Performance

update

February 07,
2024
January 2024
update
Premium growth
Q1- Q2- Q3- Januar 10M-
` billion FY2023
FY202 FY202 FY202 y FY202
4 4 4 2024 4
RWRP1 67.38 10.61 15.74 15.79 6.63 48.76
Y-o-Y growth 7.0% (3.6%) 4.1% 10.0% 22.3% 6.2%

New business premium 169.22 30.51 43.59 41.17 15.65 130.92

Y-o-Y growth 12.5% (4.2%) 4.4% 4.8% 8.8% 2.9%

APE2 86.40 14.61 20.62 19.07 8.09 62.39

Y-o-Y growth 11.7% (3.9%) 3.2% 4.7% 8.0% 2.5%

New business sum assured 10,413.92 2,403.04 2,510.79 2,314.66 1,076.18 8,304.67
Y-o-Y growth 34.7% 8.8% (3.1%) 9.1% (23.9%) (0.4%)
1Retail weighted received premium
2Annualized premium equivalent
Year on year (Y-o-Y)
3
Components may not add up to
Agenda
• Company strategy and performance
• Opportunity
• Industry overview
Agenda
• Company strategy and performance
• Opportunity
• Industry overview
Key strategic
elements
4D framework enabling
4P strategy
our 4P strategy
Data Diversified
analytics proposition Protection
s

Custome
r
Premiu VNB
Custome
r
centricity m Growth
Persistenc
y
Growth
continue
s to be
Depth in Digitalisation at the Productivity
Partnerships
core
Risk calibrated growth with focus Integrating ESG with business
on quality management

VNB: Value of New Business

ESG: Environmental, Social &
Governance 6
4D
framework
Data analytics Diversified propositions
• Deeper understanding of customer • Offer suitable customer
lifestyle & income segments proposition
through appropriate distribution
• Identify opportunities across diverse
customer segments & geographies • Provide holistic solution across
customer life stages through
• Extensive use of analytics to
innovative products
support risk-based decision making

Custome
Depth in Partnerships r Digitalisation
• Deep mining of partner specific • Offer simplified & hassle-free
customer opportunities experience across customer life
cycle using digital ecosystem
• Focus on quality metrics to
enhance customer proposition • Leverage digital tools to strengthen
distribution capabilities
• Building capabilities & integrating
with partner ecosystem • Empower partners with
Risk calibrated growth with focus on customer
quality centric digital support

7
Performance snapshot: 9M-
FY2024 Persistenc
y

87.4
VNB
Premium growth 13th
billion)

billion)

Month
Total

APE
(₹

(₹
%
67.1

1
14.51 54.30 49th

Protection %
Productivity

26.7 10.92

Savings2
billion)

TWRP:
Margi

APE
(₹

Cost/
n

% 16.3%
8
1 Regular & Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by
Customer focused & most partnerable
Company
Best claim settlement ratio among private Seamless process: ~40% of
insurers savings
for Ǫ1-FY2024 & Ǫ2-FY2024 policies issued on same day in
Enhanced customer proposition: Complete Ǫ3-FY2024
suite of products available for varied
customer needs Same day commission: Available for
Custome select advisors
Simplified customer onboarding: r
~80% of policies issued using centric
Simplified partner integration:
digital New distribution
KYC1 in Ǫ3-FY2024 partner onboarded in
Consistent improvement in <2 weeks
customer experience: 13M
Partnerable
Persistency2 @ 87.4% Data analytics driven risk
management: ~70%* reduction
Strong & resilient balance sheet in cases with higher propensity
with zero NPA since inception for
fraud & early claims
Customer centricity continues to ICICI Pru Stack: Array of
be at platform
the core capabilities for our partners
1Includes Aadhar, CKYC & Banker’s confirmation; 2Regular & Limited pay persistency in
accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated September 30, 2021;
*For savings policies in the period October 2023 to November 2023; NPA: Non Performing Assets

9
4P strategic
elements
4D framework enabling
4P strategy
our 4P strategy
Data Diversified
analytics proposition Protection
s

Custome
r
Premiu VNB
Custome
r
centricity m Growth
Persistenc
y
Growth
continue
s to be
Depth in Digitalisation at the Productivity
Partnerships
core
Risk calibrated growth with focus Integrating ESG with business
on quality management

VNB: Value of New Business

ESG: Environmental, Social &
Governance 10
4P: Premium
growth
 • Build capacity & enhance efficiency

