April 23, 2024

General Manager Vice President

Listing Department Listing Department
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers ‘Exchange Plaza’
Dalal Street Bandra-Kurla Complex
Mumbai 400 001 Bandra (East), Mumbai 400 051

Dear Sir/Madam,

Scrip Code: Equity (BSE: 540133/NSE: ICICIPRULI) Debt (NSE: ICPR30)

Subject: Outcome of the Board Meeting held on April 23, 2024

The Board of Directors (“Board”) of ICICI Prudential Life Insurance Company Limited has at their
meeting, which commenced at 15:03 IST and concluded at 17:55 IST on Tuesday, April 23, 2024,
inter alia, approved the following businesses:

1. Audited financial statements and financial results (standalone and consolidated) for the quarter and
year ended March 31, 2024.

Pursuant to the provisions of regulation 33 and regulation 52 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (Listing Regulations) and other applicable requirements,
a copy of the audited financial results for the quarter and year ended March 31, 2024, together with
the Auditors’ Report in the prescribed format is enclosed. A copy of the press release being issued in
this connection is also enclosed.

Please note that B S R & Co. LLP and Walker Chandiok & Co LLP, the joint statutory auditors of the
Company have issued audit reports with unmodified opinion.

2. Recommendation of final dividend of ₹ 0.60 per equity share of face value of ₹ 10 each, to the
shareholders of the Company which shall be subject to the shareholders’ approval at the ensuing
Annual General Meeting.

Please note that the final dividend shall be paid to the eligible shareholders within 30 days from the
declaration at the ensuing Annual General Meeting of the Company.

Further, we refer to the proviso to Regulation 23(9) of the Listing Regulations stating that a ‘High value
debt listed entity' shall submit such disclosures along with its standalone financial results for the half year.
Pursuant to the said proviso, please find attached the disclosure under Regulation 23(9) for the half year
ended March 31, 2024. Please be informed that said disclosure shall also be filed in prescribed XBRL
format simultaneously.

Kindly take the above information on records.

Thanking you,

Yours sincerely,

For ICICI Prudential Life Insurance Company Limited

Digitally signed by SONALI NITIN CHANDAK

SONALI NITIN
DN: c=IN, st=Maharashtra,
2.5.4.20=adeb78f6e93967a1a715210b47478ca979cb9
7bc1f9cd4522abe279db46240da,
postalCode=400101, street=Mumbai,

CHANDAK
pseudonym=3fd752088c1fd9a176a8a069c256b294,
serialNumber=9130c95220b4b56e3bfed4d800982e8f
97581715ab811366faa253a4697d7814, o=Personal,
cn=SONALI NITIN CHANDAK
Date: 2024.04.23 17:58:22 +05'30'

Sonali Chandak
Company Secretary
ACS 18108

Encl.: As above
CC: Axis Trustee Services Limited, Debenture Trustee
ICICI Prudential Life Insurance Company Limited
1st and 2nd Floor, Cnergy IT Park, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025.
Regd. Office: ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025. India. Visit us at www.iciciprulife.com
Phone: +91 22 5039 1600, Fax: +91 22 2422 4484, Email: [email protected]
CIN: L66010MH2000PLC127837
 1

ICICI Prudential Life Insurance Company Limited

Embedded Value Results

This report on Embedded Value Results (“EV Results”) as at March 31, 2024 has been
prepared by the Company and the results presented in the report have been reviewed by
Milliman Advisors LLP.
1 Basis of preparation
The Embedded Value (EV) is a measure of the consolidated value of the shareholders’
interest in the life insurance business. The EV Results have been prepared based on the
Indian Embedded Value (IEV) methodology and principles as set out in Actuarial Practice
Standard 101 (version 1.02) (APS10) issued by the Institute of Actuaries of India (IAI). As
APS10 is applicable for the limited purpose of an Initial Public Offering (IPO), compliance
with APS10 is limited to the methodology and principles used to develop the EV Results
presented in this report. The EV methodology is broadly in line with the Market Consistent
Embedded Value2 (MCEV) principles used in Europe.
A detailed description of the EV methodology is provided in section 3.

1
The Actuarial Practice Standard 10 for the EV method is available at
https://www.actuariesindia.org/sites/default/files/inline-files/APS_10_modification_ver1_02_28_03_2015_0.pdf
2
The MCEV principles as defined by the CFO Forum are available at
https://cfoforum.eu/downloads/CFO-Forum_MCEV_Principles_and_Guidance_April_2016.pdf
 2

2 Key results
2.1 Value of new business (VNB)
New business details (` bn) FY2023 FY2024
Value of New Business (VNB) 27.65 22.27
Savings 16.78 10.83
Protection 10.87 11.44
New Business Margin (VNB/APE) 32.0% 24.6%

Single Premium 99.91 106.51

Regular Premium 76.41 79.81

Annual Premium Equivalent (APE) 86.40 90.46

Savings 71.36 75.21
Protection 15.04 15.25

As at March As at March
Components of VNB (` bn)
31, 2023 31, 2024
Present value of future profits (PVFP) for new
29.58 24.29
business
Time value of financial options and guarantees
(0.00) (0.00)
(TVFOG)
Cost of residual non-hedgeable risks (CRNHR) (1.06) (1.16)
Frictional cost of required capital (FC) (0.87) (0.86)
Value of new business 27.65 22.27

2.2 EV
As at March As at March
Components of EV (` bn)
31, 2023 31, 2024
Free surplus (FS) 30.47 41.62
Required capital (RC) 57.35 74.19
Adjusted net worth (ANW) 87.82 115.80

Present value of future profits (PVFP) 277.44 316.68

Time value of financial options and guarantees
(0.44) (0.04)
(TVFOG)
Cost of residual non-hedgeable risks (CRNHR) (4.72) (4.67)
Frictional cost of required capital (FC) (3.75) (4.40)
Value of in-force business (VIF) 268.52 307.56

Embedded value (EV) 356.34 423.37

EV operating earnings (EVOP) 54.88 50.17

Return on Embedded Value (ROEV) 17.4% 14.1%
Growth in EV 12.7% 18.8%
 3

2.3 Analysis of movement

The graph and table below analyse the movement in embedded value from `356.34 bn
to `423.37 bn during FY2024.

Components (` bn) FY2023 FY2024

Opening EV 316.25 356.34
Expected return on existing business (unwind)
At reference rates 12.45 24.80
At expected excess ‘real world’ return over
14.63 5.91
reference rates
Operating assumption changes (1.61) 0.70
VNB added during the period 27.65 22.27
Operating experience variance
Persistency 1.43 (0.56)
Mortality / morbidity 0.22 (2.88)
Expenses 0.03 0.00
Others 0.08 (0.08)
EV operating earnings (EVOP) 54.88 50.17
Economic assumption changes and investment
(14.49) 16.91
variance
EV total earnings 40.39 67.08

Capital contributions / (dividends paid out) (0.30) (0.06)

Closing EV 356.34 423.37

 4

2.4 Sensitivities
Change in
Change in new
No. Scenario (` bn) embedded
business value
value
Base results 423.37 22.27
1 Reference rates
An increase of 100 bps in the reference
1a (3.5%) (11.7%)
rates
A decrease of 100 bps in the reference
1b 3.8% 10.9%
rates
2 Acquisition expenses
2a 10% increase in acquisition expenses Nil (18.0%)
2b 10% decrease in acquisition expenses Nil 18.1%
3 Maintenance expenses
3a 10% increase in maintenance expenses (0.8%) (3.4%)
3b 10% decrease in maintenance expenses 0.8% 3.4%
4 Persistency
10% increase (multiplicative) in the policy /
4a premium discontinuance rates and partial (0.4%) (4.8%)
withdrawal rates
10% decrease (multiplicative) in the policy /
4b premium discontinuance rates and partial 0.4% 5.1%
withdrawal rates
5 Mortality/Morbidity
An increase of 10% (multiplicative) in the
5a (2.0%) (14.9%)
mortality / morbidity rates
A decrease of 10% (multiplicative) in the
5b 2.1% 15.0%
mortality / morbidity rates
6 Taxation
6a Assumed tax rate increased to 25% (6.6%) (11.4%)
7 Equity
7a Equity values increase by 10% 1.6% 1.1%
7b Equity values decrease by 10% (1.7%) (1.0%)
 5

3 Methodology

The EV consists of the two following components:

 Adjusted net worth (ANW), consisting of:
 Free surplus (FS) allocated to the covered business; and
 Required capital (RC).
 Value of in-force covered business (VIF).
3.1 Covered business
The business covered under the EV Results (covered business) includes all business that
has been written by the Company including the life assurance and pensions business,
accident and health-insurance business and group business.
The business written by ICICI Prudential Pension Funds Management Co. Ltd., a
subsidiary of ICICI Prudential which writes pensions fund management business, is not
included as covered business. The value of ICICI Prudential Pension Funds Management
Co. Ltd is reflected in ANW based on the value at which it is carried in the audited
financial statements of the Company, which is ` 560.2 mn as at March 31, 2024.
3.2 RC
RC is the value of assets attributed to the covered business over and above that which
is required to back the liabilities for covered business, the distribution of which to
shareholders is restricted.
The level of RC is set equal to the amount required to be held to meet supervisory
requirements or otherwise encumbered by supervisory or legal restrictions that prevent
its distribution. The amount of RC is presented from the shareholders’ perspective and is
net of the funds for future appropriation (FFAs) and the book value of subordinated debt,
to the extent allowed by the regulations to meet the RC.
3.3 FS
The FS is the market value of any assets allocated to, but not required to support, the in-
force covered business as at the valuation date.
The FS has been determined as the adjusted net worth of the Company, less the RC as
defined above. The adjusted net worth of the Company is calculated as the net
shareholders’ funds as per the audited financial statements, adjusted so as to revalue to
market value those assets and those liabilities that are dependent on asset values, which
are not at market value in the audited financial statements. The mark to market
adjustment is net of tax applicable.
In respect of the subordinated debt capital raised by the Company through a private
placement of non-convertible debentures (NCDs), the difference between the book value
and the market value of liability associated with the NCDs is reflected in the FS.
The FFA, which comprises all funds which have not been explicitly allocated either to
policyholders or to shareholders at the valuation date, is reported under policyholder
funds. The shareholders have a 10% interest in the non-linked FFA accrued in respect of
participating business. The value of the shareholders’ interest in the FFA is included in
the VIF, at its market value, and therefore does not form part of the ANW.
 6

3.4 VIF
The VIF represents the present value of the shareholders’ interest in the earnings
distributable from the assets allocated to the covered business after sufficient allowance
for the aggregate risks in the business. The VIF consists of the following components:
 the present value of future profits (PVFP); adjusted for
 the time value of financial options and guarantees (TVFOG);
 the frictional costs of required capital (FC); and
 the cost of residual non-hedgeable risks (CRNHR).
PVFP
The PVFP is the present value of projected distributable profits to shareholders arising
from the in-force covered business, determined by projecting the post taxation
shareholder cash flows from the in-force covered business and the assets backing the
associated liabilities. The distributable profits also include the release to shareholders of
the amounts from the FFA. For one-year renewable group term business, any future
profits arising from the expected renewals from existing members are included in the
PVFP.
For products with reviewable rates and charges, the projection of future cash flows
assumes that the rates and charges as at the valuation date remain unchanged.
The projection of future distributable profits arising from the covered business is carried
out using best estimate non-economic assumptions and market consistent economic
assumptions.
Distributable profits are determined by reference to liabilities determined in accordance
with the statutory requirements for life insurance companies.
The Company holds ‘global reserves’ calculated outside of its actuarial models as at the
valuation date. Wherever appropriate, the shareholders’ interest in the assets backing
such global reserves is calculated by assuming a suitable release pattern of such
reserves.
TVFOG
The TVFOG reflects the value of the additional cost to shareholders that may arise from
the embedded financial options and guarantees attaching to the covered business. The
intrinsic value of such options and guarantees is reflected in the PVFP.
A stochastic approach is used to determine the TVFOG using methods and assumptions
consistent with the underlying embedded value. The economic assumptions used in
determining the TVFOG ensure that the projected cash flows are valued in line with the
price of similar cash flows that are traded in the capital markets.
 7

FC
The VIF includes an allowance for the FC of RC for the covered business. This FC
represents investment management expenses and taxation costs associated with
holding the RC. The investment costs have been reflected as an explicit deduction from
the gross investment return.
CRNHR
The CRNHR is an allowance for risks to shareholder value to the extent that these are
not already allowed for in the TVFOG or the PVFP. In particular, the CRNHR makes
allowance for:
 asymmetries in the impact of the risks on shareholder value; and
 risks that are not allowed for in the TVFOG or the PVFP (e.g. operational risk).
The CRNHR reflects operational risk, catastrophe mortality/morbidity risk and mass
lapsation risk. The CRNHR has been determined using a cost of capital approach. The
CRNHR is the present value of a notional cost of capital charge levied on the projected
capital in respect of the residual non-hedgeable risks. Allowance has been made for the
benefit of diversification among the non-hedgeable risks, other than operational risk.
3.5 New business and renewals
The VIF includes the value attributable to shareholders considering the expected renewal
premiums on the in-force business, including any foreseeable variations in the level of
renewal premiums, but excludes any value relating to future new business (i.e. the new
business that may be written after the applicable valuation date).
The VNB reflects the additional value to shareholders created through the activity of
writing new business over the stated period ending on the valuation date, and includes
the value from the expected renewal premiums on that new business.
The new business comprises both individual and group policies sold during the reporting
period, including the expected renewal premiums and expected future contractual
alterations to those contracts. It also includes the non-contractual single premium
payments received during the reporting period. New business for one year renewable
group term business and group micro business includes business from new members
that have joined an existing scheme or a new scheme during the financial year, and the
VNB includes the value arising from the renewal premiums expected from new members.
The VNB is calculated in the same way as the VIF, with appropriate allowance for
changes in the ANW during the reporting period.
The VNB is determined as at March 31, 2024 and takes into account acquisition
commissions and acquisition expenses actually incurred in the full year to March 31,
2024. The VNB is computed without consideration of the intrinsic cost or benefit from the
use of interest rate derivatives for hedging interest rate risk.
 8

3.6 Analysis of movement of EV

A brief description of the various components is provided below

Components Description
(1) Expected investment income at opening reference rate
on VIF and ANW; and
Expected return on
existing business (2) Expected excess ‘real world’ investment return over the
opening reference rate on VIF and ANW.

This is the impact of updating of non-economic

Operating assumption assumptions, on both best estimate and statutory bases, to
changes those adopted in the closing EV.
VNB added during the
This is as described in section 3.5 above
period
The variance arising from discontinuance and mortality /
morbidity is analysed at a policy level, by considering the
actual change in the policy status from the opening EV to
the closing EV dates. The operating experience variance
Operating experience captures the difference between the actual and expected
variance experience and is calculated in the following order:
a. Discontinuance rates
b. Mortality / morbidity rates
c. Expenses

Economic assumption changes reflect the update of the

reference rate yield curve, inflation and valuation economic
assumptions from opening EV to closing EV.
Economic assumption The investment variance is the difference between the
changes and actual investment return and the expected ‘real world’ rates
investment variance for existing business as at March 31, 2023 and the closing
and opening reference rates (the reference rates at the end
of each month during which the new business is sold) for
new business written during FY2024.

These are the actual capital infusions / dividends paid out

Capital contributions / to the shareholders, including the dividend distribution tax
(dividends paid out)
incurred (if any) during the period.

3.7 Sensitivities
Sensitivity analyses are carried out for one parameter at a time and do not include
changes in other parameters not explicitly mentioned as part of the sensitivity.
The key assumption changes represented by each of the sensitivities and their impact on
EV and VNB are provided in section 2.
 9

4 Assumptions

The projections of future shareholder cash flows expected to emerge from covered in-
force and new business have been determined using best estimate assumptions. These
assumptions (both economic and non-economic) are reviewed annually and have been
updated as appropriate.
4.1 Economic assumptions
Investment returns and discount rates used in the calculation of opening and closing EV
are based on reference rates at March 31, 2023 and March 31, 2024 respectively. The
PVFP before TVFOG is calculated assuming that assets earn, before tax and investment
management expenses, the reference rates assumed, and by discounting all cash flows
using the reference rates assumed which are gross of tax and investment management
expenses. The reference rates are derived from the zero coupon yield curve as published
on the Clearing Corporation of India Limited3 website, by adjusting the published yields
so that they derive the market value of the Company’s government bond portfolio. The
reference rates assumed in the calculation of EV are set out below:

Reference rate (one year forward rates)

Tenor (years)
March 31, 2023 March 31, 2024
1 7.23% 7.18%
5 7.49% 7.28%
10 7.56% 7.24%
15 7.65% 7.26%
20 7.70% 7.31%
25 7.73% 7.36%
30 7.74% 7.40%

Investment returns and discount rates used in the calculation of VNB are based on the
CCIL published yield curves for each month of sale of new business, adjusted so that they
derive the then market value of the Company’s government bond portfolio.

4.2 Non-economic assumptions

Demographic assumptions
The best estimate assumptions for persistency, mortality and morbidity have been
derived based on the Company’s own experience. An allowance for future improvements
in respect of mortality has been made for annuities.

Commission and Expense assumptions

The expense assumptions have been derived based on the Company’s actual expenses
during FY2024 with no anticipation of productivity gains or cost efficiencies. The fixed
renewal expenses are inflated from FY2025 onwards using the best estimate inflation
rate assumed.

The commission rates under different products are based on the actual commission
payable (if any) to the distributors.

3
The CCIL zero coupon sovereign rupee yield curve is available at
https://www.ccilindia.com/RiskManagement/SecuritiesSegment/Pages/CCILRupeeYieldCurveDaily.aspx
 10

Tax rates
In determining the EV Results, allowance has been made for future taxation costs
expected to be incurred by the Company. This includes both corporate taxes and Goods
and Services Tax (“GST”).

The taxation costs reflected in the EV Results make an allowance for the fact that the
Company is allowed to reduce its taxable income by dividend income earned, subject to
a maximum of the dividend declared and distributed4.

4
Limit of deduction subject to dividend distribution introduced in Finance Act, 2020
 Milliman Advisors LLP
503, A Wing, Citipoint
JB Nagar, Andheri-Kurla Road,
Andheri (E), Mumbai 400 059
India
milliman.com

LLPIN: AAF-5603

23 April 2024

The Board of Directors

ICICI Prudential Life Insurance Company Limited
ICICI PruLife Towers
Appasaheb Maratha Marg
Prabhadevi, Mumbai - 400 025

Re: Milliman’s opinion on the Embedded Value results as at 31 March 2024 (“Opinion”)

Dear Members of the Board

Introduction

ICICI Prudential Life Insurance Company Limited (‘ICICI Prudential’, ‘the Company’) has prepared
embedded value calculations following the methodology and principles set out in the Actuarial Practice
Standard 10 (version 1.02) (“APS10”) issued by the Institute of Actuaries of India. These calculations
consist of the following (together referred to as the “Results”):
 Indian Embedded Value (“IEV”) as at 31 March 2024;
 the value of one year of new business (“VNB”) for new business sold during the year ending 31
March 2024;
 an analysis of the movement of IEV from 31 March 2023 to 31 March 2024; and
 various sensitivity results on the IEV as at 31 March 2024 and the VNB for business sold during
the year ending 31 March 2024.
The Results, along with the methodology and assumptions that have been used to prepare the Results,
have been summarised by the Company in the public disclosures (“Disclosures”) that accompany this
Opinion.

Scope of services

Milliman Advisors LLP (‘Milliman’, ‘we’, ‘us’, ‘our’) has been engaged by ICICI Prudential Life Insurance
Company Limited (‘ICICI Prudential’, ‘the Company’) to carry out a review and certification of the
Results. Our scope of work includes the following:
 a review of the methodology and assumptions used by the Company in developing the Results
for compliance with the relevant principles set out in APS10;
 a review of the Company’s actuarial models (covering the calculation of IEV, VNB, analysis of
movement and sensitivity results) used to develop the Results for a selection of model points
 Review of IEV results as at 31 March 2024

covering the more material products comprising the value of in-force business (“VIF”) and VNB;
and
 a detailed review of the aggregation templates used by the Company to develop the Results,
which also included a review of the process used to conduct the analysis of movement of IEV
and various sensitivity analyses.

Opinion

Based on the work carried out and subject to the reliances and limitations mentioned below, I am of the
opinion that the Results have been developed in all material respects in accordance with the
methodology and principles set out in APS10. In particular:
 the methodology used to develop the Results is reasonable and in line with APS10;
 the assumptions (economic and non-economic) used to develop the Results have been
developed materially in line with the requirements of APS10, using the Company’s operating
experience (for non-economic assumptions), and are reasonable;
 the Results have been prepared materially in accordance with the methodology and
assumptions described in the Disclosures, and with the accounting information presented in
the financial statements;
 the Results have been prepared materially in accordance with the requirements of APS10.

Reliances and Limitations

This Opinion has been prepared solely for use by ICICI Prudential for inclusion in the Disclosures for
the year ending 31 March 2024. It should not be relied upon for any other purpose. Milliman does not
intend to create a legal duty to any third party recipient of its work.
We have relied on information supplied by the management and staff of ICICI Prudential. Reliance was
placed on, but not limited to, the general accuracy of all the information provided to us.
We have obtained a management representation letter from ICICI Prudential, stating that, to the best
of ICICI Prudential’s knowledge, the data and information provided to us is accurate and complete and
that there are no material inaccuracies or omissions therein. To the extent that there are material
inaccuracies or omissions in the information received, this Opinion may be rendered invalid.
An actuarial assessment of the components of value of a life insurance company will not necessarily
be consistent with the value of a life insurance company or a portfolio in the open market and should
not be interpreted in that manner.
The Results are based on a series of assumptions as to future operating experience. It should be
recognised that actual experience will differ from these assumptions on account of changes in the
operating and economic environment and natural variations in experience. To the extent that actual
experience is different from the assumptions, the future projected profits from which the Results are
derived will also differ. The Disclosures include various sensitivity results to illustrate how vulnerable
the IEV and VNB results are to changes in assumptions for the key risks. The Results shown are
presented at the valuation dates stated and no warranty is given by Milliman that future experience after
these valuation dates will be in line with the assumptions made.
Milliman is not a tax expert and is not able to provide tax or accounting advice. Accordingly, it is
acknowledged that no reliance will be placed on Milliman, its Partners, or employees with respect to
any tax or accounting issue. The allowance for taxation reflected in the Results is based on the
Company’s interpretation of applicable tax regulations. The Results do not reflect any allowance for
withholding or other taxes (if any) that may apply to the payment of future shareholder dividends or on
remittances out of India.
 Review of IEV results as at 31 March 2024

The Results have been determined on a going concern basis, and assume a stable economic, legal
and regulatory environment going forward. Any change in the general operating environment would add
a high degree of uncertainty to the Results.
Unless explicitly stated, the Results do not consider any external (including regulatory) developments
after the valuation date of 31 March 2024.

