#1ICICI PRUDENTIAL LIFE INSURANCE Performance update: 9M-FY2022 January 18, 2022#2Agenda Company strategy and performance Opportunity Industry overview Kumars ICICI PRUDENTIAL LIFE INSURANCE#3Agenda Company strategy and performance Opportunity Industry overview Kumars ICICI PRUDENTIAL LIFE INSURANCE#4Key strategic elements Protection Customer centricity continues to be at the core Premium Growth VNB Growth Persistency ICICI PRUDENTIAL LIFE INSURANCE Productivity Aspiration to double the FY2019 VNB in 4 years 4#5Premium growth Premium growth Deepen penetration in under-served customer segments Enhance current distribution Create new distribution Augment capability in Health and Protection Increase focus on Pension and Annuity billion FY2021 Q3-FY2022 9M-FY2022 APE1 64.62 19.29 51.25 YoY growth (12.5%) 15.8% 29.6% New business premium (NBP)² 130.32 37.87 102.48 YoY growth 5.5% 10.0% 29.7% Market share³ 7.2% 7.4% Continued growth momentum resulting in 30% growth in 9M-FY2022 ICICI PRUDENTIAL LIFE INSURANCE 1. Annualized premium equivalent 2. New business premium (As reported to IRDAI) 3. Based on RWRP (As reported to IRDAI) LO 5#6Premium growth: Product and Distribution Product mix APE 9M-FY2022 Annuity Group Distribution mix APE 9M-FY2022 4% 4% Protection 17% Linked 50% Non-linked 25% Partnership Distribution 9% Direct 13% Group 15% Agency 24% Driven by well diversified product and distribution mix ICICI PRUDENTIAL LIFE INSURANCE Bancassurance 39% 6#7Protection growth billion Protection focus Continue to grow both retail and group lines of business Sum assured market share² (%) FY2021 Q3-FY2022 9M-FY2022 12.7% 12.5% Protection APE1 10.46 3.06 8.56 YoY growth (6.3%) 19.5% 21.8% FY2021 9M-FY2022 Focused efforts on protection business despite supply side challenges Continued private market leadership based on new business sum assured ICICI PRUDENTIAL LIFE INSURANCE 1. 2. Q3-FY2022 and 9M-FY2022 figure includes Protection ROP of 1.9 million New business Total may not add up due to rounding off 7#8Persistency improvement Persistency Improve persistency across all cohorts Persistency* 13th month 61st month 11M-FY2021* 8M-FY2022 84.8% 84.8% 49.8% 52.7% 290 bps Significant improvement in persistency across most cohorts ICICI PRUDENTIAL ember 30, 2021; persistency for regular and limited pay individual policies # Definition revised in accordance with IRDAI circular on 'Public Disclosures by Insurers' dated September LIFE INSURANCE * Comparative period figures restated for revised definition 8#9Productivity improvement Productivity Continue to leverage technology for process re- engineering and to drive productivity billion FY2021 9M-FY2021 9M-FY2022 Growth APE 64.62 39.54 51.25 29.6% Total expenses 42.20 28.04 35.05 25.0% Cost/TWRP1 (%) 14.8% 14.6% 17.7% Cost/TWRP (savings LOB) (%) 9.6% 9.3% 12.2% New business growth ahead of expense growth ICICI PRUDENTIAL LIFE INSURANCE 1. Total expenses including commission/(Total premium- 90% of single premium) 9#10Resilient Balance Sheet . Insurance risks COVID-19 claims net of reinsurance of * 9.82 billion for 9M-FY2022 Provisions of 2.03 billion held for future COVID-19 claims including IBNR provision Strong solvency ratio Solvency ratio of 202.2% at December 31, 2021 High quality assets 98% of fixed income in sovereign or AAA; 0.2% of fixed income below AA Zero NPA since inception Liability profile 81% of liabilities largely pass on the market performance to customers Non par guaranteed return book: 1.6% of liabilities ICICI PRUDENTIAL LIFE INSURANCE Figures mentioned are at December 31, 2021 IBNR: Incurred but not reported 10#11Business (VNB) 16.05 Way forward billion Value of New Aspire to double the FY2019 VNB by FY2023 FY2020 VNB 7 billion FY2021 9M-FY2022 28% CAGR 26.50 16.21 13.88 16.05 16.21 13.28 VNB growth 20.9% 1.0% 34.8% VNB margin 21.7% 25.1% 27.1% FY2019 FY2020 FY2021 FY2022 FY2023 Premium growth: Diversified product & distribution mix to aid growth Protection: Short term headwinds in retail business, expect to maintain the sequential momentum and increase attachment of riders Persistency: Continued improvement to aid product margins Productivity: Target operating leverage with growth in premium ICICI PRUDENTIAL LIFE INSURANCE 1. For full year, based on actual cost; 9M: based on management forecast of full year cost 11#12Key strategic elements Protection Customer centricity continues to be at the core Premium Growth VNB Growth Persistency ICICI PRUDENTIAL LIFE INSURANCE Productivity Aspiration to double the FY2019 VNB in 4 years 12#13ICICI PRUDENTIAL LIFE INSURANCE 4P: Premium#14Products available across all categories ICICI Pru SIGNATURE ICICI Pru ICICI Pru Future Perfect Non-linked Insurance Plan ICICI Pru LAKSHYA Savings Suraksha A Non-linked Participating Life Insurance Plan Non-Linked Life Insurance Plan Savings with ICICI Pru GUARANTEED INCOME FOR TOMORROW LONG-TERM А молнию полититорите петиците твается экспр ICICI Pru GUARANTEED INCOME FOR TOMORROW Non-linked guarantee and equity participation ICICI Pru GUARANTEED PENSION PLAN A Non-Linked Non-Participating Individual Annuity Plan ICICI Pru SARAL PENSION A Non-linked Non-participating Single Premium Individual Immediate Annuity Plan Guaranteed savings; Immediate/ Deferred Annuity A Unit Linked Non-Participating Life Insurance Plan ICICI Pru SmartLife A Unit Linked Life Individual Product ICICI Pru Guaranteed Wealth