Premium growth Premiu

m
•
in proprietary channels
Focus on new partnership additions
& increase
(1/2) growth
•
share of shop in existing
Focus to grow annuity line of
Q3- 9M- business Q3- 9M-
Channels Growth Growth
FY202 FY202 FY202 FY202
4 4 4 4
Agency 5.78 12.0% 14.76 7.1% 30.3% 27.2%

Direct 2.95 12.6% 8.03 18.8% 15.4% 14.8%

Bancassurance 5.12 2.4% 15.13 (6.9%) 26.8% 27.9%

Mi
billion)
APE (₹

x
Partnership distribution 2.10 (1.9%) 6.86 11.2% 11.0% 12.6%

Group 3.13 (4.6%) 9.52 (8.8%) 16.4% 17.5%

Total APE 19.07 4.7% 54.30 1.7% 100.0% 100.0%

RWRP growth of ~10% y-o-y in Q3-

FY2024
APE: Annualised Premium Equivalent
RWRP: Retail Weighted Received 12
 • Build capacity & enhance efficiency

Premium growth Premiu

m
•
in proprietary channels
Focus on new partnership additions
& increase
(2/2) growth
•
share of shop in existing
Focus to grow annuity line of
Q3- 9M- business Q3- 9M-
Segment Growth Growth
FY202 FY202 FY202 FY202
s
Savings 4 15.49 4.6% 4 43.39 1.1% 4 81.2% 479.9%

Linked 8.46 8.9% 23.40 5.7% 44.4% 43.1%

Non-linked 5.22 (1.3%) 14.58 (4.5%) 27.3% 26.8%
Annuity 1.22 17.3% 3.39 0.6% 6.4% 6.2%

Mi
billion)
APE (₹

x
Group funds 0.60 (15.5%) 2.03 (5.1%) 3.1% 3.7%
Protection 3.58 5.3% 10.92 4.0% 18.8% 20.1%
Retail protection 1.05 26.5% 3.43 55.9% 5.5% 6.3%
Total APE 19.07 4.7% 54.30 1.7% 100.0% 100.0%

Strong growth in annuity & retail protection in Q3-

FY2024
APE: Annualised Premium Equivalent
Total may not add up due to rounding
off 13
Premium growth: Product &
Distribution
Product Distribution mix
mix
9M- 9M-FY2024
4% | Group funds FY2024 17% | Group
6% | 43% | 27% |
Agency
Annuity Linked
13% |
20% | Partnershi
p
Protection distribution

28% | 15% |
27% | Non- Bancassurance Direct
linked

Well diversified product & distribution

mix
Based on Annualised Premium
Equivalent
14
4P:
Protection
Protection Protectio
n focus
• Focus on retail protection growth
• Increase protection with rider
• attachment
Focus on opportunities in group
growth protection

(₹ 9M- 9M- Retail protection APE

billion) FY2023 FY2024
Protection APE1 10.50 10.92

billion
3.4
3.2 3

₹
Retail protection 6
2.20 3.43
APE

Protection mix2 19.7% 20.1%

Sum assured 6,921.93 7,228.49

FY2023

9M-FY2024

Continued strong growth in retail protection

1 Includes term with return of premium; FY2023: ₹ 0.74 bn, 9M-FY2024: ₹ 0.63 bn
2 As % of total APE (retail & group 16
4P:
Persistency
Persistency
Continue to focus on improving persistency
Persistency across
all cohorts
improvement 8M- 8M- 8M- 8M-
Month FY202 FY202
FY2023 FY2024 FY2023 FY2024
3 3
13th Month 86.1% 85.4% 87.4% 100.0% 99.9% 99.8%

25th Month 77.1% 77.1% 79.6% 99.9% 99.7% 99.6%

Regular & Limited

Fully paid & Single

37th Month 70.0% 71.5% 71.5% 100.0% 100.0% 99.4%

premium
49th Month 63.9% 63.9% 67.1% 97.1% 98.4% 99.7%
pay

61st Month 64.2% 65.8% 64.9% 99.0% 98.5% 98.3%

Consistent improvement in persistency ratios across

cohorts
Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures
by Insurers’ dated September 30, 2021; 12 month rolling persistency
1
8
4P:
Productivity
Productivity
Continue to leverage technology for process
Productivity re-
engineering & to drive productivity
improvement 9M- 9M- Y-o-Y
(₹ FY2023
FY2023 FY2024 Growth
billion)

Total expenses 41.44 64.75 53.16 28.3%

Cost/TWRP1 20.8% 21.5% 25.3% -

Cost/TWRP1 (savings LOB) 13.9% 14.2% 16.3% -

Cost structure realigned post regulatory changes;