Yours faithfully,

Richard Holloway FIAI

Partner
 April 23, 2024

Performance for the year ended March 31, 2024

1. Operating performance review

(` in billion)
Q4- Q4- Y-o-Y Y-o-Y
` in billion FY2023 FY2024
FY2023 FY2024 Growth Growth
Profit/(Loss) After Tax (PAT) 2.35 1.74 (26.0%) 8.11 8.52 5.1%
Value of New Business (VNB) 10.55 7.76 (26.4%) 27.65 22.27 (19.5%)
Embedded Value - - - 356.34 423.37 18.8%
New Business Received
56.35 65.53 16.3% 169.22 180.81 6.8%
Premium
Total Premium 129.92 151.50 16.6% 399.33 432.36 8.3%
APE1 33.00 36.15 9.5% 86.40 90.46 4.7%
-Savings including annuity 28.46 31.83 11.8% 71.36 75.21 5.4%
-Protection 4.54 4.33 (4.6%) 15.04 15.25 1.4%
New Business Sum assured 3,491.99 2,992.62 (14.3%) 10,413.92 10,221.11 (1.9%)
Cost ratio (Cost/TWRP)2 22.9% 21.8% - 21.5% 24.0% -
Assets under management - - - 2,511.91 2,941.40 17.1%

Regular and Limited pay Fully paid and Single premium

Persistency 9M- 9M-
FY20233 FY20243 FY20233 FY20243
FY20244 FY20244
13th month 86.6% 87.4% 89.0% 99.9% 99.8% 99.8%
25th month 77.8% 79.6% 80.5% 99.7% 99.6% 99.7%
37th month 71.3% 71.5% 72.3% 100.0% 99.4% 99.0%
49th month 64.2% 67.1% 68.5% 98.1% 99.7% 99.7%
61st month 65.7% 64.9% 64.4% 98.6% 98.3% 98.7%
1
Annualised Premium Equivalent
2
Total cost including commission/(Total premium – 90% of single premium)
3
Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’
dated September 30, 2021; 12 month rolling persistency for March to February measured at March 31
4
For policies issued during December to November period of relevant year measured at December 31
Components may not add up to the totals due to rounding off

• Profitability
The Company’s Profit After Tax (PAT) grew by 5.1% year-on-year from ₹ 8.11 billion in FY2023 to
₹ 8.52 billion in FY2024. Value of New Business (VNB) for FY2024 was ₹ 22.27 billion. With an APE
of ₹ 90.46 billion for the FY2024, VNB margin for FY2024 stood at 24.6%. The decline in VNB margin
is primarily on account of the shift in underlying product mix towards unit linked & par from non-
par business, decline in group term business and higher expense ratio for the current year.
• Embedded Value
The Embedded Value grew by 18.8% year-on-year from ` 356.34 billion at March 31, 2023 to `
423.37 billion at March 31, 2024. The value of inforce business grew by 14.5% from ` 268.52 billion
at March 31, 2023 to ` 307.56 billion at March 31, 2024.

The return on embedded value (RoEV) was 14.1% in FY2024. EV operating profit stood at ` 50.17
billion in FY2024.
• Premium
New business received premium grew by 6.8% year-on-year from ` 169.22 billion in FY2023 to `
180.81 billion in FY2024. The total Annualised Premium Equivalent (APE) grew by 4.7% year-on-
year from ` 86.40 billion in FY2023 to ` 90.46 billion in FY2024. Retail APE grew by 12.0% year-on-
year from ` 28.59 billion in Q4-FY2023 to ` 32.01 billion in Q4-FY2024. The Company has delivered
Retail Weighted Received Premium (RWRP) growth of 11.5% in Q4-FY2024, outperforming both
the overall industry and private life insurers.

• Product mix
The Company offers a wide range of products across various segments such as savings (linked and
non-linked), annuity and protection to meet the specific needs of the customers. The Company has
a well-diversified product mix with FY2024 APE contribution from linked, non-linked, protection,
annuity, and group funds at 43.2%, 25.8%, 16.9%, 10.5% and 3.5% respectively.

Savings business APE including annuity grew by 5.4% year-on-year from ` 71.36 billion in FY2023
to ` 75.21 billion in FY2024. Protection APE stood at ` 15.25 billion in FY2024. Retail protection
business APE registered a growth of 46.6% year-on-year from ` 3.26 billion in FY2023 to ` 4.78
billion in FY2024. Credit life business APE grew by 25.2% year-on-year from ` 4.81 billion in FY2023
to ` 6.02 billion in FY2024.

As a result, retail new business sum assured grew by 38.3% year-on-year from ₹ 1,754.67 billion
in FY2023 to ` 2,427.51 billion in FY2024. The total in-force sum assured grew by 15.6% year-on-
year from ₹ 29.51 trillion at March 31, 2023 to ₹ 34.11 trillion at March 31, 2024.

• Persistency
Persistency ratios have significantly improved across most of the cohorts, reflective of the
Company’s strong focus on improving the quality of business. The 13th month persistency improved
from 86.6% in FY2023 to 89.0% in FY2024. The 49th month persistency ratio improved from 64.2%
in FY2023 to 68.5% in FY2024.

• Cost metrics
In FY2024, the cost to total weighted received premium (TWRP) ratio for the savings business and
the overall cost to TWRP ratio stood at 15.8% and 24.0% respectively. In the current financial year,
the re-design of commission structure pursuant to the flexibility provided in IRDAI (Payment of
Commission) Regulations has led to an increase in commission expenses. Additionally, the
Company has continued its investments towards sustainable future growth.

• Assets under management

The assets under management of the Company grew by 17.1% year-on-year from ` 2,511.91 billion
at March 31, 2023 to ` 2,941.40 billion at March 31, 2024. The Company had a debt-equity mix of
53:47 at March 31, 2024 and 95.9% of the fixed income investments were in sovereign or AAA
rated instruments.

• Net worth and capital position

The Company’s net worth was ` 110.09 billion at March 31, 2024. The solvency ratio was 191.8%
against the regulatory requirement of 150%.
2. Financial performance review

Summary Standalone Revenue and Profit & Loss Account

(` in billion)
Three months ended Year ended
Particulars March 31, December March 31, March 31, March 31,
2024 31, 2023 2023 2024 2023
Premium earned 151.50 102.85 129.92 432.36 399.33
Premium on reinsurance ceded (3.62) (3.56) (3.64) (14.76) (13.76)
Premium on reinsurance accepted - - 0.01 - 0.03
Net premium earned 147.88 99.29 126.29 417.60 385.60
Investment income1 77.43 165.00 (16.84) 479.31 106.94
Unit-linked 53.33 140.12 (33.92) 382.03 42.03
Other than unit-linked 24.10 24.88 17.08 97.29 64.91
Other income 0.55 0.65 0.44 2.19 1.53
Total income 225.87 264.94 109.89 899.10 494.07
Commission paid2 15.66 10.02 7.54 37.22 18.64
Expenses3 11.69 10.50 17.46 48.12 52.73
Interest on Non-convertible
Debentures 0.20 0.21 0.20 0.82 0.82
Tax on policyholders fund 0.36 0.34 0.47 1.08 1.84
Claims/benefits paid4 125.16 100.80 87.61 400.06 310.04
Change in actuarial liability5 70.45 140.76 (6.56) 402.56 101.03
Total Outgo 223.52 262.62 106.72 889.87 485.10
Profit/(Loss) before tax 2.34 2.32 3.17 9.23 8.97
Tax charge/ (credit) 0.61 0.05 0.82 0.71 0.86
Profit/(Loss) after tax 1.74 2.27 2.35 8.52 8.11
1. Net of provision for diminution in value of investments
2. Commission also includes rewards and/or remuneration to agents, brokers or other intermediaries
3. Includes provisions for doubtful debts (including write off) and goods and service tax on linked charges
4. Net of reinsurance
5. Includes movement in funds for future appropriation
6. Components may not add up to the totals due to rounding off

The Company’s profit before tax increased from ` 8.97 billion in FY2023 to ` 9.23 billion in
FY2024. Profit after tax has increased from ` 8.11 billion in FY2023 to ` 8.52 billion in FY2024.

The performance highlights for FY2024 are as given below:

• Net premium earned (gross premium less reinsurance premium) increased by 8.3% from `
385.60 billion in FY2023 to ` 417.60 billion in FY2024.

• Total investment income increased from ` 106.94 billion in FY2023 to ` 479.31 billion in
FY2024. Investment income comprised of:
• Investment income under unit-linked increased from ` 42.03 billion in FY2023 to ` 382.03
billion in FY2024, primarily due to increase in the market value of the securities held
coupled with increase in profits on sale of investments. Investment income under unit-
linked is directly offset by change in valuation of policyholder liabilities.
• Investment income under other than unit-linked increased from ` 64.91 billion in FY2023
to ` 97.29 billion in FY2024 primarily on account of an increase in profit on sale of
investments and interest income.

• Other income increased from ` 1.53 billion in FY2023 to ` 2.19 billion in FY2024.
• Total expenses (including commission and interest on sub debt) increased by 19.4% from `
72.19 billion in FY2023 to ` 86.16 billion in FY2024.
• Commission expenses increased by 99.7% from ` 18.64 billion in FY2023 to ` 37.22
billion in FY2024. New business commission (including single premium commission and
rewards) increased from ` 14.36 billion in FY2023 to ` 32.57 billion in FY2024 primarily
on account of redesign of commission structure pursuant to the IRDAI (Payment of
Commission) Regulations, 2023 issued on March 31, 2023. Renewal commission
increased from ` 4.28 billion in FY2023 to ` 4.65 billion in FY2024.
• Operating expenses decreased by 8.7% from ` 52.73 billion in FY2023 to ` 48.12 billion
in FY2024. Operating expenses include unit fund expenses (including goods and service
tax on linked charges) amounting to ` 6.95 billion (FY2023: ` 6.71 billion) under the unit-
linked portfolio. The unit fund expenses under the unit-linked portfolio are directly offset
by changes in the valuation of policyholder liabilities. Operating expenses of other than
unit-linked portfolio decreased by 10.5% from ` 46.02 billion in FY2023 to ` 41.17 billion
in FY2024.

• Claims and benefit payouts (net of reinsurance) increased by 29.0% from ` 310.04 billion
in FY2023 to ` 400.06 billion in FY2024, primarily on account of higher surrenders/
withdrawals in the unit-linked portfolio. The claims and benefits under the unit-linked
portfolio are directly offset by changes in the valuation of policyholder liabilities.

• Change in actuarial liability, including funds for future appropriation and fund reserve,
increased from ` 101.03 billion in FY2023 to ` 402.56 billion in FY2024. Change in fund
reserve, which represents the change in liability carried on account of units held by unit-
linked policyholders, increased from ` (68.08) billion in FY2023 to ` 207.84 billion in FY2024.
The increase in change in fund reserves is primarily due to higher investment income in the
unit linked portfolio. Non-unit reserve increased from ` 166.25 billion in FY2023 to ` 198.55
billion in FY2024.

Disclaimer
Except for the historical information contained herein, statements in this release which contain words or phrases
such as 'will', ‘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, opportunities and growth potential to differ materially from those suggested by the
forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in
demand for insurance and other financial products and services in the countries that we operate or where a material
number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet
and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or
acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic
and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our
ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other
jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement
our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other
jurisdictions on us. ICICI Prudential Life insurance undertakes no obligation to update forward-looking statements
to reflect events or circumstances after the date thereof.
This release does not constitute an offer of securities.
For investor queries please reach out to Investor relations team at +91-22-40391600 or email [email protected].
1 billion = 100 crore
News Release April 23, 2024

NSE Code: ICICIPRULI BSE Code: 540133

ICICI Prudential Life Insurance Profit After Tax grows to

` 8.52 billion in FY2024

Performance Highlights

• Robust 11.5% RWRP growth in Q4-FY2024, higher than the overall industry and
private life insurers
• Retail APE growth of 12.0% in Q4-FY2024 & 7.3% in FY2024
• Annuity & retail protection segment registers growth of 88.0% & 46.6%
respectively in FY2024
• Retail New Business Sum Assured (NBSA) grew by 38.3% year-on-year to ₹ 2.4
trillion in FY2024. Total in-force sum assured grew by 15.6% to ₹ 34.1 trillion at
March 31, 2024
• Embedded value grew by 18.8% to ₹ 423.37 billion at March 31, 2024
• Final dividend of ₹ 0.60 per share

ICICI Prudential Life Insurance has reported a growth of 5.1% in its Profit After Tax (PAT)
to ` 8.52 billion for FY2024. For the same period, the Value of New Business (VNB) stood
at ` 22.27 billion and the VNB margin at 24.6%.

The total Annualised Premium Equivalent (APE) grew by 4.7% year-on-year to ` 90.46
billion in FY2024. In Q4-FY2024, the Company’s Retail Weighted Received Premium
(RWRP) grew by 11.5% year-on-year, outperforming both the overall industry and
private life insurers for the second consecutive quarter.

Retail New Business Sum Assured (NBSA) grew by 38.3% year-on-year to ` 2.4 trillion
in FY2024. The total in-force sum assured grew by 15.6% year-on-year to ` 34.1 trillion
at March 31, 2024. The sum assured represents the quantum of life cover opted for by
customers and is an indicator of customers' confidence in the Company's claims
settlement ability.

The advanced machine learning models have played a pivotal role in bolstering
persistency across cohorts. The 13th month persistency ratio improved by 240 basis
points to 89.0% in FY2024. Similarly, the 49th month persistency ratio also improved by
430 basis points to 68.5% in FY2024.
The overall cost ratio i.e., Cost/Total Weighted Received Premium (TWRP) stood at
24.0% and the cost ratio for the savings line of business stood at 15.8% in FY2024.

The solvency ratio was 191.8% at March 31, 2024 against the regulatory requirement of
150%. The Assets Under Management (AUM) grew by 17.1% year-on-year to ` 2.9
trillion at March 31, 2024.

The Embedded Value (EV) grew by 18.8% year-on-year to ₹ 423.37 billion at March 31,
2024 and Return on Embedded Value (RoEV) was 14.1% for FY2024. Value of inforce
business grew by 14.5% year-on-year to ₹ 307.56 billion at March 31, 2024.

The Board has approved a final dividend of ₹ 0.60 per equity share for FY2024.

Mr. Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “We have been
strengthening our well-diversified distribution network, designing innovative products
and processes and leveraging data analytics and other technology solutions to simplify
the business. These are aimed at enriching the customer and distributor experience.

We believe simplification is the key to expanding the market and is in line with our
objective to become the most customer and distributor friendly life insurer. We are the
first life insurer in the country to offer an annuity product which provides customers the
option to receive a 100% refund of premiums paid. In addition, we offer a long-term
savings product which provides customers the flexibility to make partial withdrawals
enabling them to meet liquidity requirements without disrupting the savings goal.
Notably, we are also the first life insurer to pay out commissions on the same day to our
distributors. Innovative products and processes underscore the Company’s strategy of
providing the right product to the right customer at the right price and through the right
channel.

Our focus on the distribution front has been to build capacity and enhance efficiency. In
Q4-FY2024, the retail weighted received premium grew by 11.5%, outperforming the
overall industry and private life insurers. The contribution of the agency and direct
business channels to the retail APE stood at 51% for FY2024.

The ICICI Pru Stack, a set of platform capabilities aids sharp customer segmentation and
enables better understanding of customer needs thereby facilitating best effort adjusted
outcomes for our distributors. We have also deployed Machine Learning models which
enable us to introduce appropriate interventions to address customer requirements. Our
13th month persistency for the full year stood at 89.0%, reflecting the customer’s trust in
the Company and our operational efficiency.

Our industry leading claim settlement ratio of 99.2% in FY2024, with an average
turnaround time of 1.3 days for non-investigated claims reflects our commitment to
fulfilling the promise made to our customers and their families.

Going forward we will continue to leverage technology to simplify products and

processes and augment customer experience. We believe this will enable us to stay firmly
rooted to the sustainable growth path. This is aligned with our objective of balancing
growth, risk & prudence and profitability.”
Operational metrics:
Growth
` billion FY2023 FY2024
Y-o-Y
Profit After Tax (PAT) 8.11 8.52 5.1%
Value of New Business (VNB) 27.65 22.27 (19.5%)
Value of New Business Margin (VNB Margin) 32.0% 24.6% -
Embedded Value (EV) 356.34 423.37 18.8%
Return on Embedded Value (RoEV) 17.4% 14.1% -
Total in-force sum assured (in trillion) 29.51 34.11 15.6%
New Business Received Premium 169.22 180.81 6.8%
Total Premium 399.33 432.36 8.3%
Annualised Premium Equivalent (APE) 86.40 90.46 4.7%
-Savings including annuity 71.36 75.21 5.4%
-Protection 15.04 15.25 1.4%
Retail APE 71.55 76.80 7.3%
13th month persistency1 86.6% 89.0% 240 bps
49th month persistency1 64.2% 68.5% 430 bps
Savings Cost Ratio (Cost/TWRP2) 14.2% 15.8% -
Overall Cost Ratio (Cost/TWRP2) 21.5% 24.0% -
Solvency 208.9% 191.8% -
Assets under Management (AUM) 2,511.91 2,941.40 17.1%
1.
Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated
September 30, 2021; 12 month rolling persistency for March to February measured at March 31
2.
Total cost including commission/(Total premium – 90% of single premium)
Components may not add up to the totals due to rounding off

Definitions, abbreviations and explanatory notes

• Annual Premium Equivalent (APE): APE is a measure of new business written by a life
insurance company. It is computed as the sum of annualised first year premiums on regular
premium policies, and ten percent of single premiums, written by the Company during any
period from new retail and group customers.

• Retail Weighted Received Premium (RWRP): RWRP is a new business measure very similar
to APE for the retail (also referred to as individual) business with the only difference being
that the regular premiums considered here are first year premiums actually received by the
life insurer and not annualised. Secondly, since it is a new business measure for retail
business, it includes only Premium received from retail customers. It is the sum of all retail first
year premiums and ten percent of retail single premiums received in a period.

• Total Weighted Received Premium (TWRP): TWRP is a measure of total premiums from new
and existing retail and group customers received in a period. It is sum of first year and renewal
premiums on regular premium policies and ten percent of single premiums received from both
retail and group customers by Company during the period.
• Persistency: It is the most common parameter for quality of business representing the
percentage of retail policies (where premiums are expected) that continue paying premiums.
Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures
by Insurers’ dated September 30, 2021.

• 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 and bad debts written off to total weighted received Premium
(TWRP).

• Value of New Business (VNB) and VNB margin: 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 on
the basis of 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.

1 billion = 100 crore

1 trillion = 1 lakh crore

About ICICI Prudential Life Insurance (www.iciciprulife.com)

ICICI Prudential Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The
Company began operations in fiscal 2001 and has consistently been amongst the top private sector life
insurance companies in India on a Retail Weighted Received Premium (RWRP) basis. The Company offers
an array of products in the Protection and Savings category which match the different life stage
requirements of customers, enabling them to provide a financial safety net to their families as well as achieve
their long-term financial goals. The digital platform of the Company provides a paperless buying experience
to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient
route to make digital payments and facilitates a hassle-free claims settlement process.

The Company has introduced ICICI Pru Stack, a first-of-its kind suite of platform capabilities that combines
digital tools and analytics. This innovative suite aims to enhance the understanding of customers'
requirements and enable distributors to offer suitable insurance products, deliver seamless experiences, and
provide exceptional pre- and post-sale services. By deploying this comprehensive solution, the company
aspires to transform into the most customer-friendly and partnerable insurance provider in the country.

At March 31, 2024 the Company had an AUM of ` 2,941.40 billion and a Total in-force sum assured of ` 34.1
trillion. ICICI Prudential Life is listed on both the National Stock Exchange (NSE) Limited and the BSE Limited.

Disclaimer

Except for the historical information contained herein, statements in this release which contain words or
phrases such as 'will', ‘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, opportunities and growth potential to differ
materially from those suggested by the forward-looking statements. These risks and uncertainties include,
but are not limited to, the actual growth in demand for insurance and other financial products and services
in the countries that we operate or where a material number of our customers reside, our ability to
successfully implement our strategy, including our use of the Internet and other technology our exploration
of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations
and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our
growth and expansion in domestic and overseas markets, technological changes, our ability to market new
products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are
or become a party to, the future impact of new accounting standards, our ability to implement our dividend
policy, the impact of changes in insurance regulations and other regulatory changes in India and other
jurisdictions on us. ICICI Prudential Life insurance undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date thereof. This release does not constitute an offer
of securities.

For further queries please e-mail on [email protected]

Searchable format
 ICICI Prudential Life Insurance Company Limited
Statement of Standalone Audited Results for the quarter and year ended March 31, 2024
(₹ in Lakhs)
Three months ended/at Year ended/at
Sr
Particulars March 31, 2024* December 31, 2023 March 31, 2023* March 31, 2024 March 31, 2023
No.
(Audited) (Audited) (Audited) (Audited) (Audited)
POLICYHOLDERS’ ACCOUNT
1 Gross premium income
(a) First Year Premium 294,640 153,342 263,284 703,154 649,383
(b) Renewal Premium 842,805 607,962 723,028 2,455,682 2,252,026
(c) Single Premium 377,557 267,194 312,891 1,164,728 1,091,869
2 Net premium income1 1,478,846 992,877 1,262,911 4,175,967 3,855,953
3 Income from investments: (Net)2 726,530 1,631,520 (190,531) 4,655,033 996,458
4 Other income 5,489 5,335 4,363 20,465 15,159
5 Transfer of funds from Shareholders’ A/c 48,281 35,045 73,241 179,264 180,243
6 Total (2 to 5) 2,259,146 2,664,777 1,149,984 9,030,729 5,047,813
7 Commission on
(a) First Year Premium 61,662 33,633 53,057 154,193 116,649
(b) Renewal Premium 16,618 11,217 14,026 46,502 42,772
(c) Single Premium 48,946 37,318 4,103 109,730 15,752
8 Net Commission3 156,591 100,170 75,351 372,196 186,389
9 Operating Expenses related to insurance business
(a) Employees remuneration and welfare expenses 44,385 37,038 38,873 162,442 144,589
(b) Advertisement and publicity 20,936 16,151 74,115 107,081 174,387
(c) Other operating expenses 33,072 34,675 43,696 143,076 139,347
10 Expenses of Management (8+9) 254,984 188,034 232,035 784,795 644,712
11 Provisions for doubtful debts (including bad debts written off) 33 113 248 461 825
12 Provisions for/(reversal of) diminution in value of investments (5,068) - 3,333 (4,763) 5,437
13 Goods and Service tax charge on linked charges 17,699 16,713 16,966 66,031 66,091
14 Provision for taxes (a+b) 3,629 3,400 4,707 10,782 18,423
(a) Current tax 3,629 3,400 4,707 10,782 18,423
(b) Deferred tax - - - - -
15 Benefits Paid 4 (Net)1 1,251,618 1,007,968 876,067 4,000,599 3,100,416
16 Change in actuarial liability 715,661 1,410,373 (69,302) 4,063,905 981,696
17 Total (10+11+12+13+14+15+16) 2,238,556 2,626,601 1,064,054 8,921,810 4,817,600
18 Surplus/(Deficit) (6-17) 20,590 38,176 85,930 108,919 230,213
19 Appropriations
(a) Transferred to Shareholders 31,781 40,981 82,227 147,188 201,618
(b) Funds for Future Appropriations (11,191) (2,805) 3,703 (38,269) 28,595
20 Details of Surplus/(Deficit)
(a) Interim and Terminal bonus paid 10,622 6,773 5,993 26,008 21,549
(b) Allocation of bonus to policyholders 71,821 - 69,430 71,821 69,430
(c) Surplus shown in the Revenue Account 20,590 38,176 85,930 108,919 230,213
Total Surplus 103,033 44,949 161,353 206,748 321,192
SHAREHOLDERS’ ACCOUNT
21 Transfer from Policyholders’ Account 31,781 40,981 82,227 147,188 201,618
22 Total income under Shareholders’ Account
(a) Investment Income 42,692 18,463 25,904 136,921 87,608
(b) Other income 46 1,183 42 1,431 129
23 Expenses other than those related to insurance business5 2,804 2,372 2,839 10,366 10,217
24 Transfer of funds to Policyholders A/c 48,281 35,045 73,241 179,264 180,243
25 Provisions for doubtful debts (including write off) - - - - -
26 Provisions for diminution in value of investments - - 412 3,587 9,205
27 Profit/ (loss) before tax 23,434 23,210 31,681 92,323 89,690
28 Provisions for tax (a+b) 6,058 463 8,194 7,084 8,623
(a) Current tax (credit)/charge 6,058 463 8,194 7,084 8,623
(b) Deferred tax (credit)/charge - - - - -
29 Profit/(loss) after tax and before extraordinary items 17,376 22,747 23,487 85,239 81,067
30 Extraordinary Items (Net of tax expenses) - - - - -
31 Profit/(loss) after tax and extraordinary items 17,376 22,747 23,487 85,239 81,067