Protector Unit Linked Insurance Plan Savings ULIP: Suite of funds for Equity and Debt Linked ULIP: with capital guarantee GAC PL ¡Protect Smart Cave Plan ICICI Pru iProtect Zeturn of Premium News-Links News-Participutirea Individ Life Im Sevinus Product CICI PH Heart Cancer Protect ICICI Pru PRECIOUS LIFE A non-linked non-participating term insurance plan. Term insurance plan for EVERYBODY ICICI Pru SARAL JEEVAN BIMA A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan ICICI Pru CORONA PROTECT PLUS RIDER Atstud kotid - ICICI Pru CORONA PROTECT RIDER ICICI Pru Shubh Raksha Life Group Term Plus ICICI Pru ICICI Pru SUPER PROTECT LIFE A Naked Non-participating Group Tem Insurance Product A Non-Linked Non-Participating Group Micro Insurance Product ICICI Pru Super Protect - Credit (A Non-Ind Non-participating Group Life Insurance Product Group Life Cover Plan Pure term, term with accident cover Retail Critical illness, Disease specific Protection Group Pure term, Micro insurance, Credit insurance, Critical illness AICICI PRUDENTIAL Products introduced in Q3-FY2022 LIFE INSURANCE Balanced Advantage Fund and Sustainable Equity (ESG focused) Fund during 9M-FY2022 14#15Performance across segments APE (billion) Mix Segments Savings Linked FY2021 9M-FY2022 Growth (%) FY2021 9M-FY2022 54.16 42.68 31.3% 1 83.8% 83.3% 30.90 25.64 34.6% 47.8% 50.0% Non-linked 17.79 12.92 28.6% 1 27.5% 25.2% I Annuity 2.29 2.16 77.0% 3.5% 4.2% Group funds 3.18 1.96 (10.1%) 4.9% 3.8% I Protection 10.46 8.56 21.8% 16.2% 16.7% I Total APE 64.62 51.25 29.6% 100.0% 100.0% Continued strong growth across product segments AICICI PRUDENTIAL Total may not add up due to rounding off LIFE INSURANCE 15#16Pension and Annuity A comprehensive pension provider Annuity mix¹ 8.4% Annuity 17.3% 15.1% Pension fund management (AUM) 20.0% billion Annuity new business received premium (* billion) 10.43 FY2020 22.92 FY2021 12.10 75.3% 9M-FY2021 21.21 75.59 66.20. 43.53 9M-FY2022 Mar-20 Mar-21 Dec-20 57.7% 104.41 Dec-21 Annuity grew by 75% in 9M-FY2022 Pension fund AUM grew by 58% over Dec 2020 Significant focus on driving synergy between ICICI Pru Life and ICICI Pru PFM ICICI PRUDENTIAL LIFE INSURANCE 1. % of new business received premium as per financials 16#17Enhancing distribution Strategy: Build profitability • 23 bank partnerships Protection and Annuity mix 40% Strategy: Invest and grow • 17,925 agents recruited during 9M-FY2022 ⚫ Diversified product mix: Protection and Annuity 33%, Non-linked savings 32% and linked 35% Agency Strategy: Create depth and add width • • ~700 partnerships; 72 new partnerships Protection and Annuity mix 32%, Non- linked savings 56% Bancassurance Partnership Distribution Distribution Direct* Strategy: Digital focused upsell campaigns ● Analytics driven upsell channel • Protection and Annuity mix 44% Emerging eco systems Strategy: Partner with non- traditional distributors . Tie-up with wallets, payment banks, fin-tech companies etc. Product customization ~700 partnerships including 23 banks; > 196,000 advisors ICICI PRUDENTIAL LIFE INSURANCE Figures mentioned are for 9M-FY2022 Product mix based on New Business Premium (Retail) * Direct comprises sales through own website and employees on roll 17#18Performance across distribution channels APE (* billion) I Mix (%) Channels FY2021 9M-FY2022 Growth (%) FY2021 9M-FY2022 Bancassurance 27.34 20.22 21.4% 42.3% 39.5% Agency 15.39 12.53 31.5% 23.8% 24.4% Direct 8.10 6.70 34.3% 1 12.5% 13.1% Partnership distribution 5.87 4.38 34.8% | 9.1% 8.5% Group 7.93 7.42 45.5% 12.3% 14.5% Total APE 64.62 51.25 29.6% 100.0% 100.0% Continued strong growth across distribution channels AICICI PRUDENTIAL Total may not add up due to rounding off LIFE INSURANCE 18#19ICICI PRUDENTIAL LIFE INSURANCE 4P: Protection#20Protection business billion 7.03 9M-FY2021 Protection APE 21.8% 8.56 9M-FY2022 Protection APE grew by 22% in 9M-FY2022 ICICI PRUDENTIAL LIFE INSURANCE billion New business sum assured 4,115.00 9M-FY2021 24.7% 5,131.63 9M-FY2022 Sum assured grew by 25% in 9M-FY2022 20#21ICICI PRUDENTIAL LIFE INSURANCE 4P: Persistency#22Persistency (1/2) Month Regular and Limited pay 8M-FY2021 11M-FY2021 8M-FY2022 Month Fully paid and Single premium 8M-FY2021 11M-FY2021 8M-FY2022 13th month 82.7% 84.8% 84.8% 13th month 100.0% 100.0% 100.0% 25th month 72.7% 73.6% 75.7% 25th month 98.8% 99.3% 100.0% 37th month 65.1% 66.3% 66.6% 37th month 97.2% 97.4% 98.0% 49th month 61.4% 62.2% 59.4% 49th month 97.1% 97.3% 98.1% 61st month 50.7% 49.8% 52.7% 61st month 99.7% 99.5% 99.0% Continued focus on persistency improvement ICICI PRUDENTIAL Definition revised in accordance with IRDAI circular on 'Public Disclosures by Insurers' dated LIFE INSURANCE September 30, 2021; persistency for individual policies; comparative period figures restated for revised definition 22#23Persistency (2/2) Retail excluding single premium Month 8M-FY2021 13th month 82.7% 11M-FY2021 84.8% 8M-FY2022 84.8% 25th month 72.7% 73.6% 75.7% 37th month 65.1% 66.3% 66.6% 49th month 63.3% 63.0% 63.1% 61st month 58.0% 58.3% 56.1% Persistency disclosures were revised in line with IRDAI circular on 'Public Disclosures by ICICI PRUDENTIAL Insurers dated September 30, 2021. For ease of comparison with prior period ratios, above LIFE INSURANCE disclosures are given as per the old approach (IRDAI circular dated January 23, 2014) 23#24ICICI PRUDENTIAL LIFE INSURANCE 4P: Productivity#25Productivity: Cost efficiency * billion FY2021 9M-FY2021 9M-FY2022 Growth APE 64.62 39.54 51.25 29.6% Total expenses 42.20 28.04 35.05 25.0% Cost/TWRP1 (%) 14.8% 14.6% 17.7% Cost/TWRP (Savings LOB) (%) 9.6% 9.3% 12.2% Cost/Average AUM² (%) 2.3% 2.1% 2.1% I New business growth ahead of expense growth AICICI PRUDENTIAL 2 LIFE INSURANCE Total expenses including commission/(Total premium- 90% of single premium) Annualised cost/Average assets under management during the period Total may not add up due to rounding off 25#26Key initiatives taken in Q3-FY2022 Leveraging ecosystem Income documents ܀ Option for customer to upload bank statements or login through his internet banking account Can retrieve bank account statement for six months and Income Tax Returns for 3 years, integration through system Mobility ✰ ICICI Pru Fit Life - Health tracker to record steps count, calories Customer service on partners platform Empowering partners to accept customer - Set platform burned. Key features health goals, track daily progress and calculate BMI ✰ E-Quotes - app Mobile calculators with rich UI/UX, accessible without internet * Re-imagination of customer journey Ul redesigned for - simplified purchase and servicing experience request on their Customer can place request on partners platform Request passed onto ICICI Pru using API services ✰ Acknowledgement and status shared as reverse feed Request ܀ types: Frequency change, updation of contact details, intimation of claim ICICI PRUDENTIAL LIFE INSURANCE BMI: Body mass index | UI : User interface | UX : User experience | API: Application programming interface 26#27VNB growth levers update (4P's) * billion FY2021 9M-FY2022 Growth Value of New Business (VNB) 1 16.21 13.88 34.8% VNB margin 25.1% 27.1% NA billion Premium growth (APE) Protection growth (APE) Persistency (13th month) 2 Persistency (61st month)2 Productivity (Cost/TWRP: Savings)4 FY2021 9M-FY2022 Growth 64.62 51.25 29.6% 10.46 8.56 21.8% 84.8%³ 84.8% NA 49.8%³ 52.7% NA 9.6% 12.2% NA 1. For full year, based on actual cost; 9M: based on management forecast of full year cost 2. Definition revised in on 'Public Insurers' dated September 30, 2021; ICICI PRUDENTIAListency for regular and limited pay individual policies; comparative period figures restated for revised definition LIFE INSURANCE 3. As of March 2021 4. Total expenses including commission / (Total premium - 90% of single premium) 27#28ICICI PRUDENTIAL LIFE INSURANCE Financial update#29COVID-19: Emerging trends Emerging third wave with lower expected fatality1 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 Apr-21 May-21 Jun-21 Jul-21 Aug-21 New cases (LHS) -No of covid deaths (RHS) Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 0 | 12,000 10,000 | 8,000 6,000 4,000 2,000 | ~47% of population fully vaccinated ~65% of population received at least one dose 914.7 mn² Jan-21 Feb-21 Mar-21 Apr-21 May-21 656.0 mn² -At least one dose Jun-21 Jul-21 Aug-21 Sep-21 Fully vaccinated Oct-21 Nov-21 Dec-21 Jan-22 Vaccination extended to lower age groups; precautionary dose for senior citizens & FLW ICICI PRUDENTIAL LIFE INSURANCE 1. New cases and deaths are as on January 17, 2022 2. Vaccine data is till January 16, 2022 Source: www.prsindia.org (compiled based on data published by Ministry of Health and Family Welfare, Government of India) FLW: Front line workers 29#30Impact of COVID-19 on mortality • Total claims on account of COVID-19 for 9M-FY2022: 20.45 billion¹ (FY2021: 3.54 billion) . • Claims net of reinsurance: 9.82 billion (FY2021: 1.98 billion) Provision of 2.03 billion (March 2021: 3.32 billion) held for future COVID-19 claims including IBNR2 ICICI PRUDENTIAL 1. 2. Includes settled as well as notified and in process claims Incurred but not reported LIFE INSURANCE 30 30#31Financial metrics billion 9M-FY2021 FY2021 9M-FY2022 Profit after Tax 8.96 9.60 5.69 Solvency ratio 226.1%1 216.8%2 202.2%1 AUM 2,048.721 2,142.182 2,375.601 Profit after Tax of 3.11 billion for Q3-FY2022 AUM grew by 16% over December 2020 ICICI PRUDENTIAL LIFE INSURANCE 1. At December 31 of respective years 2. At March 31, 2021 Components may not add up to the totals due to rounding off 31#32Embedded Value¹ billion 291.06 17.5% 302.03 257.11 230.30 95.22 89.07 87.88 78.43 195.84 151.87 Mar-20 Mar-21 25.8% 169.23 Sep-20 Value of Inforce (VIF) Adjusted net worth (ANW) Value of Inforce (VIF) grew by 26% over September 2020 ICICI PRUDENTIAL 1. As per Indian Embedded value (IEV) method LIFE INSURANCE 212.96 Sep-21 32 32#33Analysis of movement in EV1 billion Opening EV FY2017 FY2018 FY2019 FY2020 FY2021 139.39 161.84 187.88 216.23 230.30 Unwind 12.21 13.72 15.84 17.25 16.61 Value of New Business (VNB) 6.66 12.86 13.28 16.05 16.21 Operating assumption changes + Operating variance 4.08 10.22 8.89 (0.42) 2.24 Operating assumption changes 1.00 7.64 4.20 (2.25)² 3.09 Operating variance 3.08 2.58 4.69 1.83 (0.85) Persistency variance 0.99 1.53 2.66 0.85 1.10 Mortality and morbidity variance Expense variance Other variance 0.98 0.78 1.97 0.42 (2.37)³ 0.35 0.27 0.04 0.01 0.01 0.76 0.00 0.02 0.56 0.41 EVOP 22.95 36.80 38.01 32.88 35.05 Return on embedded value (ROEV) 16.5% 22.7% 20.2% 15.2% 15.2% Economic assumption change and investment variance 5.82 1.13 (1.22) (14.76) 25.67 Net capital injection (6.32) Closing EV 161.84 (11.88) 187.88 (8.43) (4.05) 0.04 216.23 230.30 291.06 ICICI PRUDENTIAL 