Capacity creation to support future growth
1Total Cost including commission/ TWRP
TWRP: Total weighted received premium (Total premium – 90% of single premium)
LOB: Line of business; Y-o-Y: Year-on- 20
year
Resilient balance
sheet Insurance Strong solvency ratio
risks
• Emerging mortality experience within • Solvency ratio of 196.5% at December
expectation 31,
• Persistency experience monitored regularly 2023
& witnessed improvement across all • Ability to raise additional sub debt
cohorts

High quality assets1 Liability profile

• 96.4% of fixed income in sovereign or • 73.9% of liabilities largely pass on

AAA; 0.4% of fixed income below AA market performance to customers

• Zero NPA since inception • Non-par guaranteed savings & annuities:

Derivatives to hedge interest rate risks

1Figures mentioned are at December 31,

2023 Non Performing Assets (NPA)
21
VNB growth levers update
(4P) (₹ billion) 9M- FY202 9M-
FY2023 3 FY2024
Value of New Business (VNB) 17.10 27.65 14.51
VNB

VNB margin 32.0% 32.0% 26.7%

(₹ 9M- FY2023 9M-

billion) FY2023 FY2024
Premium growth (APE) 53.41 86.40 54.30

Protection growth (APE) 10.50 15.04 10.92

13th month1 86.1% 85.4% 87.4%

P
4

Persistency
49th 63.9% 63.9% 67.1%
month1
13.9% 14.2% 16.3%
Productivity (Cost/TWRP: Savings)2
1 Regular & Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by
Insurers’ dated September 30, 2021; 12month rolling persistency
2 Total Cost including commission/ TWRP computed for savings LOB

LOB: Line of business; TWRP: Total weighted received premium (Total premium – 90% of 22
single premium)
Financial
metrics
(₹ 9M- FY2023 9M-
billion) FY2023 FY2024
Profit after Tax 5.76 8.11 6.79

Solvency ratio1 212.2% 208.9% 196.5%

AUM1 2,518.84 2,511.91 2,866.76

Solvency ratio continues to be

strong

1. 9M: At December 31 of respective financial years; FY: At March

31
23
Environmental, Social &
Governance (ESG)
ESG Update &
Framework Disclosure under

E S G
ESG rating by
IR1 framework
MSCI
nvironmental ocial overnance FY2023
AA Integrated
Focus areas annual report
A A since FY2020
• Environment • Human • Governance
& business
Capital ethics
• Respon • Data privacy B
sible & security ESG report
since
investi FY2020
ng 2020 2021 2022
• Access to 2023
finance
• Highest rated Indian insurer as per two of the leading ESG rating agencies
• CSR
• Conferred the ‘Best Sustainability Report’ & ‘Best Overall Sustainable
Performance’ awards from ‘World Sustainability’ and ‘Transformance BRSR2 as per
SEBI since
Forums’
FY2022
• Decarbonization plan formulated for scope 1 and 2 emissions
• Gender diversity stable at 29% for Company in 9M-FY2024
1 Integrated reporting 25
2 Business Responsibility and Sustainability Report
4D
framework
4D framework enabling
4P strategy
our 4P strategy
Data Diversified
analytics proposition Protection
s

Custome
r
Premiu VNB
Custome
r
centricity m Growth
Persistenc
y
Growth
continue
s to be
Depth in Digitalisation at the Productivity
Partnerships
core
Risk calibrated growth with focus Integrating ESG with business
on quality management

26
ICICI Pru Stack: Suite of platform
capabilities

Array of platform
capabilities to help
us deliver superior
value propositions
to our customers,
in collaboration
with our partners

1. Data analytics 2. Diversified propositions

3. Digitalisation 4. Depth in Partnerships
27
4D: Data
analytics
Customer centric analytics powering New
Business

Understanding Satisfying Identifying

Seamless process
customer customer need right
distribution
Intelligent Product Longevity &
customer recommendatio ML based risk profiling
segmentatio n engine upsell/cross sell models
n propensity models
Geographical Personalized Pre- Smart lapse
clusters product approved management at
classification offers term by invite login stage
(TBI)
Smart customer Market based Propensity Digital income
profiling product based annuity imputation &
recommendatio by invite issuance
n offers prediction

ML: Machine learning | TBI: Term by

invite
29
Customer centric analytics powering
Operations

Enabling Driving customer Faster settlement Managing maturity

renewals satisfaction of claims & foreclosure

ML based lapse Early warning Robust Smart MAFC

propensity model for customer claims
model dissatisfaction investigation reinvestmen
framework t framework
Smart revival Customer Anomaly Unclaimed
satisfaction detection for propensity
identification management(NPS claims model
model ) payout
Data driven Social media Algorithm based ML engine for
propensity sentiment claims surrender &
campaigns analytics investigation fraud detection
triggers

