Slides
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H12027 Performance Review
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Safe harbor : Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will' , 'would' , ‘indicating’ , ‘expected to’ etc., and similar expressions or variations of such expressions may constitute 'forward- looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion in business, the impact of any acquisitions, technological implementation and changes, the actual growth in demand for insurance products and services, investment income, cash flow projections, our exposure to market risks, policies and actions of regulatory authorities; impact of competition; the impact of changes in capital, solvency or accounting standards, tax and other legislations and regulations in the jurisdictions as well as other risks detailed in the reports filed by ICICI Bank Limited, our holding company with the United States Securities and Exchange Commission. ICICI Bank and we undertake no obligation to update forward-looking statements to reflect events or circumstances after the date there. 2
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Agenda • Company Strategy • Financial Performance • ESG Initiatives • Industry Overview
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Agenda • Company Strategy • Financial Performance • ESG Initiatives • Industry Overview
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Our Strategic Pillars 5 Maintain market leadership and deliver steady ROE across multiple time periods 1. Profitable Growth Ensuring sustainable and profitable growth while maintaining our leadership position 5. Capital Management Active capital management ; Conservative reserving ; Prudent investment management 2. Comprehensive Product Portfolio & Diversified Distribution Product innovation ; Driving multiple channels to deepen penetration and minimize the risk of concentration 4. Customer Service & Technology Embrace technology to optimize processes and better customer engagement 3. Risk Management Prudent underwriting ; Adequate reinsurance ; Superior claims servicing and VAS
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A balanced product mix supported by a Comprehensive Product portfolio* 6 *Basis GDPI figures 20% 20% 18% 19% 20% 20% 17% 18% 29% 32% 31% 37% 12% 12% 15% 10%3% 3% 3% 4%5% 2% 5% 0.3% 11% 11% 11% 11.7% FY2025 FY2026 H12026 H12027 Others Crop Marine Fire Health, Travel & PA Motor TP Motor OD
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Comprehensive Product Portfolio: Motor 7 • In the Motor segment, our growth stood at 13.0% for H12027 vis-a-vis the industry growth of 13.1% in H12027. IL’s new vehicle sales grew by 38.5% as against 26.9%* for the industry in Q22027. IL’s new Two-wheeler business growth stood at 50.8% in Q22027. Industry leading position with market share of 10.3% maintained in H12027, with underwriting discipline resulting in a 23.1% Combined Ratio outperformance in Q12027 against the industry. • Advance premium at September 30, 2026 : ₹ 47.33 billion (₹ 45.12 billion at June 30, 2026). *Source : VAHAN Motor GDPI Growth Motor Mix Type Q12027 Q22027 H12027 Q22026 Q22027 H12026 H12027 Private Car 3.7% 3.4% 3.6% 54.0% 49.8% 54.3% 49.8% Two-wheeler 21.4% 24.7% 23.0% 24.6% 27.4% 25.8% 28.1% Commercial Vehicle 34.0% 19.3% 26.0% 21.4% 22.8% 19.9% 22.1% Total 14.0% 12.0% 13.0% 100.0% 100.0% 100.0% 100.0%