1. As per Indian Embedded Value (IEV) method 2. Negative impact of 5.49 billion due to change in effective tax rate 3. Mortality variance includes the negative impact of COVID claims of 2.64 billion net of reinsurance LIFE INSURANCE Components may not add up to the totals due to rounding off 33#34Sensitivity analysis Scenario Increase in 100 bps in the reference rates Decrease in 100 bps in the reference rates 10% increase in the discontinuance rates % change in VNB % change in EV FY2020 FY2021 FY2020 FY2021 (2.4) 0.7 1 (2.5) (2.8) 2.2 (1.7) 2.6 3.0 (5.0) (3.1) (1.1) (0.9) 10% decrease in the discontinuance rates 10% increase in mortality/morbidity rates 5.1 3.2 1.1 1.0 (9.5) (10.2) I (1.6) (1.6) 10% decrease in mortality/morbidity rates 10% increase in acquisition expenses 10% decrease in acquisition expenses 10% increase in maintenance expenses 9.6 10.4 I 1.7 1.6 (11.6) (10.5) Nil Nil 11.6 10.4 Nil Nil (3.0) (2.5) 1 (0.8) (0.6) 10% decrease in maintenance expenses 3.0 2.5 1 0.9 0.6 Tax rates increased to 25% (11.4) (11.1) (5.8) (6.2) 10% increase in equity values 0.7 1.3 1.8 2.9 (0.7) (1.6) I (1.8) (2.9) 10% decrease in equity values ICICI PRUDENTIAL LIFE INSURANCE 34 4#35ENVIRONMENTAL, SOCIAL AND GOVERNANCE ICICI PRUDENTIAL LIFE INSURANCE COMPLIANCE REGULATIONS RULES DISCLOSURES STANDARDS TRANSPARENCY POLICIES#36ESG: Approach and focus areas Business itself is social in nature: Serving long term financial and protection needs 3 pillars of our sustainability framework Environmental leaving the planet a better place for our next generation Human Capital Our focus areas Responsible Investing Governance & -0 Business Ethics Social giving back to the society Governance transparency in functioning Data Privacy & Security Access to Environment Finance & CSR New initiatives Responsible Investing Enhanced disclosures/policies PA Diversity & Human Privacy Ethical inclusion policy capital policy aspects Environmental impact ICICI PRUDENTIAL LIFE INSURANCE 36#37Focus areas: Human capital Support during COVID-19 1. Workplace safety • COVID-19 protocols • App based health tracking & contact tracing 2. Employee Assistance . • Doctor tele-consultation including mental health counselling ⚫ COVID-19 testing and leave • Vaccination facilitation 3. Enabling Work From Home • . Accessibility & tech support Virtual collaboration tools ICICI PRUDENTIAL LIFE INSURANCE Enabling productivity 1. Talent attraction & on-boarding • >50% of hiring comprise freshers 2. Learning & development • ~ 1 million digital learning hours • 13,000+ employees certified • 85% leadership team > 10 yrs vintage • ~66% employees with at least one role change in five years 3. Performance & talent management . • Alignment to Board KPIs Differentiated rewards and capability development • Succession plan and strong bench Building an agile & engaged workforce 1. Enabling a diverse workforce Diversity & inclusion policy • 40% women in non-sales roles Policies catering to life-stage needs 2. Engagement framework • 3i framework to align to strategy, enhance connect & belongingness 3. Robust grievance redressal framework 4. Voice of employee survey Figures mentioned are for financial year ended March 31, 2021 KPIs: Key Performance Indicators 90%+ score: Alignment, advocacy, support during hour of need, technology and infra, health and safety measures and learning & engagement opportunities 37#38Focus areas: Responsible investing Three pronged approach Stewardship policy and process ESG Integration ICICI Prudential Sustainable Equity Fund Engaging with investee companies Disclosing voting actions Framework made operational; subscribed to ESG ratings by an external service provider; Became signatory to UN PRI¹ Exclusion: Restricted exposure to Benchmarked against NSE 100 ESG Index ICICI PRUDENTIAL Thermal power Coal Defence Tobacco ~47% of our AUM*: Infrastructure/housing and Government bonds (*314 billion and *689 billion respectively). LIFE INSURANCE *At March 31, 2021 1. United Nations-supported Principles for Responsible Investment 38#39Focus areas: Governance and Data privacy Governance Structure Information/Cyber security Board composition • >50% IDs including Chairman • Committees: > 50% IDs/ NEDs and chaired by IDs Board Diversity • Policy on Board diversity & criteria on appointment of Directors • Woman Independent Director Evaluation framework • Evaluation framework for the Directors, Chairman, the Board and its Committees Compensation Framework Compensation Policy • Based on Meritocracy and Fairness within the prudent risk management framework Governance • Compensation and KPIs of WTDs approved by BNRC, Board and IRDAI Alignment •WTD compensation aligned to KPIs incl. non-financial & risk parameters; capping & deferral of bonus, malus & claw-back provisions Data Privacy Policy • • Privacy policy covering collection, usage, storage, retention, sharing only for specific purposes with consent and security related aspects RISK Cyber Security Framework •Information and Cyber Security Policy ⚫ISO 27001: ISMS certification Risk Management Risk Management Policy . Board, BRMC & ERC oversight • Covers financial, operational and reputational risk Mitigating risk • Framework sets out limits and • controls for risk exposure Risk-based internal audit framework ⚫ISO 22301: BCM certification Business Ethics/Compliances • Code of Conduct • POSH . • Compliance Policy . Policies • ABC Policy • AML Policy ICICI PRUDENTIAL LIFE INSURANCE • Framework for Managing Conflict of Interest • Insider Trading Code •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 39 Management, POSH: Prevention of Sexual Harassment at the Workplace, ABC: Anti Bribery & Anti Corruption, AML: Anti Money Laundering#40Focus areas: Access to finance, CSR and Environment DONATE • • . • • • Access to Finance 46.0 mn lives covered through micro insurance products • 56.8 mn lives covered in total 87.1% One of the best persistency1 ratios (13th month) in the industry. 