June 3, 2022

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,

Subject: Notice of the 22nd Annual General Meeting (AGM) and the Annual Report of
the Company for FY2022

Pursuant to the requirement specified in Regulation 30 and 34 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and circulars dated May 5, 2022 read with May 5,
2020 issued by the Ministry of Corporate Affairs, please find enclosed herewith:

- The Notice of the 22nd AGM of the Company, to be held on Monday, June 27, 2022, at 3.00
p.m. IST, through Videoconference/Other Audio Visual Means facility and without the
physical presence of the Shareholders at a common venue and

- The Annual Report along with the Business Responsibility and Sustainability Report of the
Company for FY2022.

The said Notice of AGM, Annual Report and Business Responsibility and Sustainability Report
has been uploaded on the website of the Company at:

 About us> Shareholder Information> Notices> AGMs> AGM Notice FY2022, click here
 About us> Investor Relations> Financial Information> Annual Reports> FY2022,
click here
 About us> Shareholder Information> Other> Business Responsibility and Sustainability
Report FY2022, click here

You are requested to take note of the same.

Thanking you,

Yours sincerely,

For ICICI Prudential Life Insurance Company Limited

Sonali Chandak
Company Secretary
ACS 18108

Encl.: As above

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
 NOTICE

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

CIN: L66010MH2000PLC127837
Regd. Office: 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India
Tel: 022 5039 1600; Fax: 022 2422 4484
www.iciciprulife.com; [email protected]

Notice
Notice is hereby given that the 22nd Annual General Meeting (AGM) of SPECIAL BUSINESS
the Members of ICICI Prudential Life Insurance Company Limited (the 5. To consider, and if thought fit, to pass, the following resolution as
Company) will be held on Monday, June 27, 2022, at 3.00 p.m. IST, a Special Resolution for re-appointment of Mr. R. K. Nair (DIN:
through Videoconference (VC)/ Other Audio Visual Means (OAVM), to 07225354) for a second term:
transact the following business:
RESOLVED THAT pursuant to the provisions of Sections 149, 152
ORDINARY BUSINESS and other applicable provisions, if any, of the Companies Act, 2013
1. To receive, consider and adopt: (the Act) read with Schedule IV to the Act (including any statutory
modification(s) or re-enactment(s) thereof, for the time being
a. 
The standalone Audited Revenue Account, Profit and Loss in force) and the Companies (Appointment and Qualification of
Account and Receipts and Payments Account of the Company for Directors) Rules, 2014, as amended from time to time, Mr. R. K. Nair
the financial year ended March 31, 2022, the Balance Sheet as at (DIN: 07225354), who holds office up to July 24, 2022 and who has
that date, together with the Reports of the Directors and Auditors. submitted a declaration that he meets the criteria for independence
b. The consolidated Audited Revenue Account, Profit and Loss as provided under Section 149(6) of the Act and Regulation 16(1)
Account and Receipts and Payments Account of the Company for (b) of the Securities and Exchange Board of India (Listing Obligations
the financial year ended March 31, 2022, the Balance Sheet as at and Disclosure Requirements) Regulations, 2015 and in respect of
that date, together with the Report of the Auditors. whom the Company has received a notice in writing from a Member
under Section 160 of the Act proposing his candidature for the office
2. To declare dividend on equity shares. of the Director of the Company, be and is hereby re- appointed as an
Independent Director of the Company, not liable to retire by rotation,
3. To appoint a Director in place of Mr. Sandeep Batra (DIN: 03620913), for a second term of five consecutive years commencing from July 25,
who retires by rotation and, being eligible, offers himself for re- 2022 till July 24, 2027.
appointment. 
RESOLVED FURTHER THAT the Board of Directors (including
Board Nomination and Remuneration Committee thereof) and/or the
4. To consider and, if thought fit, to pass, the following resolution as an
Company Secretary of the Company, be and is / are hereby authorised
Ordinary Resolution:
to do all such acts, deeds, matters and things, as they may consider
RESOLVED THAT an audit remuneration of ` 11.98 million each necessary, expedient or desirable for giving effect to the foregoing
i.e. total remuneration of ` 23.96 million plus applicable taxes and resolution.
reimbursement of out of pocket expenses (subject to five percent of
audit remuneration), if any, incurred by the Joint Statutory Auditors, 6. To consider, and if thought fit, to pass, the following resolution
be paid to Walker Chandiok & Co. LLP, bearing registration number as a Special Resolution for re-appointment of Mr. Dileep Choksi
001076N/N500013 and B S R & Co. LLP, bearing registration number (DIN: 00016322) for a second term:
101248W/W-100022, in connection with the audit of the accounts of 
RESOLVED THAT pursuant to the provisions of Sections 149, 152
the Company for the FY2023. and other applicable provisions, if any, of the Companies Act, 2013
RESOLVED FURTHER THAT the Board of Directors (including the (the Act) read with Schedule IV to the Act (including any statutory
Audit Committee) and/or the Company Secretary of the Company, be modification(s) or re-enactment(s) thereof, for the time being in force)
and is/are hereby authorised to do all such acts, deeds, matters and and the Companies (Appointment and Qualification of Directors)
things, as they may consider necessary, expedient or desirable for Rules, 2014, as amended from time to time, Mr. Dileep Choksi (DIN:
giving effect to the foregoing resolution. 00016322), who holds office up to January 18, 2023 and who has

