprises sales through own website & employees on roll 21
 Focus on agency & direct to consumer channels
Premium growth (1/2)
•
Premium
• Continue to expand bank partnerships
growth
• Sustain growth in annuity line of business

Y-o-Y
Channels FY2022 FY2023
growth (%)
Agency 18.28 22.81 24.8%
Banca (ex-ICICI Bank) 10.85 13.41 23.6%
Direct 9.97 10.64 6.7%
Partnership distribution 7.16 12.76 78.2%
Group 11.80 14.85 25.8%
Sub-total 58.06 74.46 28.2%
ICICI Bank 19.26 11.94 (38.0%)
Total APE 77.33 86.40 11.7%

Strong performance across channels

APE: Annualised Premium Equivalent, Y-o-Y: Year on year

Total may not add up due to rounding off 22
Comprehensive product suite

Protection Savings Annuity

Pure term Linked Par Non-Par Immediate

Term Deferred
Equity Lump sum Lump sum Single Premium
Return of premium

Group term & credit Income Income Deferred

life Debt Short Term Regular Premium
Short Term

Income Income
Critical illness cover Balanced
Long Term Long Term

Comprehensive product suite to address varied customer needs

Segments where new products or new funds introduced in FY2023 are highlighted in orange
23
Products across all categories

Non-linked Savings Linked

Savings with Guaranteed savings; ULIP: Suite of funds ULIP: with capital
guarantee and equity Immediate/ Deferred for Equity and Debt guarantee
participation Annuity

Retail Protection Group

Pure term, term with Critical illness, Pure term, Micro insurance, Credit insurance,
accident cover Disease specific Critical illness

New products launched in FY2023

24
 Focus on agency & direct to consumer channels
Premium growth (2/2)
•
Premium
• Continue to expand bank partnerships
growth
• Sustain growth in annuity line of business

Y-o-Y
Product segments FY2022 FY2023
growth (%)
Savings 64.20 71.36 11.2%
Linked 37.38 31.02 (17.0%)
Non-linked 21.21 32.21 51.9%
Annuity 3.00 5.07 69.0%
Group funds 2.61 3.06 17.2%
Protection 13.13 15.04 14.5%
Total APE 77.33 86.40 11.7%

Growth across all segments other than linked business

APE: Annualised Premium Equivalent, Y-o-Y: Year on year

Total may not add up due to rounding off 25
 • Continue to leverage opportunity in group

Protection growth Protection

focus
protection
• Focus on retail protection growth
• Increase risk retention for greater flexibility in a
calibrated manner

` billion FY2022 FY2023 1.06

Retail protection APE (in `bn)

0.83 0.83
Protection APE1 13.13 15.04
0.68 0.69
Y-o-Y growth 25.5% 14.5%

Protection mix2 17.0% 17.4%

SA market share (%) 13.4% 15.0%3

Q4-FY2022 Q1-FY2023 Q2-FY2023 Q3-FY2023 Q4-FY2023

Return to growth for retail protection;

28.2% y-o-y growth in group protection for FY2023
1Includes term with return of premium; FY2022: ` 0.14 bn, Q1-FY2023: ` 0.12 bn;
Q2-FY2023: ` 0.13 bn, Q3-FY2023: ` 0.24 bn, Q4-FY2023: ` 0.25 bn; FY2023: ` 0.74 bn
2As % of total APE (retail & group combined); 3SA market share for 11M-FY2023

APE: Annualised Premium Equivalent, Y-o-Y: Year on year; SA: Sum assured based on overall
new business 26
Persistency improvement
Continue to focus on improving persistency
Persistency
across all cohorts

Persistency1 11M-FY2022 11M-FY2023 Y-o-Y

13th month 85.7% 86.6% 90 bps
25th month 77.2% 77.8% 60 bps
37th month 67.1% 71.3% 420 bps
49th month 63.7% 64.2% 50 bps
61st month 54.4% 65.7% 1130 bps
11M-FY2023 89.1% 88.7%
84.9%
13th month persistency
across product categories
Linked Non-linked Protection

Significant improvement in persistency across all cohorts

1 Regular & limited pay persistency in accordance with IRDAI circular on ‘Public disclosures
by insurers’ dated September 30, 2021; 12 month rolling persistency 27
Productivity improvement
Continue to leverage technology for process re-
Productivity
engineering & to drive productivity

Y-o-Y
` billion FY2022 FY2023
growth
APE 77.33 86.40 11.7%
Total expenses 53.63 64.75 20.7%
Cost/TWRP1 (%) 18.6% 21.5% -
Cost/TWRP1 (savings LOB) (%) 12.8% 14.2% -

Building for sustainable growth in the future

1Total expenses including commission/(Total premium- 90% of single premium)

Y-o-Y: Year on year, TWRP: Total weighted received premium, LOB: Line of business 28
VNB growth levers update (4P)
Y-o-Y
` billion FY2022 FY2023
growth
Value of New Business (VNB) 21.63 27.65 27.8%
VNB margin 28.0% 32.0% -

Y-o-Y
` billion FY2022 FY2023
growth
Premium growth (APE) 77.33 86.40 11.7%
Protection growth (APE) 13.13 15.04 14.5%
Persistency (13th month)1 85.7% 86.6% -
Persistency (49th month)1 63.7% 64.2% -
Productivity (Cost/TWRP: Savings)2 12.8% 14.2% -
1 Regular & Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures
by Insurers’ dated September 30, 2021; 12 month rolling persistency
2 Total Cost including commission/(Total premium – 90% of single premium)