24x7 service architecture; >90% self- help usage 97.9% One of the best claim settlement ratios² in the industry; 1.4 days³ average TAT Insurance awareness campaigns, focus on right selling & product suitability ⚫ Robust policy & framework for grievance redressal ICICI PRUDENTIAL LIFE INSURANCE • CSR *109.8 million spent for COVID-19 pandemic and CSR initiatives 26.5 mn contributed to PM CARES fund by employees including 1 month salary by top management 159,000 Candidates trained till March 2021 by ICICI Academy for Skills 14,000 youths benefited in FY2021 Environment • ~2,700 tonnes of carbon footprint saved through: . • Responsible consumption of energy. Water conservation Replace, reduce and recycle approach 95% of new business applications logged digitally 86% shareholders communicated digitally Figures mentioned are for financial year ended March 31, 2021 Computed as per IRDAI circular dated January 23, 2014 2. Individual death claims 1. 3. Average turnaround time for non-investigated claims from receipt of last requirement 40#41Awards and accolades Only insurance Company to be ranked in the Top 30 of India's 'Most Sustainable Companies' SUSTAINABILITY RANKINGS INDIA'S MOST SUSTAINABLE COMPANIES 75 675 5.750 950 550 46.0 50.6 47.5 10.0 5.452 16 GAIL (Inde 23 35.0 740 64.0 5.113 600 26 Ad Port Innovation During COVID 19 Gold Award for FY2021 Annual Report FICCI Insurance Industry Awards 2021 'Innovation During COVID 19- Life Category' awarded to ICICI Prudential Life Insurance Company Ltd September, 2021 Sustain Labs Paris in association with BW Businessworld Excellence in Innovation - Best Use of Emerging Technology for Business Growth FICCI Insurance Industry Awards 2021 Excellence in Claims and Customer Service ETAFSI Excellence Awards 2021 Esti Palice Company FICCI Insurance Industry Awards 2021 'Claims & Customer Service Excellence Award - Life Category' awarded to ICICI Prudential Life Insurance Company Ltd September 2021 ET BFSI Awards 2021 ICICI PRUDENTIAL FICCI Insurance Industry Awards 2021 *League of American Communications Professionals LLC LIFE INSURANCE LACP 2021 SPOTLIGHT AWARDS GLOBAL COMMUNICATIONS COMPETITION ICICI Prudential Life Insurance Company Limited WyattPrism Communications Pvt L is presented with the Gold Award To the crisen henidy Tyson Heyn Christine Kennedy Сотр LACP LACP* 2021 Spotlight Awards Silver Award - Best Mobile App of the Year VELOCITY AWARDS 2021 CONGRATULATIONS ICICI Prudential Life Insurance Company Ltd For winning SILVER Roshan Alexander Best Mobile App of the Year For the campaign Customer Mobile App An Initiative of COMMS ►NEWS Velocity Awards 2021 41#42Technology @ICICI Prulife ICICI PRUDENTIAL LIFE INSURANCE#43Digital@iciciprulife Most visited website among private life insurance players ~3 million digital service interactions every month Over 800,000 app downloads Highest rated app within life insurance industry Access to over 45 types of policy transactions ICICI PRUDENTIAL LIFE INSURANCE 12:06 Hi, Shantu Naik ICICI Pru iProtect Smart Policy Status In Force Premium 1,567 Pay Premium Due Date 16 Dec, 2021 Services View All Policy No 9738XXXX Digital logins at 96% 80%+ issuances through smart OCR / ML >90% service interactions are via self-help/ digital modes Premium Payment Statement Download Claim Registration View All Products Guaranteed Crorepati Term Insurance Unit Linked System uptime of >99% ICICI Pru Fit Life ① Steps Count 0/0 Start Tracking Calories Burned All new fitness tracker to monitor health statistics 0 New Home My Profile My Policies Fit Life OCR: Optical Character | ML: Machine learning 43#44ששש New business & growth Pre-sales Collaboration platform - Online meetings, joint sales calls, invite experts, share content ②IPRUMEET 24x7 cognitive bots - 24x7 query resolution using chat bots viz. Chat Buddy, PSF Guru, Tara Lead Management System - Enhanced with voice capability and geographical tagging Learner's Box and MyCoach-Learner's On-the-go e-learning modules with Al capabilities to improve pitch Demand generation- Digital platform to generate interest, qualify leads with nurture framework and funnel management ICICI PRUDENTIAL LIFE INSURANCE Onboarding & issuance Term by invite - Pre approved offers with zero documents or medical Digital journey End to end digital onboarding ◆ Form pre-fill with OCR of KYC document 3-click PASA onboarding Smart doc upload with instant OCR E-Quote app ◆ Video risk verification Tele & video underwriting Leveraging eco system Smart Doc Upload ICICI PRUDENTIALT LIFE THE Partner and third party data for pre-population and process de- congestion Document aggregator integration to get income details for financial underwriting Partner integration Partner integration portal Easy UI - Pre-coded premium quotation pages Data pre population No KYC document, digital payment