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 ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

submitted a declaration that he meets the criteria for independence enablement for home office, mobile reimbursement, privilege
as provided under Section 149(6) of the Act and Regulation 16(1) leave encashment and other such perquisites and non-cash
(b) of the Securities and Exchange Board of India (Listing Obligations benefits, including employee stock options under the Revised
and Disclosure Requirements) Regulations, 2015 and in respect of Scheme (Employee Stock Option Scheme 2005 as last amended
whom the Company has received a notice in writing from a Member and approved by Members on June 25, 2021) of the Company
under Section 160 of the Act proposing his candidature for the office and the ICICI Bank Employee Stock Option Scheme – 2000, if any,
of the Director of the Company, be and is hereby re- appointed as an as applicable from time to time and as may be determined by the
Independent Director of the Company, not liable to retire by rotation, Board of Directors or the Board Nomination and Remuneration
for a second term commencing from January 19, 2023 till December Committee of the respective companies in accordance with the
25, 2024. Compensation and Benefits Policy of the respective companies.

RESOLVED FURTHER THAT the Board of Directors (including d. Retirals: ` 9,621,000/- per annum (includes Provident Fund,
Board Nomination and Remuneration Committee thereof) and/or the Gratuity and Superannuation with an option to cash out).
Company Secretary of the Company, be and is / are hereby authorised
e. Performance Bonus would be maximum of 70% of the Fixed Pay,
to do all such acts, deeds, matters and things, as they may consider
as defined in the Compensation and Benefits Policy as approved
necessary, expedient or desirable for giving effect to the foregoing
by the Board (which includes basic pay, allowances, non-cash
resolution.
benefits and perquisites, contribution towards superannuation/
retirals and any other form of non-cash benefits & perquisites
7. To consider, and if thought fit, to pass, the following resolution as
including reimbursable benefits & perquisites with monetary
an Ordinary Resolution for approval of the remuneration of Mr. N. S.
ceilings) and as may be determined by the Board of Directors/the
Kannan, Managing Director & CEO with effect from April 1, 2022:
Board Nomination and Remuneration Committee in accordance

RESOLVED THAT pursuant and subject to the provisions of Section with the Compensation and Benefits Policy of the Company. As
196 of the Companies Act, 2013 and other applicable provisions, if per Compensation and Benefits Policy, a minimum of 50% of the
any, of the Companies Act, 2013, Section 34A and other applicable bonus will be under deferment over three years. If the bonus
provisions, if any, of the Insurance Act, 1938 (including any amendment, amount is under ` 25 lacs, the deferment shall not be applicable.
variation, statutory modifications or re-enactment thereof for the time

RESOLVED FURTHER THAT the Board of Directors of the Company,
being in force) and subject to the approval of the Insurance Regulatory
(including the Board Nomination and Remuneration Committee), be
and Development Authority of India (IRDAI) and provisions of the
and are hereby authorised from time to time, to settle all questions
Articles of Association of the Company, the remuneration of Mr. N. S.
that may arise in connection with or incidental to give effect to the
Kannan (DIN: 00066009), Managing Director & Chief Executive Officer
above resolution, including revising the aforementioned remuneration,
(MD & CEO), be and is hereby approved, as under with effect from
including perquisites, stock options, and/or other benefits, as may be
April 1, 2022:
required and approved by IRDAI.
a. Basic salary: ` 27,231,840/- per annum;