Y-o-Y: Year on year; TWRP: Total weighted received premium 29

Financial update
Analysis of movement in EV
27.65 1.43 0.22 0.03 0.08 (14.49) 356.34
(1.61) (0.30)
27.08
316.25
EVOP1 = 54.88
ROEV2 = 17.4% ANW
ANW 87.82
83.60
` billion

VIF
VIF 268.52
232.66

EV (Mar 31, Unwind Operating VNB Persistency Mortality Expense Other Economic Net Capital EV (Mar 31,
2022) Assumption variance and variance variance Assumption Injection 2023)
Changes morbidity Change and
variance Investment
Variance
1EVOP is the embedded value operating profit net of tax
2ROEV is the return on embedded value net of tax
EV results prepared as per APS 10 and reviewed by Milliman Advisors LLP
ANW: Adjusted new worth; VIF: Value of inforce; EV: Embedded value; VNB; Value of new business 31
 Value of New Business (VNB)
VNB contribution* VNB margin movement

FY2022 FY2023 1.0% (0.5)% 32.0%

3.5%
28.0%
VNB ` billion 21.63 27.65

2.01
3.52 (7.3%)
(16.3%)
9.24 10.87
(42.7%) (39.3%)
14.77
(53.4%)
8.87
(41.0%) FY2022 Business mix Operating Economic FY2023
Assumptions Assumptions
change change
Protection Savings: Non-linked Savings: Linked

Well diversified pools of profit

*Figures in brackets represent share of VNB
Total may not add up due to rounding off
32
EV & ROEV composition
EV composition ROEV composition
356.34 17.4%
316.25 0.1%
87.82
83.60 8.6%

268.52
232.66
8.7%

Mar-22 Mar-23 FY2023

Adjusted net worth (ANW) Operating assumption change and variance
Value of Inforce (VIF) Unwind
VNB

EV: Embedded value

ROEV: Return on embedded value 33
Sensitivity analysis
% change in VNB % change in EV
Scenario
FY2022 FY2023 FY2022 FY2023
Increase in 100 bps in the reference rates (3.5) (4.2) (4.2) (3.5)
Decrease in 100 bps in the reference rates 3.2 4.8 4.6 3.7
10% increase in the discontinuance rates (4.9) (3.4) (1.0) (0.5)
10% decrease in the discontinuance rates 5.3 3.6 1.0 0.6
10% increase in mortality/morbidity rates (8.3) (10.0) (1.9) (1.9)
10% decrease in mortality/morbidity rates 8.4 10.1 1.9 2.0
10% increase in acquisition expenses (10.1) (11.8) Nil Nil
10% decrease in acquisition expenses 10.1 11.8 Nil Nil
10% increase in maintenance expenses (2.3) (2.3) (0.7) (0.8)
10% decrease in maintenance expenses 2.3 2.3 0.7 0.8
Tax rates increased to 25% (10.3) (10.4) (6.3) (6.4)
10% increase in equity values 0.6 0.4 1.9 1.7
10% decrease in equity values (0.6) (0.4) (1.9) (1.7)

VNB: Value of new business

EV: Embedded value 34
Financial metrics
` billion FY2022 FY2023

Profit after Tax 7.54 8.11

Solvency ratio 204.5% 208.9%

AUM 2,404.92 2,511.91

AUM: Assets under management

35
ESG: Focus areas, framework & approach
Sustainability intrinsic to life insurance as we serve long term savings & protection needs

3 pillars of our sustainability framework Our focus areas

Human Responsible Governance &

capital investing business ethics
Environmental Social Governance
leaving the planet a giving back to transparency in Data privacy Access to Environment
better place for our society functioning
next generation & security finance & CSR

Our ESG framework ESG approach

• Analysis of assessment by ESG research firms on each parameter
• Benchmarking of ESG disclosures by companies with good scores
• Introduction of initiatives & disclosures based on gap analysis
Sustainability Steering
• Outcome: Continue to maintain rank as highest rated Indian
Board Sustainability & Sustainability risk insurance company according to two well known ESG rating
CSR Committee* included in Board risk Committee
agencies; Improvement in ESG score by FTSE Russell in Q1-FY2023
policy (dedicated ESG resource)
• Conferred with the ‘Corporate Governance’ award at the ‘Dun &
Bradstreet ESG Leadership Summit 2023’

*Terms of reference of CSR committee enhanced to include sustainability agenda 37