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• In the Health, Travel and PA segment, for Q22027, we grew by 26.8% as against the industry growth of 18.9% for Q22027. In H12027 the growth stood at 25.3% as against the industry growth of 20.7% . • In Q22027 Retail Health* delivered a robust growth of 64.0% as against industry growth of 32.3%, with an exit market share of 5.0% in September 2026. In H12027 the growth stood at 66.4% as against the industry growth of 32.0% . • The Group Health* segment recorded a growth of 13.9% for Q22027 as against industry growth of 16.9%, with our market share being 7.0% for Q22027. In H12027 the growth stood at 15.4% as against the industry growth of 15.3%. 8 Comprehensive Product Portfolio: Health *Excludes Travel & PA Health, Travel & PA GDPI Growth Health, Travel & PA Mix Type Q12027 Q22027 H12027 Q22026 Q22027 H12026 H12027 Individual 61.4% 59.7% 60.5% 30.4% 38.3% 22.6% 29.0% Group - Others -10.5% -13.0% -11.8% 19.5% 13.4% 15.7% 11.1% Group Employer-Employee 21.4% 22.2% 21.7% 49.9% 48.0% 61.5% 59.7% Mass 71.7% 71.0% 71.3% 0.2% 0.3% 0.2% 0.2% Total 24.2% 26.8% 25.3% 100.0% 100.0% 100.0% 100.0%
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Comprehensive Product Portfolio: Commercial 9 • IL registered a growth of 1.7% in Q22027. Growth of 8.2% was witnessed in September 2026. • Our Fire Line of Business witnessed a moderated de growth from 32.1% in Q1 FY2027 to 21.2% in Q2 FY2027, September 2026 de-growth stood at 6.0%. • Excluding Fire, our Commercial lines portfolio registered a healthy growth of 13.2% for H12027 & 20.0% for Q22027 with traction across Marine, Engineering, Liability and Other Miscellaneous segments. • Gained market share in Q22027 (vs Q22026) in Fire, Marine Cargo, Engineering and Liability business. Commercial GDPI Growth Commercial Mix Type Q12027 Q22027 H12027 Q22026 Q22027 H12026 H12027 Fire -32.1% -21.2% -28.5% 44.4% 34.5% 51.0% 39.6% Engineering 8.3% 8.3% 8.3% 16.0% 17.0% 13.9% 16.3% Marine Cargo 15.2% 49.8% 28.0% 10.4% 15.3% 10.4% 14.5% Liability -9.1% 10.0% -1.3% 9.1% 9.8% 8.2% 8.9% Others 12.8% 18.4% 15.3% 20.1% 23.4% 16.5% 20.7% Total -13.8% 1.7% -8.1% 100.0% 100.0% 100.0% 100.0%
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10 Branches 345 Individual Agents^ 170,215 Corporate Agents 351 Brokers 830 Employees 15,231 Focus on diversified Portfolio and Distribution Others include – Common Service Centre (CSC), Insurance Marketing Firms (IMF), Micro insurance Agent, Web Aggregators (WBA) & Motor Insurance Service Provider (MISP) ^Individual Agents including Point of Sale (POS) 52% 54% 54% 56% 18% 15% 17% 13% 12% 12% 11% 12% 15% 16% 15% 16% 3% 3% 3% 3% FY2025 FY2026 H12026 H12027 Channel Mix Brokers Direct Corporate Agents Individual Agents Others
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Risk Management 11 *Board Committee #domestic credit rating 27 Underwriting Reinsurance Reserving InvestmentsValue Added Services 28Impact of CAT events Reserving triangles • Risk Committee* framework for risks underwritten impacting solvency > 15 basis points • Predictive ultimate loss model to improve risk selection • Diversified exposure across geographies and products • Historically lower proportion of losses from catastrophic events than overall market share • Proactive risk management for improved risk mitigation • Risk improvement areas with severity and cost efficiency matrix • Weather monitoring and advisory to prepare in event of NATCAT • Spread of risk through top quality and diversified reinsurers on panel • Minimum