with Sl and digital consent Video based Pre-issuance verification on WhatsApp Instant Certificate of issuance Instant refund into customer account, in case of cancellation Video verification and CKYC as a service enabled for partners End-to-end digital journey for group partners PASA Pre Approved Sum Assured | OCR: Optical Character Recognition | CKYC: Central KYC | KYC: Know Your Customer | UI: User Interface | SI : Standing Instruction 44#45Customer service Empowering customers Self service 3 Mn. digital service interactions monthly >90% service interactions are via self-help/ digital modes Renewals * Flexible premium payment options including multiple UPI Humanoid Two way conversational Al bot with speech recognition capability deployed in customer calls for renewal premium collection; provides superior customer experience and scalability ET BFSI Award 2021 for 'Best Use of Emerging Technology for business growth' Quick claim assistance through digital claim registration process, real time tracking through chatbot/WhatsApp, and Al-based pre-claim assessment, and claim processing Omni channel Mobile application Awarded 'Best Mobile App of the Year' for the 'Customer Mobile App' in the Velocity Awards 2021 8 lakh+ app downloads with best app rating among the peers 24x7 chat/voice assistants LiGo chat bot; WhatsApp bot; E-mail bot Voice bot ICICI PRUDENTIAL Voice bot on IVR, which provides customers with personalized interactions with a human touch. *>50% of calls handled by bots end-to-end, thus improving productivity Digital Life Verification for Individual Annuity Customer ICICI PRUDENTIAL LIFE INSURANCE Al : Artificial Intelligence | IVR : Interactive Voice Response | UPI: Unified Payments Interface 45#46Digital experience Personalization Hyper personalization - Personalised messages to handhold customers throughout journey Segmented targeting - Reaching the customer by mapping their interests/affinities Interactive banners - Banners with built-in calculators for instant and customised quotes Search engine optimization - Use of Machine Learning (ML) to rank ICICI Pru higher on search engines Actionable insights Nudge engine/ Actionable insights - Data analytics based system which suggests the best suited action to achieve the next goal Smart solutions - Pre-approved personalized best offers for instant issuance and persistency backed by data Modular data integration approach to meet partner requirements Use of Al & ML to analyze structured & unstructured data Cognitive automation - End-to-end process automation using intelligent and cognitive automation tools ICICI PRUDENTIAL LIFE INSURANCE Al Artificial Intelligence 46 46#47Agenda Company strategy and performance Opportunity Industry overview Kumars ICICI PRUDENTIAL LIFE INSURANCE#48S Korea 2020 Population (mn) Favorable demography Large and growing population base¹ 51 59 S Africa Japan 127 146 213 274 331 Russia Brazil Indonesia Driving GDP growth² USA India 7.7% 7.9% 7.4% 8.0% 8.2% 9.5% 8.5% 7.2% 6.4% 4.8% 5.2% 5.5% 6.1% 4.2% 1.9% 3.1% 2.5% 2.7% 2.8% 2.9% 2.6% 3.8% 3.5% 4.0% 4.9% 2.8% 5.9% FY02 FY08 FY10 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22E FY23E -1.7% ICICI PRUDENTIAL LIFE INSURANCE -7.3% India World -3.1% 3. Source: The World Bank Japan 1. Source: UN population division 2. Source: WEO Update, October 2021 China 1,380 1,439 GDP per capita CAGR (FY2010-FY2021) Brazil High share of working population¹ Population of age 25-59 years (in mn) 2020 727 631 15% Rising affluence³ 2030 9.5% 4.7% 5.0% 5.2% 2.6% 1.5% -0.2% -2.1% Russia U.S.A S. Korea Indonesia 48#49tn Financialisation of savings: Opportunity for insurance Household savings1 Distribution of financial savings (including currency)2 70% 85 61% 63% 57% 60% 52% 65 17% 45% 50% 18% 40% 41% 17% 15% 45 36% 45 40% 23.70 25 19.54 30% 25 14.53 13.64 20% 20.61 22.84 5 11.91 14.96 -3.59 391 10% -7.38 -6.64 -15 0% FY2014 FY2016 FY2018 FY2020 FY2014 FY2016 FY2018 FY2020 Physical savings Gross financial savings Household borrowings Gross Financial savings as a % of Household Savings -Net Financial savings as a % of Household Savings Provident and Pension Funds (Incl. PPF)+ Small savings Investments ■Life insurance funds ■Currency & deposits FY2002 FY2008 FY2010 FY2012 FY2014 FY2018 FY2019 FY2020 FY2021 Life insurance premium³ as % of GDP 2.1% 4.0% 4.1% 3.3% 2.8% 2.7% 2.7% 2.8% 3.2% ICICI PRUDENTIAL LIFE INSURANCE 1. Source: RBI and CSO Source: RBI 2. 3. Total life insurance industry premium including renewal; Source: IRDAI 49#50Protection opportunity: Low penetration Sum Assured as a % of GDP1,2 332% Addressable population* coverage³ (%) 12% Protection gap(%) 4,5 83 61 55 54 76 71 74 55 16.50 252% 251% 153% 143% 127% Singapore* Japan* USA* Malaysia* Thailand* South Korea* * Total sum assured 23% India** ** Retail protection sum assured (company estimates) ICICI PRUDENTIAL LIFE INSURANCE Covered by retail protection policies * Based on Income Tax Department data for individuals (annual income > * 250,000) and company estimates USD trillic illion 8.40 3.90 2.80 2.00 0.90 0.70 0.60 India Japan South Korea Australia Indonesia Thailand Malaysia Singapore 50 As of FY2021 for India (GDP Source: National Statistics Office, protection sum assured source: company estimates) As of FY2020 (for USA & Japan as of FY2018) Source: McKinsey estimates Addressable population coverage= Inforce no. of lives for retail protection/No. of returns with income > * 250,000 Protection gap (%): Ratio of protection lacking/protection needed 1. 