MAFC: Maturity and foreclosure | ML : Machine learning | NPS: Net promoter

score 30
Analytics engine powering Business &
Product

Agency Banca/PD Direct Product

Analytics driven Analytics driven ML based leads Geographic

agent campaign assistance product
activation strategy segments
Incentives Pre-issuance Personalized online Market household
efficacy journey banner offers analytics
framework integration
Productivity Leads generation Clinical campaign Product
framework framework strategy prioritizatio
n engine
Data driven Smart manpower Smart governance Analytics
strategic planning planning framework based
product
positioning
PD: Partnership Distribution | ML: Machine
learning
31
Key initiatives 9M-FY2024: AI based risk
management
Risk Focus on extensive utilisation of AI & ML along with data analytics
Managemen to mitigate insurance risk at onboarding stage
t
Output: Customer classification
Model based on AI /
ML algorithm

Higher propensity Lower propensity for

for fraud & early fraud & early claims
claims (Additional (Straight through
underwriting) processing)

Input: Customer
application
(Savings policy)

~70%* reduction in cases with higher propensity for fraud & early
claims For savings policies in the period October 2023 to November
*

2023 32
AI: Artificial Intelligence; ML: Machine Learning
4D: Diversified
propositions
Products for every life
stage
Linked
Part
Guaranteed

Long- Life
Guaranteed
term protectio
saving n
Customer
s needs
Retirement
Healthcare
plannin
g

Deliver value proposition to serve varied customer

needs
New Additional
products/riders features launched
launched in in FY2024 till date 34
FY2024 till date
Key initiatives 9M-FY2024:
Innovation Increasing income Rider enhances customer proposition of
the underlying base policy
Choice of amount of MoneyBack
Waiver of premium on death, critical
Choice of MoneyBack Year illness & accidental disability

Low cover multiple Ensures benefits continue even if

Innovative proposer unable to pay premiums
for affluent
segment products/
funds/riders Life Continuity Option - Industry
Dual benefit of life & addressing 1st feature
health insurance customer needs Flexibility to receive sum assured
Multiple life & health as lumpsum/ monthly income or
cover combinations combination of both
Multiple payout options to receive life Consta Effective income replacement solution
cover nt
Maturity
High life cover with market linked returns Fund Industry’s 1st ULIP debt fund with
‘constant maturity’ as theme
Choice of portfolio strategy
Launched at time of peaked interest rates
Option for systematic withdrawals
Offers wealth preservation & tax-efficient
returns

Q3-FY2024 launches 35
Innovation: ICICI Pru GPP Flexi with Benefit
Enhancer
• Industry’s first annuity product to give back 100% of the
premiums paid at any time

• Regular pay deferred annuity plan with Benefit enhancer

option

• Joint-life with Waiver of Premium option ensures the

financial security of the spouse

• Offers loan against policy to meet temporary liquidity needs

• In alignment with the proposed regulations on offering

policyholders fair and appropriate surrender value

36
4D:
Digitalisation
Digital @ICICI
Prulife
~3.3 million digital 99% digital logins & 100%
service e- insurance account for
interactions every month eligible base

2.5 million+ app 92.7% service interactions

downloads are via self-help / digital
modes
One of the highly rated app:
98% of pages with
4.3 & 4.0 rating on app
system
store
uptime of more than 99%
& play store respectively
Access to over 60 types Fitness tracker
of policy
transactions

At December 31, 38
2023
Key initiatives 9M-FY2024: Digital
infrastructure CKYC
Pre-population
Digital GST based Digital provident Financial
ecosystem income estimate fund
Digital recurring
payment
statement for bank solution

CKYC GST^ EPFO^ Account Digital SI@

Aggregator^
*

Aadhaar* Perfios^ CAS^ Vahan^ Pull OTP@

* Used for KYC

^ Income

estimation
eKYC for digital Digital ITR Digital mutual Income Digital consent @ Other enablers
identity verification fund statement estimation basis
vehicle insurance
Integration with central agencies for value
simplified digital customer onboarding;
~80% of policies issued using digital KYC1 & ~40% of savings policies issued on same day in Q3-
FY2024
CKYC: Central Know Your Customer; EPFO: Employees Provident Fund Organisation; CAS:
Consolidated Account Statement; SI: Standing Instructions; eKYC: Electronic Know Your
Customer; ITR: Income Tax Return
1Includes Aadhar, CKYC & Banker’s confirmation 39
New business &
growth
Pre-sales Onboarding & Partner integration
issuance