RESOLVED FURTHER THAT the other terms of employment of
b. Allowances: ` 19,344,792/- per annum, including but not limited Mr. N. S. Kannan to the extent not amended or modified herein shall
to supplementary allowance, meal allowance, gift allowance and remain unchanged and further the Board of Directors (including the
other allowances; Board Nomination & Remuneration Committee) be and are hereby
authorised to do all such acts, deeds, matters and things, as they
c. Perquisites and non-cash benefits (evaluated as per Income-
may consider necessary, expedient or desirable for giving effect to this
tax Rules, wherever applicable and at actual cost to the
resolution.
Company in other cases): Perquisites and non-cash benefits
which are considered as part of Fixed Pay: group term life
8. To consider, and if thought fit, to pass the following resolution as
insurance, group personal accident insurance, group mediclaim,
an Ordinary Resolution for approval of related party transactions
domiciliary medical reimbursement, corporate car, corporate
pertaining to the purchase and/ or sale of securities issued by related/
club memberships, interest subsidy on housing loan, furnishings,
non related entities in primary/secondary market:
utilities (such as gas and electricity), scholarship for children’s
education, financial support to cover expenses for children with 
RESOLVED THAT pursuant to the provisions of Regulation 23(4)
special needs and other such non-cash perquisites and benefits, of the Securities and Exchange Board of India (Listing Obligations
as applicable from time to time and as may be determined by the and Disclosure Requirements) Regulations, 2015, other applicable
Board of Directors or the Board Nomination and Remuneration provisions of law, if any, and any amendments, modifications or re-
Committee in accordance with the Compensation and Benefits enactments thereof (applicable laws) and the ‘Policy on dealing
Policy of the Company. Other perquisites and non-cash benefits with Related Party Transactions’ of ICICI Prudential Life Insurance
not considered as part of Fixed Pay include: business club Company Limited (the Company), as may be applicable from time
membership, executive health checkup, drivers, fuel for car, to time, consent of the Members be and is hereby accorded to the
motor insurance and maintenance of car, company assets and Board of Directors (hereinafter referred to as ‘Board’, which term shall

2
 NOTICE

be deemed to include any duly authorized Committee constituted/ individual transaction or transactions taken together or series of
empowered by the Board, from time to time, to exercise its powers transactions or otherwise), for FY2024, notwithstanding the fact
conferred by this resolution), for entering into and/or carrying out and/ that the aggregate value of the transactions may exceed ` 10 billion
or continuing with contracts/arrangements/transactions (whether or 10% of the annual consolidated turnover of the Company as per
individual transaction or transactions taken together or series of the audited financial statements for FY2023, whichever is lower, as
transactions or otherwise), for FY2024, notwithstanding the fact prescribed under applicable laws or any other materiality threshold,
that the aggregate value of the transactions may exceed ` 10 billion as may be applicable from time to time, provided however, that the
or 10% of the annual consolidated turnover of the Company as per contracts/ arrangements/transactions shall be carried out at an arm’s
the audited financial statements for FY2023, whichever is lower, as length basis and in the ordinary course of business of the Company, as
prescribed under applicable laws or any other materiality threshold, per the details provided herein below :
as may be applicable from time to time, provided however, that the
Name of the Related Party: ICICI Bank Limited (Promoter)
contracts/arrangements/transactions shall be carried out at an arm’s
Nature of Relationship : Holding Company
length basis and in the ordinary course of business of the Company, as
Sr. Type of Transaction Value of Transaction
per the details provided herein below : No.
Sr. Name of the Nature of Type of Value of 1 Current Bank account At actuals, since the balances
No. Related Party Relationship Transaction Transaction
balances (including fresh maintained in the current account are
(` in billion)
deposits/renewals) for day-to-day business operations, and
1 ICICI Bank Holding Company Purchase and/ or Aggregate value may vary on a daily basis.
Limited sale of securities of transactions
2 Credit facilities such Not exceeding ` 25 billion
2 ICICI Lombard Associate of issued by related/ (purchase & sale
non related separately) during as intraday overdraft
General Holding Company
entities in primary/ the year not and cash management
Insurance
Company Limited secondary market exceeding ` 50 services (including fresh
billion with a single sanctions/ renewals)
3 ICICI Securities Fellow subsidiary related party
Primary 3 Premium received At actuals, as per the terms and
Dealership towards group insurance conditions of the products and the
Limited policies issued to ICICI scale of business
Bank
 ESOLVED FURTHER THAT Board of Directors, be and is hereby
R 4 Insurance policy benefits At actuals, since the number of claims
authorized to delegate all or any of its powers herein conferred, to paid as per the terms and and value of policy benefits varies from
conditions of the policies time to time.
Audit Committee and/or Director(s) and/or official(s) of the Company
issued to ICICI Bank
in accordance with applicable laws, to do all such acts, deeds,
matters and things and also to execute such documents, writings etc. RESOLVED FURTHER THAT Board of Directors, be and is hereby
as the Board may in its absolute discretion deem necessary, desirable authorized to delegate all or any of its powers herein conferred, to
or expedient to give effect to this resolution. Audit Committee and/or Director(s) and/or official(s) of the Company
in accordance with applicable laws to do all such acts, deeds, matters
9. To consider, and if thought fit, to pass the following resolution as an and things and also to execute such documents, writings etc. as the
Ordinary Resolution for approval of related party transactions with Board may in its absolute discretion deem necessary, desirable or
ICICI Bank Limited: expedient to give effect to this resolution.