32 Dividend per share (₹) (Nominal Value ₹ 10 per share):

(a) Interim Dividend - - - - -
(b) Final Dividend 0.60 - 0.60 0.60 0.60
33 Profit/(Loss) carried to Balance Sheet 557,526 540,150 480,921 557,526 480,921
34 Paid up equity share capital 144,062 144,006 143,857 144,062 143,857
35 Reserve & Surplus (excluding Revaluation Reserve) 918,383 898,904 833,916 918,383 833,916
36 Fair value Change Account and revaluation reserve (Shareholders) 38,378 64,601 31,386 38,378 31,386
37 Total Assets:
(a) Investments:
- Shareholders’ 1,057,549 1,057,409 985,141 1,057,549 985,141
- Policyholders Fund excluding Linked Assets 11,431,821 10,810,834 9,431,095 11,431,821 9,431,095
- Assets held to cover Linked Liabilities 16,484,240 16,435,110 14,405,806 16,484,240 14,405,806
(b) Other Assets (Net of current liabilities and provisions) 379,081 280,598 193,873 379,081 193,873
* Refer point 4 of the Notes
Foot Notes:
1 Net of reinsurance
2 Net of amortisation and losses (including capital gains)
3 Inclusive of rewards and/or remuneration to agents, brokers or other intermediaries
4 Inclusive of interim and terminal bonus
5 Inclusive of remuneration of MD/CEOs/ WTDs/KMPs over specified limits and interest on debentures
 ICICI Prudential Life Insurance Company Limited
Standalone Balance Sheet at March 31, 2024
(₹ in Lakhs)
At December 31,
At March 31, 2024 At March 31, 2023
Particulars 2023
(Audited) (Audited) (Audited)

Sources of funds
Shareholders' funds :
Share capital 144,062 144,006 143,857
Share application money* 35 0 19
Reserve and surplus 922,232 902,283 837,295
Credit/[debit] fair value change account 34,529 61,222 28,007
Sub - total 1,100,858 1,107,511 1,009,178

Borrowings 120,000 120,000 120,000

Policyholders' funds :
Credit/[debit] fair value change account 498,664 428,169 279,631
Revaluation reserve - Investment property 4,066 3,638 3,638

Policy liabilities (A)+(B)+(C) 27,500,445 26,784,784 23,436,541

Non unit liabilities (mathematical reserves) (A) 11,016,205 10,349,674 9,030,735
Insurance Reserve - - -

Provision for linked liabilities (fund reserves) (B) 15,791,727 15,658,690 13,523,235
(a) Provision for linked liabilities 11,946,256 11,830,023 11,827,349
(b) Credit/[debit] fair value change account (Linked) 3,845,471 3,828,667 1,695,886

Funds for discontinued policies (C) 692,513 776,420 882,571

(a) Discontinued on account of non-payment of premium 691,378 774,997 898,009
(b) Other discontinuance 1,190 1,477 2,484
(c) Credit/[debit] fair value change account (55) (54) (17,922)
Total linked liabilities (B)+(C) 16,484,240 16,435,110 14,405,806
Sub - total 28,123,175 27,336,591 23,839,810

Funds for Future Appropriations

Non linked 128,658 139,849 166,927
Sub - total 128,658 139,849 166,927
Total 29,352,691 28,583,951 25,015,915

Application of funds
Investments
Shareholders’ 1,057,549 1,057,409 985,141
Policyholders’ 11,431,821 10,810,834 9,431,095
Asset held to cover linked liabilities 16,484,240 16,435,110 14,405,806
Loans 176,064 162,374 131,412
Fixed assets - net block 71,801 70,432 59,555

Current assets
Cash and Bank balances 83,691 22,339 77,086
Advances and Other assets 594,810 495,513 494,625
Sub-Total (A) 678,501 517,852 571,711

Current liabilities 544,032 467,279 566,244

Provisions 3,253 2,781 2,561
Sub-Total (B) 547,285 470,060 568,805
Net Current Assets (C) = (A-B) 131,216 47,792 2,906

Miscellaneous expenditure (to the extent not written-off or adjusted) - - -

Debit Balance in Profit & Loss Account (Shareholders' account) - - -
Total 29,352,691 28,583,951 25,015,915
Contingent liabilities 109,585 103,534 69,769

*0 represents ₹ 1,201 as at December 31, 2023

 ICICI Prudential Life Insurance Company Limited
Segment Reporting (Standalone) for the quarter and year ended March 31, 2024
(₹ in Lakhs)
Three months ended/at Year ended/at
Sr December 31,
Particulars March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
No. 2023
(Audited) (Audited) (Audited) (Audited) (Audited)

1 Segment Income:
Segment A: Par life
Net Premium 187,243 129,709 164,012 525,120 471,670
Income from investments2 62,810 88,467 41,623 284,880 171,734
Transfer of Funds from shareholders' account - - - - -
Other income 2,228 2,147 1,613 8,108 5,540

Segment B: Par pension

Net Premium 2,516 214 572 3,039 1,689
Income from investments2 2,926 2,802 2,645 11,119 14,805
Transfer of Funds from shareholders' account - - - - -
Other income 1 - - 1 1

Segment C: Non Par Life

Net Premium 539,275 326,412 475,255 1,403,112 1,191,554
Income from investments2 103,857 109,553 75,375 427,246 290,858
Transfer of Funds from shareholders' account 14,171 26,939 78,568 120,854 168,339
Other income 1,579 1,452 1,212 5,673 4,375

Segment D: Non Par Pension

Net Premium 5,258 9,038 17,336 35,579 85,945
Income from investments2 2,715 2,619 1,998 10,259 6,037
Transfer of Funds from shareholders' account (32) 167 905 135 947
Other income 1 - - 1 1

Segment E: Non Par Variable

Net Premium - 2 1 1,506 940
Income from investments2 190 195 206 837 915
Transfer of Funds from shareholders' account - (6) - - -
Other income - - - - -

Segment F: Non Par Variable Pension

Net Premium 27 28 25 116 85
Income from investments2 38 49 59 210 535
Transfer of Funds from shareholders' account (1) (2) (10) 2 142
Other income - - - - -

Segment G: Annuity Non Par

Net Premium 108,713 45,334 60,730 253,054 245,440
Income from investments2 23,642 23,644 20,684 92,415 75,303
Transfer of Funds from shareholders' account 29,462 7,956 (6,405) 53,487 10,632
Other income 23 6 7 39 24

Segment H: Health
Net Premium 813 665 843 2,854 2,913
Income from investments2 142 140 130 554 515
Transfer of Funds from shareholders' account 4,681 (9) 183 4,786 183
Other income - - - 1 1

Segment I: Linked Life

Net Premium 558,725 450,966 511,484 1,744,841 1,706,603
Income from investments2 477,016 1,306,247 (332,018) 3,526,261 374,503
Transfer of Funds from shareholders' account - - - - -
Other income 1,643 1,730 1,531 6,628 5,215

Segment J: Linked Pension

Net Premium 4,558 2,652 5,506 13,026 15,544
Income from investments2 23,447 57,278 (12,867) 164,867 15,294
Transfer of Funds from shareholders' account - - - - -
Other income 1 - - 1 -

Segment K: Linked Health

Net Premium 857 (150) 1,075 574 918
Income from investments2 4,311 9,408 (1,422) 27,733 2,027
Transfer of Funds from shareholders' account - - - - -
Other income - - - - -

Segment L: Linked Group Life

Net Premium 62,421 21,963 17,815 161,408 104,783
Income from investments2 19,781 18,632 6,154 68,870 22,653
Transfer of Funds from shareholders' account - - - - -
Other income 11 - - 11 2
 Segment Reporting (Standalone) for the quarter and year ended March 31, 2024
(₹ in Lakhs)
Three months ended/at Year ended/at
Sr December 31,
Particulars March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
No. 2023
(Audited) (Audited) (Audited) (Audited) (Audited)
Segment M: Linked Group Pension
Net Premium 8,440 6,044 8,257 31,738 27,869
Income from investments2 10,723 12,486 3,569 44,545 15,842
Transfer of Funds from shareholders' account - - - - -
Other income 2 - - 2 -

Shareholders
Income from investments2 42,692 18,463 25,492 133,334 78,403
Other income 46 1,183 42 1,431 129

2 Segment Surplus/(Deficit) (net of transfer from

shareholders’ A/c) :
Segment A: Par life 1,984 (4,394) 14,094 (29,596) 21,986
Segment B: Par pension (2,305) 1,590 (282) 2,196 16,718
Segment C: Non Par Life (14,170) (26,938) (52,191) (120,853) (141,963)
Segment D: Non Par Pension 32 (324) (905) (135) (947)
Segment E: Non Par Variable 24 25 29 43 185
Segment F: Non Par Variable Pension 1 2 10 (2) (142)
Segment G: Annuity Non Par (29,462) (7,956) 6,405 (53,487) (10,632)
Segment H: Health (4,681) 9 548 (4,786) 615
Segment I: Linked Life 16,720 36,876 36,681 119,676 144,800
Segment J: Linked Pension 3,311 2,619 2,545 11,362 10,302
Segment K: Linked Health 325 856 5,081 3,056 6,505
Segment L: Linked Group Life 135 355 269 667 988
Segment M: Linked Group Pension 395 411 405 1,514 1,555
Shareholders 33,876 16,811 14,501 117,315 59,692

3 Segment Assets:
Segment A: Par life 3,671,368 3,575,286 3,142,906 3,671,368 3,142,906
Segment B: Par pension 161,409 162,405 167,368 161,409 167,368
Segment C: Non Par Life 6,049,806 5,553,207 4,734,541 6,049,806 4,734,541
Segment D: Non Par Pension 149,272 142,647 122,196 149,272 122,196
Segment E: Non Par Variable 10,091 10,288 10,927 10,091 10,927
Segment F: Non Par Variable Pension 2,232 2,248 3,710 2,232 3,710
Segment G: Annuity Non Par 1,513,435 1,390,871 1,232,215 1,513,435 1,232,215
Segment H: Health 11,557 6,498 5,572 11,557 5,572
Segment I: Linked Life 14,662,093 14,653,976 12,769,809 14,662,093 12,769,809
Segment J: Linked Pension 680,713 701,539 644,588 680,713 644,588
Segment K: Linked Health 122,391 119,600 104,751 122,391 104,751
Segment L: Linked Group Life 694,672 643,626 567,790 694,672 567,790
Segment M: Linked Group Pension 402,794 394,249 380,364 402,794 380,364
Shareholders 1,220,858 1,227,511 1,129,178 1,220,858 1,129,178

4 Segment Policy Liabilities:

Segment A: Par life 3,671,368 3,575,286 3,142,906 3,671,368 3,142,906
Segment B: Par pension 161,409 162,405 167,368 161,409 167,368
Segment C: Non Par Life 6,049,806 5,553,207 4,734,541 6,049,806 4,734,541
Segment D: Non Par Pension 149,272 142,647 122,196 149,272 122,196
Segment E: Non Par Variable 10,091 10,288 10,927 10,091 10,927
Segment F: Non Par Variable Pension 2,232 2,248 3,710 2,232 3,710
Segment G: Annuity Non Par 1,513,435 1,390,871 1,232,215 1,513,435 1,232,215
Segment H: Health 11,557 6,498 5,572 11,557 5,572
Segment I: Linked Life 14,662,093 14,653,976 12,769,809 14,662,093 12,769,809
Segment J: Linked Pension 680,713 701,539 644,588 680,713 644,588
Segment K: Linked Health 122,391 119,600 104,751 122,391 104,751
Segment L: Linked Group Life 694,672 643,626 567,790 694,672 567,790
Segment M: Linked Group Pension 402,794 394,249 380,364 402,794 380,364

Footnotes:
1 Segments are as under:
(a) Linked Policies (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable
(b) Non-Linked
1. Non-Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable
2. Participating Policies : (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable
(c) Variable insurance shall be further segregated into Life and Pension.
(d) Business within India and business outside India
2 Net of provisions for diminution in value of investments
 ICICI Prudential Life Insurance Company Limited
Statement of Standalone Audited Results for the quarter and year ended March 31, 2024
(` in Lakhs)
Three months ended/at Year ended/at
Sr
Particulars March 31, 2024 December 31, 2023 March 31, 2023 March 31, 2024 March 31, 2023
No.
(Audited) (Audited) (Audited) (Audited) (Audited)
1
Analytical Ratios:
(i) Solvency Ratio: 191.8% 196.5% 208.9% 191.8% 208.9%
(ii) Expenses of management ratio 16.8% 18.3% 17.9% 18.2% 16.1%
(iii) Policyholder’s liabilities to shareholders’ fund 2555.4% 2470.1% 2367.0% 2555.4% 2367.0%
(iv) Earnings per share (₹):
(a) Basic EPS before and after extraordinary items
(net of tax expense) for the period (not annualized
for three months) 1.21 1.58 1.63 5.92 5.64
(b) Diluted EPS before and after extraordinary items
(net of tax expense) for the period (not annualized
for three months) 1.20 1.57 1.63 5.90 5.63
(v) NPA ratios: (for policyholders' fund)
(a) Gross & Net NPAs NIL NIL NIL NIL NIL
(b) % of Gross & Net NPAs NIL NIL NIL NIL NIL
(vi) Yield on Investments (On Policyholders' fund)
A. Without unrealised gains
- Non Linked Par 7.9% 11.3% 6.1% 9.3% 6.6%
- Non Linked Non Par 7.0% 8.7% 7.3% 8.3% 7.6%
- Linked Non Par 15.5% 11.1% 7.1% 11.7% 7.5%
B. With unrealised gains
- Non Linked Par 11.5% 16.2% 1.8% 14.3% 4.6%
- Non Linked Non Par 21.1% 6.3% 7.3% 12.0% 5.4%
- Linked Non Par 12.1% 39.4% (10.3%) 26.0% 1.3%
(vii) NPA ratios: (for shareholders' fund)
(a) Gross & Net NPAs NIL NIL NIL NIL NIL
(b) % of Gross & Net NPAs NIL NIL NIL NIL NIL
(viii) Yield on Investments (on Shareholders' A/c)
A. Without unrealised gains 17.6% 7.3% 10.9% 13.6% 8.2%
B. With unrealised gains 9.2% 14.4% 1.0% 15.7% 8.1%
(ix) Persistency Ratio (Regular Premium / Limited
Premium Payment under Individual category)2
Premium Basis
13th month 88.3% 85.2% 81.7% 89.0% 85.4%
25th month 78.5% 77.2% 75.5% 80.5% 77.1%
37th month 71.9% 69.4% 69.4% 72.3% 71.5%
49th month 67.8% 66.8% 63.1% 68.5% 63.9%
61st month 63.6% 63.5% 62.9% 64.4% 65.8%
Number of Policy Basis
13th month 78.6% 73.9% 70.9% 77.7% 76.3%
25th month 68.4% 69.0% 68.1% 71.5% 68.5%
37th month 64.4% 61.8% 63.4% 64.4% 63.8%
49th month 60.9% 60.1% 55.7% 60.7% 55.5%
61st month 50.9% 52.0% 48.5% 50.8% 47.5%
(x) Conservation Ratio
Par Life 83.8% 85.6% 86.6% 84.8% 86.1%
Par Pension 85.5% 83.6% 9.2% 59.9% 4.5%
Non Par Life 92.8% 93.3% 91.8% 92.9% 92.0%
Non Par Pension NA NA NA NA NA
Non Par Variable NA NA NA NA NA
Non Par Variable Pension NA NA NA NA NA
Annuity Non Par 95.3% 88.6% 100.0% 91.4% 100.0%
Health 88.8% 88.6% 88.0% 89.5% 84.9%
Linked Life 81.0% 82.7% 79.0% 81.0% 77.9%
Linked Pension 78.9% 77.9% 75.3% 79.9% 73.4%
Linked Health 90.8% 95.1% 93.8% 92.7% 92.0%
Linked Group Life 192.7% 47.0% 67.2% 137.9% 79.8%
Linked Group Pension 101.8% 98.5% 92.5% 100.2% 92.0%
Notes:
1 Analytical ratios have been calculated as per the definition given in IRDAI Analytical ratios disclosure.
2 Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/GEN/21/02/2010 dated Februaryruary 11, 2010.
a) Persistency ratios for the quarter ended March 31, 2024 have been calculated on March 31, 2024 for the policies issued in December to February period of the
relevant years. For example, the 13th month persistency for quarter ended March 31, 2024 is calculated for policies issued from December 1, 2022 to February
28, 2023.
b) Persistency ratios for the quarter ended December 31, 2023 have been calculated on January 31, 2024 for the policies issued in October to December period
of the relevant years. For example, the 13th month persistency for quarter ended December 31, 2023 is calculated for policies issued from October 1, 2022 to
December 31, 2022.
c) Persistency ratios for the quarter ended March 31, 2023 have been calculated on April 30, 2023 for the policies issued in January to March period of the
relevant years. For example, the 13th month persistency for quarter ended March 31, 2023 is calculated for policies issued from January 1, 2022 to March 31,
2022.
d) Persistency ratios for the year ended March 31, 2024 have been calculated on March 31, 2024 for the policies issued in March to February period of the
relevant years. For example, the 13th month persistency for year ended March 31, 2024 is calculated for policies issued from March 1, 2022 to February 28,
2023.
e) Persistency ratios for the year ended March 31, 2023 have been calculated on April 30, 2023 for the policies issued in April to March period of the relevant
years. For example, the 13th month persistency for year ended March 31, 2023 is calculated for policies issued from April 1, 2021 to March 31, 2022.
 ICICI Prudential Life Insurance Company Limited
Statement of Standalone Audited Results for the year ended March 31, 2024
Receipts & Payments Account
(₹ in Lakhs)

Particulars Year ended March 31, 2024 Year ended March 31, 2023

CASH FLOWS FROM OPERATING ACTIVITIES

Premium and other receipts (net of Goods and Service tax) 4,677,341 4,356,222
Interest received on tax refund 1,303 -
Payments to the re-insurers, net of commissions and claims/ Benefits (13,537) 6,490
Payments to co-insurers, net of claims / benefit recovery - -
Payments of claims/benefits (4,135,453) (3,280,908)
Payments of commission and brokerage1 (321,159) (164,183)
Payments of other operating expenses2 (781,336) (738,629)
Preliminary and pre-operative expenses - -
Deposits and advances (3,000) (19,909)
Income taxes paid (Net) (22,279) (27,484)
Goods and Service tax paid (132,396) (122,833)
Other payments - (5,409,160) - (4,347,456)
Cash flows before extraordinary items (730,516) 8,766
Cash flow from extraordinary operations - -
Net cash flow from / (for) operating activities (A) (730,516) 8,766

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of fixed assets (23,554) (19,228)
Proceeds from sale of fixed assets 179 (23,375) 170 (19,058)
Purchase of investments (12,913,899) (11,579,096)
Investment in Subsidiary - -
Loans disbursed - -
Loans against policies (44,652) (37,400)
Proceeds from sale of investments 12,259,798 10,724,506
Repayments received - -
Advance/deposit for investment property - (370)
Interest & rent received (net of tax deducted at source) 918,016 784,438
Dividend received 137,995 128,345
Investments in money market instruments and in liquid mutual funds (Net) 409,879 (113,001)
Expense related to investment (2,410) (3,060)
Net cashflow from/ (for) investing activities (B) 741,352 (114,696)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of share capital3 8,081 4,891

Proceeds from borrowing - -
Repayments of borrowing - -
Interest paid (8,220) (8,220)
Final Dividend (8,646) (7,905)
Interim Dividend paid - -
Dividend Distribution tax paid - -
Net cashflow from / (for) financing activities (C) (8,785) (11,234)

Effect of foreign exchange rates on cash and cash equivalents (net) (D) - 1
Net increase/(decrease) in cash and cash equivalents (A+B+C+D) 2,051 (117,163)
Cash and cash equivalents at beginning of the year 897,336 1,014,499
Cash and cash equivalents at end of the year 899,387 897,336

Note:
Cash and cash equivalents at the end of the year
- Cash (Including cheques in hand and stamps in hand) 20,379 14,181
- Bank Balances and Money at call and short notice 4 64,436 63,385
[Including bank balance for linked business of ₹ 1,124 lakhs at March 31, 2024
(₹ 481 lakhs at March 31, 2023)
- Other short term liquid investment
[Forming part of Investments and Other Assets in Balance Sheet] 817,046 823,529
-Stamps on Hand
[Part of Cash (including cheques, drafts and stamps), however not a part of
cash and cash equivalents] (2,474) (3,759)
Cash and cash equivalents at end of the year 899,387 897,336

Reconciliation of Cash and cash equivalents with Cash and Bank Balance
Cash and cash equivalents 899,387 897,336
Add: Stamps on Hand 2,474 3,759
Less: Linked business bank balance (1,124) (481)
Less: Other short term liquid investment (817,046) (823,529)
Cash and Bank Balance 83,691 77,085

1
Including rewards and/or remuneration to agents, brokers or other intermediaries
2
Includes CSR expenses paid during the year amounting to ₹ 316 lakhs (₹ 418 lakhs for year ended March 31, 2023)
3
Includes movement in share application money and share issue expenses if any
4
Includes balance in dividend account which is unclaimed amounting to ₹ 63 lakhs (₹ 76 lakhs at March 31, 2023)

The above Receipts and payments account has been prepared as prescribed by Insurance Regulatory and Development Authority (Preparation of
financial statements and auditor's report of insurance companies) Regulations, 2002 under the "Direct method" in accordance with Accounting
Standard-3 Cash Flow Statements issued by the Institute of Chartered Accountants of India.
 ICICI Prudential Life Insurance Company Limited
Statement of Standalone quarterly disclosure as per Regulation 52 (4) of SEBI (Listing Obligation and Disclosure requirements) Regulations
2015, as amended
(₹ in Lakhs)
Three months ended/at Year ended/at
Sr
Particulars March 31, 2024 December 31, 2023 March 31, 2023 March 31, 2024 March 31, 2023
No.
(Audited) (Audited) (Audited) (Audited) (Audited)
1 Debt-Equity Ratio (No of times) (Note 1) 0.11 0.11 0.12 0.11 0.12
Debt Service Coverage Ratio (DSCR) (No of times)
2
(not annualized for three months) (Note 2) 12.46 12.22 16.63 12.21 11.91
Interest Service Coverage Ratio (ISCR (No of times)
3
(not annualized for three months) (Note 3) 12.46 12.22 16.63 12.21 11.91
4 Total Borrowings 120,000 120,000 120,000 120,000 120,000
Outstanding redeemable preference share (quantity
5
& value) NA NA NA NA NA
Capital Redemption Reserve/Debenture redemption
6
reserve (Note 4) NA NA NA NA NA
7 Net worth (Note 5) (₹ in Lakhs) 1,100,858 1,107,511 1,009,178 1,100,858 1,009,178
8 Net Profit After Tax (₹ in Lakhs) 17,376 22,747 23,487 85,239 81,067
9 Earnings Per Share
(a) Basic EPS before and after extraordinary items
(net of tax expense) for the period (not annualized for
three months) 1.21 1.58 1.63 5.92 5.64
(b) Diluted EPS before and after extraordinary items
(net of tax expense) for the period (not annualized for
three months) 1.20 1.57 1.63 5.90 5.63
10 Current ratio (Note 6) 1.24 1.10 1.01 1.24 1.01
11 Long term debt to working capital (Note 7) NA NA NA NA NA
12 Bad debts to Account receivable ratio (Note 7) NA NA NA NA NA
13 Current liability ratio (Note 8) 0.02 0.02 0.02 0.02 0.02
14 Total debts to total assets (Note 9)* 0.00 0.00 0.00 0.00 0.00
15 Debtors turnover (Note 7) NA NA NA NA NA
16 Inventory turnover (Note 7) NA NA NA NA NA
17 Operating margin % (Note 7) NA NA NA NA NA
18 Net profit margin % (Note 7) NA NA NA NA NA