A- rated reinsurers vs regulatory guidance of BBB • One of the largest capacity in the industry • Conservative level of catastrophe (CAT) protection • Conservative reserving philosophy • Creation of explicit Margins for Adverse Deviation (MAD) over and above the Best Estimate of Liabilities • Favorable run-offs reflect prudence and minimal reserving risk • High proportion of Debt portfolio in sovereign or AAA rated securities# (89.6%) • All Debt securities are rated AA & above • Zero instance of default on the IL’s debt portfolio since inception • High- quality corporate bond portfolio for interest accrual • Adequate liquidity in the bond portfolio to meet claim / operating expense • Generating long term equity return using insurance float & value investing philosophy
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12 • 99.4% policies issued electronically in H12027 (99.6% in H12026) • App downloads ~23.3 Mn IL Take Care downloads • 97.0% of Motor Own Damage* and 99.2% of Overall Health Claims paid within 30 days in H12027 • Cashless NPS for Health stands at 83 in Q12027 • Cashless NPS for Motor stands at 71 in Q12027 •Differentiated service desks have been created for senior citizens and high product density customers. •NPS of differentiated service desk stands at 79 in Q12027 •Focused renewal execution using modern digital/AI capabilities have helped improve retentions across the board ~4.0% improvement in H12027 vis a vis H12026 Customer sourcing Claims payment Call centre Technology has helped us optimise processes and better serve our customers Renewals * Excluding Theft Claims
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Agenda • Company Strategy • Financial Performance • ESG Initiatives • Industry Overview
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14 Financial Performance on ‘n’ basis Particulars Q12026 Q12027 Q22026 Q22027 H12026 H12027 GDPI (₹ in billions) 80.54 87.39 69.57 72.84 150.12 160.23 GDPI Growth 4.8% 8.5% 3.5% 4.7% 4.2% 6.7% PAT (₹ in billions) 7.34 4.23 8.09 10.31 15.43 14.54 PAT Growth 26.5% -42.3% 16.5% 27.5% 21.1% -5.8% RoAE 20.3% 10.1% 21.3% 23.7% 20.7% 16.8% CoR 102.2% 106.1% 103.9% 104.5% 103.0% 105.2% CoR - Excl. CAT losses 102.2% 106.1% 102.6% 102.7% 102.3% 104.2% Solvency Ratio (x) 2.65 2.68 2.67 2.74 2.67 2.74 Investment Leverage (x) 3.77 3.59 3.59 3.58 3.59 3.58 On 'n' basis GDPI – Gross Direct Premium Income PAT – Profit After Tax CoR – Combined Ratio *Impact of CAT losses was ₹ 1.18 billion for Q2 & H12027 and ₹ 0.73 billion in Q2 & H12026 *
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15 Financial Performance on ‘1/n’ basis Particulars Q12026 Q12027 Q22026 Q22027 H12026 H12027 GDPI (₹ in billions) 77.35 83.18 65.96 67.92 143.31 151.10 GDPI Growth 0.6% 7.5% -1.9% 3.0% -0.5% 5.4% PAT (₹ in billions) 7.47 4.03 8.20 9.46 15.67 13.50 PAT Growth 28.7% -46.0% 18.1% 15.5% 22.9% -13.9% RoAE 20.5% 9.6% 21.4% 21.7% 20.8% 15.5% CoR 102.9% 107.2% 105.1% 107.0% 104.0% 107.0% CoR - Excl. CAT losses 102.9% 107.2% 103.8% 105.3% 103.3% 106.0% Solvency Ratio 2.70 2.71 2.73 2.75 2.73 2.75 Investment Leverage (x) 3.74 3.57 3.57 3.58 3.57 3.58 On '1/n' basis GDPI – Gross Direct Premium Income PAT – Profit After Tax CoR – Combined Ratio *Impact of CAT losses was ₹ 1.18 billion for Q2 & H12027 and ₹ 0.73 billion in Q2 & H12026 *