 Focus area: Human capital
Strengthening Building Catalysing competitive
Capacity Capability advantage through Culture
1. Multiple employee communication & engagement
1. Employee strength 1. Structured phygital learning
initiatives to align employees to Vision & Values,
increased by 15% to programs: 1.3+ million learning
Cornerstones & Strategic imperatives
capacitise for growth; 43% hours
2. Diversity & Inclusion (D&I):
freshers hired 2. 12,000+ employees in sales and
• D&I policy & framework instituted; Diversity
2. Invested in building skill operations certified
Council formalised
depth in specialist roles 3. Skill mapping and professional
• Gender diversity: 29% in FY2023 from 27% in
3. High quality leadership certifications for specialist roles
FY2022; 39% in non-sales roles
team1 4. Structured management
3. Focused interventions to promote physical, mental
• 82% leadership stability development programs for all
and financial well-being of employees
• 96% leadership depth levels of management
4. Robust grievance redressal framework; Human
• 97% leadership cover
Rights policy formalised
5. Employee survey2: 90%+ score3 on advocacy,
alignment, mood, learning & growth opportunities
6. Differentiated rewards on performance & potential;
All figures for FY2023
robust succession planning
1Leadership: Level 9 and above; Leadership stability: > 10 years organisation vintage; Leadership

depth: > 3 job rotations; Leadership cover: Key roles with adequate / moderate cover 38
2 Biennial Voice of Employee survey FY2023; 3 Refers to top 2-box score on 5-point scale
Focus area: Responsible investing
Three pronged
approach

ICICI Prudential
Stewardship policy & ESG integration Sustainable Equity
process Fund

Engaging with investee companies Responsible Investing framework incorporated Benchmarked against NSE 100 ESG Index
into Corporate Investment Policy
Disclosing voting actions
Subscribed to ESG ratings by an external service
provider to assess investee companies on ESG

Became signatory to UN PRI1

~47% of our AUM*: Infrastructure/housing & Government bonds

(₹ 363 billion & ₹ 821 billion respectively)

1UnitedNations supported Principles for Responsible Investment

*At March 31, 2023 39
Focus area: Governance & data privacy
Governance structure Information/cyber security

Data Privacy Policy Cyber Security Framework

Board composition Board Diversity Evaluation framework • Covering collection, usage, • Information & Cyber Security
• >50% IDs including • Policy on Board diversity & • Evaluation framework storage, retention, sharing Policy
Chairman criteria on appointment of for Directors, only for specific purposes with
Directors Chairman, the Board & consent & security related • ISO 27001: ISMS certification
• Committees> 50% IDs/
• Woman Independent Director its Committees aspects
NEDs & chaired by IDs
• BNRC now includes woman
director
Risk management

Compensation framework Risk Management Policy Mitigating risk

• Board, BRMC & ERC • Framework sets out limits &
oversight controls for risk exposure
• Covers financial, • Risk-based internal audit
operational, sustainability & framework
Compensation Governance Alignment reputational risk • ISO 22301: BCM certification
Policy • Compensation of • WTD compensation aligned
• Based on meritocracy WTDs approved by
BNRC, Board, IRDAI
to KPIs incl. financial & non-
financial metrics along with
Business ethics/compliances
& fairness within the
framework of prudent & Members risk parameters; capping & • Code of Conduct • Compliance Policy
risk management deferral of bonus; malus &
clawback provisions • Framework for Managing
• POSH
Conflicts of Interest
• ABC Policy • Insider Trading Code
Policies
• AML Policy • Whistle Blower Policy

ID: Independent Director, NEDs: Non- executive Directors, WTD: Whole Time Directors, BNRC: Board Nomination & Remuneration Committee, ISMS:
Information Security Management Systems, BRMC: Board Risk Management Committee, ERC: Executive Risk Committee, BCM: Business Continuity 40
Management, POSH: Prevention of Sexual Harassment at the Workplace, ABC: Anti Bribery & Anti Corruption, AML: Anti Money Laundering
 Focus area: Access to finance, CSR and Environment

Access to Finance CSR Environment

• 61.8 mn lives impacted by micro insurance • ₹ 39.6 mn spent for CSR initiatives • Environment policy formulated,
products (77.2 mn lives total) • Over 831 underprivileged youth trained demonstrating Company’s commitment to
• 86.6%: One of the best persistency1 ratios (13th through skill development program environmental protection and reduction of
month) in industry through ICICI Academy for Skills its carbon footprint
• 24x7 service architecture; 92.5% self-help • 18 million consumers reached through • Sustainability consultant onboarded for
usage
consumer awareness & education environment initiatives and SBTi4 targets
• Highest claim amount settled for 8 consecutive
program • Scope-1, Scope-2 and partial Scope-3
years2 with 1.21 days3 average TAT in FY2023
• 265 underprivileged patients supported carbon emissions calculated and vetted by
• Providing financial safety net to society: 13,656
retail individual death claims settled & 232,617 on Cancer and cardiac treatment external Sustainability consultant
group claims settled • Over 350 underprivileged children • TCF5 at 13,035 tonnes in FY2023
• Insurance awareness campaigns, focusing on supported on improving health compared to 14,559 in FY2022
the need and importance of life insurance along outcomes • 99% of new business applications logged
with product suitability • Over 1,000 employees participated in digitally
• Ranked no. 1 in the industry wide Customer employee volunteering programs • 95% shareholders communicated digitally
Experience NPS study by Hansa research • Green energy in some Mumbai offices;
• Robust policy & framework for grievance Application process initiated for green
redressal energy for other offices in Maharashtra
Figures for FY2023
1Computed as per IRDAI circular dated September 30, 2021;
2Individual death claims for private life insurance till FY2022
3Average turnaround time (TAT) for non-investigated claims from receipt of last requirement
4Science Based Targets initiative; 5Total carbon footprint 41
Innovation @ICICI Prulife
Grounds-up & an outside-in approach to innovation

Identifying opportunities Converting ideas to impact

Employee
ideas External Driving projects to
scanning streamline processes,
address immediate
business challenges and
Customer explore new growth
feedback areas for business
Innovation
partner program