Notes:
1 Debt-Equity Ratio is calculated as total borrowings divided by Equity. Equity is calculated as shareholder's funds excluding redeemable preference
2 shares,isifcalculated
DSCR any. as Profit before interest, depreciation and tax (Shareholders account) divided by interest expenses together with principal payments
of long term debt during the period.
3 ISCR is calculated as Profit before interest, depreciation and tax (Shareholders account) divided by interest expenses of long term debt during the
4 Capital Redemption Reserve and Debenture redemption reserve is not required to be created as per Companies Act 2013 and Companies (Share Capital
& Debenture) Amendment Rules, 2019 dated August 16, 2019 respectively.
5 Net worth represents shareholder's funds excluding redeemable preference shares, if any.
6 Current ratio is computed as current assets divided by current liability.
7 Not applicable to insurance companies.
8 Current liability ratio is computed as current liability divided by total liability. Total liability includes borrowings, policyholders' liabilities, fund for future
appropriation and current liability.
9 Total debt to total assets is computed as borrowings divided by total assets.
10 Sector specific equivalent ratios are disclosed in Analytical ratios forming part of Standalone audited financial SEBI results.
*represents 0.0040 for the quarter and year ended March 31, 2024, 0.0041 for the quarter ended December 31, 2023, 0.0048 for the quarter and year
ended March 31, 2023
 ICICI Prudential Life Insurance Company Limited
Statement of Consolidated Audited Results for the quarter and year ended March 31, 2024
(₹ in Lakhs)
Three months ended/at Year ended/at
Sr December 31,
Particulars March 31, 2024* March 31, 2023* March 31, 2024 March 31, 2023
No. 2023
(Audited) (Audited) (Audited) (Audited) (Audited)
POLICYHOLDERS’ ACCOUNT
1 Gross premium income
(a) First Year Premium 294,640 153,342 263,284 703,154 649,383
(b) Renewal Premium 842,805 607,962 723,028 2,455,682 2,252,026
(c) Single Premium 377,557 267,194 312,891 1,164,728 1,091,869
2 Net premium income1 1,478,846 992,877 1,262,911 4,175,967 3,855,953
3 Income from investments: (Net)2 726,530 1,631,520 (190,531) 4,655,033 996,458
4 Other income 5,489 5,335 4,363 20,465 15,159
5 Transfer of funds from Shareholders’ A/c 48,281 35,045 73,241 179,264 180,243
6 Total (2 to 5) 2,259,146 2,664,777 1,149,984 9,030,729 5,047,813
7 Commission on
(a) First Year Premium 61,662 33,633 53,057 154,193 116,649
(b) Renewal Premium 16,618 11,217 14,026 46,502 42,772
(c) Single Premium 48,946 37,318 4,103 109,730 15,752
8 Net Commission
3 156,591 100,170 75,351 372,196 186,389
9 Operating Expenses related to insurance business
(a) Employees remuneration and welfare expenses 44,385 37,038 38,873 162,442 144,589
(b) Advertisement and publicity 20,936 16,151 74,115 107,081 174,387
(c) Other operating expenses 33,072 34,675 43,696 143,076 139,347
10 Expenses of Management (8+9) 254,984 188,034 232,035 784,795 644,712
11 Provisions for doubtful debts (including bad debts written off) 33 113 248 461 825
12 Provisions for/(reversal of diminution) in value of investments (5,068) - 3,333 (4,763) 5,437
13 Goods and Service tax charge on linked charges 17,699 16,713 16,966 66,031 66,091
14 Provision for taxes (a+b) 3,629 3,400 4,707 10,782 18,423
(a) Current tax 3,629 3,400 4,707 10,782 18,423
(b) Deferred tax - - - - -
15 Benefits Paid 4 (Net)1 1,251,618 1,007,968 876,067 4,000,599 3,100,416
16 Change in actuarial liability 715,661 1,410,373 (69,302) 4,063,905 981,696
17 Total (10+11+12+13+14+15+16) 2,238,556 2,626,601 1,064,054 8,921,810 4,817,600
18 Surplus/(Deficit) (6-17) 20,590 38,176 85,930 108,919 230,213
19 Appropriations
(a) Transferred to Shareholders 31,781 40,981 82,227 147,188 201,618
(b) Funds for Future Appropriations (11,191) (2,805) 3,703 (38,269) 28,595
20 Details of Surplus/(Deficit)
(a) Interim and Terminal bonus paid 10,622 6,773 5,993 26,008 21,549
(b) Allocation of bonus to policyholders 71,821 - 69,430 71,821 69,430
(c) Surplus shown in the Revenue Account 20,590 38,176 85,930 108,919 230,213
Total Surplus 103,033 44,949 161,353 206,748 321,192
SHAREHOLDERS’ ACCOUNT
21 Transfer from Policyholders’ Account 31,781 40,981 82,227 147,188 201,618
22 Total income under Shareholders’ Account
(a) Investment Income 42,785 18,558 26,001 137,304 87,996
(b) Other income 581 1,635 416 3,214 1,386
23 Expenses other than those related to insurance business 5 3,454 3,000 3,269 12,803 11,521
24 Transfer of funds to Policyholders A/c 48,281 35,045 73,241 179,264 180,243
25 Provisions for doubtful debts (including write off) - - - - -
26 Provisions for diminution in value of investments - - 412 3,587 9,205
27 Profit/ (loss) before tax 23,412 23,129 31,722 92,052 90,031
28 Provisions for tax (a+b) 6,045 437 8,196 6,986 8,682
(a) Current tax (credit)/charge 6,060 463 8,198 7,090 8,627
(b) Deferred tax (credit)/charge (15) (26) (2) (104) 55
29 Profit/(loss) after tax and before extraordinary items 17,367 22,692 23,526 85,066 81,349
30 Extraordinary Items (Net of tax expenses) - - - - -
31 Profit/(loss) after tax and extraordinary items 17,367 22,692 23,526 85,066 81,349

32 Dividend per share (₹) (Nominal Value ₹ 10 per share):

(a) Interim Dividend - - - - -
(b) Final Dividend 0.60 - 0.60 0.60 0.60
33 Profit/(Loss) carried to Balance Sheet 557,128 539,761 480,695 557,128 480,695
34 Paid up equity share capital 144,062 144,006 143,857 144,062 143,857
35 Reserve & Surplus (excluding Revaluation Reserve) 917,985 898,516 833,691 917,985 833,691
36 Fair value Change Account and revaluation reserve (Shareholders) 38,378 64,600 31,385 38,378 31,385
37 Total Assets:
(a) Investments:
- Shareholders’ 1,056,731 1,056,649 984,677 1,056,731 984,677
- Policyholders Fund excluding Linked Assets 11,431,821 10,810,834 9,431,095 11,431,821 9,431,095
- Assets held to cover Linked Liabilities 16,484,240 16,435,110 14,405,806 16,484,240 14,405,806
(b) Other Assets (Net of current liabilities and provisions) 379,501 280,969 194,111 379,501 194,111
* Refer point 4 of the Notes
Foot Notes:
1 Net of reinsurance
2 Net of amortisation and losses (including capital gains)
3 Inclusive of rewards and/or remuneration to agents, brokers or other intermediaries
4 Inclusive of interim and terminal bonus
5 Inclusive of remuneration of MD/CEOs/ WTDs/KMPs over specified limits and interest on debentures
 ICICI Prudential Life Insurance Company Limited
Consolidated Balance Sheet at March 31, 2024
(₹ in Lakhs)
As December 31,
At March 31, 2024 At March 31, 2023
Particulars 2023
(Audited) (Audited) (Audited)

Sources of funds
Shareholders' funds :
Share capital 144,062 144,006 143,857
Share application money* 35 0 19
Reserve and surplus 921,834 901,894 837,069
Credit/[debit] fair value change account 34,529 61,222 28,007
Sub - total 1,100,460 1,107,122 1,008,952

Borrowings 120,000 120,000 120,000

Policyholders' funds :
Credit/[debit] fair value change account 498,664 428,169 279,631
Revaluation reserve - Investment property 4,066 3,638 3,638

Policy liabilities (A)+(B)+(C) 27,500,445 26,784,784 23,436,541

Non unit liabilities (mathematical reserves) (A) 11,016,205 10,349,674 9,030,735
Insurance Reserve - - -

Provision for linked liabilities (fund reserves) (B) 15,791,727 15,658,690 13,523,235
(a) Provision for linked liabilities 11,946,256 11,830,023 11,827,349
(b) Credit/[debit] fair value change account (Linked) 3,845,471 3,828,667 1,695,886

Funds for discontinued policies (C) 692,513 776,420 882,571

(a) Discontinued on account of non-payment of premium 691,378 774,997 898,009
(b) Other discontinuance 1,190 1,477 2,484
(c) Credit/[debit] fair value change account (55) (54) (17,922)
Total linked liabilities (B)+(C) 16,484,240 16,435,110 14,405,806
Sub - total 28,123,175 27,336,591 23,839,810

Funds for Future Appropriations

Non linked 128,658 139,849 166,927
Sub - total 128,658 139,849 166,927
Total 29,352,293 28,583,562 25,015,689

Application of funds
Investments
Shareholders’ 1,056,731 1,056,649 984,677
Policyholders’ 11,431,821 10,810,834 9,431,095
Asset held to cover linked liabilities 16,484,240 16,435,110 14,405,806
Loans 176,064 162,374 131,412
Fixed assets - net block 71,938 70,550 59,631
Deferred tax asset 134 119 30

Current assets
Cash and Bank balances 83,774 26,347 77,522
Advances and Other assets 595,363 495,836 494,957
Sub-Total (A) 679,137 522,183 572,479

Current liabilities 544,178 471,217 566,855

Provisions 3,594 3,040 2,586
Sub-Total (B) 547,772 474,257 569,441
Net Current Assets (C) = (A-B) 131,365 47,926 3,038

Miscellaneous expenditure (to the extent not written-off or adjusted) - - -

Debit Balance in Profit & Loss Account (Shareholders' account) - - -
Total 29,352,293 28,583,562 25,015,689
Contingent liabilities 109,585 103,534 69,769

*0 represents ₹ 1,201 as at December 31, 2023

 ICICI Prudential Life Insurance Company Limited
Segment1 Reporting (Consolidated) for the quarter and year ended March 31, 2024
(₹ in Lakhs)
Three months ended/at Year ended/at
Sr December 31,
Particulars March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
No. 2023
(Audited) (Audited) (Audited) (Audited) (Audited)

1 Segment Income:
Segment A: Par life
Net Premium 187,243 129,709 164,012 525,120 471,670
Income from investments2 62,810 88,467 41,623 284,880 171,734
Transfer of Funds from shareholders' account - - - - -
Other income 2,228 2,147 1,613 8,108 5,540

Segment B: Par pension

Net Premium 2,516 214 572 3,039 1,689
Income from investments2 2,926 2,802 2,645 11,119 14,805
Transfer of Funds from shareholders' account - - - - -
Other income 1 - - 1 1

Segment C: Non Par Life

Net Premium 539,275 326,412 475,255 1,403,112 1,191,554
Income from investments2 103,857 109,553 75,375 427,246 290,858
Transfer of Funds from shareholders' account 14,171 26,939 78,568 120,854 168,339
Other income 1,579 1,452 1,212 5,673 4,375

Segment D: Non Par Pension

Net Premium 5,258 9,038 17,336 35,579 85,945
Income from investments2 2,715 2,619 1,998 10,259 6,037
Transfer of Funds from shareholders' account (32) 167 905 135 947
Other income 1 - - 1 1

Segment E: Non Par Variable

Net Premium - 2 1 1,506 940
Income from investments2 190 195 206 837 915
Transfer of Funds from shareholders' account - (6) - - -
Other income - - - - -

Segment F: Non Par Variable Pension

Net Premium 27 28 25 116 85
Income from investments2 38 49 59 210 535
Transfer of Funds from shareholders' account (1) (2) (10) 2 142
Other income - - - - -

Segment G: Annuity Non Par

Net Premium 108,713 45,334 60,730 253,054 245,440
Income from investments2 23,642 23,644 20,684 92,415 75,303
Transfer of Funds from shareholders' account 29,462 7,956 (6,405) 53,487 10,632
Other income 23 6 7 39 24

Segment H: Health
Net Premium 813 665 843 2,854 2,913
Income from investments2 142 140 130 554 515
Transfer of Funds from shareholders' account 4,681 (9) 183 4,786 183
Other income - - - 1 1

Segment I: Linked Life

Net Premium 558,725 450,966 511,484 1,744,841 1,706,603
Income from investments2 477,016 1,306,247 (332,018) 3,526,261 374,503
Transfer of Funds from shareholders' account - - - - -
Other income 1,643 1,730 1,531 6,628 5,215

Segment J: Linked Pension

Net Premium 4,558 2,652 5,506 13,026 15,544
Income from investments2 23,447 57,278 (12,867) 164,867 15,294
Transfer of Funds from shareholders' account - - - - -
Other income 1 - - 1 -

Segment K: Linked Health

Net Premium 857 (150) 1,075 574 918
Income from investments2 4,311 9,408 (1,422) 27,733 2,027
Transfer of Funds from shareholders' account - - - - -
Other income - - - - -

Segment L: Linked Group Life

Net Premium 62,421 21,963 17,815 161,408 104,783
Income from investments2 19,781 18,632 6,154 68,870 22,653
Transfer of Funds from shareholders' account - - - - -
Other income 11 - - 11 2
 Segment1 Reporting (Consolidated) for the quarter and year ended March 31, 2024
(₹ in Lakhs)
Three months ended/at Year ended/at
Sr December 31,
Particulars March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
No. 2023
(Audited) (Audited) (Audited) (Audited) (Audited)
Segment M: Linked Group Pension
Net Premium 8,440 6,044 8,257 31,738 27,869
Income from investments2 10,723 12,486 3,569 44,545 15,842
Transfer of Funds from shareholders' account - - - - -
Other income 2 - - 2 -

Shareholders
Income from investments2 42,785 18,558 25,589 133,717 78,791
Other income 581 1,635 416 3,214 1,386

2 Segment Surplus/(Deficit) (net of transfer from

shareholders’ A/c) :
Segment A: Par life 1,984 (4,394) 14,094 (29,596) 21,986
Segment B: Par pension (2,305) 1,590 (282) 2,196 16,718
Segment C: Non Par Life (14,170) (26,938) (52,191) (120,853) (141,963)
Segment D: Non Par Pension 32 (324) (905) (135) (947)
Segment E: Non Par Variable 24 25 29 43 185
Segment F: Non Par Variable Pension 1 2 10 (2) (142)
Segment G: Annuity Non Par (29,462) (7,956) 6,405 (53,487) (10,632)
Segment H: Health (4,681) 9 548 (4,786) 615
Segment I: Linked Life 16,720 36,876 36,681 119,676 144,800
Segment J: Linked Pension 3,311 2,619 2,545 11,362 10,302
Segment K: Linked Health 325 856 5,081 3,056 6,505
Segment L: Linked Group Life 135 355 269 667 988
Segment M: Linked Group Pension 395 411 405 1,514 1,555
Shareholders 33,867 16,756 14,540 117,142 59,974

3 Segment Assets:
Segment A: Par life 3,671,368 3,575,286 3,142,906 3,671,368 3,142,906
Segment B: Par pension 161,409 162,405 167,368 161,409 167,368
Segment C: Non Par Life 6,049,806 5,553,207 4,734,541 6,049,806 4,734,541
Segment D: Non Par Pension 149,272 142,647 122,196 149,272 122,196
Segment E: Non Par Variable 10,091 10,288 10,927 10,091 10,927
Segment F: Non Par Variable Pension 2,232 2,248 3,710 2,232 3,710
Segment G: Annuity Non Par 1,513,435 1,390,871 1,232,215 1,513,435 1,232,215
Segment H: Health 11,557 6,498 5,572 11,557 5,572
Segment I: Linked Life 14,662,093 14,653,976 12,769,809 14,662,093 12,769,809
Segment J: Linked Pension 680,713 701,539 644,588 680,713 644,588
Segment K: Linked Health 122,391 119,600 104,751 122,391 104,751
Segment L: Linked Group Life 694,672 643,626 567,790 694,672 567,790
Segment M: Linked Group Pension 402,794 394,249 380,364 402,794 380,364
Shareholders 1,220,460 1,227,122 1,128,952 1,220,460 1,128,952

4 Segment Policy Liabilities:

Segment A: Par life 3,671,368 3,575,286 3,142,906 3,671,368 3,142,906
Segment B: Par pension 161,409 162,405 167,368 161,409 167,368
Segment C: Non Par Life 6,049,806 5,553,207 4,734,541 6,049,806 4,734,541
Segment D: Non Par Pension 149,272 142,647 122,196 149,272 122,196
Segment E: Non Par Variable 10,091 10,288 10,927 10,091 10,927
Segment F: Non Par Variable Pension 2,232 2,248 3,710 2,232 3,710
Segment G: Annuity Non Par 1,513,435 1,390,871 1,232,215 1,513,435 1,232,215
Segment H: Health 11,557 6,498 5,572 11,557 5,572
Segment I: Linked Life 14,662,093 14,653,976 12,769,809 14,662,093 12,769,809
Segment J: Linked Pension 680,713 701,539 644,588 680,713 644,588
Segment K: Linked Health 122,391 119,600 104,751 122,391 104,751
Segment L: Linked Group Life 694,672 643,626 567,790 694,672 567,790
Segment M: Linked Group Pension 402,794 394,249 380,364 402,794 380,364

Footnotes:
1 Segments are as under:
(a) Linked Policies (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable
(b) Non-Linked
1. Non-Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable
2. Participating Policies : (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable
(c) Variable insurance shall be further segregated into Life and Pension.
(d) Business within India and business outside India
2 Net of provisions for diminution in value of investments
 ICICI Prudential Life Insurance Company Limited
Statement of Consolidated Audited Results for the quarter and year ended March 31, 2024

Three months ended/at Year ended/at

Sr December 31, March 31,
Particulars March 31, 2024 March 31, 2023 March 31, 2023
No. 2023 2024
(Audited) (Audited) (Audited) (Audited) (Audited)
Analytical Ratios:1
(i) Solvency Ratio: 191.8% 196.5% 208.9% 191.8% 208.9%
(ii) Expenses of management ratio 16.8% 18.3% 17.9% 18.2% 16.1%
(iii) Policyholder’s liabilities to shareholders’ fund 2556.4% 2471.0% 2367.5% 2556.4% 2367.5%
(iv) Earnings per share (₹):
(a) Basic EPS before and after extraordinary items
(net of tax expense) for the period (not annualized
for three months) 1.21 1.58 1.64 5.91 5.66
(b) Diluted EPS before and after extraordinary items
(net of tax expense) for the period (not annualized
for three months) 1.20 1.57 1.63 5.89 5.65
(v) NPA ratios: (for policyholders' fund)
(a) Gross & Net NPAs NIL NIL NIL NIL NIL
(b) % of Gross & Net NPAs NIL NIL NIL NIL NIL
(vi) Yield on Investments (On Policyholders' fund)
A. Without unrealised gains
- Non Linked Par 7.9% 11.3% 6.1% 9.3% 6.6%
- Non Linked Non Par 7.0% 8.7% 7.3% 8.3% 7.6%
- Linked Non Par 15.5% 11.1% 7.1% 11.7% 7.5%
B. With unrealised gains
- Non Linked Par 11.5% 16.2% 1.8% 14.3% 4.6%
- Non Linked Non Par 21.1% 6.3% 7.3% 12.0% 5.4%
- Linked Non Par 12.1% 39.4% (10.3%) 26.0% 1.3%
(vii) NPA ratios: (for shareholders' fund)
(a) Gross & Net NPAs NIL NIL NIL NIL NIL
(b) % of Gross & Net NPAs NIL NIL NIL NIL NIL
(viii) Yield on Investments (on Shareholders' A/c)
A. Without unrealised gains 17.6% 7.3% 10.9% 13.6% 8.2%
B. With unrealised gains 9.2% 14.4% 1.0% 15.7% 8.1%
(ix) Persistency Ratio (Regular Premium / Limited
Premium Payment under Individual category)2
Premium Basis
13th month 88.3% 85.2% 81.7% 89.0% 85.4%
25th month 78.5% 77.2% 75.5% 80.5% 77.1%
37th month 71.9% 69.4% 69.4% 72.3% 71.5%
49th month 67.8% 66.8% 63.1% 68.5% 63.9%
61st month 63.6% 63.5% 62.9% 64.4% 65.8%
Number of Policy Basis
13th month 78.6% 73.9% 70.9% 77.7% 76.3%
25th month 68.4% 69.0% 68.1% 71.5% 68.5%
37th month 64.4% 61.8% 63.4% 64.4% 63.8%
49th month 60.9% 60.1% 55.7% 60.7% 55.5%
61st month 50.9% 52.0% 48.5% 50.8% 47.5%
(x) Conservation Ratio
Par Life 83.8% 85.6% 86.6% 84.8% 86.1%
Par Pension 85.5% 83.6% 9.2% 59.9% 4.5%
Non Par Life 92.8% 93.3% 91.8% 92.9% 92.0%
Non Par Pension NA NA NA NA NA
Non Par Variable NA NA NA NA NA
Non Par Variable Pension NA NA NA NA NA
Annuity Non Par 95.3% 88.6% 100.0% 91.4% 100.0%
Health 88.8% 88.6% 88.0% 89.5% 84.9%
Linked Life 81.0% 82.7% 79.0% 81.0% 77.9%
Linked Pension 78.9% 77.9% 75.3% 79.9% 73.4%
Linked Health 90.8% 95.1% 93.8% 92.7% 92.0%
Linked Group Life 192.7% 47.0% 67.2% 137.9% 79.8%
Linked Group Pension 101.8% 98.5% 92.5% 100.2% 92.0%
Notes:
1 Analytical ratios have been calculated as per the definition given in IRDAI Analytical ratios disclosure.
2 Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/GEN/21/02/2010 dated February 11, 2010.
a) Persistency ratios for the quarter ended March 31, 2024 have been calculated on March 31, 2024 for the policies issued in December to February
period of the relevant years. For example, the 13th month persistency for quarter ended March 31, 2024 is calculated for policies issued from December
1, 2022 to February 28, 2023.
b) Persistency ratios for the quarter ended December 31, 2023 have been calculated on January 31, 2024 for the policies issued in October to December
period of the relevant years. For example, the 13th month persistency for quarter ended December 31, 2023 is calculated for policies issued from
October 1, 2022 to December 31, 2022.
c) Persistency ratios for the quarter ended March 31, 2023 have been calculated on April 30, 2023 for the policies issued in January to March period of
the relevant years. For example, the 13th month persistency for quarter ended March 31, 2023 is calculated for policies issued from January 1, 2022 to
March 31, 2022.
d) Persistency ratios for the year ended March 31, 2024 have been calculated on March 31, 2024 for the policies issued in March to February period of
the relevant years. For example, the 13th month persistency for year ended March 31, 2024 is calculated for policies issued from March 1, 2022 to
February 28, 2023.
e) Persistency ratios for the year ended March 31, 2023 have been calculated on April 30, 2023 for the policies issued in April to March period of the
relevant years. For example, the 13th month persistency for year ended March 31, 2023 is calculated for policies issued from April 1, 2021 to March 31,
2022.
 ICICI Prudential Life Insurance Company Limited
Statement of Consolidated Audited Results for the year ended March 31, 2024
Receipts & Payments Account