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102.6% 102.4% 103.9% 104.5% 103.0% 105.2% FY2025 FY2026 Q22026 Q22027 H12026 H12027 Combined ratio (CoR) (%) *Excluding the impact of CAT losses of ₹ 1.18 billion in H12027 and ₹ 0.73 billion in H12026, the Combined ratio was 104.2% and 102.3% respectively. Excluding the impact of CAT losses of ₹ 1.18 billion in Q22027 and ₹ 0.73 billion in Q22026, the Combined ratio was 102.7% and 102.6% respectively. ₹ billion Financial Performance ‘n’ basis 16 * 18.5% 17.9% 21.3% 23.7% 20.7% 16.8% FY2025 FY2026 Q22026 Q22027 H12026 H12027 Return on average Equity (ROAE) (%) 32.04 36.45 10.63 13.59 20.39 19.21 FY2025 FY2026 Q22026 Q22027 H12026 H12027 Profit before Tax (PBT) 13.8% Growth 27.8% -5.8% 24.19 27.61 8.09 10.31 15.43 14.54 FY2025 FY2026 Q22026 Q22027 H12026 H12027 Profit after Tax (PAT) 14.1% Growth 27.5% -5.8%
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102.8% 103.4% 105.1% 107.0% 104.0% 107.0% FY2025 FY2026 Q22026 Q22027 H12026 H12027 Combined ratio (CoR) (%) With effect from October 1, 2024, Long-term Products are accounted on a 1/n basis, as mandated by IRDAI *Excluding the impact of CAT losses of ₹ 1.18 billion in H12027 and ₹ 0.73 billion in H12026, the Combined ratio was 106.0% and 103.3% respectively. Excluding the impact of CAT losses of ₹ 1.18 billion in Q22027 and ₹ 0.73 billion in Q22026, the Combined ratio was 105.3% and 103.8% respectively. ₹ billion Financial Performance 1/n basis 17 * 33.21 36.59 10.77 12.47 20.71 17.83 FY2025 FY2026 Q22026 Q22027 H12026 H12027 Profit before Tax (PBT) 10.2% Growth 15.8% -13.9% 19.1% 17.8% 21.4% 21.7% 20.8% 15.5% FY2025 FY2026 Q22026 Q22027 H12026 H12027 Return on average Equity (ROAE) (%) 25.08 27.72 8.20 9.46 15.67 13.50 FY2025 FY2026 Q22026 Q22027 H12026 H12027 Profit after Tax (PAT) 10.5% Growth 15.5% -13.9%
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535.08 584.21 562.00 643.32 FY2025 FY2026 H12026 H12027 Investment Book Investment Leverage 3.58x3.74x 3.48x 3.57x 1Total investment assets (net of borrowings) / net worth 2Investment portfolio mix at cost 3Equity includes units of Equity ETF ₹ billion 1 Robust Investment Performance 18 • Investment portfolio mix2 for H12027 : Corporate bonds 36.9%, G-Sec 35.5% , Equity (including equity ETF) 18.0%, Mutual Fund and AT1 Bonds 5.1% • Unrealised gain of ₹ 24.02 billion as on September 30, 2026 • Unrealised gain on equity3 portfolio at ₹ 28.05 billion • Unrealised gain on Mutual Fund and AT1 Bonds portfolio at ₹ 0.77 billion • Unrealised loss on other than equity3 portfolio at ₹ 4.80 billion 8.42% 8.47% 2.19% 2.47% 4.55% 4.38% FY2025 FY2026 Q22026 Q22027 H12026 H12027 Realised Return (%)
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Agenda • Company Strategy • Financial Performance • ESG Initiatives • Industry Overview
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20 Driving Impact: ESG Measures *ISO 31000:2018 guidelines compliance conformity for effective ERM framework, pursuant to audit undertaken in FY2026 **ISO 27001:2022 for Information Security & ISO 27017:2015 for Cloud Security Environmental Management Social - Building an Inclusive Future Strong Governance Operating Practices • Accelerating the use of renewable power for electricity consumption • Measuring, monitoring and reporting GHG emissions • Implementing energy-efficient fixtures in offices • Build Environment Management Systems in accordance with ISO guidelines • Integrating circular economy principles in waste management Business Practices • Value-added risk management solutions that enable customers to take effective measures towards building resilient businesses • Reporting of comprehensive Climate Change Risk Management Disclosures in accordance with the globally accepted TCFD framework • Sustained investments in Green Bonds • Innovating risk solutions to enable the low-carbon transition Responsible Engagement • Fair and transparent engagement with customers and suppliers with robust grievance redressal • Supplier Code of Conduct promoting ethical and sustainable practices Board Oversight • CSR & Sustainability Committee oversees sustainability activities • Risk Management Committee oversees ESG risk management Policies and Frameworks • Board-approved ESG Policy • Board-approved Climate Risk Management Framework • Responsible Investment Framework integrating ESG factors • ESG risk integration within the ERM framework* Ethical & Secure Operations • Zero-tolerance approach to unethical and fraudulent practices • Adoption of advanced cloud and information security practices** Operations Fostering Inclusivity through Sustainable Products • Community initiatives supporting skills, livelihoods, healthcare and road safety • Promoting Inclusive products and services for MSME, rural and retail customers • IL TakeCare App delivers a personalized digital experience to meet policyholders’ needs Employee Inclusion • Promoting gender diversity and an inclusive workplace • Driving a performance culture through differentiation and linkage to rewards
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Agenda • Company Strategy • Financial Performance • ESG Initiatives • Industry Overview
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Source – IRDAI and GI Council With effect from October 1, 2024, Long-term Products are accounted on a 1/n basis, as mandated by IRDAI, MS: Market share Industry GDPI General Insurance Industry – Steady growth through various phases of evolution FY2001 to FY2008 Tariff era Industry growth CAGR - 16.6% ICICI Lombard growth CAGR - 73.3% (incorporated in FY2001, grew on a small base) FY2008 to FY2026 Non-tariff era ICICI Lombard growth slowed down owing to its focus on profitable growth Industry GDPI CAGR – 14.5% ICICI Lombard GDPI CAGR – 12.8% Industry PAT CAGR – (5.9)% ICICI Lombard PAT CAGR – 20.1% 22 100.87 294.98 3,361.21 1,649.87 1,796.11 FY2001 FY2008 FY2026 H12026 H12027 16.6% 4 18 34 34 73.3% 12.8% 5.4% 14.5% 8.9% 0.1% 37.3% 52.3% GDPI (₹ billion) ICICI Lombard CAGR/Growth Industry CAGR/Growth MS Pvt Players No of Insurers 36 52.0% 53.3%
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9.4 5.3 2.6 2.4 2.0 1.9 1.9 1.0 0.7 0.6 Premium as a % of GDP (CY24) 7,995 1,894 1,359 654 245 193 151 97 30 25 Non-Life Insurance Density (Premium per capita) (CY24) Non - Life Insurance Market: Large TAM* in India *TAM : Total Addressable Market ^EA – Emerging Asia Market Source : Sigma 2/2025 Swiss Re Significantly underpenetrated 2nd largest non-life insurance market in Emerging Asia and 15th largest globally in 2024 Non-life Insurance penetration in India was around 1/4th of Global Average in 2024 Operates under a “cash before cover” model (US$) ` EA^: US$ 417.37 billion India: US$ 36.32 billion World: US$ 4,601.69 billion Non-life premium in USD billion2,715.51 98.03 150.43 9.66 80.94 348.06 40.97 36.32 13.98 8.52 23
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Thank You
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Annexure