43
Building a culture of innovation by encouraging every
employee to share ideas

A simple & accessible digital portal is available to

employees across the organisation for sharing ideas

Business challenges Brainstorming & Employee recognition

to solve on-ground co-creation workshops in internal and
business challenges with cross-functional teams external forums

More than 1,200 employees have actively participated and shared ideas

These ideas are reviewed and prioritized through a structured process for
implementation by cross-functional teams

44
Recognised in various external forums

ICICI Prudential Life

Insurance wins Jury Award for ICICI Prudential Life wins ICICI Prudential Life wins
‘Best Innovation and Excellence Award for ‘Most Innovative Insurer –
Diversification introduced by a ‘Innovation in Customer Life Category’ at the FICCI
Company’ at the 3rd Emerging Proposition and Experience’ in Insurance Industry Awards
Asia Awards 2021 by the Indian the ASSOCHAM 14th Global 2022
Chamber of Commerce (ICC) Insurance Summit & Awards FY
2022

45
Technology @ICICI Prulife
Digital @ICICI Prulife

~3.4 million digital service 99% digital logins and 100% e-

interactions every month insurance account for eligible base

1.5 million+ app downloads >92.5% service interactions are

via self-help / digital modes

Best rated app: 4.4 and 4.5 rating 98% of pages having a system
on app store & play store uptime of 99% & above
respectively

Access to over 45 types of Fitness tracker & free health

policy transactions webinars from leading brands

At March 31, 2023 47

New business & growth
Pre-sales Onboarding & issuance Partner integration
InstaPlan - A pre-sales tool to create a ❖ Partner integration portal
Collaboration platform
customized solution for the customer by ❖ Easy UI – Pre-coded premium
Online meetings, joint sales calls,
combining multiple products on the go quotation pages
invite experts, share content
Digital journey ❖ Data pre population
24x7 cognitive bots ❖ No KYC document, digital payment
❖End to end digital onboarding
24x7 query resolution using chat with SI and digital consent
❖Form pre-fill with OCR of KYC
bots viz. Chat Buddy, PSF Guru, Tara
document Video based Pre -issuance
Lead Management System ❖3-click PASA onboarding verification on WhatsApp
Enhanced with voice capability and ❖Term by invite – pre approved offers
geographical tagging ❖ Instant certificate of issuance
❖Smart doc upload with instant OCR ❖ Instant refund into customer
❖E-Quote app account, in case of cancellation
Learner’s Box and MyCoach
On-the-go e-learning modules with AI ❖Video risk verification ❖ Video verification and CKYC as a
capabilities to improve pitch ❖Tele & video underwriting service enabled for partners
❖ End-to-end digital journey for
Demand generation Leveraging eco system group partners
Digital platform to generate interest, qualify ❖ Partner and third party data for pre-
leads with nurture framework and funnel population and process de-congestion Group portal - An end to end
management ❖ Account aggregator integration to get automated process for on-boarding
income details for financial underwriting group customers

PASA : Pre Approved Sum Assured | OCR: Optical Character Recognition | CKYC :
48
Central KYC |KYC : Know Your Customer | UI : User Interface | SI : Standing Instruction
Customer service
Empowering customers Omni channel
Self service Mobile application
❖~3.4 mn digital service interactions monthly
❖1.5 mn+ app downloads with best app rating
❖>92.5% service interactions are via self-
among the peers
help / digital modes

Renewals
24x7 chat/voice assistants
❖Flexible premium payment options including multiple
UPI ❖LiGo chat bot; WhatsApp bot; E-mail bot
❖Humanoid - Two way conversational AI bot with speech
recognition capability deployed in customer calls for
IVR
renewal premium collection; provides superior customer
experience and scalability ❖Visual, intuitive and traditional IVRs cater to 64% of
eligible customer, thus improving productivity
e-Insurance account facility provided to 4 mn+ policyholders
to access their insurance policy details
Digital Life Verification for Individual Annuity
Quick claim assistance through digital claim registration Customer
process, real time tracking through chatbot/WhatsApp,
and AI-based pre-claim assessment, and claim processing

49
AI : Artificial Intelligence | IVR : Interactive Voice Response | UPI: Unified Payments Interface
Digital experience
Personalization Actionable insights
Hyper personalization Nudge engine/ Actionable insights - Data
Personalised messages to handhold analytics based system which suggests the best
customers throughout journey suited action to achieve the next goal

Segmented targeting Smart solutions – Pre-approved

Reaching the customer by mapping their personalized best offers for instant issuance
interests/affinities and persistency backed by data

Interactive banners Modular data integration approach to

Banners with built-in calculators for meet partner requirements
instant and customised quotes
Use of AI & ML to analyze structured &
Search engine optimization – unstructured data
Use of Machine Learning (ML) to rank
ICICI Pru higher on search engines Cognitive automation – End-to-end process
automation using intelligent and cognitive
automation tools

50
AI : Artificial Intelligence | ML : Machine learning
Key initiatives taken in FY2023
Humanoid Empowering Partners Seamless journey