RESOLVED THAT pursuant to the provisions of Regulation 23(4)
of the Securities and Exchange Board of India (Listing Obligations By Order of the Board
and Disclosure Requirements) Regulations, 2015, other applicable
provisions of law, if any, and any amendments, modifications or re- Mumbai Sonali Chandak
enactments thereof (applicable laws) and the ‘Policy on dealing with May 17, 2022 Company Secretary
Related Party Transactions’ of ICICI Prudential Life Insurance Company ACS 18108
Limited (the Company), as may be applicable from time to time, Registered Office:
consent of the Members, be and is hereby accorded to the Board 1089, Appasaheb Marathe Marg
of Directors (hereinafter referred to as ‘Board’, which term shall be Prabhadevi, Mumbai - 400 025
deemed to include any duly authorized Committee constituted/ Tel: 022 5039 1600; Fax: 022 2422 4484
empowered by the Board, from time to time, to exercise its powers [email protected]
conferred by this resolution), for entering into and/or carrying out and/ www.iciciprulife.com
or continuing with contracts/arrangements/transactions (whether CIN: L66010MH2000PLC127837

3
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

NOTES of Company Secretaries of India, in respect of the Directors seeking

1. The relevant Explanatory Statement pursuant to Section 102(1) of approval for appointment/re-appointment/revision of remuneration at
the AGM, have been annexed to this Notice. Requisite declarations have
the Companies Act, 2013, setting out the material facts concerning
been received from the Directors seeking appointment/re-appointment.
ordinary and special business in respect of Item Nos.3 to 9 as set out
above is annexed hereto.
8. The Register of Members and Share Transfer Books of the Company
will remain closed from Monday, June 20, 2022 to Monday, June
2. The Ministry of Corporate Affairs (MCA) vide Circular No. 02/2022
27, 2022 (both days inclusive) for the purpose of determining the
dated May 5, 2022 read with Circular No. 02/2021 dated January 13,
eligibility to receive the final dividend for the financial year ended
2021, Circular No. 19/2021 dated December 8, 2021 and Circular No.
March 31, 2022.
21/2021 dated December 14, 2021 (MCA Circulars), has permitted
companies to hold their AGM through Videoconferencing (VC)/ Other 9. The final dividend for the financial year ended March 31, 2022 at
Audio Visual Means (OAVM) upto December 31, 2022. the rate of ` 0.55 per equity share of face value of ` 10 each, as
In compliance with applicable provisions of the Companies Act, 2013 recommended by the Board of Directors, if approved at this Meeting,
read with MCA Circulars, the 22nd AGM of the Company is being will be paid to those Members who hold shares:
conducted through VC/OAVM, without the physical presence of the i. 
in dematerialised mode, based on the beneficial ownership
Members at a common venue. The deemed venue for this AGM shall details to be received from National Securities Depository Limited
be the registered office of the Company. (NSDL) and Central Depository Services (India) Limited (CDSL) as
on Sunday, June 19, 2022;
3. In terms of the MCA Circulars, since the physical attendance of
ii. 
in physical mode, if their names appear in the Company’s
Members has been dispensed with, there is no requirement of
Register of Members, after giving effect to valid transmission or
appointment of proxies. Accordingly, the facility of appointment of
transposition requests lodged with the Company as on Sunday,
