ICICI Prudential Life Insurance Company Ltd

Key Update

• Rectification order under Section 154 IT Act for AY 2024 issued Oct 14, 2026; reduces tax demand.
• Rectification includes incremental interest ₹ 40,96,103 on refund.
• Tax implications: revised tax ₹ 215,56,50,475; interest ₹ 63,33,27,980.
• Total implications ₹ 278,89,78,455; no adverse impact on operations.
• The company has filed an appeal against the order.
• Listed company name updated to ICICI Life Insurance Limited (formerly ICICI Prudential Life Insurance).

Dematerialisation status

• All securities are held in dematerialised form; no rematerialisation requests were received for quarter ended Sept 30, 2026.
• Therefore, Regulation 74(5) requirements are not applicable for the period.
• RTA (KFIN Technologies Limited) certifies the status to depositories and stock exchanges in accordance with Regulations.

Management Appointment

• IRDAI approved Sidharatha Mishra as Additional Director and MD and CEO for five-year term.
• Term runs from Oct 14, 2026 to Oct 13, 2031, subject to shareholder approval.
• Appointment is subject to approval of shareholders under extant regulations.

Meeting Details

• Date and time: October 13, 2026, 3:30 p.m.
• Type and mode: group earnings conference call; virtual
• Event/organiser: H1-FY2027 earnings conference call hosted by ICICI Life Insurance Limited
• Participants: company management representatives attended (roles not disclosed)
• Purpose: discuss H1-FY2027 performance
• Availability: audio recording available on the company website

ESOP Allotment

• 1,552 equity shares of ₹10 allotted on Oct 13, 2026 under ESOP 2023.
• Allotment approved by MD & CEO under board authority dated Jan 22, 2019 and shares rank pari-passu.

Business overview

• Renamed to ICICI Life Insurance Limited; core business, strategy and governance unchanged.
• Strategic focus remains sustainable VNB growth balancing growth, profitability and prudence.

Operational highlights

• H1 FY2027 APE ₹49.35 bn; total premium ₹245.05 bn.
• New business premium grew 25% in H1 FY2027.
• Persistency 13M at 84.5% as of Sep 30, 2026.
• Claim settlement ratio 99.3% in H1 FY2027; average TAT 1.1 day.
• Solvency ratio 229.9% as of Sep 30, 2026.

Financial performance

• PAT FY2026 ₹16.00 bn; H1 FY2027 ₹7.60 bn.
• VNB FY2026 ₹26.29 bn; VNB H1 FY2027 ₹12.83 bn.
• VNB margin FY2026 24.7%; H1 FY2027 26.0%.
• AUM ₹3,289.64 bn as of H1 FY2027.
• Embedded Value close FY2026 ₹529.89 bn; EVOP ₹57.02 bn; ROEV 11.9%.

Capital structure & liquidity

• Solvency ratio 229.9% as of Sep 30, 2026.
• AUM ₹3,289.64 bn; no explicit debt actions disclosed.

Strategic priorities & outlook

• Deliver sustainable VNB growth by balancing growth, profitability and prudence.
• Digital-led onboarding and AI underwriting to boost issuance and service.
• Diversified channel mix: Bancassurance, Agency, Direct, Partnership, and Group.

Risks & mitigation

• Insurance risk monitored via persistency and mortality tracking.
• Interest-rate risk hedged with derivatives; high-quality asset mix.
• Asset quality: 95.2% sovereign/AAA; 99.7% AA and above.

Governance & leadership

• Renamed to ICICI Life Insurance Limited; governance framework unchanged.
• Board Sustainability & CSR Committee oversees ESG integration.

Key updates

• Renamed to ICICI Life Insurance Limited.
• Board approved standalone results for quarter and six months ended Sep 30, 2026.

Financial & operating highlights

• PAT ₹760 crore; up 26.5% YoY.
• VNB ₹1,283 crore; VNB margin 26.0%.
• EV ₹56,669 crore; up 12.2% YoY.
• VIF ₹42,389 crore; up 12.0% YoY.
• NB premium ₹11,821 crore; APE ₹4,935 crore.
• Retail protection APE ₹455 crore; Annuity APE ₹324 crore.
• Retail NB sum assured ₹2.32 lakh crore.
• Total in-force sum assured ₹49.92 lakh crore.
• AUM ₹3.29 trillion; solvency 229.9%.
• Persistency: 13th month 84.5%; 49th month 71.6%.

Productivity & mix

• Product mix by APE: Linked 44.5%; Non-Linked 18.1%; Protection 23.4%; Annuity 6.6%; Group 7.4%.
• Retail NB sum assured grew to ₹2.32 lakh crore.

Efficiency & persistency

• Cost to premium (ex GST) 18.3%; Savings cost to premium (ex GST) 11.6%.
• Cost to premium (incl GST) 20.0%; Savings cost to premium incl GST 12.7%.
• Persistency metrics remain robust with 84.5% (13th month) and 71.6% (49th month).

Meeting Details

• Date of the meeting: October 13, 2026.
• Time and venue not disclosed.

Key Agenda Items

• Consider approval of unaudited financial statements and results for the quarter and half-year ended September 30, 2026.

Other Notes

• Trading window closed from Oct 1 to Oct 15, 2026 for designated persons and their immediate relatives.