Sustained leadership in life insurance. September 2011

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1 Sustained leadership in life insurance September 2011

2 Agenda Industry overview and outlook Recent market developments ICICI Prudential: Strategic elements Performance snapshot 2

3 Agenda Industry overview and outlook Recent market developments ICICI Prudential: Strategic elements Performance snapshot 3

4 Evolution of industry since liberalisation FY 2002 FY 2011 Number of players New business premium 1 (USD bn) % CAGR Total premium (USD bn) % CAGR Penetration (as a % to GDP) ~ % ~ % Insurance premium per capita (USD) ~9 ~53 1 Retail weighted premium Source: IRDA, Swiss Re, market estimates Exchange rate FY 2002 $1=INR 49 FY 2011 S1=INR 45 4

5 Industry: New business premium Growth YOY Growth 34% 92% 31% (10 10%) 17% (8%) (29 29%) Source: IRDA, weighted new business premiums for individual business 5

6 Industry: AUM Source: Life insurance council 6

7 Growth opportunity FY 2000 (USD bn) FY 2010 (USD bn) FY 2015E (USD bn) Nominal GDP % CAGR 1, % CAGR 2,388 Household savings % CAGR % CAGR 540 Financial savings % CAGR % CAGR 248 Insurance % CAGR % CAGR 50 1 Net inflow into Insurance 7 Significant opportunity at current savings rate

8 Increasing life insurance fund 100% 80% 20.1% 60% 12.1% 13.9% 16.1% % 13.8% 15.7% 14.0% 17.7% 18.0% 40% 20% 0% -20% Distribution of financial savings Currency & Depos its Life Insurance Fund Shares/ Debentures / MFS Provident and Pension Fund Claims on Government 50% of household savings invested in financial assets 8

9 Favourable demographics % Year % % Percentag e Aged 0-14 Aged Aged Aged 60 and above Target population expected to increase by over 500 mn by 2050 Source: UN Population division 9

10 Agenda Industry overview and outlook Recent market developments ICICI Prudential: Strategic elements Performance snapshot 10

11 Market developments Interim RIY to be maintained; Charges to be evenly Products spread during the lock in period Cap on surrender charges Premium paying term and lock in of 5 years Increased protection cover Pension products: Guaranteed return and mandatory annuitisation of 2/3rd of the fund value Distribution Persistency & productivity based agents licensing Periodic audits of corporate agents Eligibility criteria for referral partners Changes to ensure better customer value proposition 11

12 Implications of recent market developments 250 Retail weighted premium 350 Retail received premium Slow down in overall INR bn INR bn industry Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY 2010 FY 2011 FY 2010 FY 2011 Product strategy re-defined Shift towards single premium products to manage persistency risk Conventional products gaining momentum No activity in linked pension segment 12

13 Potential long term benefits Cheaper and attractive products Customer Reduction in charges Lower upfront charges Higher protection Encourage long term savings Industry Disciplined distribution and sales practices Transition from transaction based to need based selling 13

14 Key short term imperatives Maintaining a balance between volumes and margins Improving distribution productivity Recalibrate cost structures Improvement in persistency Achieving a balanced product mix 14

15 Agenda Industry overview and outlook Recent market developments ICICI Prudential: Strategic elements Performance snapshot 15

16 Sustained leadership Organisation Brand Distribution 2 Sustained private market leadership INR bn of capital infused till June 2011 Strong parentage: ICICI Bank & Prudential PLC Strong team of around 13,000 professionals Highest brand recall and consideration value amongst private players 1 5, No. of distribution touch points 115, No. of advisors Corporate tie ups & bancassurance partners 1. Source: Millward Brown Quarterly Brand Track Oct As of June 31,

17 Sustained leadership (cont..) Product Service Products catering to all life cycle needs Servicing tie up : Over 10, touch points High customer convenience: Over 60% 1 service transactions through electronic modes Rated most customer responsive company 2 Balance between risk and customer convenience 89% of policies issued without medicals Low claims ratio Low claim rejections rate For FY Avaya Global Connect, 2005, 2007 & 2010

18 Strategy: Way forward Balanced product mix Distribution Persistency Expense management Service Customer centric products Product catering to the needs of the customer Profitable growth through efficiency and productivity Need based long term sales pitch Direct / Technology driven innovative channels Sales incentives to encourage persistency Proactive segmented customer communication Rationalisation of infrastructure Variablisation of expenses Productivity and efficiency improvements Automated service delivery architecture Upsell to existing customers Hassle free underwriting & exceptional claim record 18

19 Agenda Industry overview and outlook Recent market developments ICICI Prudential: Strategic elements Performance snapshot 19

20 Policies issued since inception 20

21 Robust growth in assets held Among the largest domestic fund managers 21

22 Superior fund performance Performance since inception as on June 30, 2011 Inception Dates: Preserver Fund: May 17, 2004 Protector Fund: April 2, 2002 Balancer Fund : April 2, 2002 Maximiser Fund: November 16,

23 Sharp decline in expense ratio Total Expense ratio: All expenses (incl. commission) / ( (Total premium 90% of single premium) 23

24 Profit / (Loss) after tax INR in billions - (5) FY 2008 FY 2009 FY 2010 FY 2011 (10) (7.80) (15) (13.95) 24

25 Performance snapshot 3m 2011 New business premium (INR bn) Renewal premium (INR bn) FY m Total premium (INR bn) APE (INR bn) NBP margin 19.0% 17.9% 16.0% Asset under management (INR bn) Expense ratio % 17.3% 18.9% Profit/(Loss) after tax 2 (INR bn) ( ) Expense ratio: All expenses (incll commission ) / (Total premium 90% of single premium) 2 Profit after tax for 3m 2011 excludes the non par surplus of INR 2.35bn 25

26 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; experience with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the impact of changes in capital, solvency or accounting standards, tax and other legislations and regulations in the jurisdictions as well as other risks detailed in the reports filed by ICICI Bank Limited, our holding company, with the United States Securities and Exchange Commission. ICICI Bank and we undertake no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. 26

27 Thank you 27

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