•Collaboration platform • InstaPlan • Retail partners:

Online meetings, joint sales Pre-sales tool to create Partner integration portal | Easy
calls, invite experts & share customised solution for customer UI with pre-coded premium
content by combining multiple products quotation pages | Data pre
•Lead Management System on the go population | Digital payment with
Enabled with enhanced voice • Digital journey SI & digital consent | Video based
capability & geographical Smart quote app | End-to-end digital pre-issuance verification on
tagging onboarding with form pre-fill Aadhaar WhatsApp | Video verification &
• Saksham & My Coach & CKYC | Smart doc upload with CKYC as a service enabled
On-the-go e-learning platform instant OCR | Video risk verification |
with AI capabilities to improve Tele & video underwriting | Video • Group portal
pitch welcome kit End-to-end automated process
•Digital demand generation • Leveraging eco system for on-boarding | Instant
Platform to generate interest, Leverage digital public infrastructure by certificate of issuance | Instant
qualify leads with nurture integrating with multiple platforms to refund into customer account,
framework & funnel management get income details for financial in case of cancellation
underwriting

OCR: Optical Character Recognition | CKYC : Central KYC | KYC : Know Your
Customer
UI |
: User Interface | SI : Standing
Instruction 40
Customer
service
Empowering customers Omni
channel

• Self service • Customer mobile application

1. ~3.3 mn digital service interactions monthly 2.5mn+ app downloads with best app rating among
2. >92.7% service interactions are via self-help/ digital the
modes peers

• Renewals • 24x7 chat/voice assistants

1. Flexible premium payment options including multiple Customers have the flexibility to place service requests
UPI & queries 24X7 on LiGo chat bot & WhatsApp bot
2.Humanoid : 2-way conversational AI bot with speech
recognition capability deployed in customer calls for • IVR
renewal collection Visual, intuitive and traditional IVRs cater to 64%
of eligible customers & thus helps improving
• e-Insurance account productivity
Facility provided to 4mn+ policyholders to access
their insurance policy details • Digital Life Verification
Facility provided for retail annuity customers
• Quick claim assistance
Provided through digital claim registration process, real time
tracking through chatbot/WhatsApp, and AI-based pre-
claim assessment & claim processing
AI : Artificial Intelligence | IVR : Interactive Voice Response | UPI: Unified Payments
Interface
41
4D: Depth in
Partnerships
Distribution reach &
strategy
42 banks
28%1 | Bancassurance
Strategy: Build profitability
15%1 | Direct* • 3 new bank tie-ups done 1,052 partnerships
Strategy: Digital focused • Access to >20,300 bank 13%1 | Partnership
upsell branches Distribution Strategy: Create
campaigns
• Protection & Annuity mix 23% depth &
• Analytics driven upsell add width
channel
• 144 partnerships added in 9M-
• Protection & Annuity mix FY2024
45%
• Non-linked savings 54% &
201,000+ advisors Protection &18%
36%
Annuity mix
1 | Group

27%1 | Agency Strategy:

Strategy: Invest & grow Increase
attachment & market
• 28,788 advisors recruited in 9M- share
FY2024
• Profitable & risk
• Linked 46%, Non-Linked caliberated growth in
savings 31% & Protection & group protection
Annuity mix 23%
1 • Retail cross sell to members
Channel mix (based on APE) & all other figures for 9M-FY2024
Product mix based on new business premium (retail) of
*Direct comprises sales through company website & employees group
on policy holders 43
roll
Awards &
Accolades
Awards & Accolades: Q3-
FY2024 Quantic Quantic ASSOCHAM Award
Indian Chamber of Commerce
(ICC)
India India

Best Use of Technology in Best Transformative Security Best Technology Enabled Best Innovation and
Customer Service (Life Insurance) Initiative (Life Insurance) Transformation – Runner Diversification –
Up India

League of American
ET Now Communications Professionals Transformance Transformance
(LACP)

Gold Award for the Company’s

Sales Champion - Life Insurance Best Overall Sustainable
FY2023 Integrated Annual Best Sustainability Report (BFSI)
(Large) Performance (BFSI)
Report

45
Agenda
• Company strategy and performance
• Opportunity
• Industry overview
Favorable
demography
Large & growing population base 1 High share of working population1
Population in Population in mn (age group 25-59
mn 1,407.6 1,425.
years )
9 736.
1

