#1i Investor Presentation ICICI Lombard Nibhaye Vaade#2Agenda Industry overview Company overview & strategy ICICI Lombard performance 2 i ICICI Lombard Nibhaye Vaade#3Agenda Industry overview Company overview & strategy ICICI Lombard performance 3 i ICICI Lombard Nibhaye Vaade#4Industry has witnessed steady growth 17% 384 14% 262 18% 114 FY 2002 FY 2007 FY2010 964 FY2016 billion years Industry has grown at CAGR of 16% in the last 15 Industry GDPI for 9M-2017: 915 billion (Growth - 31%) 4 Source: IRDAI i ICICI Lombard Nibhaye Vaade#5Industry product mix GDPI 114 262 384 964 915 12% 15% 21% 10% 2% 26% Property 3% 6% 6% 8% Marine 39% 44% 40% ■Motor 41% 38% Health & PA 27% ■Crop 24% 28% 9% 15% 2% 4% 16% Others 19% 5% 15% 11% 8% 6% FY 2002 FY 2007 FY 2010 FY 2016 9M-2017 billion Motor and Health contributing to growth in the industry 5 Source: IRDAI ICICI Lombard Nibhaye Vaade#6Industry - public & private insurers ■ PSUs 54% 50% 48% 62% 96% Private 42% 37% 41% 33% 4% 5% 9% 9% 10% Monoline FY 2002 FY 2007 FY2010 FY 2016 9M-2017 Market size billion 114 262 384 964 915 Insurers 10 15 21 29 PSUs 4 Private 6 Monoline 483 4 13 4 2487 30 4 18 18 8 6 Source: IRDAI i ICICI Lombard Nibhaye Vaade#7Industry snapshot Particulars FY2002 FY 2007 FY2010 FY2016 H1-2017 (* billion) Gross Domestic Premium Income (GDPI) 114.00 262.04 383.74 964.02 607.73 Profit/(Loss) after tax (0.92) 35.53 12.07 32.48 12.99 Return on Equity 24% 5% 7% 5%* Networth Combined ratio Expense ratio 67.22 163.73 236.84 459.23 492.55 185.0% 110.7% 119.7% 117.4% 116.0% 91.7% 30.6% 32.4% 32.3% 28.8% Investment book 237.62 595.22 849.65 1,862.83 2,055.92 7* Annualized Return on Equity i ICICI Lombard Nibhaye Vaade#84.00% Strong fundamentals for India non-life insurance sector 4.50% Premium per capita US $ in 2015 0-100 Market size 15 176 15 32 5 7 4 106 12 27 106 764 US($) bn Insurance density : 60,000 4.22% Penetration P 1.50% 1.63% 2.00% 2.50% % of GDP P 3.50% 3.00% 100-200 500-1000 > 1000 1.00% 0.72% 0.50% 0.00% India China Russia 1.19% 1.80% 1.79% 1.68% Brazil Malaysia Thailand Hong Kong 2.55% 1.69% 1.45% Japan Low penetration in India offers opportunity for growth 8 Source: Sigma 2015 Swiss Re Singapore Australia UK 50,000 40,000 ▲ 2.44% 30,000 2.16% USA i ICICI Lombard Nibhaye Vaade 20,000 10,000 GDP per Capita US($)#9Agenda Industry overview Company overview and strategy ICICI Lombard performance 9 i ICICI Lombard Nibhaye Vaade#10ICICI Lombard building blocks Prepare for growth ahead 2011 onwards Preserving capital in turbulent phase 2008-2010 Build a strong platform 2002-2007 • Strengthening actuarial capabilities • Market expansion through analytics, new products Focus on service excellence, customer engagement, de-commoditization of products Strong in-house teams based service architecture • Investments in technology; Robust service platform Focus on "Strengthening of Core" • Risk management, Customer centricity, Claims management, Cost management, Channel management Build base through corporate book (tariffs) • Set up a service & IT platform • Growth through direct channels • Initiate retail foray through bancassurance route 10 i ICICI Lombard Nibhaye Vaade#11Business performance 156.4% 18.0% 13.6% 3.1% No. 1 Private 16.6% 16.2% sector insurer since FY2004 FY 2002 to FY2007 FY 2008 to FY2010 FY 2011 to FY2016 Industry CAGR ICICI Lombard CAGR Upto FY2007 – High growth during tariff phase FY2008 to FY2010 - Consolidation phase post de-tariffing • FY2011 onwards - Growth in line with the industry through focus on risk selection and customer service 11 ICICI Lombard Nibhaye Vaade#12Business mix billion GWP 0.27 30.03 34.32 83.07 50% 49% 70% 100% 50% 51% 30% FY 2002 FY 2007 FY 2010 FY 2016 Wholesale ■Retail Policy issuance grown from 3.14 million in FY2007 to 15.80 million in FY2016 12 ICICI Lombard Nibhaye Vaade#13ICICI Lombard - Focus & Objectives 13 Robust risk management Customer centricity Multi channel distribution Technology as enabler Superior investment performance & Capital management ICICI Lombard Nibhaye Vaade#14Robust risk management Pricing Reserving Quality Reinsurer Fraud Control 14 • Use of analytics aiding in risk selection & segmentation • Property- Preferred & Non preferred portfolio • Motor - Model, Location, Agent, Manufacturer • NOVA-Innovation & Accelerator Program Robust reserving through actuarial methods • IBNR reserves assessment undertaken quarterly • Assessment of significant major lines and sub-lines • Headed by an Appointed Actuary • First insurer in India to disclose reserving triangles in Annual report • Spread of risk across panel of quality re-insurers • Conservative level of catastrophe (CAT) protection • Dedicated fraud control unit Use of claims triaging & fraud analytics ICICI Lombard Nibhaye Vaade 29#15Multi-channel distribution Agents Brokers 19,800 + agents/brokers Product contribution 9M-2017 Corporate: Direct sales 1,000+ active customers force Government : Health, PA, Crop 30+ banks/Fls Banks/Fls Website Call centre Branches 15 2100+ active touch points 8,00,000+ unique visitors/month 2,00,000 calls/month 249 branches pan India 140+ virtual offices Other 5% Property 9% Crop 20% Marine 3% Health & PA 21% Motor 42% i ICICI Lombard Nibhaye Vaade#16Customer centricity Claims management Customer engagement Philosophy: Gain customer trust through speed and quality of service delivery • Mix of in-house claims management team and renowned claims practitioners 100+ doctors, 4200+ hospitals, 500+ surveyors • In-house service call centre • Increased focus on risk mitigation for clients • Initiatives to connect with customers and obtain insights on product and service ideas #DoTheDifficult; Measure wellness & health through wellness points with community building through social media • Welcome call - Home, Health & sampled motor customers • Net promoter score NPS - 9000 customers contacted per month to measure advocacy 16 i ICICI Lombard Nibhaye Vaade#17Technology as enabler Customer Service & Access Self sufficient and easy to access solution • Policy purchase and servicing Self inspection, mobile wallet payment • Value added services like emergency assistance, garage locator, Fuel shop • iPartner, mobile Intermediary app, revamped website, mobile app, tablet based claim survey etc ICICI Lombard MENERAL INSURANCE 76% 11:20 Quick Quote Payment Pending KLG Proposal 73% 11:30 Basic Vehicle Customer Scan Aadhaar card QR Code to prefill customer's detail. SCAN OR Get OTP verification to prefill customer's detail. Aadhar Number ☐ consent GET OTP WC Marine Payment Total Premium Payable 21390 Pay Using Wallet 72% 11:30 = Customer Type Take Photo Cheque/Demand Draft Credit Card Debit Card Net Banking Direct Payment Link to Customer Pay Later 34 74% 11:28 Take Picture Upload Choose Photo cicifombard.com ULITRIP AWAIT icicilombard.com Protection is just a click away Why ICICI Lombard is the smart choice to secure yourself and the things you love We have one of the highest claims settlement ratio in India Wed 99% hethurance as FY2010 with 30-days of clan fing On the motor contwined our track record of honoring 10.2% claims w damage) within 30 days of clam ng Well we dond wish to blow our own trumpet but the indan suance ICRA (Acate of Moody's Investors Sima fes dating sidicating high ay to Coard Comp Limited ¡AAA 00000 Ca Two Wheeler Heath Home Why ICICI Lombard is the smart choice Live Chat 2417 1800 2656 About Us Careen Login icicilombard.com Products Cha Renewa to Castre Two Wheeles KEEP CALM AND RIDE ON Protectionis,ust click away... Travel Why ICICI Lombard is the smart choice Home i ICICI Lombard Nibhaye Vaade#18Technology as enabler Lean Operations • Adopting technology tools to drive operational efficiency and cost leadership Out of office policy issuance @ 90% • Automated payments @ 97% • Headcount productivity improvement at a 6 year CAGR of 21 % to 10.3 million 18 Out of office policy issuance 29% 90% Headcount productivity 3.2 FY 2010 FY 2016 FY 2010 million 10.3 FY2016 i ICICI Lombard Nibhaye Vaade#19Investment performance & capital management Long track record of outperforming benchmark composite • Annualized total return over the last 14 years: 11.57% compared to 9.75% generated by benchmark 3500% 3000% 2500% 2000% 1500% 1000% 500% 0% Cumu Portfolio Returns Cumu Nifty Returns Rs 100 invested in ICICI Lombard Equity potfolio in 2003 would be *3,259 now Rs 100 invested in Nifty in 2003 would be 709 now Mar-03 Mar-04 Mar-05 -Mar-06 NE P Capital