Humanoid calling for activating Micro services for powering partner Prefilling application and instant
inactive agents. Humanoid bot calls systems for enhanced customer closure of KYC document
the advisor for experience requirement with CERSAI integration
❑ Identifying reason for being inactive ❑ Customers can now initiate service ❑ In the digital application journey
❑ Sharing key benefits of being requests like frequency change, customer can opt for Central KYC
actively associated with us modify premium payment option, ❑ Data is fetched basis PAN, mobile
❑ Setting up follow up meeting with and place other service requests on number and date of birth and
options like face to face and over partner website or mobile app displayed for customer
online platforms ❑ Pre-login nudge on document and confirmation
❑ Information passed onto central underwriting requirement for first ❑ Document received from CKYC is
team for assigning regional UM for time right
stored; instant closure of address,
activating the advisor ❑ Account number validation for
identity and age proof
payout mandate using penny drop
services

UM: Unit manager; KYC: Know your customers; CERSAI: Central registry of securitization 51
asset reconstruction and security interest of India; CKYC: Central know your customer
Data science & analytics @ICICI Prulife
Data excellence at every phase of customer journey
Product recommender Cross sell engine @
Presale Upsell engine identifies
high propensity customers
offers best product based on partners identifies
customer needs customers by propensity

Predict lapse & manage Fraud detection engine

Sale persistency risk @ login to detect high risk cases @ login

Smart longevity & risk model Accurate and robust Issuance

Onboarding predicts segments of high risk & high mortality prediction

Propensity Surrender model

Renewals Renewal model
to revive provides revival predicts propensity to
provides renewal propensity surrender
predictions of lapse cases

Customer Complaints model for

NPS* Engine supports
service better customer satisfaction exceptional customer experience

Anomaly Maturity engine Unclaimed model

Claims / Risk investigation provides unclaimed
detection in claims efficiently monitors AUM
Payouts model at claims stage
payout leakage propensity

*NPS: Net Promoter Score

53
Analytics engine at every stage of process & distribution
Intelligent Analytics driven Pre underwritten Personalised
Upsell & offer for existing offers in website
PASA* Assisted upsell lead generation customer & mobile App
Premium
Customer Customer Smart customer Personalised
& Product NPS* analytics
Segmentation profiling product offer

Analytics Agent Agent

Productivity recruitment
Agency driven agent incentives
framework engine
activation framework
ML*
Term and Analytics Data driven
Banca/ based
Insurance by based sales exception
PD* lead invite strategy management Smart
Assistance manpower
planning
Dynamic upsell Profile based product
customer triggers recommendation

Distribution Direct
Personalized banner Product profiles ML* assisted lead
offers management conversion

*PD: Partnership Distribution *ML: Machine Learning

*NPS: Net Promoter Score *PASA: Pre-Approved Sum Assured
54
Analytics engine at every stage of process & distribution
Servicing & ML* driven Contact ML* based Customer
Servicing complaint customer management upsell triggers satisfaction
prediction retention framework at touch points management

Operations ML* assisted A/E* ML* assisted longevity & ML* assisted issuance
Underwriting
prediction risk prediction prediction

Algo. assisted
Claim Claims data mart ML* assisted fraud
investigation Claims fraud score detection
trigger

ML* assisted Analytics based

Persistency ML assisted deep Data driven
renewal customer
lapse management campaigns
management interventions

Risk Algorithm based fraud detection Analytics based additional due diligence

Employee good Framework for ML* assisted Algorithm Unclaimed

Productivity Others order index employee surrender based maturity prediction
score recruitment management upsell framework

*ML: Machine Learning

*A/E: Actual to Exposure ratio
55
Awards
Awards & Accolades: FY2023
Excellence Award -
Award for Excellence in Innovations in Customer Gold Award from League of
Awards for Most ‘Sales Champion’ in Life
Driving Distribution in Propositions and American Communications
Innovative Insurer Insurance - Large category
Digital Experience Professional (LACP)

Associated Chambers of The Economic Times

FICCI Insurance Industry FICCI Insurance Industry LACP – 2022 Spotlight Awards
Commerce and Industry Insurance Summit &
Awards 2022 Awards 2022 (for the Annual Report)
of India (ASSOCHAM) Awards – FY2022

Excellence in Financial
Winner in the Life Silver in the BFSI category for Best Contact Centre of the
Reporting for Commercial Corporate Governance
Insurance category the Campaign “Protect & Save” Year
Annual Report

Outlook Money Awards – India Customer Excellence

ICAI Awards for the year Dun & Bradstreet ESG The Campaign India PR Award
Summit and Awards -
2021 (Awarded in
2021-22 Awards 2023 2022
2022
December 2022)

57
Agenda

• Company strategy and performance

• Opportunity
• Industry overview
Favorable demography
Large & growing population base1 High share of working population1
Population in mn Population in mn (age group 25-59 years )
1,407.6 1,425.9
736.1

273.8 337.0
124.6 145.1 214.3 645.6
51.8 59.4

India
Japan

Brazil

Indonesia
S Korea

USA
S Africa

China
Russia

FY2021 FY2030

Driving GDP growth2 Rising affluence3

7.7% 7.9% 8.0%
8.7% GDP per capita CAGR
6.4% 7.2%
6.2%
6.8%
5.9% 6.3% (FY2010-FY2022)
4.8% 5.2%
4.2% 4.0% 10.4%
3.4%
3.1% 2.7% 2.9% 2.8% 3.0%
1.9% 3.8% 5.1% 5.5% 6.2%
2.8%
3.0% 3.4%
-0.4% -1.1%