Year ended Year ended

Particulars
March, 31 2024 March, 31 2023

CASH FLOWS FROM OPERATING ACTIVITIES

Premium and other receipts (net of Goods and Service tax) 4,678,818 4,357,884
Interest received on tax refund 1,308 4
Payments to the re-insurers, net of commissions and claims/ Benefits (13,537) 6,490
Payments to co-insurers, net of claims / benefit recovery - -
Payments of claims/benefits (4,135,453) (3,280,908)
Payments of commission and brokerage1 (321,159) (164,183)
Payments of other operating expenses2 (783,915) (740,205)
Preliminary and pre-operative expenses - -
Deposits and advances (3,000) (19,909)
Income taxes paid (Net) (22,171) (27,390)
Goods and Service tax paid (132,396) (122,833)
Other payments - (5,411,631) - (4,348,938)
Cash flows before extraordinary items (731,505) 8,950
Cash flow from extraordinary operations - -
Net cash flow from / (for) operating activities (A) (731,505) 8,950

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of fixed assets (23,661) (19,273)
Proceeds from sale of fixed assets 179 (23,482) 170 (19,103)
Purchase of investments (12,916,135) (11,581,356)
Investment in Subsidiary - -
Loans disbursed - -
Loans against policies (44,652) (37,400)
Proceeds from sale of investments 12,262,375 10,726,576
Repayments received - -
Advance/deposit for investment property - (370)
Interest & rent received (net of tax deducted at source) 918,418 784,827
Dividend received 137,995 128,345
Investments in money market instruments and in liquid mutual funds (Net) 409,879 (113,001)
Expense related to investment (2,410) (3,060)
Net cashflow from/ (for) investing activities (B) 741,988 (114,542)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of share capital3 8,081 4,891

Proceeds from borrowing - -
Repayments of borrowing - -
Interest paid (8,220) (8,220)
Final Dividend (8,646) (7,905)
Interim Dividend paid - -
Dividend Distribution tax paid - -
Net cashflow from / (for) financing activities (C) (8,785) (11,234)

Effect of foreign exchange rates on cash and cash equivalents (net) (D) - 1
Net increase/(decrease) in cash and cash equivalents (A+B+C+D) 1,698 (116,825)
Cash and cash equivalents at beginning of the year 897,772 1,014,598
Cash and cash equivalents at end of the year 899,470 897,773

Note:
Cash and cash equivalents at the end of the period/year
- Cash (Including cheques in hand and stamps in hand) 20,379 14,181
- Bank Balances and Money at call and short notice 4 64,519 63,822
[Including bank balance for linked business of ₹ 1,124 lakhs at March 31, 2024
(₹ 481 lakhs at March 31, 2023)
- Other short term liquid investment
[Forming part of Investments and Other Assets in Balance Sheet] 817,046 823,529
-Stamps on Hand
[Part of Cash (including cheques, drafts and stamps), however not a part of
cash and cash equivalents] (2,474) (3,759)
Cash and cash equivalents at end of the year 899,470 897,773

Reconciliation of Cash and cash equivalents with Cash and Bank Balance
Cash and cash equivalents 899,470 897,773
Add: Stamps on Hand 2,474 3,759
Less: Linked business bank balance (1,124) (481)
Less: Other short term liquid investment (817,046) (823,529)
Cash and Bank Balance 83,774 77,522

1
Including rewards and/or remuneration to agents, brokers or other intermediaries
2
Includes CSR expenses paid during the period amounting to ₹ 316 lakhs (₹ 418 lakhs for year ended March 31, 2023)
3
Includes movement in share application money and share issue expenses if any
4
Includes balance in dividend account which is unclaimed amounting to ₹ 63 lakhs (₹ 76 lakhs at March 31, 2023)

The above Receipts and payments account has been prepared as prescribed by Insurance Regulatory and Development Authority (Preparation of
financial statements and auditor's report of insurance companies) Regulations, 2002 under the "Direct method" in accordance with Accounting
Standard-3 Cash Flow Statements issued by the Institute of Chartered Accountants of India.
 ICICI Prudential Life Insurance Company Limited
Statement of Consolidated quarterly disclosure as per Regulation 52 (4) of SEBI (Listing Obligation and Disclosure requirements)
Regulations 2015, as amended

Three months ended/at Year ended/at

Sr December 31,
Particulars March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
No. 2023
(Audited) (Audited) (Audited) (Audited) (Audited)
1 Debt-Equity Ratio (No of times) (Note 1) 0.11 0.11 0.12 0.11 0.12
Debt Service Coverage Ratio (DSCR) (No of times)
2
(not annualized for three months) (Note 2) 12.46 12.19 16.65 12.18 11.96
Interest Service Coverage Ratio (ISCR (No of times)
3
(not annualized for three months) (Note 3) 12.46 12.19 16.65 12.18 11.96
4 Total Borrowings 120,000 120,000 120,000 120,000 120,000
Outstanding redeemable preference share (quantity
5
& value) NA NA NA NA NA
Capital Redemption Reserve/Debenture redemption
6
reserve (Note 4) NA NA NA NA NA
7 Net worth (Note 5) (₹ in Lakhs) 1,100,460 1,107,122 1,008,952 1,100,460 1,008,952
8 Net Profit After Tax (₹ in Lakhs) 17,367 22,692 23,526 85,066 81,349
9 Earnings Per Share
(a) Basic EPS before and after extraordinary items
(net of tax expense) for the period (not annualized for
three months) 1.21 1.58 1.64 5.91 5.66
(b) Diluted EPS before and after extraordinary items
(net of tax expense) for the period (not annualized for
three months) 1.20 1.57 1.63 5.89 5.65
10 Current ratio (Note 6) 1.24 1.10 1.01 1.24 1.01
11 Long term debt to working capital (Note 7) NA NA NA NA NA
12 Bad debts to Account receivable ratio (Note 7) NA NA NA NA NA
13 Current liability ratio (Note 8) 0.02 0.02 0.02 0.02 0.02
14 Total debts to total assets (Note 9)* 0.00 0.00 0.00 0.00 0.00
15 Debtors turnover (Note 7) NA NA NA NA NA
16 Inventory turnover (Note 7) NA NA NA NA NA
17 Operating margin % (Note 7) NA NA NA NA NA
18 Net profit margin % (Note 7) NA NA NA NA NA

Notes:
1 Debt-Equity Ratio is calculated as total borrowings divided by Equity. Equity is calculated as shareholder's funds excluding redeemable preference
2 shares,isifcalculated
DSCR any. as Profit before interest, depreciation and tax (Shareholders account) divided by interest expenses together with principal
payments of long term debt during the period.
3 ISCR is calculated as Profit before interest, depreciation and tax (Shareholders account) divided by interest expenses of long term debt during the
4 Capital Redemption Reserve and Debenture redemption reserve is not required to be created as per Companies Act 2013 and Companies (Share
Capital & Debenture) Amendment Rules, 2019 dated August 16, 2019 respectively.
5 Net worth represents shareholder's funds excluding redeemable preference shares, if any.
6 Current ratio is computed as current assets divided by current liability.
7 Not applicable to insurance companies.
8 Current liability ratio is computed as current liability divided by total liability. Total liability includes borrowings, policyholders' liabilities, fund for
future appropriation and current liability.
9 Total debt to total assets is computed as borrowings divided by total assets.
10 Sector specific equivalent ratios are disclosed in Analytical ratios forming part of Standalone audited financial SEBI results.
*represents 0.0040 for the quarter and year ended March 31, 2024, 0.0041 for the quarter ended December 31, 2023, 0.0048 for the quarter and
year ended March 31, 2023
 ICICI Prudential Life Insurance Company Limited

Other disclosures:
Status of Shareholders Complaints for the year ended March 31, 2024:

Sr No. Particulars Number

1 No. of investor complaints pending at the beginning of period 0
2 No. of investor complaints received during the period 13
3 No. of investor complaints disposed off during the period 13
4 No. of investor complaints remaining unresolved at the end of the period 0
 Notes:

1. The above financial results of the Company for the year ended March 31, 2024 were reviewed
by the Audit Committee and subsequently approved by the Board of Directors at its meeting
held on April 23, 2024.
2. These financial results have been prepared in accordance with the requirements of Regulation
33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015, as amended from time to time, to the extent applicable, and
IRDAI circular IRDA/F&I/REG/CIR/208/10/2016 dated October 25, 2016 on publication of
financial results for life insurance companies.
3. The above financial results are audited by the joint statutory auditors, B S R & Co. LLP, Chartered
Accountants and Walker Chandiok & Co LLP, Chartered Accountants.

4. The amounts for the quarter ended March 31, 2024 are balancing amounts between the
amounts as per audited accounts for the year ended March 31, 2024 and audited accounts for
the nine months ended December 2023. Similarly, the amounts for quarter ended March 31,
2023 are balancing amounts between the amounts as per audited accounts for year ended
March 31, 2023 and audited accounts for the nine months ended December 31, 2022.
5. The Board of directors has recommended a final dividend of ₹ 0.60 per equity share of face value
of 10 each for the year ended March 31, 2024. The declaration and payment of final dividend
is subject to requisite approvals.
6. During the quarter ended March 31, 2024, the Company has allotted 560,770 equity shares of
face value of 10 each pursuant to exercise of employee stock options.

7. Contingent liability at March 31, 2024 includes ₹ 49,207 lakhs towards a show cause cum
demand notice (‘SCN’) received from the Directorate General of Goods and Services Tax
Intelligence (DGGI) in Q1-FY2024 disputing input tax credit (‘ITC’) being availed and utilised by
the Company. The Company believes that ITC utilised is in compliance with the provisions of
applicable laws and accordingly the Company has submitted suitable reply to the said SCN.

8. The Company is identified as 'Large Corporate' as per criteria under SEBI circular
SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172.
9. Figures of the previous period have been re-grouped wherever necessary, to conform to the
current year presentation.
10. In accordance with requirements of IRDAI Circular on “Public disclosures by Insurers” dated
September 30, 2021, the Company will publish the financials on the Company’s website latest
by May 22, 2024.

For and on behalf of the Board of Directors

Anup Bagchi
Managing Director & CEO
DIN: 00105962
B S R & Co. LLP Walker Chandiok & Co LLP
Chartered Accountants Chartered Accountants
14th Floor, Central B Wing and North C Wing, 16th Floor, Tower III
Nesco IT Park 4, Nesco Center, One International Center
Western Express Highway SB Marg, Prabhadevi (West)
Goregaon (East) Mumbai – 400 013
Mumbai – 400 063 India
Telephone +91 22 6257 1000 Telephone +91 22 6626 2699
Fax +91 22 6257 1010 Fax +91 22 6626 2601

Independent Auditor’s Report on audit of Standalone Financial Results of ICICI

Prudential Life Insurance Company Limited pursuant to Regulation 33 and Regulation
52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and Insurance Regulatory
and Development Authority of India Circular reference: IRDAI/F&I/REG/CIR/208/10/
2016 dated 25 October 2016

To The Board of Directors of

ICICI Prudential Life Insurance Company Limited
We have audited the accompanying standalone financial results of ICICI Prudential Life Insurance
Company Limited (the “Company”) for the year ended 31 March 2024, attached herewith, being
submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 read with
Regulation 63(2) of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”) and the Insurance
Regulatory and Development Authority of India (“IRDAI”/“Authority”) Circular reference:
IRDAI/F&I/REG/CIR/208/10/2016 dated 25 October 2016. These standalone financial results for the
year ended 31 March 2024 have been prepared on the basis of the standalone financial statements, which
is the responsibility of the Company’s management and have been approved by the Board of Directors
on 23 April 2024.
Our responsibility is to express an opinion on these standalone financial results for the year ended 31
March 2024 based on our audit of such standalone financial statements, which have been prepared in
accordance with the recognition and measurement principles specified under Section 133 of the
Companies Act, 2013 (the “Act”), including the relevant provisions of the Insurance Act, 1938 (the
“Insurance Act”), as amended from time to time, including amendment brought by Insurance Laws
(Amendment), Act 2015, the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA
Act”) and other accounting principles generally accepted in India, to the extent considered relevant and
appropriate for the purpose of standalone financial results for the year ended 31 March 2024 and which
are not inconsistent with the accounting principles as prescribed in the Insurance Regulatory and
Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance
Companies) Regulations, 2002 (the “Regulations”) and orders/directions/circulars issued by the IRDAI,
to the extent applicable.
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section
143(10) of the Act. Those Standards require that we plan and perform the audit to obtain reasonable
assurance about whether the standalone financial results for the year ended 31 March 2024 are free of
material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts
disclosed as standalone financial results for the year ended 31 March 2024. An audit also includes
assessing the accounting principles used and significant estimates made by management. We believe
that our audit provides a reasonable basis for our opinion.

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited
Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

Registered Office:
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Center, Western Express Highway, Goregaon (East), Mumbai – 400063
Page 1 of 2
B S R & Co. LLP Walker Chandiok & Co LLP

Auditor’s Report on Standalone Financial Results of ICICI Prudential Life Insurance

Company Limited pursuant to Regulation 33 and Regulation 52 read with Regulation
63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Insurance Regulatory and Development Authority
of India Circular reference: IRDAI/F&I/REG/CIR/208/10/2016 dated 25 October 2016
(Continued)

ICICI Prudential Life Insurance Company Limited

In our opinion and to the best of our information and according to the explanations given to us, these
standalone financial results for the year ended 31 March 2024 :
(i) are presented in accordance with the requirements of Regulation 33 and Regulation 52 read
with Regulation 63(2) of the Listing Regulations and IRDAI Circular reference:
IRDAI/F&I/REG/CIR/208/10/2016 dated 25 October 2016 in this regard; and
(ii) give a true and fair view of the standalone net profit and other financial information for the
year ended 31 March 2024.
Other Matters
a. The actuarial valuation of liabilities for life policies in force and for policies in respect of which
premium has been discontinued but liability exists as at 31 March 2024 is the responsibility of the
Company’s Appointed Actuary (the “Appointed Actuary”). The actuarial valuation of these
liabilities for life policies in force and for policies in respect of which premium has been
discontinued but liability exists as at 31 March 2024 has been duly certified by the Appointed
Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines
and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with the
Authority. We have relied upon the Appointed Actuary’s certificate in this regard for forming our
opinion on the valuation of liabilities for life policies in force and for policies in respect of which
premium has been discontinued but liability exists, as contained in the standalone financial
statements of the Company. Our opinion is not modified in respect of this matter.
b. The standalone financial results for the year ended 31 March 2024 includes the financial results for
the quarter ended 31 March 2024, being the balancing figure between the audited figures in respect
of the full financial year and the published audited year to date figures up to the third quarter of the
current financial year.

For B S R & Co. LLP For Walker Chandiok & Co LLP

Chartered Accountants Chartered Accountants
ICAI Firm Registration No:101248W/W-100022 ICAI Firm Registration No: 001076N/N500013

Kapil Goenka Sudhir N. Pillai

Partner Partner
Membership No: 118189 Membership No: 105782
ICAI UDIN: 24118189BKDBBZ6158 ICAI UDIN: 24105782BKFIZD2489

Place: Mumbai Place: Mumbai

Date: 23 April 2024 Date: 23 April 2024

Page 2 of 2
B S R & Co. LLP Walker Chandiok & Co LLP
Chartered Accountants Chartered Accountants
14th Floor, Central B Wing and North C Wing, 16th Floor, Tower III
Nesco IT Park 4, One International Center
Nesco Center, Western Express Highway, SB Marg, Prabhadevi (West)
Goregaon (East), Mumbai – 400 013
Mumbai – 400 063 India
Telephone +91 22 6257 1000 Telephone +91 22 6626 2699
Fax +91 22 6257 1010 Fax +91 22 6626 2601

Independent Auditor’s Report on audit of Consolidated Financial Results of ICICI

Prudential Life Insurance Company Limited pursuant to Regulation 33 and Regulation
52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and Insurance Regulatory
and Development Authority of India Circular reference:
IRDAI/F&I/REG/CIR/208/10/2016 dated 25 October 2016

To The Board of Directors of

ICICI Prudential Life Insurance Company Limited
We have audited the accompanying consolidated financial results of ICICI Prudential Life Insurance
Company Limited (hereinafter referred to as the “Holding Company”) and its subsidiary, ICICI
Prudential Pension Funds Management Company Limited (the Holding Company and its subsidiary
together referred to as the “Group”) for the year ended 31 March 2024, attached herewith, being
submitted by the Holding Company pursuant to the requirement of Regulation 33 and Regulation 52
read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (as amended) (“Listing Regulations”) and the Insurance
Regulatory and Development Authority of India (“IRDAI”/“Authority”) Circular reference:
IRDAI/F&I/REG/CIR/208/10/2016 dated 25 October 2016. These consolidated financial results for the
year ended 31 March 2024 have been prepared on the basis of the consolidated financial statements,
which is the responsibility of the Holding Company’s management and have been approved by the
Holding Company’s Board of Directors on 23 April 2024.
Our responsibility is to express an opinion on these consolidated financial results for the year ended 31
March 2024 based on our audit of such consolidated financial statements, which have been prepared by
the Holding Company’s management in accordance with the recognition and measurement principles
specified under Section 133 of the Companies Act, 2013 (the “Act”), including the relevant provisions
of the Insurance Act, 1938 (the “Insurance Act”), as amended from time to time, including amendment
brought by Insurance Laws (Amendment),Act 2015, the Insurance Regulatory and Development
Authority Act, 1999 (the “IRDA Act”) and other accounting principles generally accepted in India, to
the extent considered relevant and appropriate for the purpose of consolidated financial results for the
year ended 31 March 2024 and which are not inconsistent with the accounting principles as prescribed
in the Insurance Regulatory and Development Authority (Preparation of Financial Statements and
Auditors’ Report of Insurance Companies) Regulations, 2002 (the “Regulations”) and
orders/directions/circulars issued by the IRDAI, to the extent applicable.
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section
143(10) of the Act. Those Standards require that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial results for the year ended 31 March 2024 are free
of material misstatements. An audit includes examining, on a test basis, evidence supporting the
amounts disclosed as consolidated financial results for the year ended 31 March 2024. An audit also
includes assessing the accounting principles used and significant estimates made by management. We
believe that our audit provides a reasonable basis for our opinion.

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited
Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

Registered Office:
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Center, Western Express Highway, Goregaon (East), Mumbai – 400063
B S R & Co. LLP Walker Chandiok & Co LLP
Auditor’s Report on Consolidated Financial Results of ICICI Prudential Life Insurance
Company Limited pursuant to Regulation 33 and Regulation 52 read with Regulation 63(2)
of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Insurance Regulatory and Development Authority
of India Circular reference: IRDAI/ F&I/REG/CIR/208/10/2016 dated 25 October 2016
(Continued)

ICICI Prudential Life Insurance Company Limited

We also performed procedures in accordance with the circular issued by the Securities and Exchange
Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
In our opinion and to the best of our information and according to the explanations given to us and
based on the consideration of report of other auditor on separate audited financial statements of the
subsidiary, the consolidated financial results for the year ended 31 March 2024:
(i) are presented in accordance with the requirements of Regulation 33 and Regulation 52 read with
Regulation 63(2) of the Listing Regulations and IRDAI Circular reference:
IRDAI/F&I/REG/CIR/208/10/2016 dated 25 October 2016 in this regard; and
(ii) give a true and fair view of the consolidated net profit and other financial information for the year
ended 31 March 2024.
Other Matters
a. The actuarial valuation of liabilities for life policies in force and for policies in respect of which
premium has been discontinued but liability exists as at 31 March 2024 is the responsibility of the
Holding Company’s Appointed Actuary (the “Appointed Actuary”). The actuarial valuation of
these liabilities for life policies in force and for policies in respect of which premium has been
discontinued but liability exists as at 31 March 2024 has been duly certified by the Appointed
Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines
and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with the
Authority. We have relied upon the Appointed Actuary’s certificate in this regard for forming our
opinion on the valuation of liabilities for life policies in force and for policies in respect of which
premium has been discontinued but liability exists, as contained in the consolidated financial
statements of the Group.
b. We did not audit the financial statements of subsidiary company which is included in the
consolidated financial results for the year ended 31 March 2024, which reflects total assets (before
consolidation adjustments) of Rs. 615,928 thousand as at 31 March 2024, total revenues (before
consolidation adjustments) of Rs. 216,571 thousand, loss before tax (before consolidation
adjustments) of Rs. 27,090 thousand and net cash outflow (before consolidation adjustments) of
Rs. 35,351 thousand for the year ended 31 March 2024. The financial statements of such subsidiary
have been audited by other auditor, whose report has been furnished to us by the Holding
Company’s management, and our opinion on the consolidated financial results for the year ended
31 March 2024, in so far as it relates to such subsidiary, is based solely on the report of such other
auditor.
Our opinion is not modified in respect of the above matters.

Page 2 of 3
B S R & Co. LLP Walker Chandiok & Co LLP
Auditor’s Report on Consolidated Financial Results of ICICI Prudential Life Insurance
Company Limited pursuant to Regulation 33 and Regulation 52 read with Regulation 63(2)
of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Insurance Regulatory and Development Authority
of India Circular reference: IRDAI/ F&I/REG/CIR/208/10/2016 dated 25 October 2016
(Continued)

ICICI Prudential Life Insurance Company Limited

Other Matters (Continued)
c. The consolidated financial results for the year ended 31 March 2024 includes the consolidated
financial results for the quarter ended 31 March 2024, being the balancing figure between the
audited figures in respect of the full financial year and the published audited year to date figures up
to the third quarter of the current financial year.

For B S R & Co. LLP For Walker Chandiok & Co LLP

Chartered Accountants Chartered Accountants
ICAI Firm Registration No: 101248W/W-100022 ICAI Firm Registration No: 001076N/N500013

Kapil Goenka Sudhir N. Pillai

Partner Partner
Membership No: 118189 Membership No: 105782
ICAI UDIN: 24118189BKDBBY3654 ICAI UDIN: 24105782BKFIZE2873

Place: Mumbai Place: Mumbai

Date: 23 April 2024 Date: 23 April 2024

Page 3 of 3
 1

ICICI Prudential Life Insurance Company Limited

Embedded Value Results

This report on Embedded Value Results (“EV Results”) as at March 31, 2024 has been
prepared by the Company and the results presented in the report have been reviewed by
Milliman Advisors LLP.
1 Basis of preparation
The Embedded Value (EV) is a measure of the consolidated value of the shareholders’
interest in the life insurance business. The EV Results have been prepared based on the
Indian Embedded Value (IEV) methodology and principles as set out in Actuarial Practice
Standard 101 (version 1.02) (APS10) issued by the Institute of Actuaries of India (IAI). As
APS10 is applicable for the limited purpose of an Initial Public Offering (IPO), compliance
with APS10 is limited to the methodology and principles used to develop the EV Results
presented in this report. The EV methodology is broadly in line with the Market Consistent
Embedded Value2 (MCEV) principles used in Europe.
A detailed description of the EV methodology is provided in section 3.