management - Mar-07 Mar-08 Mar-09 - Mar-10 -Mar-11 Mar-12 Mar-13 Mar-14 -Mar-15 • Issued subordinated debt of 4.85 billion @8.25% Instrument rated highest rating of 'AAA' by CRISIL & ICRA 19 Mar-16 i ICICI Lombard Nibhaye Vaade#20ICICI Lombard strength CLAIM SURVEY Dicicilombard.com 1:21 PM B My Policy Insurance Add listing Pelicy Products Lodge Clates Track Your Motor Claim 25 Mileage Cakulatae Reminder Buy Policy ° feedback e Contact Us ¡AAA Rating by ICRA Highest Claims Paying Ability atd Innovation Technology Speed Human AWARDS capital Excellence in Talent Development • One of the two general insurers to launch long term comprehensive two wheeler insurance in Q1-2016 FY 2016: 1.33 billion, No of policies :5,15,353 • Faster claim processing through 'Virtual Survey' network • 1 st company to introduce Motor claim surveyor app & Fire risk inspection app Leading settler* of Motor OD, Health claims in the Industry Motor OD: 92% of claims settled in 30 days • Health: 99% of claims settled in 30 days • 25% employees with 5+ years ICICI Lombard experience ATD Best award for 4 years (7th in 2016) 20 Public disclosure on company websites ICICI Lombard Nibhaye Vaade#21Awards & recognition 'Claim Service Leader' (General Insurance - Large category) - The Indian Insurance Awards, 2016 'Technology Innovation' Awards - The Indian Insurance Awards, 2016 "Process Excellence" Award at the World Quality Congress, Global Awards, 2016 "Most Innovative Health Insurance Company of the Year" - Frost & Sullivan India Best Practices Award, 2016 21 21 i ICICI Lombard Nibhaye Vaade#22Agenda ICICI Lombard performance 22 22 i ICICI Lombard Nibhaye Vaade#23Financial highlights: FY2016 C GWP growth of 20.2%; FY2016: 83.07 billion No. of policies issued increased by 14%; FY2016:15.8 million Profit before tax : ₹ 7.08 billion Return on equity: 17% Investment book: ₹115.63 billion Solvency ratio as at March 31, 2016: 1.82x (minimum C requirement: 1.50x) 23 i ICICI Lombard Nibhaye Vaade#24Benchmarking: FY 2016 Particulars (* billion) Industry ICICI Lombard Growth in GDPI 14% 21% Profit/(Loss) after tax 32.48 5.07 Operating Combined ratio 117.4% 106.2% performance Expense ratio 32.3% 24.7% Return on Equity 7% 17% Networth 459.23 31.76 Financial Solvency ratio 1.99x 1.82x strength Investment book 1,862.83 115.63 Claims paid < 30 days Customer service Motor OD Health 24 24 63% 92% 63% 99% i ICICI Lombard Nibhaye Vaade#25Financial performance Particulars FY2013 FY2014 FY2015 FY2016 (* billion) Gross written premium 64.20 71.34 69.14 83.07 Profit/(Loss) before tax 2.82 5.20 6.91 7.08 Profit/(Loss) after tax 3.06 5.11 5.36 5.07 Combined ratio 106.5% 105.4% 104.5% 106.2% Return on Equity Networth 18% 24% 21% 17% 18.66 23.81 28.24 31.76 Solvency ratio Solvency ratio regulatory requirement 1.55x 1.72x 1.95x 1.82x 1.40x 1.50x 1.50x 1.50x • Combined ratio for FY2016 impacted on account of Chennai floods and Crop Insurance losses 25 25 ICICI Lombard Nibhaye Vaade#26Financial performance: 9M-2017 Particulars (* billion) 9M-2016 9M-2017 Gross written premium 61.92 82.47 Profit/(Loss) before tax 5.41 6.61 Profit/(Loss) after tax 3.88 5.22 Combined ratio 107.2% 105.8% Return on Equity Networth 17% 19% 30.96 35.71 Solvency ratio Solvency ratio regulatory requirement 1.93x 2.01x 1.50x 1.50x • ICICI Lombard GWP Growth for 9M-2017 :33% 26 ICICI Lombard Nibhaye Vaade#27Safe 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; 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 Bank and we undertake no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. 27 i ICICI Lombard Nibhaye Vaade#28Thank you 28 i ICICI Lombard Nibhaye Vaade#29Adequacy of Outstanding reserving Accident year wise ultimate loss development As at March * million 31,2016 First AY 08-09 AY 09-10 AY 10-11 AY 11-12 AY 12-13 AY 13-14 AY 14-15 AY 15-16 12,855 15,128 20,656 22,530 27,974 35,957 34,160 39,131 Second Third Fourth Fifth 13,240 15,232 13,034 15,390 13,206 15,517 13,345 15,546 Sixth 20,435 21,967 20,405 21,745 20,361 21,846 20,474 21,831 13,386 15,656 20,484 27,021 34,628 26,517 34,371 26,400 33,949 Seventh 13,458 15,907 Eighth 13,527 Dev./Initial Incured 5.2% 5.2% -0.8% -3.1% -5.6% -4.4% -0.6% 0.0% 14 29 29 i ICICI Lombard Nibhaye Vaade