proxies by Members under Section 105 of the Act will not be available
June 19, 2022.
for this AGM. However, the Body Corporates are entitled to appoint
authorised representatives to attend the AGM through VC/OAVM and
10. The Company’s Registrar and Share Transfer Agents for its share
participate thereat.
registry (both, physical as well as electronic) is KFin Technologies
Limited (Formerly known as Kfin Technologies Private Limited) (KFin/
4. Corporate/Institutional Members (i.e. other than Individuals, HUF, NRI
Registrar/RTA) having its office at Selenium Tower B, Plot 31-32,
etc.) are required to send scanned certified true copy (PDF Format)
Gachibowli, Financial District, Nanakramguda, Hyderabad 500 032,
of the Board Resolution/Authority Letter, etc. together with attested
Unit: ICICI Prudential Life Insurance Company Limited.
specimen signature(s) of the duly authorised representative(s), to
the Scrutiniser by email to [email protected] with a copy 11. Pursuant to the provisions of the Income Tax Act, 1961 (the IT Act),
marked to [email protected]. Institutional shareholders (i.e. dividend income is taxable in the hands of the Members. Accordingly,
other than individuals, HUF, NRI etc.) can also upload their Board the Company is required to deduct tax at source (TDS) from the
Resolution/Power of Attorney/Authority Letter etc. by clicking dividend payable at the rates prescribed in the IT Act. In order to
on “Upload Board Resolution/Authority Letter” displayed under enable the Company to comply with the TDS requirements, Members
“e-Voting” tab in their login. are requested to ensure that their tax residential status, category
(i.e. individual/company/FII/FPI etc.), PAN, email address and mobile
5. Members can login and join the AGM thirty (30) minutes prior to the number are duly updated with respective Depository Participant(s).
scheduled time to start the AGM and the window for joining shall Where shares are held in physical form, the Members are requested
be kept open till the expiry of thirty (30) minutes after the scheduled to furnish the said details to the Kfin, by sending an email at
time to start the AGM, on first-come-first-serve basis. However, [email protected].
members holding 2% or more shareholding, promoters, institutional
investors, directors, key managerial personnel and auditors can join An intimation referring to the documents required for deduction of
tax at source on dividend payouts shall also be sent out to all the
and participate at the AGM anytime prior to the conclusion of the
Members, prior to the record date.
Meeting. Instructions and other information for Members for attending
the AGM through VC/OAVM are given in this Notice.
12. The Securities and Exchange Board of India (SEBI) has mandated the
submission of Permanent Account Number (PAN) by every participant
6. The attendance of the Members attending the AGM through VC/
in the securities market. Members holding shares in electronic mode,
OAVM will be counted for the purpose of reckoning the quorum under
therefore are requested to submit, unless already submitted, their
Section 103 of the Companies Act, 2013.
PAN to their Depository Participants with whom they are maintaining
their demat accounts.
7. 
Details as required under Regulation 36(3) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and Members holding shares in physical mode can submit their PAN to
Secretarial Standard on General Meeting (SS-2) issued by The Institute KFin. Further, SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_