273. 337.
124. 145. 214. 645.
51. 59. 8 0
6 1 3 6
8 4
S Africa

USA
Brazi

Indonesi

Indi
Russi
Japa

Chin
Korea

FY2021 FY2030

a
n

l
a
S

a
Driving GDP growth2 Rising affluence3
7.7
8.7 GDP per capita CAGR
7.9% 8.0% % 7.2
% 6.4 7.2
6.2 % 6.3 6.3 (FY2010-FY2022)
5.2 % % % %
4.8 %
4.2 % 4.0 10.4%
% 3.5
% 2.7 % 3.0 2.9
1.9 2.9 % 6.2%
3.1% % 3.8 2.8
% % 5.1% 5.5%
% % 3.4%
% % 3.0%
-0.4% -1.1%
FY2024

FY2025
FY200

FY201

FY201

FY201

FY201

FY202

FY202

FY202

FY202
FY200

FY2010

U.S.A
Brazi

Indonesi

Indi
Russi
Japa

Chin
Korea
2

a
8

a
n
E

a
-3.1%

S.
- World

a
India -6.6%
1.7%
1Source: UN population division at July 2022
2Source: World Economic Outlook update, October
2023
3Source: The World Bank
47
Compound annual growth rate
 Financialisation of savings: Opportunity for
insurance Household savings Distribution of financial savings (including currency)
1 2

80%
85 71%
63%
tn

61% 17%
57%
`

65 52% 56%
52% 18% 17%
41% 60% 17% 17%
45%
45 40% 20.8 17%
36%
23.70 6
19.5 28.28 39% 40%
25 13.6
14.53 4
4 31.09 25.98 20%
14.96 20.61 22.84
5 11.9
1 -3.91 -7.38 -6.64 -8.05 -8.07
-3.59
-15 0
FY2014 FY2016 FY2018 FY2020 FY2022 % FY2014 FY2016 FY2018 FY2019 FY2021
FY2021 FY2022
Physical savings
Gross financial savings Provident & pension funds (including PPF) and small savings
Household borrowings
Investments
Gross financial savings as % of household
savings Net financial savings as % of household Life insurance funds
savings Currency &
deposits
FY2002 FY2008 FY2010 FY2012 FY2014 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Life insurance premium3

2.1% 4.0% 4.1% 3.3% 2.8% 2.7% 2.7% 2.8% 3.2% 2.9% 3.0%
as % of GDP

1Source: RBI & CSO

2Source: RBI
3Total life insurance industry premium including renewal; Source:
48
IRDAI
Protection opportunity: Low
penetration
Sum assured as % of GDP Addressable population
coverage (%)
1,2

3
#
Protection gap(%)4,5
332%
83 61 55 54 76 71 74 55
252 251
% %
16.5
153 143 15%
% % 127%
8.4

trillion
USD
3.9
21 2.8 2.0 0.9 0.7 0.6
%
Malaysia*

India*
Singapore

Japan

Thailand
USA

Indonesia

Singapore
Thailand
Australia
Indi

Japa

Malaysi
Covered by retail
*

a
*

n
protection policies
Korea*
South

South
Korea
*

a
*

* Total sum assured

** Retail protection sum assured (company
estimates) 3Inforce no. of lives for retail protection/no. 4Protection gap (%): Ratio of protection
1FY2023 for India; Source: NSO & Company estimates of returns with income > ` 0.25 mn lacking/ protection needed
2FY2018 for USA & Japan; FY2020 for other 5Source: Swiss Re, Closing Asia’s mortality

countries; Source: McKinsey estimates protection

gap, 2020
#Income tax department data with individual

income
> ` 0.25 mn & company estimates
Protection opportunity: Sum assured (SA) as % of
GDPA SA as % of GDP (SA growth @ 20% SA as % of GDP 1,2

CAGR)
65%
332% India:
FY2035
39 252 251%
% %
21
25 B
%
% 153 143 A
% 127 107
%
% %
65
FY2023 FY2025 FY2030 FY2035 %
21
%
B SA as % of GDP (SA growth @ 25%

Singapore

Thailand

(25%CAGR)

(20%CAGR)
USA

India
Japa

Malaysi
CAGR)

India

India
n

*
South
Korea
107%

*
51
%
21 27
% %

FY202 FY202 FY203 FY203

3 5 0 5
1FY2023 for India; Source: NSO & Company estimates

2FY2018 for USA & Japan; FY2020 for other countries; Source: McKinsey

estimates 50
*For retail protection sum assured (company estimates)
Protection opportunity: Addressable population
(%)15% CAGR in new policy count 20% CAGR in new policy count
1 1

143.3 143.
3

102.2 102.
2

72.8 72.
63.6 63. 8
29 6 41
% %
mn

mn
59.3
in

in
40.9 24.8
20.9 9.3 11.7
9.3 11.4
FY202 FY202 FY203 FY203
FY202 FY202 FY203 FY203 3 5 0 5
3 5 0 5
Insured Uninsure Insured Uninsure
d d