1
The Actuarial Practice Standard 10 for the EV method is available at
https://www.actuariesindia.org/sites/default/files/inline-files/APS_10_modification_ver1_02_28_03_2015_0.pdf
2
The MCEV principles as defined by the CFO Forum are available at
https://cfoforum.eu/downloads/CFO-Forum_MCEV_Principles_and_Guidance_April_2016.pdf
 2

2 Key results
2.1 Value of new business (VNB)
New business details (` bn) FY2023 FY2024
Value of New Business (VNB) 27.65 22.27
Savings 16.78 10.83
Protection 10.87 11.44
New Business Margin (VNB/APE) 32.0% 24.6%

Single Premium 99.91 106.51

Regular Premium 76.41 79.81

Annual Premium Equivalent (APE) 86.40 90.46

Savings 71.36 75.21
Protection 15.04 15.25

As at March As at March
Components of VNB (` bn)
31, 2023 31, 2024
Present value of future profits (PVFP) for new
29.58 24.29
business
Time value of financial options and guarantees
(0.00) (0.00)
(TVFOG)
Cost of residual non-hedgeable risks (CRNHR) (1.06) (1.16)
Frictional cost of required capital (FC) (0.87) (0.86)
Value of new business 27.65 22.27

2.2 EV
As at March As at March
Components of EV (` bn)
31, 2023 31, 2024
Free surplus (FS) 30.47 41.62
Required capital (RC) 57.35 74.19
Adjusted net worth (ANW) 87.82 115.80

Present value of future profits (PVFP) 277.44 316.68

Time value of financial options and guarantees
(0.44) (0.04)
(TVFOG)
Cost of residual non-hedgeable risks (CRNHR) (4.72) (4.67)
Frictional cost of required capital (FC) (3.75) (4.40)
Value of in-force business (VIF) 268.52 307.56

Embedded value (EV) 356.34 423.37

EV operating earnings (EVOP) 54.88 50.17

Return on Embedded Value (ROEV) 17.4% 14.1%
Growth in EV 12.7% 18.8%
 3

2.3 Analysis of movement

The graph and table below analyse the movement in embedded value from `356.34 bn
to `423.37 bn during FY2024.

Components (` bn) FY2023 FY2024

Opening EV 316.25 356.34
Expected return on existing business (unwind)
At reference rates 12.45 24.80
At expected excess ‘real world’ return over
14.63 5.91
reference rates
Operating assumption changes (1.61) 0.70
VNB added during the period 27.65 22.27
Operating experience variance
Persistency 1.43 (0.56)
Mortality / morbidity 0.22 (2.88)
Expenses 0.03 0.00
Others 0.08 (0.08)
EV operating earnings (EVOP) 54.88 50.17
Economic assumption changes and investment
(14.49) 16.91
variance
EV total earnings 40.39 67.08

Capital contributions / (dividends paid out) (0.30) (0.06)

Closing EV 356.34 423.37

 4

2.4 Sensitivities
Change in
Change in new
No. Scenario (` bn) embedded
business value
value
Base results 423.37 22.27
1 Reference rates
An increase of 100 bps in the reference
1a (3.5%) (11.7%)
rates
A decrease of 100 bps in the reference
1b 3.8% 10.9%
rates
2 Acquisition expenses
2a 10% increase in acquisition expenses Nil (18.0%)
2b 10% decrease in acquisition expenses Nil 18.1%
3 Maintenance expenses
3a 10% increase in maintenance expenses (0.8%) (3.4%)
3b 10% decrease in maintenance expenses 0.8% 3.4%
4 Persistency
10% increase (multiplicative) in the policy /
4a premium discontinuance rates and partial (0.4%) (4.8%)
withdrawal rates
10% decrease (multiplicative) in the policy /
4b premium discontinuance rates and partial 0.4% 5.1%
withdrawal rates
5 Mortality/Morbidity
An increase of 10% (multiplicative) in the
5a (2.0%) (14.9%)
mortality / morbidity rates
A decrease of 10% (multiplicative) in the
5b 2.1% 15.0%
mortality / morbidity rates
6 Taxation
6a Assumed tax rate increased to 25% (6.6%) (11.4%)
7 Equity
7a Equity values increase by 10% 1.6% 1.1%
7b Equity values decrease by 10% (1.7%) (1.0%)
 5

3 Methodology

The EV consists of the two following components:

 Adjusted net worth (ANW), consisting of:
 Free surplus (FS) allocated to the covered business; and
 Required capital (RC).
 Value of in-force covered business (VIF).
3.1 Covered business
The business covered under the EV Results (covered business) includes all business that
has been written by the Company including the life assurance and pensions business,
accident and health-insurance business and group business.
The business written by ICICI Prudential Pension Funds Management Co. Ltd., a
subsidiary of ICICI Prudential which writes pensions fund management business, is not
included as covered business. The value of ICICI Prudential Pension Funds Management
Co. Ltd is reflected in ANW based on the value at which it is carried in the audited
financial statements of the Company, which is ` 560.2 mn as at March 31, 2024.
3.2 RC
RC is the value of assets attributed to the covered business over and above that which
is required to back the liabilities for covered business, the distribution of which to
shareholders is restricted.
The level of RC is set equal to the amount required to be held to meet supervisory
requirements or otherwise encumbered by supervisory or legal restrictions that prevent
its distribution. The amount of RC is presented from the shareholders’ perspective and is
net of the funds for future appropriation (FFAs) and the book value of subordinated debt,
to the extent allowed by the regulations to meet the RC.
3.3 FS
The FS is the market value of any assets allocated to, but not required to support, the in-
force covered business as at the valuation date.
The FS has been determined as the adjusted net worth of the Company, less the RC as
defined above. The adjusted net worth of the Company is calculated as the net
shareholders’ funds as per the audited financial statements, adjusted so as to revalue to
market value those assets and those liabilities that are dependent on asset values, which
are not at market value in the audited financial statements. The mark to market
adjustment is net of tax applicable.
In respect of the subordinated debt capital raised by the Company through a private
placement of non-convertible debentures (NCDs), the difference between the book value
and the market value of liability associated with the NCDs is reflected in the FS.
The FFA, which comprises all funds which have not been explicitly allocated either to
policyholders or to shareholders at the valuation date, is reported under policyholder
funds. The shareholders have a 10% interest in the non-linked FFA accrued in respect of
participating business. The value of the shareholders’ interest in the FFA is included in
the VIF, at its market value, and therefore does not form part of the ANW.
 6

3.4 VIF
The VIF represents the present value of the shareholders’ interest in the earnings
distributable from the assets allocated to the covered business after sufficient allowance
for the aggregate risks in the business. The VIF consists of the following components:
 the present value of future profits (PVFP); adjusted for
 the time value of financial options and guarantees (TVFOG);
 the frictional costs of required capital (FC); and
 the cost of residual non-hedgeable risks (CRNHR).
PVFP
The PVFP is the present value of projected distributable profits to shareholders arising
from the in-force covered business, determined by projecting the post taxation
shareholder cash flows from the in-force covered business and the assets backing the
associated liabilities. The distributable profits also include the release to shareholders of
the amounts from the FFA. For one-year renewable group term business, any future
profits arising from the expected renewals from existing members are included in the
PVFP.
For products with reviewable rates and charges, the projection of future cash flows
assumes that the rates and charges as at the valuation date remain unchanged.
The projection of future distributable profits arising from the covered business is carried
out using best estimate non-economic assumptions and market consistent economic
assumptions.
Distributable profits are determined by reference to liabilities determined in accordance
with the statutory requirements for life insurance companies.
The Company holds ‘global reserves’ calculated outside of its actuarial models as at the
valuation date. Wherever appropriate, the shareholders’ interest in the assets backing
such global reserves is calculated by assuming a suitable release pattern of such
reserves.
TVFOG
The TVFOG reflects the value of the additional cost to shareholders that may arise from
the embedded financial options and guarantees attaching to the covered business. The
intrinsic value of such options and guarantees is reflected in the PVFP.
A stochastic approach is used to determine the TVFOG using methods and assumptions
consistent with the underlying embedded value. The economic assumptions used in
determining the TVFOG ensure that the projected cash flows are valued in line with the
price of similar cash flows that are traded in the capital markets.
 7

FC
The VIF includes an allowance for the FC of RC for the covered business. This FC
represents investment management expenses and taxation costs associated with
holding the RC. The investment costs have been reflected as an explicit deduction from
the gross investment return.
CRNHR
The CRNHR is an allowance for risks to shareholder value to the extent that these are
not already allowed for in the TVFOG or the PVFP. In particular, the CRNHR makes
allowance for:
 asymmetries in the impact of the risks on shareholder value; and
 risks that are not allowed for in the TVFOG or the PVFP (e.g. operational risk).
The CRNHR reflects operational risk, catastrophe mortality/morbidity risk and mass
lapsation risk. The CRNHR has been determined using a cost of capital approach. The
CRNHR is the present value of a notional cost of capital charge levied on the projected
capital in respect of the residual non-hedgeable risks. Allowance has been made for the
benefit of diversification among the non-hedgeable risks, other than operational risk.
3.5 New business and renewals
The VIF includes the value attributable to shareholders considering the expected renewal
premiums on the in-force business, including any foreseeable variations in the level of
renewal premiums, but excludes any value relating to future new business (i.e. the new
business that may be written after the applicable valuation date).
The VNB reflects the additional value to shareholders created through the activity of
writing new business over the stated period ending on the valuation date, and includes
the value from the expected renewal premiums on that new business.
The new business comprises both individual and group policies sold during the reporting
period, including the expected renewal premiums and expected future contractual
alterations to those contracts. It also includes the non-contractual single premium
payments received during the reporting period. New business for one year renewable
group term business and group micro business includes business from new members
that have joined an existing scheme or a new scheme during the financial year, and the
VNB includes the value arising from the renewal premiums expected from new members.
The VNB is calculated in the same way as the VIF, with appropriate allowance for
changes in the ANW during the reporting period.
The VNB is determined as at March 31, 2024 and takes into account acquisition
commissions and acquisition expenses actually incurred in the full year to March 31,
2024. The VNB is computed without consideration of the intrinsic cost or benefit from the
use of interest rate derivatives for hedging interest rate risk.
 8

3.6 Analysis of movement of EV

A brief description of the various components is provided below

Components Description
(1) Expected investment income at opening reference rate
on VIF and ANW; and
Expected return on
existing business (2) Expected excess ‘real world’ investment return over the
opening reference rate on VIF and ANW.

This is the impact of updating of non-economic

Operating assumption assumptions, on both best estimate and statutory bases, to
changes those adopted in the closing EV.
VNB added during the
This is as described in section 3.5 above
period
The variance arising from discontinuance and mortality /
morbidity is analysed at a policy level, by considering the
actual change in the policy status from the opening EV to
the closing EV dates. The operating experience variance
Operating experience captures the difference between the actual and expected
variance experience and is calculated in the following order:
a. Discontinuance rates
b. Mortality / morbidity rates
c. Expenses

Economic assumption changes reflect the update of the

reference rate yield curve, inflation and valuation economic
assumptions from opening EV to closing EV.
Economic assumption The investment variance is the difference between the
changes and actual investment return and the expected ‘real world’ rates
investment variance for existing business as at March 31, 2023 and the closing
and opening reference rates (the reference rates at the end
of each month during which the new business is sold) for
new business written during FY2024.

These are the actual capital infusions / dividends paid out

Capital contributions / to the shareholders, including the dividend distribution tax
(dividends paid out)
incurred (if any) during the period.

3.7 Sensitivities
Sensitivity analyses are carried out for one parameter at a time and do not include
changes in other parameters not explicitly mentioned as part of the sensitivity.
The key assumption changes represented by each of the sensitivities and their impact on
EV and VNB are provided in section 2.
 9

4 Assumptions

The projections of future shareholder cash flows expected to emerge from covered in-
force and new business have been determined using best estimate assumptions. These
assumptions (both economic and non-economic) are reviewed annually and have been
updated as appropriate.
4.1 Economic assumptions
Investment returns and discount rates used in the calculation of opening and closing EV
are based on reference rates at March 31, 2023 and March 31, 2024 respectively. The
PVFP before TVFOG is calculated assuming that assets earn, before tax and investment
management expenses, the reference rates assumed, and by discounting all cash flows
using the reference rates assumed which are gross of tax and investment management
expenses. The reference rates are derived from the zero coupon yield curve as published
on the Clearing Corporation of India Limited3 website, by adjusting the published yields
so that they derive the market value of the Company’s government bond portfolio. The
reference rates assumed in the calculation of EV are set out below:

Reference rate (one year forward rates)

Tenor (years)
March 31, 2023 March 31, 2024
1 7.23% 7.18%
5 7.49% 7.28%
10 7.56% 7.24%
15 7.65% 7.26%
20 7.70% 7.31%
25 7.73% 7.36%
30 7.74% 7.40%

Investment returns and discount rates used in the calculation of VNB are based on the
CCIL published yield curves for each month of sale of new business, adjusted so that they
derive the then market value of the Company’s government bond portfolio.

4.2 Non-economic assumptions

Demographic assumptions
The best estimate assumptions for persistency, mortality and morbidity have been
derived based on the Company’s own experience. An allowance for future improvements
in respect of mortality has been made for annuities.

Commission and Expense assumptions

The expense assumptions have been derived based on the Company’s actual expenses
during FY2024 with no anticipation of productivity gains or cost efficiencies. The fixed
renewal expenses are inflated from FY2025 onwards using the best estimate inflation
rate assumed.

The commission rates under different products are based on the actual commission
payable (if any) to the distributors.

3
The CCIL zero coupon sovereign rupee yield curve is available at
https://www.ccilindia.com/RiskManagement/SecuritiesSegment/Pages/CCILRupeeYieldCurveDaily.aspx
 10

Tax rates
In determining the EV Results, allowance has been made for future taxation costs
expected to be incurred by the Company. This includes both corporate taxes and Goods
and Services Tax (“GST”).

The taxation costs reflected in the EV Results make an allowance for the fact that the
Company is allowed to reduce its taxable income by dividend income earned, subject to
a maximum of the dividend declared and distributed4.

4
Limit of deduction subject to dividend distribution introduced in Finance Act, 2020
 Milliman Advisors LLP
503, A Wing, Citipoint
JB Nagar, Andheri-Kurla Road,
Andheri (E), Mumbai 400 059
India
milliman.com

LLPIN: AAF-5603

23 April 2024

The Board of Directors

ICICI Prudential Life Insurance Company Limited
ICICI PruLife Towers
Appasaheb Maratha Marg
Prabhadevi, Mumbai - 400 025

Re: Milliman’s opinion on the Embedded Value results as at 31 March 2024 (“Opinion”)

Dear Members of the Board

Introduction

ICICI Prudential Life Insurance Company Limited (‘ICICI Prudential’, ‘the Company’) has prepared
embedded value calculations following the methodology and principles set out in the Actuarial Practice
Standard 10 (version 1.02) (“APS10”) issued by the Institute of Actuaries of India. These calculations
consist of the following (together referred to as the “Results”):
 Indian Embedded Value (“IEV”) as at 31 March 2024;
 the value of one year of new business (“VNB”) for new business sold during the year ending 31
March 2024;
 an analysis of the movement of IEV from 31 March 2023 to 31 March 2024; and
 various sensitivity results on the IEV as at 31 March 2024 and the VNB for business sold during
the year ending 31 March 2024.
The Results, along with the methodology and assumptions that have been used to prepare the Results,
have been summarised by the Company in the public disclosures (“Disclosures”) that accompany this
Opinion.

Scope of services

Milliman Advisors LLP (‘Milliman’, ‘we’, ‘us’, ‘our’) has been engaged by ICICI Prudential Life Insurance
Company Limited (‘ICICI Prudential’, ‘the Company’) to carry out a review and certification of the
Results. Our scope of work includes the following:
 a review of the methodology and assumptions used by the Company in developing the Results
for compliance with the relevant principles set out in APS10;
 a review of the Company’s actuarial models (covering the calculation of IEV, VNB, analysis of
movement and sensitivity results) used to develop the Results for a selection of model points
 Review of IEV results as at 31 March 2024

covering the more material products comprising the value of in-force business (“VIF”) and VNB;
and
 a detailed review of the aggregation templates used by the Company to develop the Results,
which also included a review of the process used to conduct the analysis of movement of IEV
and various sensitivity analyses.

Opinion

Based on the work carried out and subject to the reliances and limitations mentioned below, I am of the
opinion that the Results have been developed in all material respects in accordance with the
methodology and principles set out in APS10. In particular:
 the methodology used to develop the Results is reasonable and in line with APS10;
 the assumptions (economic and non-economic) used to develop the Results have been
developed materially in line with the requirements of APS10, using the Company’s operating
experience (for non-economic assumptions), and are reasonable;
 the Results have been prepared materially in accordance with the methodology and
assumptions described in the Disclosures, and with the accounting information presented in
the financial statements;
 the Results have been prepared materially in accordance with the requirements of APS10.

Reliances and Limitations

This Opinion has been prepared solely for use by ICICI Prudential for inclusion in the Disclosures for
the year ending 31 March 2024. It should not be relied upon for any other purpose. Milliman does not
intend to create a legal duty to any third party recipient of its work.
We have relied on information supplied by the management and staff of ICICI Prudential. Reliance was
placed on, but not limited to, the general accuracy of all the information provided to us.
We have obtained a management representation letter from ICICI Prudential, stating that, to the best
of ICICI Prudential’s knowledge, the data and information provided to us is accurate and complete and
that there are no material inaccuracies or omissions therein. To the extent that there are material
inaccuracies or omissions in the information received, this Opinion may be rendered invalid.
An actuarial assessment of the components of value of a life insurance company will not necessarily
be consistent with the value of a life insurance company or a portfolio in the open market and should
not be interpreted in that manner.
The Results are based on a series of assumptions as to future operating experience. It should be
recognised that actual experience will differ from these assumptions on account of changes in the
operating and economic environment and natural variations in experience. To the extent that actual
experience is different from the assumptions, the future projected profits from which the Results are
derived will also differ. The Disclosures include various sensitivity results to illustrate how vulnerable
the IEV and VNB results are to changes in assumptions for the key risks. The Results shown are
presented at the valuation dates stated and no warranty is given by Milliman that future experience after
these valuation dates will be in line with the assumptions made.
Milliman is not a tax expert and is not able to provide tax or accounting advice. Accordingly, it is
acknowledged that no reliance will be placed on Milliman, its Partners, or employees with respect to
any tax or accounting issue. The allowance for taxation reflected in the Results is based on the
Company’s interpretation of applicable tax regulations. The Results do not reflect any allowance for
withholding or other taxes (if any) that may apply to the payment of future shareholder dividends or on
remittances out of India.
 Review of IEV results as at 31 March 2024

The Results have been determined on a going concern basis, and assume a stable economic, legal
and regulatory environment going forward. Any change in the general operating environment would add
a high degree of uncertainty to the Results.
Unless explicitly stated, the Results do not consider any external (including regulatory) developments
after the valuation date of 31 March 2024.

Yours faithfully,

Richard Holloway FIAI

Partner
 April 23, 2024

Performance for the year ended March 31, 2024

1. Operating performance review

(` in billion)
Q4- Q4- Y-o-Y Y-o-Y
` in billion FY2023 FY2024
FY2023 FY2024 Growth Growth
Profit/(Loss) After Tax (PAT) 2.35 1.74 (26.0%) 8.11 8.52 5.1%
Value of New Business (VNB) 10.55 7.76 (26.4%) 27.65 22.27 (19.5%)
Embedded Value - - - 356.34 423.37 18.8%
New Business Received
56.35 65.53 16.3% 169.22 180.81 6.8%
Premium
Total Premium 129.92 151.50 16.6% 399.33 432.36 8.3%
APE1 33.00 36.15 9.5% 86.40 90.46 4.7%
-Savings including annuity 28.46 31.83 11.8% 71.36 75.21 5.4%
-Protection 4.54 4.33 (4.6%) 15.04 15.25 1.4%
New Business Sum assured 3,491.99 2,992.62 (14.3%) 10,413.92 10,221.11 (1.9%)
Cost ratio (Cost/TWRP)2 22.9% 21.8% - 21.5% 24.0% -
Assets under management - - - 2,511.91 2,941.40 17.1%

Regular and Limited pay Fully paid and Single premium

Persistency 9M- 9M-
FY20233 FY20243 FY20233 FY20243
FY20244 FY20244
13th month 86.6% 87.4% 89.0% 99.9% 99.8% 99.8%
25th month 77.8% 79.6% 80.5% 99.7% 99.6% 99.7%
37th month 71.3% 71.5% 72.3% 100.0% 99.4% 99.0%
49th month 64.2% 67.1% 68.5% 98.1% 99.7% 99.7%
61st month 65.7% 64.9% 64.4% 98.6% 98.3% 98.7%
1
Annualised Premium Equivalent
2
Total cost including commission/(Total premium – 90% of single premium)
3
Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’
dated September 30, 2021; 12 month rolling persistency for March to February measured at March 31
4
For policies issued during December to November period of relevant year measured at December 31
Components may not add up to the totals due to rounding off

• Profitability
The Company’s Profit After Tax (PAT) grew by 5.1% year-on-year from ₹ 8.11 billion in FY2023 to
₹ 8.52 billion in FY2024. Value of New Business (VNB) for FY2024 was ₹ 22.27 billion. With an APE
of ₹ 90.46 billion for the FY2024, VNB margin for FY2024 stood at 24.6%. The decline in VNB margin
is primarily on account of the shift in underlying product mix towards unit linked & par from non-
par business, decline in group term business and higher expense ratio for the current year.
• Embedded Value
The Embedded Value grew by 18.8% year-on-year from ` 356.34 billion at March 31, 2023 to `
423.37 billion at March 31, 2024. The value of inforce business grew by 14.5% from ` 268.52 billion
at March 31, 2023 to ` 307.56 billion at March 31, 2024.

The return on embedded value (RoEV) was 14.1% in FY2024. EV operating profit stood at ` 50.17
billion in FY2024.
• Premium
New business received premium grew by 6.8% year-on-year from ` 169.22 billion in FY2023 to `
180.81 billion in FY2024. The total Annualised Premium Equivalent (APE) grew by 4.7% year-on-
year from ` 86.40 billion in FY2023 to ` 90.46 billion in FY2024. Retail APE grew by 12.0% year-on-
year from ` 28.59 billion in Q4-FY2023 to ` 32.01 billion in Q4-FY2024. The Company has delivered
Retail Weighted Received Premium (RWRP) growth of 11.5% in Q4-FY2024, outperforming both
the overall industry and private life insurers.

• Product mix
The Company offers a wide range of products across various segments such as savings (linked and
non-linked), annuity and protection to meet the specific needs of the customers. The Company has
a well-diversified product mix with FY2024 APE contribution from linked, non-linked, protection,
annuity, and group funds at 43.2%, 25.8%, 16.9%, 10.5% and 3.5% respectively.

Savings business APE including annuity grew by 5.4% year-on-year from ` 71.36 billion in FY2023
to ` 75.21 billion in FY2024. Protection APE stood at ` 15.25 billion in FY2024. Retail protection
business APE registered a growth of 46.6% year-on-year from ` 3.26 billion in FY2023 to ` 4.78
billion in FY2024. Credit life business APE grew by 25.2% year-on-year from ` 4.81 billion in FY2023
to ` 6.02 billion in FY2024.