4
 NOTICE

RTAMB/P/CIR/2021/655 dated November 3, 2021 read with SEBI/ in physical form are requested to send to KFin, at the above mentioned
HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/687 dated December 14, address, a Bank Mandate (providing details of name and address of
2021 (Circulars), mandated furnishing of PAN, e-mail address, banker, branch, PIN code and particulars of the bank account) or
mobile number, bank account and nomination details by holders of changes therein, if not provided earlier, under the signature of the
physical securities. Sole/First holder quoting their Folio Number. This information will be
printed on the dividend warrants.
In accordance with the above Circulars, effective January 1, 2022,
Members shall not be eligible to lodge any grievance or avail any 18. Members holding shares in dematerialised mode are requested to
service request from the RTA unless PAN, KYC and Nomination intimate all changes pertaining to their bank details, ECS mandates,
documents/details are received. Further, folios wherein any one of email addresses, nominations, power of attorney, change of address/
the cited document/details are not available on or after April 1, 2023, name etc. to their Depository Participant only and not to the Company
2023, shall be frozen by RTA. or KFin. Any such changes effected by the Depository Participants will
Please also note that after December 31, 2025, the frozen folios shall automatically reflect in the Company’s subsequent records. Members
be referred by RTA/Company to the administering authority under the holding shares in physical mode are requested to advise any change
Benami Transactions (Prohibitions) Act, 1988 and/or Prevention of in their address or bank mandates to KFin.
Money Laundering Act, 2002.
19. As per Regulation 40 of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015,
13. All statutory registers and the documents referred to in the Notice
as amended, securities of listed companies can be transferred only
and Explanatory Statement will also be available for inspection
in dematerialised form with effect from April 1, 2019, except in case
without any fees by the Members during normal business hours
of request received for transmission or transposition of securities. In
on all working days from the date of circulation of this Notice
view of this and to eliminate all risks associated with physical shares,
up to the date of AGM, i.e. Monday, June 27, 2022. Members
Members holding shares in physical form are requested to consider
seeking to inspect such documents can send an email to
converting their holdings to dematerialised form.
[email protected].
20. Members holding shares in physical mode are advised to make
14. In case of joint holders attending the Meeting, only such joint holder
nomination in respect of their shareholding by writing to RTA in the
who is higher in the order of names will be entitled to vote.
nomination form (SH-13). Members holding shares in electronic
15. In line with the MCA Circulars, the Notice calling the AGM has been mode may contact their respective Depository Participants for availing
uploaded on the website of the Company at www.iciciprulife.com. the nomination facility.
The Notice can also be accessed from the websites of the Stock 21. Non-Resident Indian Members are requested to inform their respective
Exchanges i.e. BSE Limited and National Stock Exchange of India Depository Participants, immediately of:
Limited at www.bseindia.com and www.nseindia.com
a) any change in their residential status on return to India for
respectively and is also available on the website of e-voting agency
permanent settlement.
i.e. NSDL at www.evoting.nsdl.com.
b) particulars of their bank account maintained in India with complete
16. Copies of the Annual Report for FY2022 and Notice of AGM is name, branch, account type, account number and address of the
being sent only by e-mail to the Members and to all other persons bank with pin code number, if not furnished earlier.
so entitled and who have registered their email addresses with
the Depository Participant/Company’s RTA or the Company for this 22. The Company has uploaded the details of unpaid and unclaimed
purpose. Members of the Company holding shares either in physical dividend amounts on its website. Members who have not encashed
form or in dematerialised forms as on benpos date i.e. Friday, May 20, the dividend so far are requested to write to KFin, who shall arrange
2022 will receive Notice of the AGM along with the Annual Report to send the unclaimed dividend amount upon appropriate scrutiny.
for FY2022 through electronic mode. In this regard, the Company has Members are requested to note that dividends which are not claimed
published a notice by way of an advertisement as per MCA Circular within seven (7) years from the date of transfer to the Company’s
dated May 5, 2020. Unpaid Dividend Account will, as per the provisions of Section 124 of
the Companies Act, 2013 and rules made thereunder, be transferred
17. Members holding shares in physical form, are requested to notify
to the Investor Education and Protection Fund (IEPF); the unclaimed
any changes in their address to the Company’s Registrar and Share
dividend for the financial year ended March 31, 2016, would be
Transfer Agent. Members are requested to quote their Folio No. or DP
transferred to the IEPF in FY2023.
ID/Client ID, in case shares are in physical/dematerialized form, as the
case may be, in all correspondence with the Company/Registrar and
23. In terms of the MCA Circulars referred above, the business set out
Share Transfer Agent.
in the Notice will be transacted through electronic voting system
Members are encouraged to avail the Electronic Clearing Service and the Company shall provide the facility of voting by electronic
(ECS) mandate facility provided by the Company. In order to avoid means. Instructions and other information relating to e-voting are
fraudulent encashment of dividend warrants, Members holding shares given in this Notice.