~40% of India’s addressable population expected to be covered by

FY20352
1Assumed 10% lapse rate for in-force policies each year
2Estimates at accelerated policy growth rates of 20%
CAGR Compound annual growth rate (CAGR)
*Industry opportunity size 51
Indicators of protection
opportunity Retail credit 1 Health & motor2
40,852

₹ 33,870 Gross direct premium (` billion) FY2023

billion
21,488
25,534 Health 906.68
17,026
1
9 Motor 812.92
,
13,922 0
9,339
8
10,097
6,454 5
19,364
Motor own damage (OD) 317.84
116,844
4,711 2
13,390
9,746 ,
7,468
5,386 1
4
Motor third party (TP) 495.08
4
Mar'14 Mar'16 Mar'18 Mar'20 Mar'22 Mar'23
Home Others
Loans
• Healthy growth in retail credit
• Credit life is voluntary

1Source: RBI: Deployment of Gross Bank Credit by Major

Sector
2Source: General Insurance Council
52
Components may not add up to the totals due to rounding off
Agenda
• Company strategy and performance
• Opportunity
• Industry overview
Evolution of life insurance industry in
India
FY2002 FY2010 FY2015 FY2023
21.5% (5.8%
New business premium1 (` 116 550 ) 408
12.4%
1,040
bn)
11.5%
Total premium (` 501 23.2%
2,654 4.3
% 3,281 7,825
bn)
Penetration (as % to 2.1% 4.1% 2.6% 3.0%
GDP)
24.0% 12.6% 11.0%
Assets under management (` 2.3 12.9 23.4 54.1
tn)
15.5% 15.8% 15.0%
In-force sum assured2 (` tn) 11.8* 37.5 78.1 239.2

In-force sum assured (as %

to 50.1% 57.9% 62.7% 87.8%
GDP)
1Retail weighted received premium (RWRP)
2Individual & group in-force sum assured
Note: % change between years denotes
CAGR 54
Industry
overview Industry Private sector
18 22
20% 19%
44 32
% % 39%
% %
Linked 40%
Product

82 80 78 81
Non- 56 61 60 68
% %
mix1

% % %
linked % % %

FY202 FY202 FY202 FY202 FY202 FY202 FY202 FY202

0 1 2 3 0 1 2 3
12% 13% 13% 14% 22% 22% 22% 24%
28 29 32 33 Others
% % % % 53% 55% 55% 53%
Channel

Bancassurance
60 58 55 53
mix2

Agency
% % % % 25% 23% 23% 23%

FY2020 FY2021 FY2022 FY2023 FY2020 FY2021 FY2022

FY2023

Well developed banking sector enables bancassurance to be largest channel for private players
Based on new business weighted premium
1

Based on individual new business premium

2

Source: Life insurance council 55

Annexure
s
Retirement focus: ICICI Pru PFM
opportunity
Total subscribers Assets under Management Net Inflows

30% 26% 42% 60% 26 59

Y-o-Y
Y-o-Y

Y-o-Y
% %
growth1

growth1

₹ billion
growth
234.0 40.4

₹ billion
677.1
in ‘000

7 5 6

593.7 164.6 25.4

0 6 5

Mar-23 Dec- Mar-23 Dec-23 9M- 9M-

23 FY2023 FY2024

40% of NPS retirement corpus mandated for annuity conversion, significantly

enhances
insurance industry’s annuity growth outlook
1Y-o-Y growth represents FY2023 growth for March 2023 & 9M-FY2024 growth for December
2023 PFM: Pension Fund Manager 57
Interest rate risk
management
Guaranteed return savings product
• 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 to lock in yields for future premiums &
match asset liability
durations

Review of pricing based on current interest rate

environment

58
Awards & Accolades: 9M-FY2024
(1/2) Quantic Quantic ASSOCHAM Award
Indian Chamber of Commerce
(ICC)
India India

Best Use of Technology in Best Transformative Security Best Technology Enabled Best Innovation and
Customer Service (Life Insurance) Initiative (Life Insurance) Transformation – Runner Diversification –
Up India

League of American
ET Now Communications Professionals Transformance Transformance
(LACP)

Gold Award for the Company’s

Sales Champion - Life Insurance Best Overall Sustainable
FY2023 Integrated Annual Best Sustainability Report (BFSI)
(Large) Performance (BFSI)
Report

59
Awards & Accolades: 9M-FY2024
(2/2)
Asia’s Best CSR Practices Awards by
CMO Asia
National Awards for Excellence in CSR &
Sustainability
National Awards for Excellence in CSR &
Sustainability