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26 Loss Ratio Particulars FY2025 FY2026 Q22026 Q22027 H12026 H12027 Motor 64.2% 66.3% 65.4% 61.7% 66.6% 65.4% Motor OD 65.2% 68.7% 70.1% 72.2% 68.5% 69.9% Motor TP 63.2% 63.8% 60.6% 51.3% 64.6% 60.8% Health,Travel & PA 82.2% 78.4% 77.3% 85.3% 79.0% 84.5% Fire 46.8% 52.6% 54.2% 67.5% 65.8% 90.2% Marine 79.8% 90.9% 102.1% 75.9% 92.2% 78.5% Engineering 36.8% 59.4% 64.3% 42.3% 65.7% 63.1% Other 71.9% 67.4% 86.1% 60.8% 78.0% 62.5% Total 70.6% 71.1% 72.1% 72.7% 72.5% 74.5%
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₹ billion Impact of catastrophic events: Historical snapshot 27 *Estimates based on market sources #Market share for financial year ^Market Share for FY2026 P&C includes Motor, Commercial lines and Crop segments 11 Catastrophic Event Year Economic Losses* Insured losses* IL’s Share of Insured losses IL’s Market share# IL’s P&C Market share# Gujarat 2026 - 50.00 5.93% 8.5%^ 10.5%^ Andhra Pradesh & Telangana floods 2024 170.00 5.00 4.76% 8.7% 10.6% North India floods 2024 68.03 4.00 6.19% 8.7% 10.6% Gujarat floods 2024 157.00 22.00 5.67% 8.7% 10.6% Cyclone Michaung 2023 120.00 25.00 6.67% 8.6% 10.2% North India floods 2023 150.00 12.00 8.66% 8.6% 10.2% Cyclone Biparjoy 2023 60.00-80.00 15.00 4.91% 8.6% 10.2% Cyclone Tauktae 2021 150.00 15.00 6.79% 8.1% 10.0% Cyclone Yaas 2021 200.00 7.00 0.15% 8.1% 10.0% Cyclone Amphan 2020 1,000.00 15.00 7.43% 8.6% 10.1% Western and Southern India floods 2019 709.70 20.00 3.21% 7.0% 7.5% Cyclone Fani 2019 120.00 12.25 2.24% 7.0% 7.5% Kerala floods 2018 300.00 25.00 2.66% 8.6% 8.6% Chennai floods 2015 150.00 49.40 6.13% 8.4% 9.2%
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Incurred Losses and Allocated Expenses (Ultimate Movement) As at March 31, 2026 Prior* AY 17 AY 18 AY 19 AY 20 AY 21 AY 22 AY 23 AY 24 AY 25 AY 26 End of First Year 276.28 59.24 62.46 77.00 87.33 83.76 101.17 114.84 130.33 152.39 170.49 One year later 275.56 59.29 60.42 75.64 85.21 81.82 98.11 113.10 128.33 149.30 Two years later 273.88 58.81 59.34 75.33 84.76 81.75 97.22 112.24 127.80 Three years later 273.20 58.47 58.53 74.73 83.71 81.47 96.85 110.02 Four years later 271.59 58.00 57.62 73.42 81.09 80.10 95.41 Five years later 271.79 57.78 56.65 71.49 78.33 79.16 Six years later 271.61 57.21 55.10 69.37 77.52 Seven Years later 271.02 56.37 53.80 68.39 Eight Years later 269.88 55.66 53.00 Nine Years later 268.74 55.07 Ten Years later 267.77 Deficiency/ (Redundancy) (%) -3.1% -7.0% -15.1% -11.2% -11.2% -5.5% -5.7% -4.2% -1.9% -2.0% ₹ billion Reserving Triangle Disclosure: Total 1 AY: Accident Year *Includes all other prior years 28 Unpaid losses and Loss Adjustment Expenses As at March 31, 2026 Prior* AY 17 AY 18 AY 19 AY 20 AY 21 AY 22 AY 23 AY 24 AY 25 AY 26 End of First Year 62.17 31.33 38.29 43.57 45.95 43.02 47.54 55.35 63.62 68.13 75.10 One year later 49.01 20.28 21.59 31.09 32.75 27.64 30.68 37.75 40.38 44.07 Two years later 40.60 15.90 17.93 22.85 28.82 23.89 25.24 31.83 35.19 Three years later 34.72 13.04 15.79 20.41 25.02 20.49 21.28 26.25 Four years later 28.46 11.59 13.83 17.40 19.65 16.50 17.80 Five years later 26.57 10.45 11.80 13.52 14.41 13.52 Six years later 24.47 9.05 9.18 10.12 11.94 Seven Years later 21.46 7.28 7.08 8.09 Eight Years later 17.94 5.87 5.57 Nine Years later 14.54 4.69 Ten Years later 12.26 11