2. 3. 4. 5. Source: Swiss Re, Closing Asia's mortality protection gap, 2020#51Protection opportunity: Sum assured as a % of GDP A Sum Assured (SA) as a % of GDP: Assuming SA growth @ 20% CAGR Sum Assured as a % of GDP1,2 85% 23% GDP CAGR @10% 33% GDP CAGR @10% 50% GDP CAGR @8% 332% 252% 251% B FY2021 FY2025 FY2030 FY2035 B 23% Sum Assured (SA) as a % of GDP: Assuming SA growth @ 25% CAGR 155% GDP CAGR GDP CAGR @10% 40% GDP CAGR @10% 75% @8% FY2021 FY2025 ICICI PRUDENTIAL LIFE INSURANCE FY2030 India: FY2035 A 155% 153% 143% 127% 85% 23% Singapore Japan USA India (25% CAGR)* Malaysia Thailand South Korea India (20% CAGR)* 1. FY2035 * For retail protection sum assured (company estimates) As of FY2021 for India (GDP Source: National Statistics Office, protection sum assured source: company estimates) 2. As of FY2020 (for USA & Japan as of FY2018) Source: McKinsey estimates 51 India*#52In million With 15% CAGR in new policy count from FY2020 to FY2035 CAGR 8% 244.2 Protection opportunity: Addressable population coverage (%) In million With 20% CAGR in new policy count from FY2020 to FY2035 63.3 CAGR 13% 103.2 CAGR 10% 166.2 42% CAGR 8% 244.2 26% 63.3 CAGR 13% 103.2 CAGR 10% 166.2 64.3 31.5 FY2021 14.8 FY2025 ■Insured FY2030 Uninsured FY2035 101.9 40.8 FY2021 16.1 FY2025 ■Insured FY2030 Uninsured FY2035 Even at accelerated policy growth rates, at best ~40% of India's addressable population can be expected to be covered in 15 years ICICI PRUDENTIAL LIFE INSURANCE Assumed 10% lapse rate for inforce policies at each year 52 52#53Indicators of protection opportunity Retail Credit¹ Health & Motor² billion Gross direct premium 22,207 (billion) CAGR 11.9% 19,085 Health FY2021 585.72 10,619 13,922 9,339 10,097 Motor 677.90 6,454 4,711 11,589 - 9,746 Motor Own Damage (OD) 260.81 7,468 5,386 Mar-14 Mar-16 Mar-18 Mar-21 - Motor Third Party (TP) 417.09 Home Loans ■ Others • Healthy growth in retail credit . Credit life is voluntary Protection premium ~ 235 billion for life insurance industry in FY2021 AICICI PRUDENTIAL LIFE INSURANCE 1. Source: RBI 2. Source: General Insurance Council and company estimate Components may not add up to the totals due to rounding off 53#54Agenda Company strategy and performance Opportunity Industry overview Kumars ICICI PRUDENTIAL LIFE INSURANCE#55Evolution of life insurance industry in India FY2002 FY2010 FY2015 FY2021 New business premium¹ (bn) 116 21.5% 550 -5.8% 408 10.8% 757 Total premium (bn) 501 23.2% 2,654 4.3% 3,281 11.4% 6,284 Penetration (as a % to GDP) 2.1% 4.1% 2.6% 3.2% Assets under management (bn) 2,304 24.0% 12.6% 12,899 23,361 12.2% 46,563 In-force sum assured² (bn) In-force sum assured (as % to GDP) 11,812* 15.5% 15.8% 37,505 78,091 15.8% 188,615 50.1% 57.9% 62.7% 95.5% ICICI PRUDENTIAL 2. LIFE INSURANCE 1. Retail weighted received premium (RWRP) Individual and Group in-force sum assured Source: IRDAI, CSO, Life Insurance Council, *Company estimate 55#56Industry overview Industry Channel mix² Product mix¹ 26% 74% 18% 20% 51% Private Sector 44% 39% ■Linked 82% 80% ■ Non-linked 49% 56% 61% FY2019 FY2020 FY2021 FY2019 FY2020 FY2021 11% 12% 13% 21% 22% 22% 27% 28% 29% ■ Others ■Bancassurance 54% 53% 55% 62% 60% 58% ■ Agency FY2019 FY2020 FY2021 25% 25% 23% FY2019 FY2020 FY2021 Given a well developed banking sector, bancassurance continues to be the largest channel for private players ICICI PRUDENTIAL 1. New business weighted premium basis LIFE INSURANCE 2. Individual new business premium basis Source: Life Insurance Council 56#57ICICI PRUDENTIAL LIFE INSURANCE Annexures#58Risk management: Non-participating business Guaranteed return savings product Interest risk hedged through a combination of cash market instruments and derivatives Premium payment term upto 10 years only Hedge program designed for each tranche of new business Locked in yields for future premiums Underlying bonds for derivatives selected keeping in mind liability tenure Annuity (GPP): Average deferment period < 5 years Review of pricing based on current interest rate environment ICICI PRUDENTIAL LIFE INSURANCE GPP: Guaranteed Pension Plan 58#59Pension and Annuity A comprehensive pension provider Annuity mix 3.4% Annuity Pension fund management (AUM) 17.3% billion 22.92 3 year CAGR- 48.1% 75.59 43.53 34.76 23.26 6.6% 8.4% Annuity new business received premium (* billion) 3 year CAGR-94.6% 3.11 FY2018 6.85 FY2019 10.43 FY2020 FY2021 FY2018 FY2019 FY2020 FY2021 120% growth in FY2021 Premium over 7x in three years 74% growth in AUM during FY2021 AUM over 3x in three years Significant focus on driving synergy between ICICI Pru Life and ICICI Pru PFM ICICI PRUDENTIAL LIFE INSURANCE 1. % of new business received premium as per financials 59#60Protection business Retail and Group Protection APE (FY2021) billion 3.44 2.56 2.33 1.83 2.14 1.22 0.95 0.75 1.61 1.39 1.38 1.34 Q1 Q2 Q3 Q4 ■Retail ■Group Protection split based on APE* (FY2021) billion 1.80 (17.2%) 0.61 (5.8%) 5.72 (54.6%) 2.34 (22.3%) ■ Retail protection Credit life - ICICI Bank ■Group Term Credit life - Other ICICI PRUDENTIAL *Figures in brackets represent mix of protection APE Total may not add up due to rounding off LIFE INSURANCE 60 60#61Value of New Business (VNB) VNB contribution* * VNB billion FY2020 4.20 (26.2%) 16.05 VNB margin movement FY2021 