As a result, retail new business sum assured grew by 38.3% year-on-year from ₹ 1,754.67 billion
in FY2023 to ` 2,427.51 billion in FY2024. The total in-force sum assured grew by 15.6% year-on-
year from ₹ 29.51 trillion at March 31, 2023 to ₹ 34.11 trillion at March 31, 2024.

• Persistency
Persistency ratios have significantly improved across most of the cohorts, reflective of the
Company’s strong focus on improving the quality of business. The 13th month persistency improved
from 86.6% in FY2023 to 89.0% in FY2024. The 49th month persistency ratio improved from 64.2%
in FY2023 to 68.5% in FY2024.

• Cost metrics
In FY2024, the cost to total weighted received premium (TWRP) ratio for the savings business and
the overall cost to TWRP ratio stood at 15.8% and 24.0% respectively. In the current financial year,
the re-design of commission structure pursuant to the flexibility provided in IRDAI (Payment of
Commission) Regulations has led to an increase in commission expenses. Additionally, the
Company has continued its investments towards sustainable future growth.

• Assets under management

The assets under management of the Company grew by 17.1% year-on-year from ` 2,511.91 billion
at March 31, 2023 to ` 2,941.40 billion at March 31, 2024. The Company had a debt-equity mix of
53:47 at March 31, 2024 and 95.9% of the fixed income investments were in sovereign or AAA
rated instruments.

• Net worth and capital position

The Company’s net worth was ` 110.09 billion at March 31, 2024. The solvency ratio was 191.8%
against the regulatory requirement of 150%.
2. Financial performance review

Summary Standalone Revenue and Profit & Loss Account

(` in billion)
Three months ended Year ended
Particulars March 31, December March 31, March 31, March 31,
2024 31, 2023 2023 2024 2023
Premium earned 151.50 102.85 129.92 432.36 399.33
Premium on reinsurance ceded (3.62) (3.56) (3.64) (14.76) (13.76)
Premium on reinsurance accepted - - 0.01 - 0.03
Net premium earned 147.88 99.29 126.29 417.60 385.60
Investment income1 77.43 165.00 (16.84) 479.31 106.94
Unit-linked 53.33 140.12 (33.92) 382.03 42.03
Other than unit-linked 24.10 24.88 17.08 97.29 64.91
Other income 0.55 0.65 0.44 2.19 1.53
Total income 225.87 264.94 109.89 899.10 494.07
Commission paid2 15.66 10.02 7.54 37.22 18.64
Expenses3 11.69 10.50 17.46 48.12 52.73
Interest on Non-convertible
Debentures 0.20 0.21 0.20 0.82 0.82
Tax on policyholders fund 0.36 0.34 0.47 1.08 1.84
Claims/benefits paid4 125.16 100.80 87.61 400.06 310.04
Change in actuarial liability5 70.45 140.76 (6.56) 402.56 101.03
Total Outgo 223.52 262.62 106.72 889.87 485.10
Profit/(Loss) before tax 2.34 2.32 3.17 9.23 8.97
Tax charge/ (credit) 0.61 0.05 0.82 0.71 0.86
Profit/(Loss) after tax 1.74 2.27 2.35 8.52 8.11
1. Net of provision for diminution in value of investments
2. Commission also includes rewards and/or remuneration to agents, brokers or other intermediaries
3. Includes provisions for doubtful debts (including write off) and goods and service tax on linked charges
4. Net of reinsurance
5. Includes movement in funds for future appropriation
6. Components may not add up to the totals due to rounding off

The Company’s profit before tax increased from ` 8.97 billion in FY2023 to ` 9.23 billion in
FY2024. Profit after tax has increased from ` 8.11 billion in FY2023 to ` 8.52 billion in FY2024.

The performance highlights for FY2024 are as given below:

• Net premium earned (gross premium less reinsurance premium) increased by 8.3% from `
385.60 billion in FY2023 to ` 417.60 billion in FY2024.

• Total investment income increased from ` 106.94 billion in FY2023 to ` 479.31 billion in
FY2024. Investment income comprised of:
• Investment income under unit-linked increased from ` 42.03 billion in FY2023 to ` 382.03
billion in FY2024, primarily due to increase in the market value of the securities held
coupled with increase in profits on sale of investments. Investment income under unit-
linked is directly offset by change in valuation of policyholder liabilities.
• Investment income under other than unit-linked increased from ` 64.91 billion in FY2023
to ` 97.29 billion in FY2024 primarily on account of an increase in profit on sale of
investments and interest income.

• Other income increased from ` 1.53 billion in FY2023 to ` 2.19 billion in FY2024.
• Total expenses (including commission and interest on sub debt) increased by 19.4% from `
72.19 billion in FY2023 to ` 86.16 billion in FY2024.
• Commission expenses increased by 99.7% from ` 18.64 billion in FY2023 to ` 37.22
billion in FY2024. New business commission (including single premium commission and
rewards) increased from ` 14.36 billion in FY2023 to ` 32.57 billion in FY2024 primarily
on account of redesign of commission structure pursuant to the IRDAI (Payment of
Commission) Regulations, 2023 issued on March 31, 2023. Renewal commission
increased from ` 4.28 billion in FY2023 to ` 4.65 billion in FY2024.
• Operating expenses decreased by 8.7% from ` 52.73 billion in FY2023 to ` 48.12 billion
in FY2024. Operating expenses include unit fund expenses (including goods and service
tax on linked charges) amounting to ` 6.95 billion (FY2023: ` 6.71 billion) under the unit-
linked portfolio. The unit fund expenses under the unit-linked portfolio are directly offset
by changes in the valuation of policyholder liabilities. Operating expenses of other than
unit-linked portfolio decreased by 10.5% from ` 46.02 billion in FY2023 to ` 41.17 billion
in FY2024.

• Claims and benefit payouts (net of reinsurance) increased by 29.0% from ` 310.04 billion
in FY2023 to ` 400.06 billion in FY2024, primarily on account of higher surrenders/
withdrawals in the unit-linked portfolio. The claims and benefits under the unit-linked
portfolio are directly offset by changes in the valuation of policyholder liabilities.

• Change in actuarial liability, including funds for future appropriation and fund reserve,
increased from ` 101.03 billion in FY2023 to ` 402.56 billion in FY2024. Change in fund
reserve, which represents the change in liability carried on account of units held by unit-
linked policyholders, increased from ` (68.08) billion in FY2023 to ` 207.84 billion in FY2024.
The increase in change in fund reserves is primarily due to higher investment income in the
unit linked portfolio. Non-unit reserve increased from ` 166.25 billion in FY2023 to ` 198.55
billion in FY2024.

Disclaimer
Except for the historical information contained herein, statements in this release which contain words or phrases
such as 'will', ‘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, opportunities and growth potential to differ materially from those suggested by the
forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in
demand for insurance and other financial products and services in the countries that we operate or where a material
number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet
and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or
acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic
and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our
ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other
jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement
our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other
jurisdictions on us. ICICI Prudential Life insurance undertakes no obligation to update forward-looking statements
to reflect events or circumstances after the date thereof.
This release does not constitute an offer of securities.
For investor queries please reach out to Investor relations team at +91-22-40391600 or email [email protected].
1 billion = 100 crore
News Release April 23, 2024

NSE Code: ICICIPRULI BSE Code: 540133

ICICI Prudential Life Insurance Profit After Tax grows to

` 8.52 billion in FY2024

Performance Highlights

• Robust 11.5% RWRP growth in Q4-FY2024, higher than the overall industry and
private life insurers
• Retail APE growth of 12.0% in Q4-FY2024 & 7.3% in FY2024
• Annuity & retail protection segment registers growth of 88.0% & 46.6%
respectively in FY2024
• Retail New Business Sum Assured (NBSA) grew by 38.3% year-on-year to ₹ 2.4
trillion in FY2024. Total in-force sum assured grew by 15.6% to ₹ 34.1 trillion at
March 31, 2024
• Embedded value grew by 18.8% to ₹ 423.37 billion at March 31, 2024
• Final dividend of ₹ 0.60 per share

ICICI Prudential Life Insurance has reported a growth of 5.1% in its Profit After Tax (PAT)
to ` 8.52 billion for FY2024. For the same period, the Value of New Business (VNB) stood
at ` 22.27 billion and the VNB margin at 24.6%.

The total Annualised Premium Equivalent (APE) grew by 4.7% year-on-year to ` 90.46
billion in FY2024. In Q4-FY2024, the Company’s Retail Weighted Received Premium
(RWRP) grew by 11.5% year-on-year, outperforming both the overall industry and
private life insurers for the second consecutive quarter.

Retail New Business Sum Assured (NBSA) grew by 38.3% year-on-year to ` 2.4 trillion
in FY2024. The total in-force sum assured grew by 15.6% year-on-year to ` 34.1 trillion
at March 31, 2024. The sum assured represents the quantum of life cover opted for by
customers and is an indicator of customers' confidence in the Company's claims
settlement ability.

The advanced machine learning models have played a pivotal role in bolstering
persistency across cohorts. The 13th month persistency ratio improved by 240 basis
points to 89.0% in FY2024. Similarly, the 49th month persistency ratio also improved by
430 basis points to 68.5% in FY2024.
The overall cost ratio i.e., Cost/Total Weighted Received Premium (TWRP) stood at
24.0% and the cost ratio for the savings line of business stood at 15.8% in FY2024.

The solvency ratio was 191.8% at March 31, 2024 against the regulatory requirement of
150%. The Assets Under Management (AUM) grew by 17.1% year-on-year to ` 2.9
trillion at March 31, 2024.

The Embedded Value (EV) grew by 18.8% year-on-year to ₹ 423.37 billion at March 31,
2024 and Return on Embedded Value (RoEV) was 14.1% for FY2024. Value of inforce
business grew by 14.5% year-on-year to ₹ 307.56 billion at March 31, 2024.

The Board has approved a final dividend of ₹ 0.60 per equity share for FY2024.

Mr. Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “We have been
strengthening our well-diversified distribution network, designing innovative products
and processes and leveraging data analytics and other technology solutions to simplify
the business. These are aimed at enriching the customer and distributor experience.

We believe simplification is the key to expanding the market and is in line with our
objective to become the most customer and distributor friendly life insurer. We are the
first life insurer in the country to offer an annuity product which provides customers the
option to receive a 100% refund of premiums paid. In addition, we offer a long-term
savings product which provides customers the flexibility to make partial withdrawals
enabling them to meet liquidity requirements without disrupting the savings goal.
Notably, we are also the first life insurer to pay out commissions on the same day to our
distributors. Innovative products and processes underscore the Company’s strategy of
providing the right product to the right customer at the right price and through the right
channel.

Our focus on the distribution front has been to build capacity and enhance efficiency. In
Q4-FY2024, the retail weighted received premium grew by 11.5%, outperforming the
overall industry and private life insurers. The contribution of the agency and direct
business channels to the retail APE stood at 51% for FY2024.

The ICICI Pru Stack, a set of platform capabilities aids sharp customer segmentation and
enables better understanding of customer needs thereby facilitating best effort adjusted
outcomes for our distributors. We have also deployed Machine Learning models which
enable us to introduce appropriate interventions to address customer requirements. Our
13th month persistency for the full year stood at 89.0%, reflecting the customer’s trust in
the Company and our operational efficiency.

Our industry leading claim settlement ratio of 99.2% in FY2024, with an average
turnaround time of 1.3 days for non-investigated claims reflects our commitment to
fulfilling the promise made to our customers and their families.

Going forward we will continue to leverage technology to simplify products and

processes and augment customer experience. We believe this will enable us to stay firmly
rooted to the sustainable growth path. This is aligned with our objective of balancing
growth, risk & prudence and profitability.”
Operational metrics:
Growth
` billion FY2023 FY2024
Y-o-Y
Profit After Tax (PAT) 8.11 8.52 5.1%
Value of New Business (VNB) 27.65 22.27 (19.5%)
Value of New Business Margin (VNB Margin) 32.0% 24.6% -
Embedded Value (EV) 356.34 423.37 18.8%
Return on Embedded Value (RoEV) 17.4% 14.1% -
Total in-force sum assured (in trillion) 29.51 34.11 15.6%
New Business Received Premium 169.22 180.81 6.8%
Total Premium 399.33 432.36 8.3%
Annualised Premium Equivalent (APE) 86.40 90.46 4.7%
-Savings including annuity 71.36 75.21 5.4%
-Protection 15.04 15.25 1.4%
Retail APE 71.55 76.80 7.3%
13th month persistency1 86.6% 89.0% 240 bps
49th month persistency1 64.2% 68.5% 430 bps
Savings Cost Ratio (Cost/TWRP2) 14.2% 15.8% -
Overall Cost Ratio (Cost/TWRP2) 21.5% 24.0% -
Solvency 208.9% 191.8% -
Assets under Management (AUM) 2,511.91 2,941.40 17.1%
1.
Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated
September 30, 2021; 12 month rolling persistency for March to February measured at March 31
2.
Total cost including commission/(Total premium – 90% of single premium)
Components may not add up to the totals due to rounding off

Definitions, abbreviations and explanatory notes

• Annual Premium Equivalent (APE): APE is a measure of new business written by a life
insurance company. It is computed as the sum of annualised first year premiums on regular
premium policies, and ten percent of single premiums, written by the Company during any
period from new retail and group customers.

• Retail Weighted Received Premium (RWRP): RWRP is a new business measure very similar
to APE for the retail (also referred to as individual) business with the only difference being
that the regular premiums considered here are first year premiums actually received by the
life insurer and not annualised. Secondly, since it is a new business measure for retail
business, it includes only Premium received from retail customers. It is the sum of all retail first
year premiums and ten percent of retail single premiums received in a period.

• Total Weighted Received Premium (TWRP): TWRP is a measure of total premiums from new
and existing retail and group customers received in a period. It is sum of first year and renewal
premiums on regular premium policies and ten percent of single premiums received from both
retail and group customers by Company during the period.
• Persistency: It is the most common parameter for quality of business representing the
percentage of retail policies (where premiums are expected) that continue paying premiums.
Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures
by Insurers’ dated September 30, 2021.

• 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 and bad debts written off to total weighted received Premium
(TWRP).

• Value of New Business (VNB) and VNB margin: 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 on
the basis of 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.

1 billion = 100 crore

1 trillion = 1 lakh crore

About ICICI Prudential Life Insurance (www.iciciprulife.com)

ICICI Prudential Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The
Company began operations in fiscal 2001 and has consistently been amongst the top private sector life
insurance companies in India on a Retail Weighted Received Premium (RWRP) basis. The Company offers
an array of products in the Protection and Savings category which match the different life stage
requirements of customers, enabling them to provide a financial safety net to their families as well as achieve
their long-term financial goals. The digital platform of the Company provides a paperless buying experience
to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient
route to make digital payments and facilitates a hassle-free claims settlement process.

The Company has introduced ICICI Pru Stack, a first-of-its kind suite of platform capabilities that combines
digital tools and analytics. This innovative suite aims to enhance the understanding of customers'
requirements and enable distributors to offer suitable insurance products, deliver seamless experiences, and
provide exceptional pre- and post-sale services. By deploying this comprehensive solution, the company
aspires to transform into the most customer-friendly and partnerable insurance provider in the country.

At March 31, 2024 the Company had an AUM of ` 2,941.40 billion and a Total in-force sum assured of ` 34.1
trillion. ICICI Prudential Life is listed on both the National Stock Exchange (NSE) Limited and the BSE Limited.

Disclaimer

Except for the historical information contained herein, statements in this release which contain words or
phrases such as 'will', ‘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, opportunities and growth potential to differ
materially from those suggested by the forward-looking statements. These risks and uncertainties include,
but are not limited to, the actual growth in demand for insurance and other financial products and services
in the countries that we operate or where a material number of our customers reside, our ability to
successfully implement our strategy, including our use of the Internet and other technology our exploration
of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations
and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our
growth and expansion in domestic and overseas markets, technological changes, our ability to market new
products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are
or become a party to, the future impact of new accounting standards, our ability to implement our dividend
policy, the impact of changes in insurance regulations and other regulatory changes in India and other
jurisdictions on us. ICICI Prudential Life insurance undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date thereof. This release does not constitute an offer
of securities.

For further queries please e-mail on [email protected]

 Details of the party (listed In case monies are due to either party as a In case any financial indebtedness is incurred to make or give
entity /subsidiary) entering into Details of the counterparty Details of the loans, inter-corporate deposits, advances or investments Notes
result of the transaction loans, inter-corporate deposits, advances or investments
the transaction
Value of the related party Remarks on Value of transaction
Type of related party
Details of other related party transaction transaction as approved by approval by audit during the reporting
transaction
the audit committee committee period Nature of
Relationship of the Nature (loan/ advance/ Purpose for which the funds will be
indebtedness (loan/ Details of other
Sr No. Name Name counterparty with the listed Opening balance Closing balance Cost Tenure intercorporate deposit/ Interest Rate (%) Tenure Secured/ unsecured utilised by the ultimate recipient of
issuance of debt/ indebtedness
entity or its subsidiary investment ) funds (endusage)
any other etc.)

ICICI Prudential Life Insurance

1 Company Limited ICICI Bank Limited Holding Company Any other transaction - Employees' remuneration and welfare benefits 100000 Within Omnibus limit -25.78 -10.8 -3.39 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
2 Company Limited ICICI Bank Limited Holding Company Any other transaction - Employees' remuneration and welfare benefits 100000 Within Omnibus limit 65.99 3.4 3.39 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
3 Company Limited ICICI Bank Limited Holding Company Any other transaction - Information technology cost 100000 Within Omnibus limit -590.78 -351.1 -317.67 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
4 Company Limited ICICI Bank Limited Holding Company Any other transaction - Information technology cost 100000 Within Omnibus limit 3.27 14.7 17.55 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
5 Company Limited ICICI Bank Limited Holding Company Any other transaction - Legal and Professional Charges 100000 Within Omnibus limit -132.19 -192.0 -347.95 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
6 Company Limited ICICI Bank Limited Holding Company Any other transaction - Rent rates and taxes 100000 Within Omnibus limit -2.66 -1.5 -1.61 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
7 Company Limited ICICI Bank Limited Holding Company Any other transaction - Rent rates and taxes 100000 Within Omnibus limit 71.94 - -11.44 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
8 Company Limited ICICI Bank Limited Holding Company Any other transaction Bank Charges 100000 Within Omnibus limit -186.94 -34.9 -32.74 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
9 Company Limited ICICI Bank Limited Holding Company Any other transaction Benefits paid 100000 Within Omnibus limit -11,692.44 -2490.5 -1774.40 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
10 Company Limited ICICI Bank Limited Holding Company Any other transaction Cash and Bank Balances 100000 Within Omnibus limit - 52317.6 39499.43 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
11 Company Limited ICICI Bank Limited Holding Company Any other transaction Commission Expenses 100000 Within Omnibus limit -16,803.06 -2363.9 -2269.48 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
12 Company Limited ICICI Bank Limited Holding Company Any other transaction Premium Income 100000 Within Omnibus limit 29,350.17 -2396.4 -1920.45 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
13 Company Limited ICICI Bank Limited Holding Company Purchase of fixed assets Purchase of Fixed Assets 100000 Within Omnibus limit -0.62 - -0.62 NA NA NA NA NA NA NA NA NA NA
extended limit
ICICI Prudential Life Insurance approved by
14 Company Limited ICICI Bank Limited Holding Company Investment Purchase of investments 100000 Shareholders -82,874.54 - - NA NA NA NA NA NA NA NA NA NA
extended limit
ICICI Prudential Life Insurance approved by
15 Company Limited ICICI Bank Limited Holding Company Investment Sale of investments 100000 Shareholders 36,701.88 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
16 Company Limited ICICI Bank Limited Holding Company Any other transaction Security Deposit 100000 Within Omnibus limit - - -153.79 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
17 Company Limited ICICI Bank Limited Holding Company Any other transaction Trademark Usage Fees 100000 Within Omnibus limit -406.75 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance ICICI Foundation for Entities controlled by holding
18 Company Limited Inclusive Growth company Any other transaction Benefits paid 100000 Within Omnibus limit -5.13 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance ICICI Foundation for Entities controlled by holding
19 Company Limited Inclusive Growth company Any other transaction Contribution for CSR activity 100000 Within Omnibus limit -138.12 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance ICICI Foundation for Entities controlled by holding
20 Company Limited Inclusive Growth company Any other transaction Premium Income 100000 Within Omnibus limit -0.47 -0.5 -1.1 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance ICICI Home Finance
21 Company Limited Company Limited Fellow subsidiary Any other transaction Benefits paid 100000 Within Omnibus limit -2523.44 -707.8 -436.3 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance ICICI Home Finance
22 Company Limited Company Limited Fellow subsidiary Any other transaction Commission Expenses 100000 Within Omnibus limit -446.99 -119.1 -104.7 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance ICICI Home Finance
23 Company Limited Company Limited Fellow subsidiary Any other transaction - Transaction Charges -0.02 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance ICICI Home Finance
24 Company Limited Company Limited Fellow subsidiary Any other transaction Premium Income 100000 Within Omnibus limit 8543.46 -1905.8 -1575.2 NA NA NA NA NA NA NA NA NA NA
ICICI Investment
ICICI Prudential Life Insurance Management Company
25 Company Limited Limited Fellow subsidiary Any other transaction Premium Income 100000 Within Omnibus limit 5.35 -6.9 -0.98 NA NA NA NA NA NA NA NA NA NA
ICICI Lombard General
ICICI Prudential Life Insurance Insurance Company
26 Company Limited Limited Fellow subsidiary Any other transaction - Information technology cost 100000 Within Omnibus limit 0.00 -50.9 -50.89 NA NA NA NA NA NA NA NA NA NA
ICICI Lombard General
ICICI Prudential Life Insurance Insurance Company
27 Company Limited Limited Fellow subsidiary Any other transaction Marketing cost 100000 Within Omnibus limit 0.00 -5.2 -5.25 NA NA NA NA NA NA NA NA NA NA
ICICI Lombard General
ICICI Prudential Life Insurance Insurance Company
28 Company Limited Limited Fellow subsidiary Investment Outstanding investments 100000 Within Omnibus limit 22.93 - 22.93 NA NA NA NA Investment NA NA NA Investment Purpose NA
ICICI Lombard General
ICICI Prudential Life Insurance Insurance Company
29 Company Limited Limited Fellow subsidiary Any other transaction Premium Income 100000 Within Omnibus limit -4.24 - -21.61 NA NA NA NA NA NA NA NA NA NA
ICICI Lombard General extended limit
ICICI Prudential Life Insurance Insurance Company approved by
30 Company Limited Limited Fellow subsidiary Investment Purchase of investments 100000 Shareholders -9978.13 - - NA NA NA NA NA NA NA NA NA NA
ICICI Lombard General
ICICI Prudential Life Insurance Insurance Company
31 Company Limited Limited Fellow subsidiary Any other transaction Security Deposit 100000 Within Omnibus limit - - -162.34 NA NA NA NA NA NA NA NA NA NA
ICICI Lombard General
ICICI Prudential Life Insurance Insurance Company
32 Company Limited Limited Fellow subsidiary Any other transaction - Rent rates and taxes 100000 Within Omnibus limit 186.69 36.7 66.37 NA NA NA NA NA NA NA NA NA NA
ICICI Lombard General
ICICI Prudential Life Insurance Insurance Company
33 Company Limited Limited Fellow subsidiary Any other transaction Benefits paid 100000 Within Omnibus limit -400.21 -45.0 - NA NA NA NA NA NA NA NA NA NA
ICICI Lombard General
ICICI Prudential Life Insurance Insurance Company
34 Company Limited Limited Fellow subsidiary Any other transaction Premium Expenses 100000 Within Omnibus limit -1825.73 1112.1 1237.03 NA NA NA NA NA NA NA NA NA NA
ICICI Lombard General
ICICI Prudential Life Insurance Insurance Company
35 Company Limited Limited Fellow subsidiary Any other transaction Premium Income 100000 Within Omnibus limit - -16.6 - NA NA NA NA NA NA NA NA NA NA
ICICI Lombard General
ICICI Prudential Life Insurance Insurance Company
36 Company Limited Limited Fellow subsidiary Any other transaction Security Deposit 100000 Within Omnibus limit - -162.3 - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Asset
ICICI Prudential Life Insurance Management Company
37 Company Limited Limited Fellow subsidiary Any other transaction Benefits paid 100000 Within Omnibus limit -154.06 -10.0 - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Asset
ICICI Prudential Life Insurance Management Company
38 Company Limited Limited Fellow subsidiary Any other transaction Premium Income 100000 Within Omnibus limit - -42.8 -20.97 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Asset
ICICI Prudential Life Insurance Management Company
39 Company Limited Limited Fellow subsidiary Any other transaction Premium Income 100000 Within Omnibus limit 386.87 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life
ICICI Prudential Life Insurance Insurance Advisor Benefit Entities over which control is
40 Company Limited Trust exercised Any other transaction Premium Income 100000 Within Omnibus limit 67.91 - 0.0 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life
Insurance Company
Limited Employees' Group
ICICI Prudential Life Insurance Gratuity Cum Life Entities over which control is
41 Company Limited Insurance Scheme exercised Any other transaction Benefits paid 100000 Within Omnibus limit -1431.99 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life
Insurance Company
Limited Employees' Group
ICICI Prudential Life Insurance Gratuity Cum Life Entities over which control is
42 Company Limited Insurance Scheme exercised Any other transaction Contribution to trust 100000 Within Omnibus limit -1628.17 158.8 -212.5 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life
Insurance Company
Limited Employees' Group
ICICI Prudential Life Insurance Gratuity Cum Life Entities over which control is
43 Company Limited Insurance Scheme exercised Any other transaction Premium Income 100000 Within Omnibus limit - -59.0 -67.1 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life
Insurance Company
Limited Employees' Group
ICICI Prudential Life Insurance Gratuity Cum Life Entities over which control is
44 Company Limited Insurance Scheme exercised Any other transaction Premium Income 100000 Within Omnibus limit 1104.74 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life
Insurance Company
ICICI Prudential Life Insurance Limited Employees' Entities over which control is
45 Company Limited Provident Fund exercised Any other transaction Contribution to trust 100000 Within Omnibus limit -1629.75 -563.4 -789.1 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life
Insurance Company
ICICI Prudential Life Insurance Limited Superannuation Entities over which control is
46 Company Limited Scheme exercised Any other transaction Benefits paid 100000 Within Omnibus limit -374.46 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life
Insurance Company
ICICI Prudential Life Insurance Limited Superannuation Entities over which control is
47 Company Limited Scheme exercised Any other transaction Contribution to trust 100000 Within Omnibus limit -53.06 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life
Insurance Company
ICICI Prudential Life Insurance Limited Superannuation Entities over which control is
48 Company Limited Scheme exercised Any other transaction Premium Income 100000 Within Omnibus limit 53.49 -9.2 - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension
ICICI Prudential Life Insurance Funds Management
49 Company Limited Company Limited Subsidiary Any other transaction - Communication Expense 100000 Within Omnibus limit 2.19 1.4 1.2 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension
ICICI Prudential Life Insurance Funds Management
50 Company Limited Company Limited Subsidiary Any other transaction - Employees' remuneration and welfare benefits 100000 Within Omnibus limit 0.64 1.9 0.1 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension
ICICI Prudential Life Insurance Funds Management
51 Company Limited Company Limited Subsidiary Any other transaction - Information technology cost 100000 Within Omnibus limit 67.19 28.4 47.1 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension
ICICI Prudential Life Insurance Funds Management
52 Company Limited Company Limited Subsidiary Any other transaction - Legal and Professional Charges 100000 Within Omnibus limit 2.41 1.5 1.4 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension
ICICI Prudential Life Insurance Funds Management
53 Company Limited Company Limited Subsidiary Any other transaction - Rent rates and taxes 100000 Within Omnibus limit 29.45 12.8 - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension
ICICI Prudential Life Insurance Funds Management
54 Company Limited Company Limited Subsidiary Any other transaction - Travel conveyance and vehicle running 100000 Within Omnibus limit 33.68 14.4 21.9 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension
ICICI Prudential Life Insurance Funds Management
55 Company Limited Company Limited Subsidiary Any other transaction Contribution for NPS 100000 Within Omnibus limit -216.82 - - NA NA NA NA NA NA NA NA NA NA
 Details of the party (listed In case monies are due to either party as a In case any financial indebtedness is incurred to make or give
entity /subsidiary) entering into Details of the counterparty Details of the loans, inter-corporate deposits, advances or investments Notes
result of the transaction loans, inter-corporate deposits, advances or investments
the transaction
Value of the related party Remarks on Value of transaction
Type of related party
Details of other related party transaction transaction as approved by approval by audit during the reporting
transaction
the audit committee committee period Nature of
Relationship of the Nature (loan/ advance/ Purpose for which the funds will be
indebtedness (loan/ Details of other
Sr No. Name Name counterparty with the listed Opening balance Closing balance Cost Tenure intercorporate deposit/ Interest Rate (%) Tenure Secured/ unsecured utilised by the ultimate recipient of
issuance of debt/ indebtedness
entity or its subsidiary investment ) funds (endusage)
any other etc.)