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Reserving Triangle Disclosure: IMTPIP Incurred Losses and Allocated Expenses (Ultimates movement) As at March 31, 2026 AY 08 AY 09 AY 10 AY 11 AY 12 AY 13 End of First Year 2.71 One year later 3.85 2.72 Two years later 4.49 3.85 3.54 Three years later 5.81 4.49 5.52 3.61 Four years later 6.16 5.81 5.79 5.72 3.68 Five years later 2.61 6.16 6.16 5.88 6.17 4.13 Six years later 2.61 6.46 6.28 6.29 6.86 4.16 Seven Years later 2.86 6.55 6.39 6.74 6.85 4.15 Eight Years later 2.95 6.69 6.89 6.73 6.85 4.21 Nine Years later 3.00 6.98 6.89 6.74 6.86 4.33 Ten Years later 3.09 6.98 6.89 6.93 6.99 4.26 Eleven Years later 3.09 6.98 6.97 7.10 6.97 4.10 Twelve Years later 3.09 7.19 7.16 7.11 6.85 4.10 Thirteen Years later 3.09 7.40 7.21 7.05 6.85 4.10 Fourteen Years later 3.16 7.44 7.25 7.05 6.85 Fifteenth Years later 3.14 7.60 7.25 7.05 Sixteenth Years later 3.29 7.60 7.25 Seventeenth Years later 3.29 7.60 Eighteenth Years later 3.29 Deficiency/ (Redundancy) (%) 26.3% 23.2% 24.8% 57.1% 77.9% 51.0% ₹ billion 29 Unpaid losses and Loss Adjustment Expenses As at March 31, 2026 AY 08 AY 09 AY 10 AY 11 AY 12 AY 13 End of First Year 2.67 One year later 3.41 2.30 Two years later 3.14 2.57 2.47 Three years later 3.17 2.38 2.89 1.92 Four years later 2.67 2.51 2.41 2.28 1.50 Five years later 0.86 2.05 2.17 1.83 2.04 1.57 Six years later 0.63 1.89 1.70 1.70 2.29 1.29 Seven Years later 0.72 1.50 1.41 1.74 1.83 1.01 Eight Years later 0.65 1.23 1.52 1.40 1.43 0.94 Nine Years later 0.55 1.19 1.18 1.10 1.29 0.91 Ten Years later 0.52 0.89 0.89 1.11 1.21 0.73 Eleven Years later 0.43 0.63 0.85 1.05 0.98 0.45 Twelve Years later 0.32 0.69 0.91 0.87 0.70 0.34 Thirteen Years later 0.28 0.75 0.71 0.61 0.59 0.31 Fourteen Years later 0.27 0.59 0.59 0.52 0.46 Fifteenth Years later 0.17 0.56 0.50 0.46 Sixteenth Years later 0.26 0.47 0.43 Seventeenth Years later 0.18 0.40 Eighteenth Years later 0.14 AY: Accident Year
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Incurred Losses and Allocated Expenses (Ultimate Movement) As at March 31, 2026 Prior* AY 17 AY 18 AY 19 AY 20 AY 21 AY 22 AY 23 AY 24 AY 25 AY 26 End of First Year 58.55 17.05 19.98 24.41 31.55 25.15 28.07 35.39 38.07 40.80 42.45 One year later 59.61 17.18 19.89 24.45 31.23 25.15 28.07 35.39 38.07 40.80 Two years later 60.24 17.13 19.65 24.14 31.23 25.15 28.07 35.39 38.07 Three years later 60.61 16.94 18.94 23.87 30.35 25.15 27.92 33.41 Four years later 60.02 16.56 18.20 22.59 27.76 23.99 26.66 Five years later 60.43 16.45 17.27 20.68 25.10 23.21 Six years later 60.36 15.95 15.80 18.60 24.29 Seven Years later 59.95 15.15 14.50 17.68 Eight Years later 58.92 14.45 13.74 Nine Years later 57.81 13.91 Ten Years later 56.96 Deficiency/ (Redundancy) (%) -2.7% -18.4% -31.3% -27.6% -23.0% -7.7% -5.0% -5.6% 0.0% 0.0% ₹ billion Reserving Triangle Disclosure: Motor-TP (excl. IMTPIP) AY: Accident Year *Includes all other prior years 30 Unpaid losses and Loss Adjustment Expenses As at March 31, 2026 Prior* AY 17 AY 18 AY 19 AY 20 AY 21 AY 22 AY 23 AY 24 AY 25 AY 26 End of First Year 43.19 16.83 19.82 24.22 30.88 24.78 27.51 34.83 37.25 39.54 39.35 One year later 38.52 15.39 18.17 21.93 28.52 22.39 24.85 31.15 33.21 35.83 Two years later 33.35 13.33 15.88 20.07 25.95 19.77 21.34 27.52 30.51 Three years later 29.06 11.36 14.15 18.30 22.70 17.10 18.24 22.81 Four years later 24.16 10.15 12.48 15.48 17.74 13.64 15.17 Five years later 22.80 9.24 10.61 11.97 12.79 11.14 Six years later 20.99 7.93 8.14 8.75 10.51 Seven Years later 18.31 6.30 6.11 6.92 Eight Years later 15.09 4.93 4.70 Nine Years later 11.90 3.91 Ten Years later 9.88