FY2025E
FY2002

FY2010

FY2012

FY2014

FY2016

FY2018

FY2020

FY2021

FY2022

FY2023

FY2024E
FY2008

Japan

India
S. Korea
Brazil

Indonesia

China
Russia

U.S.A
-3.1%
-1.7% India World -6.6%
1Source: UN population division at July 2022
2Source: WEO update, April 2023
3Source: The World Bank

Compound annual growth rate (CAGR) 59

Gross domestic product (GDP)
 Financialisation of savings: Opportunity for insurance
Household savings1 Distribution of financial savings (including currency)2

80%
85 71%
61% 63%
65 57% 56% 60% 17%
52% 52% 18%
17% 17%
45% 41% 17%
` tn

45 40% 20.86 17%

36% 28.28 39% 40%
23.70
19.54
25 13.64
14.53 31.09
20.61 22.84 25.98 20%
5 11.91 14.96
-3.59 -3.91 -7.38 -6.64 -8.05 -8.07
-15 0%
FY2014 FY2016 FY2018 FY2020 FY2021 FY2022 FY2014 FY2016 FY2018 FY2019 FY2021 FY2022
Physical savings Provident & pension funds (including PPF) and small savings
Gross financial savings
Investments
Household borrowings
Gross financial savings as % of household savings Life insurance funds
Net financial savings as % of household savings Currency & deposits

FY2002 FY2008 FY2010 FY2012 FY2014 FY2018 FY2019 FY2020 FY2021 FY2022

Life insurance premium3 as

2.1% 4.0% 4.1% 3.3% 2.8% 2.7% 2.7% 2.8% 3.2% 2.9%
% of GDP

1Source: RBI & CSO

2Source: RBI
3Total life insurance industry premium including renewal; Source: IRDAI
60
Protection opportunity: Low penetration
Sum assured as % of GDP1,2 Addressable population# Protection gap(%)4,5
332% coverage3 (%)
83 61 55 54 76 71 74 55
252% 251…

16.5
153% 143% 12%
127%

USD trillion
8.4

3.9
22% 2.8 2.0 0.9 0.7 0.6
South Korea*
USA*

Thailand*
Japan*

Malaysia*

India**
Singapore*

Singapore
South Korea

Thailand
Japan

Australia

Indonesia
India

Malaysia
Covered by retail
protection policies

* Total sum assured

** Retail protection sum assured (company estimates)

1FY2022 for India, GDP Source: National statistics office

2FY2020 for USA & FY2018 for Japan; Source: McKinsey estimates
3Inforce no. of lives for retail protection/no. of returns with income > ` 0.25 mn
4Protection gap (%): Ratio of protection lacking/protection needed
5Source: Swiss Re, Closing Asia’s mortality protection gap, 2020
#Income tax department data with individual income > ` 0.25 mn & company estimates
61
Protection opportunity: Sum assured (SA) as % of GDP
A SA as % of GDP (SA growth @ 20% CAGR) SA as % of GDP1,2
74% 332% India: FY2035
44% 252% 251%
28%
22% B
153% 143% A
127% 125%
FY2022 FY2025 FY2030 FY2035 74%

22%

B SA as % of GDP (SA growth @ 25% CAGR)

Singapore

Thailand

South Korea

(25%CAGR)*

(20%CAGR)*
Japan

USA

India*
Malaysia
125%

India

India
60%
32%
22%

FY2022 FY2025 FY2030 FY2035

1FY2022 for India; GDP source: National statistics office

2FY2020 for USA & FY2018 for Japan; Source: McKinsey estimates
*For retail protection sum assured (company estimates) 62
Protection opportunity: Addressable population (%)
15% CAGR in new policy count1 20% CAGR in new policy count1
244.2 244.2

166.2 166.2

in mn
in mn

103.2 103.2
21% 31%
71.5 71.5

76.9
50.7
25.2 31.3
8.4 12.6 8.4 13.3

FY2022 FY2025 FY2030 FY2035 FY2022 FY2025 FY2030 FY2035

Insured Uninsured Insured Uninsured

~30% of India’s addressable population expected to be covered by FY20352

1Assumed10% lapse rate for in-force policies each year

2Estimates
at accelerated policy growth rates of 20% CAGR
Compound annual growth rate (CAGR) 63
Indicators of protection opportunity
Retail credit1 Health & motor2

` billion
33,749 Gross direct premium
FY2022
(` billion)

17,856 Health 735.82

19,085

13,922 Motor 704.33

9,339
10,097
6,454
4,711 15,893 Motor own damage (OD) 271.78
7,468 9,746
5,386
Motor third party (TP) 432.55
March 2014 March 2016 March 2018 March 2022
Home Loans Others

• Healthy growth in retail credit

• Credit life is voluntary

1Source:
RBI
2Source:
General Insurance Council
Components may not add up to the totals due to rounding off 64
Agenda

• Company strategy and performance

• Opportunity
• Industry overview
Evolution of life insurance industry in India
FY2002 FY2010 FY2015 FY2022
21.5
(5.8%)
New business premium1 (` bn) 116 % 550 408
11.5%
876