3.9% (0.7%) 0.2% 25.1% 21.7% 16.21 3.62 (22.3%) 2.27 (14.1%) 9.58 (59.7%) 3.93 (24.2%) 8.66 (53.4%) Protection ■Savings: Non-linked FY2020 ■Savings: Linked ICICI PRUDENTIAL LIFE INSURANCE *Figures in brackets represent share of VNB Total may not add up due to rounding off Business Assumption Expense FY2021 change change mix 61#62Retail persistency Persistency1 across product categories Excluding single premium 89.5% 83.5% 70.5% 62.0% Linked Non linked Persistency¹ across channel categories Excluding single premium Including single premium 86.6% 94.0% 84.4% 86.6% 74.5% 78.4% 63.3% 63.0% Protection Linked Non linked Protection 89.0% 82.7% 84.4% 86.9% 75.6% 65.5% 60.7% 61.1% ■13th month ■49th month Bancassurance Agency Direct ICICI PRUDENTIAL LIFE INSURANCE Partnership distribution 1. Including single premium 90.1% 91.1% 88.1% 84.0% 75.9% 67.3% 68.5% 62.8% Bancassurance Agency Direct Partnership distribution 11M-FY2021 persistency As per IRDAI circular dated January 23,2014; excluding group 62#63Average APE by product categories Average policy term* (years) 36 34 Segment (*) FY2020 FY2021 | 14 15 ULIP 183,109 154,702 Non-linked savings 72,000 85,654 Protection Total ICICI PRUDENTIAL LIFE INSURANCE Savings Protection Average customer age* (years) 23,115 25,149 | 43 88,648 85,701 Savings 43 36 35 Protection ■FY2020 FY2021 * Protection excludes credit life 63 80#64Channel wise product mix1 Channel category Product category ULIP FY2019 FY2020 FY2021 93.4% 86.8% 73.3% Non-linked savings 2.3% 3.3% 11.6% Bancassurance Annuity 0.5% 0.7% 4.3% Protection 3.9% 9.3% 10.9% Total 100.0% 100.0% 100.0% ULIP 75.3% 49.9% 33.3% Non-linked savings 18.4% 39.2% 57.0% Agency Annuity 0.1% 0.6% 2.1% Protection 6.2% 10.3% 7.7% Total 100.0% 100.0% 100.0% ULIP 79.3% 66.7% 61.4% Non-linked savings 6.7% 14.4% 21.2% Direct Annuity 4.9% 7.2% 7.8% Protection 9.0% 11.6% 9.6% Total 100.0% 100.0% 100.0% ULIP 28.3% 21.8% 13.1% Non-linked savings 49.9% 49.6% 70.5% Partnership distribution Annuity 0.0% 0.5% 2.9% Protection Total 21.9% 27.8% 13.5% 100.0% 100.0% 100.0% ICICI PRUDENTIAL LIFE INSURANCE 1. Retail Annualized Premium Equivalent (APE) Components may not add up to the totals due to rounding off 64#65Product wise channel mix¹ Product category Channel category Bancassurance Agency ULIP Non-linked savings Annuity Protection FY2019 FY2020 FY2021 65.5% 68.2% 64.9% 20.5% 16.3% 16.6% Direct 12.0% 13.0% 16.1% Partnership distribution 2.1% 2.5% 2.5% Total 100.0% 100.0% 100.0% Bancassurance 14.2% 10.8% 17.8% Agency 44.5% 53.6% 49.3% Direct 9.0% 11.7% 9.7% Partnership distribution 32.3% 23.8% 23.3% Total 100.0% 100.0% 100.0% Bancassurance 29.0% 29.4% 51.1% Agency 2.9% 11.8% 14.0% Direct 66.7% 55.3% 27.5% Partnership distribution 0.0% 3.5% 7.4% Total 100.0% 100.0% 100.0% Bancassurance 36.9% 45.2% 51.9% Agency 22.8% 20.9% 20.6% Direct 18.7% 14.0% 13.6% Partnership distribution 21.7% 19.8% 13.8% Total 100.0% 100.0% 100.0% ICICI PRUDENTIAL LIFE INSURANCE 1. Retail Annualized Premium Equivalent (APE) Components may not add up to the totals due to rounding off 55 65#66Embedded value growth billion FY2019 FY2020 FY2021 Value of In force (VIF) 142.69 151.87 195.84 Adjusted Net worth 73.54 78.43 95.22 Embedded value1 216.23 230.30 291.06 Return on Embedded Value (ROEV) 20.2% 15.2% 15.2% EV growth-pre dividend 19.6% 8.4% 26.4% EV growth-post dividend 15.1% 6.5% 26.4% VNB as % of opening EV 7.1% 7.4% 7.0% Operating assumption changes and variance as % of opening EV 4.7% (0.2%) 1.0% 1. As Indian Embedded Value (IEV) method AICICI PRUDENTIAL Components may not add up to the totals due to rounding off LIFE INSURANCE 66#67Economic assumptions underlying EV Tenor (years) References Rates Mar 31, 2021 Dec 31, 2021 1 3.91% 4.05% 5 7.38% 7.42% 25223 10 7.93% 8.27% 15 7.48% 8.04% 20 7.02% 7.63% 6.72% 7.29% 30 6.55% 7.06% ICICI PRUDENTIAL LIFE INSURANCE 67#68Glossary . • . - Annualized Premium Equivalent (APE) – Annualized Premium Equivalent (APE) is the sum of the annualized first year premiums on regular premium policies, and ten percent of single premiums, from both individual and group customers Assets under management (AUM) - AUM refers to the carrying value of investments managed by the company and includes loans against policies and net current assets pertaining to investments Embedded Value (EV) - Embedded Value (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) - Embedded Value Operating Profit (EVOP) is a measure of the increase in the EV during any given period due to matters that can be influenced by management Retail Weighted Received Premium (RWRP) - Premiums actually received by the insurers under individual products and weighted at the rate of ten percent for single premiums Total weighted received premium (TWRP) - Measure of premiums received on both retail and group products and is the sum of first year and renewal premiums on regular premium policies and ten percent of single premiums received during any given period - Persistency Ratio Persistency ratio is the percentage of policies that have not lapsed and is expressed as 13th month, 49th month persistency etc. depicting the persistency level at 13th month (2nd year) and 49th month (5th year) respectively, after issuance of contract ICICI PRUDENTIAL LIFE INSURANCE 68#69Safe 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. ICICI PRUDENTIAL LIFE INSURANCE 69#70ICICI PRUDENTIAL LIFE INSURANCE Thank You