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Incurred Losses and Allocated Expenses (Ultimate Movement) As at March 31, 2026 Prior* AY 17 AY 18 AY 19 AY 20 AY 21 AY 22 AY 23 AY 24 AY 25 AY 26 End of First Year 217.72 42.19 42.48 52.58 55.78 58.61 73.11 79.46 92.26 111.59 128.04 One year later 215.96 42.11 40.54 51.19 53.98 56.67 70.05 77.71 90.26 108.50 Two years later 213.64 41.68 39.69 51.18 53.53 56.59 69.15 76.85 89.73 Three years later 212.59 41.53 39.59 50.86 53.36 56.32 68.94 76.61 Four years later 211.57 41.43 39.42 50.83 53.33 56.10 68.75 Five years later 211.37 41.33 39.38 50.82 53.24 55.95 Six years later 211.25 41.26 39.30 50.77 53.23 Seven Years later 211.07 41.22 39.30 50.71 Eight Years later 210.96 41.22 39.27 Nine Years later 210.93 41.16 Ten Years later 210.81 Deficiency/ (Redundancy) (%) -3.2% -2.4% -7.6% -3.6% -4.6% -4.5% -6.0% -3.6% -2.7% -2.8% Reserving Triangle Disclosure: Total (excl. Motor-TP) ₹ billion 1As at March 31, 2026; Losses and expenses in the above tables do not include the erstwhile Indian Motor Third Party Insurance Pool (IMTPIP) AY: Accident Year *Includes all other prior years 31 Unpaid losses and Loss Adjustment Expenses As at March 31, 2026 Prior* AY 17 AY 18 AY 19 AY 20 AY 21 AY 22 AY 23 AY 24 AY 25 AY 26 End of First Year 18.98 14.50 18.48 19.34 15.08 18.24 20.04 20.52 26.38 28.58 35.75 One year later 10.49 4.89 3.43 9.16 4.23 5.25 5.83 6.60 7.17 8.24 Two years later 7.25 2.57 2.05 2.78 2.86 4.12 3.90 4.31 4.68 Three years later 5.66 1.68 1.64 2.12 2.32 3.39 3.04 3.44 Four years later 4.30 1.44 1.35 1.93 1.92 2.86 2.62 Five years later 3.77 1.21 1.19 1.55 1.63 2.38 Six years later 3.48 1.12 1.04 1.36 1.43 Seven Years later 3.15 0.99 0.97 1.18 Eight Years later 2.84 0.94 0.88 Nine Years later 2.64 0.78 Ten Years later 2.38
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Abbreviations & Glossary: AI - Artificial Intelligence AT1 - Additional Tier-1 App - Application AY – Accident Year Bn - billion BRSR – Business Responsibility and Sustainability Reporting CAGR – Compounded Annual Growth Rate CAT – Catastrophic CoR – Combined Ratio CSR – Corporate Social Responsibility CY – Calendar Year DEI - Diversity, Equity & Inclusion EA – Emerging Asia Markets ERM – Enterprise Risk Management ESG – Environmental, Social and Governance ETF – Exchange-traded Fund Excl - Excluding FY – Financial Year G-Sec – Government Securities GDP – Gross Direct Product GDPI – Gross Direct Premium Income GI Council – General Insurance Council GWP – Gross Written Premium IL – ICICI Lombard General Insurance Company Limited ISO – International Organization for Standardization IMTPIP – Indian Motor Third Party Insurance Pool InvIT- Infrastructure Investment Trust IRDAI – Insurance Regulatory and Development Authority of India LODR– Motor Third Party Mn – Million MS – Market Share MSCI - Morgan Stanley Capital International MSME – Micro, Small and Medium Enterprises Motor OD – Motor Own Damage NATCAT – Natural Catastrophe NOP – Number of Policies NPS – Net Promoter Score OEM – Original Equipment Manufacturer PA – Personal Accident PAT – Profit After Tax PBT – Profit Before Tax P&C – Property & Casualty POS – Point of Sales Pvt - Private PSU – Public Sector Undertaking REIT - Real Estate Investment Trust ROAE – Return on Average Equity ROE – Return on Equity SAHI – Standalone Health Insurers SME – Small and Medium Enterprises SEBI - Securities and Exchange Board of India TCFD – Task Force on Climate-Related Financial Disclosures TAM - Total Addressable Market VAS – Value Added Services ₹ - Indian Rupees US$ - United State’s dollar “x” - times 32