ICICI Prudential Pension

ICICI Prudential Life Insurance Funds Management
56 Company Limited Company Limited Subsidiary Investment Outstanding investments 100000 Within Omnibus limit 6000.00 0.0 6000.0 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension
ICICI Prudential Life Insurance Funds Management
57 Company Limited Company Limited Subsidiary Any other transaction Premium Income 100000 Within Omnibus limit - -1.5 -1.2 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension
ICICI Prudential Life Insurance Funds Management
58 Company Limited Company Limited Subsidiary Any other transaction Premium Income 100000 Within Omnibus limit 0.28 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension
Funds Management
ICICI Prudential Life Insurance Company Limited Gratuity Entities over which control is
59 Company Limited Scheme exercised by subsidiary Any other transaction Benefits paid 100000 Within Omnibus limit -0.66 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension
Funds Management
ICICI Prudential Life Insurance Company Limited Gratuity Entities over which control is
60 Company Limited Scheme exercised by subsidiary Any other transaction Premium Income 100000 Within Omnibus limit 0.72 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
61 Company Limited ICICI Securities Limited Fellow subsidiary Any other transaction - Information technology cost 100000 Within Omnibus limit 0.06 0.3 0.1 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
62 Company Limited ICICI Securities Limited Fellow subsidiary Any other transaction - Rent rates and taxes 100000 Within Omnibus limit - -3.9 - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
63 Company Limited ICICI Securities Limited Fellow subsidiary Any other transaction - Rent rates and taxes 100000 Within Omnibus limit 23.07 - -0.3 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
64 Company Limited ICICI Securities Limited Fellow subsidiary Any other transaction Brokerage 100000 Within Omnibus limit -198.04 -17.6 -15.8 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
65 Company Limited ICICI Securities Limited Fellow subsidiary Any other transaction Commission Expenses 100000 Within Omnibus limit -1359.83 -260.7 -12.1 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
66 Company Limited ICICI Securities Limited Fellow subsidiary Dividend Paid Dividend Income 100000 Within Omnibus limit 1.07 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
67 Company Limited ICICI Securities Limited Fellow subsidiary Investment Outstanding investments 100000 Within Omnibus limit 160.21 0.0 160.2 NA NA NA NA Investment NA NA NA Investment Purpose NA
ICICI Prudential Life Insurance
68 Company Limited ICICI Securities Limited Fellow subsidiary Any other transaction Premium Income 100000 Within Omnibus limit 0.69 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
69 Company Limited ICICI Securities Limited Fellow subsidiary Any other transaction Miscellaneous Expenses 100000 Within Omnibus limit -0.49 - -0.5 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance ICICI Securities Primary
70 Company Limited Dealership Limited Fellow subsidiary Any other transaction Premium Income 100000 Within Omnibus limit - -2.5 -2.41 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance ICICI Securities Primary
71 Company Limited Dealership Limited Fellow subsidiary Any other transaction Premium Income 100000 Within Omnibus limit 1.98 - - NA NA NA NA NA NA NA NA NA NA
extended limit
ICICI Prudential Life Insurance ICICI Securities Primary approved by
72 Company Limited Dealership Limited Fellow subsidiary Investment Purchase of investments 100000 Shareholders -193470.73 - - NA NA NA NA NA NA NA NA NA NA
extended limit
ICICI Prudential Life Insurance ICICI Securities Primary approved by
73 Company Limited Dealership Limited Fellow subsidiary Investment Sale of investments 100000 Shareholders 87312.47 - - NA NA NA NA NA NA NA NA NA NA
ICICI Venture Funds
ICICI Prudential Life Insurance Management Company
74 Company Limited Limited Fellow subsidiary Any other transaction - Employees' remuneration and welfare benefits 100000 Within Omnibus limit 0.90 0.5 0.53 NA NA NA NA NA NA NA NA NA NA
ICICI Venture Funds
ICICI Prudential Life Insurance Management Company
75 Company Limited Limited Fellow subsidiary Any other transaction Premium Income 100000 Within Omnibus limit - -13.1 -1.92 NA NA NA NA NA NA NA NA NA NA
ICICI Venture Funds
ICICI Prudential Life Insurance Management Company
76 Company Limited Limited Fellow subsidiary Any other transaction Premium Income 100000 Within Omnibus limit 1.03 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
77 Company Limited India Infradebt Limited Promoter Group Any other transaction Premium Income 100000 Within Omnibus limit 5.16 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Prudential Corporation
78 Company Limited Holdings Limited Substantial Interest Any other transaction - Business Conferences and Meetings 100000 Within Omnibus limit -273.88 - -273.88 NA NA NA NA NA NA NA NA NA NA
Prudential Technology and
ICICI Prudential Life Insurance Services India Private
79 Company Limited Limited Promoter Group Any other transaction Premium Income 100000 Within Omnibus limit - -3.2 -6.47 NA NA NA NA NA NA NA NA NA NA
Prudential Technology and
ICICI Prudential Life Insurance Services India Private
80 Company Limited Limited Promoter Group Any other transaction Premium Income 100000 Within Omnibus limit 13.59 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Relative of Chief Financial
81 Company Limited Akshatha D Salian Officer Any other transaction Premium Income 100000 Within Omnibus limit 0.36 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
82 Company Limited Amit Palta Subsidiary- Nominee Director Any other transaction ESOP Exercised (No's) 100000 Within Omnibus limit 0.42 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
83 Company Limited Amit Palta Subsidiary- Nominee Director Any other transaction ESOP Outstanding (No's) 100000 Within Omnibus limit - 9.0 8.5 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
84 Company Limited Amit Palta Subsidiary- Nominee Director Remuneration 100000 Within Omnibus limit -218.82 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
85 Company Limited Amit Palta Subsidiary- Nominee Director Any other transaction Premium Income 100000 Within Omnibus limit 170.29 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Chief Financial Officer of ICICI
86 Company Limited Anindya Banerjee Bank Limited Any other transaction Benefits paid 100000 Within Omnibus limit -0.65 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Non Executive Director,
87 Company Limited Anuj Bhargava Independent Director Any other transaction Benefits paid 100000 Within Omnibus limit -56.76 - - NA NA NA NA NA NA NA NA NA NA

ICICI Prudential Life Insurance

88 Company Limited Anup Bagchi Managing Director & CEO Remuneration 100000 Within Omnibus limit -330.15 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
89 Company Limited Anup Bagchi Managing Director & CEO Any other transaction Premium Income 100000 Within Omnibus limit 20.00 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
90 Company Limited Arun Bagchi Relative of Director Any other transaction Premium Income 100000 Within Omnibus limit 0.26 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
91 Company Limited Deepa Arvind Relative of Director Any other transaction Premium Income 100000 Within Omnibus limit 70.00 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
92 Company Limited Dhiren Salian Chief Financial Officer Any other transaction ESOP Exercised (No's) 100000 Within Omnibus limit 0.15 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
93 Company Limited Dhiren Salian Chief Financial Officer Any other transaction ESOP Outstanding (No's) 100000 Within Omnibus limit - 4.3 4.1 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
94 Company Limited Dhiren Salian Chief Financial Officer Remuneration 100000 Within Omnibus limit -85.51 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
95 Company Limited Dhiren Salian Chief Financial Officer Any other transaction Premium Income 100000 Within Omnibus limit 3.58 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Non Executive Director,
96 Company Limited Dileep Choksi Independent Director Any other transaction Sitting Fees 100000 Within Omnibus limit -13.50 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Non Executive Director,
97 Company Limited Dilip Karnik Independent Director Any other transaction Sitting Fees 100000 Within Omnibus limit -12.50 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Subsidiary- Independent
98 Company Limited Gopalkrishna Guruappa (Additional) Director Any other transaction Premium Income 100000 Within Omnibus limit 0.09 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
99 Company Limited Indira Menon Relative of Director Any other transaction Benefits paid 100000 Within Omnibus limit -0.84 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Subsidiary -Independent
100 Company Limited Jyotin Mehta Director Any other transaction Benefits paid 100000 Within Omnibus limit -0.13 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Non Executive Director,
101 Company Limited M.S. Ramachandran Independent Director Any other transaction Sitting Fees 100000 Within Omnibus limit -8.00 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
102 Company Limited N. S. Kannan Managing Director & CEO Remuneration 100000 Within Omnibus limit -169.42 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Non Executive Director,
103 Company Limited Radhakrishnan Nair Independent Director Any other transaction Sitting Fees 100000 Within Omnibus limit -12.50 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Relative of Chief Financial
104 Company Limited Sachin Salian Officer Any other transaction Premium Income 100000 Within Omnibus limit 0.10 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Managing Director and CEO
105 Company Limited Sandeep Bakhshi of ICICI Bank Limited Any other transaction Benefits paid 100000 Within Omnibus limit -2.71 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Managing Director and CEO
106 Company Limited Sandeep Bakhshi of ICICI Bank Limited Any other transaction ESOP Exercised (No's) 100000 Within Omnibus limit 0.77 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Managing Director and CEO
107 Company Limited Sandeep Bakhshi of ICICI Bank Limited Any other transaction ESOP Outstanding (No's) 100000 Within Omnibus limit - 4.2 3.4 NA NA NA NA NA NA NA NA NA NA
Non Executive Director,
nominated by ICICI Bank
ICICI Prudential Life Insurance Limited and Executive Director
108 Company Limited Sandeep Batra of ICICI Bank Limited Any other transaction ESOP Outstanding (No's) 100000 Within Omnibus limit - 0.8 0.8 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
109 Company Limited Satyan Jambunathan Chief Financial Officer Remuneration 100000 Within Omnibus limit -22.46 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
110 Company Limited Sonali Chandak Company Secretary Any other transaction ESOP Outstanding (No's) 100000 Within Omnibus limit - 1.6 1.6 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
111 Company Limited Sonali Chandak Company Secretary Remuneration 100000 Within Omnibus limit -44.59 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
112 Company Limited Sonali Chandak Company Secretary Any other transaction Premium Income 100000 Within Omnibus limit 0.78 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
113 Company Limited Souvik Jash Appointed Actuary Any other transaction ESOP Outstanding (No's) 100000 Within Omnibus limit - 3.3 3.3 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
114 Company Limited Souvik Jash Appointed Actuary Remuneration 100000 Within Omnibus limit -119.96 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
115 Company Limited Souvik Jash Appointed Actuary Any other transaction Premium Income 100000 Within Omnibus limit 12.00 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
116 Company Limited Sumit Mohindra Subsidiary- CEO Any other transaction ESOP Outstanding (No's) 100000 Within Omnibus limit - 3.5 3.5 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
117 Company Limited Sumit Mohindra Subsidiary- CEO Any other transaction Premium Income 100000 Within Omnibus limit 4.32 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
118 Company Limited Vedant Bhargava Relative of Director Any other transaction Benefits paid 100000 Within Omnibus limit - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Non Executive Director,
119 Company Limited Vibha Paul Rishi Independent Director Any other transaction Sitting Fees 100000 Within Omnibus limit -10.50 - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
120 Company Limited Vrinda Bhargava Relative of Director Any other transaction Benefits paid 100000 Within Omnibus limit - - NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance
121 Company Limited Ranganath Athreya Any other transaction Premium Income 100000 Within Omnibus limit -21.99 NA NA NA NA NA NA NA NA NA NA
Non-Executive Director,
ICICI Prudential Life Insurance Additional Independent
122 Company Limited Naved Masood Director Any other transaction Sitting Fees 100000 Within Omnibus limit -1.00 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life Insurance Subsidiary- Company
123 Company Limited Siddharth Sinkar Secretary Dividend Paid Dividend 100000 Within Omnibus limit 0.00 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension fund Within prescribed
124 Management Company Limited ICICI Bank Limited Ultimate Holding Company Any other transaction Bank charges 0 threshold limit -0.06 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
 Details of the party (listed In case monies are due to either party as a In case any financial indebtedness is incurred to make or give
entity /subsidiary) entering into Details of the counterparty Details of the loans, inter-corporate deposits, advances or investments Notes
result of the transaction loans, inter-corporate deposits, advances or investments
the transaction
Value of the related party Remarks on Value of transaction
Type of related party
Details of other related party transaction transaction as approved by approval by audit during the reporting
transaction
the audit committee committee period Nature of
Relationship of the Nature (loan/ advance/ Purpose for which the funds will be
indebtedness (loan/ Details of other
Sr No. Name Name counterparty with the listed Opening balance Closing balance Cost Tenure intercorporate deposit/ Interest Rate (%) Tenure Secured/ unsecured utilised by the ultimate recipient of
issuance of debt/ indebtedness
entity or its subsidiary investment ) funds (endusage)
any other etc.)

ICICI Prudential Pension fund Within prescribed

125 Management Company Limited ICICI Bank Limited Ultimate Holding Company Any other transaction Cash and Bank Balances 0 threshold limit - 4.0 3.8 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension fund ICICI Prudential Pension Entity over which control is Within prescribed
126 Management Company Limited Fund Gratuity Scheme exercised Any other transaction Gratuity provision 0 threshold limit 3.77 0.0 4.0 NA NA NA NA NA NA NA NA NA NA
ICICI Lombard General
ICICI Prudential Pension fund Insurance Company Related party of holding Within prescribed
127 Management Company Limited Limited company Any other transaction Premium expense including advance 0 threshold limit -6.35 8.0 1.7 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Life
Insurance Company
ICICI Prudential Pension fund Limited Superannuation Entity controlled by Holding Within prescribed
128 Management Company Limited Scheme Company Any other transaction Contribution towards NPS1 0 threshold limit -1400.68 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension fund Non Executive Director, Within prescribed
Sitting Fees
129 Management Company Limited Jyotin Mehta Independent Director Any other transaction 0 threshold limit -3.60 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension fund Ranganayakulu Non Executive Director, Within prescribed
Sitting Fees
130 Management Company Limited Jagarlamudi Independent Director Any other transaction 0 threshold limit -3.60 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension fund Non Executive Director, Within prescribed
Sitting Fees
131 Management Company Limited G Gopalakrishna Independent Director Any other transaction 0 threshold limit -3.60 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
Chief Financial Officer at ICICI
ICICI Prudential Pension fund Prudential Life Insurance POP Income Within prescribed
132 Management Company Limited Dhiren Salian Company Limited Any other transaction 0 threshold limit 0.01 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
Non Executive Director,
nominated by ICICI Prudential
ICICI Prudential Pension fund Life Insurance Company Within prescribed
133 Management Company Limited Amit Palta Limited Any other transaction POP Income 0 threshold limit 0.03 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
Company Secretary at ICICI
ICICI Prudential Pension fund Prudential Life Insurance Within prescribed
134 Management Company Limited Sonali Chandak Company Limited Any other transaction POP Income 0 threshold limit 0.01 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension fund Within prescribed
135 Management Company Limited Sumit Mohindra Chief Executive Officer Any other transaction POP Income 0 threshold limit 0.01 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
Chief Financial Officer at ICICI
ICICI Prudential Pension fund Prudential Life Insurance Within prescribed
136 Management Company Limited Dhiren Salian Company Limited Any other transaction Contribution towards NPS 0 threshold limit -4.01 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
Non Executive Director,
nominated by ICICI Prudential
ICICI Prudential Pension fund Life Insurance Company Within prescribed
137 Management Company Limited Amit Palta Limited Any other transaction Contribution towards NPS 0 threshold limit -5.97 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
Company Secretary at ICICI
ICICI Prudential Pension fund Prudential Life Insurance Within prescribed
138 Management Company Limited Sonali Chandak Company Limited Any other transaction Contribution towards NPS 0 threshold limit -2.90 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension fund Within prescribed
139 Management Company Limited Sumit Mohindra Chief Executive Officer Any other transaction Contribution towards NPS 0 threshold limit -1.56 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension fund Within prescribed
140 Management Company Limited Sachin More Chief Financial Officer Any other transaction Contribution towards NPS 0 threshold limit -0.37 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension fund Within prescribed
141 Management Company Limited Sumit Mohindra Chief Executive Officer Remuneration 0 threshold limit -9.29 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension fund Within prescribed
142 Management Company Limited Sachin More Chief Financial Officer Remuneration 0 threshold limit -89.59 0.0 0.0 NA NA NA NA NA NA NA NA NA NA
ICICI Prudential Pension fund Within prescribed
143 Management Company Limited Prabhu Chettiyar Company Secretary Remuneration 0 threshold limit -9.40 NA NA NA NA NA NA NA NA NA NA

Notes:
1. The details in this format are required to be provided for all transactions undertaken during the reporting period. However, opening and closing balances, including commitments, to be disclosed for existing related party transactions even if there is no new related party transaction during the reporting period.
2. Where a transaction is undertaken between members of the consolidated entity (between the listed entity and its subsidiary or between subsidiaries), it may be reported once.
3. Listed banks shall not be required to provide the disclosures with respect to related party transactions involving loans, inter-corporate deposits, advances or investments made or given by the listed banks.
4. For companies with financial year ending March 31, this information has to be provided for six months ended September 30 and six months ended March 31. Companies with financial years ending in other months, the six months period shall apply accordingly
5. Each type of related party transaction (for e.g. sale of goods/services, purchase of goods/services or whether it involves a loan, inter-corporate deposit, advance or investment) with a single party shall be disclosed separately and there should be no clubbing or netting of transactions of same type. However, transactions with the same counterparty of the same type may be aggregated for the reporting period. For instance, sale transactions with the same party may be aggregated for the reporting period and
6. In case of a multi-year related party transaction:
7. "Cost" refers to the cost of borrowed funds for the listed entity.
8. PAN will not be displayed on the website of the Stock Exchange(s).
9. Transactions such as acceptance of fixed deposits by banks/NBFCs, undertaken with related parties, at the terms uniformly applicable /offered to all shareholders/ public shall also be reported.