11.2%
Total premium (` bn) 501 23.2%
2,654 4.3%
3,281 6,917

Penetration (as % to GDP) 2.1% 4.1% 2.6% 2.9%

12.6% 12.3%
Assets under management (` tn) 2.3 24.0%
12.9 23.4 52.5

15.8%
In-force sum assured2 (` tn) 11.8* 15.5%
37.5 78.1 14.8%
205.5

In-force sum assured (as % to

GDP) 50.1% 57.9% 62.7% 86.8%

1Retailweighted received premium (RWRP)

2Individual& group in-force sum assured
Source: IRDAI, CSO, Life insurance council, *Company estimate 66
Industry overview
Industry Private sector
18% 20% 22%
44% 39% 40%
Product mix1

Linked
82% 80% 78% Non-linked 56% 61% 60%

FY2020 FY2021 FY2022 FY2020 FY2021 FY2022

12% 13% 13%

22% 22% 22%
Channel mix2

28% 29% 32% Others

Bancassurance 53% 55% 55%
60% 58% 55% Agency
25% 23% 23%

FY2020 FY2021 FY2022 FY2020 FY2021 FY2022

Well developed banking sector enables bancassurance to be largest channel for private players

1Based on new business weighted premium

2Based on individual new business premium
Source: Life insurance council 67
Annexures
Interest rate risk management
Guaranteed return savings product
• Combination of cash instruments & derivatives used to lock in yields for
future premiums
• Underlying bonds for derivatives selected based on tenure of liability
Retail protection business
• Asset liability duration matching using derivatives
Annuity products
• Duration matching & cash flow matching
• Derivatives undertaken recently to lock in yields for future premiums &
match asset liability durations

Review of pricing based on current interest rate environment

69
Retail persistency: FY2023
Persistency1 across product categories
Regular & Limited pay Fully paid & Single premium

100.0% 100.0% 99.9% 99.8% 100.0%

89.1% 88.7% 91.7%
84.9% 13th month
75.8% 68.9% 49th month
62.6%

Linked Non linked Protection Linked Non linked Protection

Persistency1 across channel categories

Regular & Limited pay Fully paid & Single premium

99.9% 99.9% 100.0% 100.0%100.0% 99.9%

89.9% 90.6% 97.8%
83.8% 85.1%
69.6% 75.7% 95.6%
60.9% 63.0% 13th month
49th month

Bancassurance Agency Direct Partnership Bancassurance Agency Direct Partnership

distribution distribution
1Persistencyin accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated
September 30, 2021 70
Average APE by product categories
Average policy term* (years)
33 34

Segment (`) FY2022 FY2023

16 17

ULIP 163,770 177,057

Savings Protection
Non-linked
94,925 119,748
savings Average customer age* (years)
44 43
Protection 22,608 23,086 35 35

Total 100,407 118,928

Savings Protection
FY2022 FY2023

* Protection excludes credit life

APE: Annualised Premium equivalent 71
Channel wise product mix1
Channel category Product category FY2021 FY2022 FY2023
ULIP 73.3% 70.7% 57.0%
Non-linked savings 11.6% 19.2% 31.7%
Bancassurance Annuity 4.3% 4.9% 7.3%
Protection 10.9% 5.2% 4.0%
Total 100.0% 100.0% 100.0%
ULIP 33.3% 42.6% 35.6%
Non-linked savings 57.0% 48.8% 55.4%
Agency Annuity 2.1% 3.9% 6.4%
Protection 7.7% 4.7% 2.6%
Total 100.0% 100.0% 100.0%
ULIP 61.4% 73.4% 69.0%
Non-linked savings 21.2% 13.6% 17.4%
Direct Annuity 7.8% 6.6% 8.4%
Protection 9.6% 6.4% 5.3%
Total 100.0% 100.0% 100.0%
ULIP 13.1% 13.7% 8.8%
Non-linked savings 70.5% 71.8% 75.8%
Partnership distribution Annuity 2.9% 2.1% 6.7%
Protection 13.5% 12.4% 8.5%
Total 100.0% 100.0% 100.0%

1Retail Annualised Premium Equivalent (APE)

Components may not add up to the totals due to rounding off
72
Product wise channel mix1
Product category Channel category FY2021 FY2022 FY2023
Bancassurance 64.9% 57.0% 46.6%
Agency 16.6% 20.8% 26.1%
ULIP Direct 16.1% 19.6% 23.7%
Partnership distribution 2.5% 2.6% 3.6%
Total 100.0% 100.0% 100.0%
Bancassurance 17.8% 27.3% 25.0%
Agency 49.3% 42.1% 39.1%
Non-linked savings Direct 9.7% 6.4% 5.7%
Partnership distribution 23.3% 24.1% 30.1%
Total 100.0% 100.0% 100.0%
Bancassurance 51.1% 49.1% 36.5%
Agency 14.0% 23.8% 28.8%
Annuity Direct 27.5% 22.0% 17.6%
Partnership distribution 7.4% 5.1% 17.0%
Total 100.0% 100.0% 100.0%
Bancassurance 51.9% 39.6% 31.0%
Agency 20.6% 21.7% 18.4%
Protection Direct 13.6% 16.2% 17.2%
Partnership distribution 13.8% 22.5% 33.4%
Total 100.0% 100.0% 100.0%

1Retail Annualised Premium Equivalent (APE)