Best Sustainability Report Best Overall Sustainable Performance Best Sustainability Report

ASSOCHAM Customer Customer Customer Customer Reputation Today

Award FEST Awards FEST Awards FEST Awards FEST Awards Awards
2023 2023 2023 2023

Best Data
Organisational Best Use of Data & Best Use of Mobile Top 30 Top
Best Enablement
excellence & Insights in a to Enhance Corporate
Data/Analytics Campaign in a
contribution to the Transformation Customer Communicatio
Team of the Loyalty
insurance sector Project Experience n Teams for
Year Programme
2023

60
Retail persistency:
FY2023
Persistency across product categories
1

Regular & Limited pay Fully paid & Single premium

100.0% 100.0% 99.9% 100.0%

88.7% 99.8% 91.7%
84.9% 89.1% 13th month
62.6% 75.8% 68.9% 49th month

Linked Non linked Linked Non linked

Protection Protection

Persistency1 across channel categories

Regular & Limited pay Fully paid & Single premium

99.9 100.0%100.0 99.9

99.9% 100.0%
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 Partnershi

distribution p
distributio
1Persistency in accordance with IRDAI circular on ‘Public Disclosures n
September 30, 2021 by 61
Insurers’
Value of New Business
(VNB) VNB contribution * VNB margin movement

FY2022 1.0 (0.5) 32.0

3.5
FY2023 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 Operating Economic FY2023
mix 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 62
Average APE by product
categories Average policy term*
(years) 34

Segment (`) FY2022 FY2023 33

16 17

ULIP 163,770 177,057

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

Total 100,407 118,928 35

Savings Protection
FY2022 FY2023

* Protection excludes credit life

APE: Annualised Premium 63
equivalent
Channel wise product
mix 1
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%
Protectio 10.9% 5.2% 4.0%
n 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%
Protectio 7.7% 4.7% 2.6%
n Total 100.0% 100.0% 100.0%
ULIP 61.4% 73.4% 69.0%
Non-linked 21.2% 13.6% 17.4%
Direct savings 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 70.5% 71.8% 75.8%
Partnership distribution savings 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 64
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%
Bancassuranc 17.8% 27.3% 25.0%
e Agency 49.3% 42.1% 39.1%
Non-linked savings Direct 9.7% 6.4% 5.7%
Partnership 23.3% 24.1% 30.1%
distribution 100.0% 100.0% 100.0%
Total
Bancassuranc 51.1% 49.1% 36.5%
e Agency 14.0% 23.8% 28.8%
Annuity Direct 27.5% 22.0% 17.6%
Partnership 7.4% 5.1% 17.0%
distribution 100.0% 100.0% 100.0%
Total
Bancassuranc 51.9% 39.6% 31.0%
e Agency 20.6% 21.7% 18.4%
Protection Direct 13.6% 16.2% 17.2%
Partnership 13.8% 22.5% 33.4%
distribution 100.0% 100.0% 100.0%
Total 1Retail Annualised Premium Equivalent (APE)
Components may not add up to the totals due to rounding
off 65
Embedded
value
Embedded value (EV)1
385.29
356.34 326.48 95.66
316.25
87.82 78.51
83.60
billion

billion
289.63
`

`
268.52 247.97
232.66

Mar- Mar-23 Sep-22 Sep-23

22 Value of Inforce Adjusted net worth
(VIF) (ANW)
Continued strong growth in
VIF
1As per Indian Embedded value (IEV)
method Total may not add up due to
rounding off 67
Analysis of movement in
EV
27.6 1.4 0.2 0.0 0.0 (14.49 356.3
(1.61 8 (0.30
27.08 5 3 2 3 ) 4
316.2 ) )
EVOP1 = 54.88
5 ANW
ROEV 2 =
ANW 17.4%
83.6 87.8
` billion

0 2

VIF
VIF 268.5
232.6 2
6

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 in-force; EV: Embedded value; VNB; Value of new business
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

1As per 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 Components may not add up to the totals due to rounding 69
Sensitivity
analysis
Scenario
% change in VNB % change in EV
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 70
EV: Embedded value
Economic assumptions underlying EV &
VNB
Reference rates
Tenor (years)
March 31, 2023 December 31, 2023

1 7.2% 7.2%
5 7.5% 7.5%
10 7.6% 7.6%
15 7.7% 7.6%
20 7.7% 7.7%
25 7.7% 7.8%
30 7.7% 7.9%
EV: Embedded value
VNB: Value of new
business 71
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

72
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
73
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.

74
Thank
you