5
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

24. A member who is a related party to the Company, shall not vote on available on www.evoting.nsdl.com or call on toll free no. 1800
the resolutions specified in Item no.8 and Item no. 9 of this Notice, 22 44 30 and 1800 1020 990. In case of Individual Shareholders
irrespective of whether the member is a party to the particular related holding securities in demat mode who acquires shares of the
party transaction or not. Company and becomes a Member of the Company after sending
of the Notice and holding shares as of the cut-off date may follow
25. Information and Other Instructions relating to E-Voting: steps mentioned in the Notice of the AGM under ‘Access to NSDL
e-Voting system’.
a. Pursuant to the provisions of Section 108 of the Companies
Act, 2013 read with Rule 20 of the Companies (Management h. 
The Company has appointed Mehta & Mehta, Company
and Administration) Rules, 2014 (as amended), SEBI Circular Secretaries, as the Scrutiniser, to scrutinise the entire e-voting
No. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated December 9, process. Ms. Ashwini Inamdar (Membership No. F 9409), Partner
and failing her, Mr. Atul Mehta (Membership No. F 5782), Partner,
2020 and Regulation 44 of SEBI (Listing Obligations & Disclosure
will represent Mehta & Mehta, Company Secretaries. The
Requirements) Regulations, 2015 (SEBI Listing Regulations) and
Scrutiniser shall, within forty eight (48) hours from the conclusion
the MCA Circulars, the Company is providing facility of voting by
of the AGM, make a consolidated Scrutiniser’s Report of the total
electronic means to its Members in respect of the business to be
votes cast in favour or against, if any, to the Chairman or a person
transacted at the AGM and the said business may be transacted authorised by him. The Chairman or a person authorised by him
through such voting. shall declare the result of the voting forthwith.
For this purpose, the Company has engaged NSDL for facilitating i. The result declared along with the Scrutiniser’s Report shall be
the voting through electronic means, as the authorised agency. placed on the Company’s website www.iciciprulife.com and
The facility for voting, either through electronic voting system or on the website of NSDL www.evoting.nsdl.com immediately.
ballot or polling paper shall also be made available at the AGM The Company shall simultaneously forward the results to National
and Members attending the AGM who have not already cast their Stock Exchange of India Limited and BSE Limited, where the
vote by remote e-voting shall be able to exercise their right at the shares of the Company are listed.
meeting. Once the vote on a resolution is cast by Member, the
Member shall not be allowed to change it subsequently or cast 26. The process and manner of remote e-voting are explained
the vote again. herein below:
b. A person, whose name is recorded in the register of members or NSDL e-Voting system consists of “Two Steps” which are mentioned
in the register of beneficial owners maintained by the depositories below:
as on the cut-off date, i.e. Monday, June 20, 2022 only shall Step 1: Access to NSDL e-Voting system
be entitled to cast their vote either through remote e-voting or A. Login method for e-Voting and joining virtual meeting for
through e-voting at the AGM. individual shareholders holding securities in demat mode
c. The voting rights of the Members shall be in proportion to their  As per SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/242
share in the paid up share capital of the Company as on the cut- dated December 9, 2020, individual shareholders holding
off date. securities in demat mode are allowed to vote through their
demat account maintained with Depositories and Depository
d. The cut-off date i.e. Monday, June 20, 2022, is the date on which
Participants. Shareholders are advised to update their mobile
the right of voting of the Members shall be reckoned and a person
number and email Id in their demat accounts in order to access
who is not a Member as on the cut-off date should treat this
e-Voting facility.
Notice for information purposes only.
 Login method for Individual shareholders holding securities in
e. The remote e-voting period will commence at 9.00 a.m. IST on
demat mode is given below:
Wednesday, June 22, 2022 and will end at 5.00 p.m. IST on
Sunday, June 26, 2022. (a) Individual shareholders holding shares in demat mode with
f. 
At the end of the remote e-voting period, the facility shall NSDL can login as follows:
forthwith be blocked. 1. If you are already registered for NSDL IDeAS facility,
g. Any person, holding securities in physical form and non-individual please visit the e-Services website of NSDL. Open web
shareholders holding securities in demat mode, who acquires browser by typing the following URL: https://eservices.
shares of the Company and becomes a Member of the Company nsdl.com/ either on a Personal Computer or on a mobile.
after sending of the Notice and holding shares as of the cut-off Once the home page of e-Services is launched, click on the
date, may obtain the login ID and password by sending a request “Beneficial Owner” icon under “Login” which is available
at [email protected]. However, if he/she is already registered under “IDeAS” section. A new screen will open. You will
with NSDL for remote e-voting then he/she can use his/her have to enter your User ID and Password. After successful
existing User ID and password for casting the vote. If you forgot authentication, you will be able to see e-Voting services
your password, you can reset your password by using “Forgot under value added services. Click on “Access to e-Voting”
User Details/Password” or “Physical User Reset Password” option under e-Voting services and you will be able to see e-