Components may not add up to the totals due to rounding off
73
Embedded value
Analysis of movement in EV1
` billion FY2019 FY2020 FY2021 FY2022 FY2023
Opening EV 187.88 216.23 230.30 291.06 316.25
Unwind 15.84 17.25 16.61 20.85 27.08
Value of New Business (VNB) 13.28 16.05 16.21 21.63 27.65
Operating assumption changes + Operating variance 8.89 (0.42) 2.24 (10.56) 0.15
Operating assumption changes 4.20 (2.25)2 3.09 (0.91) (1.61)
Operating variance 4.69 1.83 (0.85) (9.64) 1.76
Persistency variance 2.66 0.85 1.10 1.51 1.43
Mortality and morbidity variance 1.97 0.42 (2.37)3 (11.87) 3 0.22
Expense variance 0.04 0.01 0.01 0.07 0.03
Other variance 0.02 0.56 0.41 0.64 0.08
EVOP 38.01 32.88 35.05 31.92 54.88
Return on embedded value (ROEV) 20.2% 15.2% 15.2% 11.0% 17.4%
Economic assumption change and investment variance (1.22) (14.76) 25.67 (4.37) (14.49)
Net capital injection (8.43) (4.05) 0.04 (2.36) (0.30)
Closing EV 216.23 230.30 291.06 316.25 356.34

1Asper Indian Embedded Value (IEV) method

2Negative impact of ` 5.49 billion due to change in effective tax rate
3Mortality variance includes the negative impact of COVID claims
75
Components may not add up to the totals due to rounding off
Economic assumptions underlying EV & VNB

Reference rates
Tenor (years)
March 31, 2022 March 31, 2023
1 4.3% 7.2%
5 7.9% 7.5%
10 8.4% 7.6%
15 8.0% 7.7%
20 7.6% 7.7%
25 7.3% 7.7%
30 7.1% 7.7%

EV: Embedded value

VNB: Value of new business
76
Reference rates (one year forward rates)

9.00%

8.00%
31-Mar-22
7.00% 31-Mar-23

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Tenor (years)

77
Glossary (1/2)
• Annualized Premium Equivalent (APE): APE is the sum of the annualized first year premiums on
regular premium policies, & ten percent of single premiums, from both individual & group customers
• Retail Weighted Received Premium (RWRP): Premiums actually received by the insurers under
individual products & weighted at the rate of ten percent for single premiums
• Total Weighted Received Premium (TWRP): Measure of premiums received on both retail & group
products & is the sum of first year & renewal premiums on regular premium policies & ten percent of
single premiums received during any given period
• Sum Assured: The amount that an insurer agrees to pay on the occurrence of a stated contingency
• Cost Ratio: Cost ratio is a measure of the cost efficiency of a Company. Expenses are incurred by the
Company on new business as well as renewal premiums. Cost ratio is computed as a ratio of all
expenses incurred in a period comprising commission, operating expenses, provision for doubtful
debts & bad debts written off to total weighted received Premium (TWRP)
• Persistency Ratio: Persistency ratio is the percentage of policies that have not lapsed & is expressed
as 13th month, 49th month persistency etc. depicting the persistency level at 13th month (2nd year) &
49th month (5th year) respectively, after issuance of contract

78
Glossary (2/2)
• Value of New Business (VNB): VNB is used to measure profitability of the new business written in a
period. It is present value of all future profits to shareholders measured at the time of writing of the
new business contract. Future profits are computed based on long-term assumptions which are
reviewed annually. VNB is also referred to as NBP (new business profit). VNB margin is computed as
VNB for the period/APE for the period. It is similar to profit margin for any other business
• Embedded Value (EV): EV represents the present value of shareholders’ interests in the earnings
distributable from the assets allocated to the business after sufficient allowance for the aggregate
risks in the business
• Embedded Value Operating Profit (EVOP): EVOP is a measure of the increase in the EV during any
given period due to matters that can be influenced by management
• Return on Embedded Value (RoEV): RoEV is the ratio of EVOP for any given period to the EV at the
beginning of that period
• Solvency Ratio: Solvency ratio is calculated as ratio of Available Solvency Margin (ASM) over
Required Solvency Margin (RSM)
• Assets Under Management (AUM): AUM refers to the carrying value of investments managed by the
company & includes loans against policies & net current assets pertaining to investments

79
Safe harbor
Except for the historical information contained herein, statements in this release which contain
words or phrases such as 'will', 'would', ‘indicating’, ‘expected to’ etc., and similar expressions
or variations of such expressions may constitute 'forward-looking statements'. These forward-
looking statements involve a number of risks, uncertainties and other factors that could cause
actual results to differ materially from those suggested by the forward-looking statements.
These risks and uncertainties include, but are not limited to our ability to successfully implement
our strategy, our growth and expansion in business, the impact of any acquisitions,
technological implementation and changes, the actual growth in demand for insurance
products and services, investment income, cash flow projections, our exposure to market risks,
policies and actions of regulatory authorities; impact of competition; experience with regard to
mortality and morbidity trends, lapse rates and policy renewal rates; the impact of changes in
capital, solvency or accounting standards, tax and other legislations and regulations in the
jurisdictions as well as other risks detailed in the reports filed by ICICI Bank Limited, our holding
company, with the United States Securities and Exchange Commission. ICICI Prudential Life
Insurance undertakes no obligation to update forward-looking statements to reflect events or
circumstances after the date thereof.

80
Thank you