6
 NOTICE

Voting page. Click on options available against company 4. Alternatively, the user can directly access e-Voting page
name or e-Voting service provider - NSDL and you will by providing demat account number and PAN from a link
be re-directed to NSDL e-Voting website for casting your in www.cdslindia.com home page. The system will
vote during the remote e-Voting period or joining virtual authenticate the user by sending OTP on registered Mobile
meeting & voting during the meeting. & Email as recorded in the demat account. After successful
authentication, user will be provided links for the respective
2. If the user is not registered for IDeAS e-Services, option
to register is available at https://eservices.nsdl.com. e-voting service provider i.e. NSDL where the e-Voting is in
Select “Register Online for IDeAS” Portal or click at progress.
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp (c) Individual shareholders holding securities in demat mode can
3. Visit the e-Voting website of NSDL. Open web browser by also login through their depository participants as follows:
typing the following URL: https://www.evoting.nsdl.com/ You can also login using the login credentials of your demat
either on a Personal Computer or on a mobile. Once the account through your Depository Participant registered with
home page of e-Voting system is launched, click on the NSDL/CDSL for e-Voting facility. Once you have logged in, you
icon “Login” which is available under ‘Shareholder/Member’ will be able to see e-Voting option. Once you click on e-Voting
section. A new screen will open. You will have to enter your option, you will be redirected to NSDL/CDSL Depository site
User ID (i.e. your sixteen digit demat account number held after successful authentication, wherein you can see e-Voting
with NSDL), Password/OTP and a Verification Code as shown feature. Click on options available against company name or
on the screen. After successful authentication, you will be e-voting service provider-NSDL and you will be redirected to
redirected to NSDL Depository site wherein you can see e-Voting website of NSDL for casting your vote during the
e-Voting page. Click on options available against company
remote e-Voting period or joining virtual meeting & voting
name or e-Voting service provider - NSDL and you will be
during the meeting.
redirected to e-Voting website of NSDL for casting your vote
during the remote e-Voting period or joining virtual meeting & (d) 
Important Note:
voting during the meeting. Members who are unable to retrieve User ID/ Password are
4. Shareholders/Members can also download NSDL Mobile App advised to use Forgot User ID and Forgot Password option
“NSDL Speede” facility by scanning the QR code mentioned available at abovementioned website.
below for seamless voting experience.
Helpdesk for Individual Shareholders holding securities in
demat mode for any technical issues related to login through
Depository i.e. NSDL and CDSL.

Login type Helpdesk details

Individual Members facing any technical issue
Shareholders holding in login can contact NSDL helpdesk
securities in demat by sending a request at evoting@
mode with NSDL nsdl.co.in or call at toll free no.:
1800 22 44 30 and 1800 1020 990
(b) Individual shareholders holding securities in demat mode Individual Members facing any technical
Shareholders holding issue in login can contact CDSL
with CDSL can login as follows:
securities in demat helpdesk by sending a request at
1. 
Existing users who have opted for Easi / Easiest, can mode with CDSL [email protected]
login through their user id and password. Option will be or contact at 022- 23058738 or
made available to reach e-Voting page without any further 022-23058542-43
authentication. The URL for users to login to Easi / Easiest B. Login method for e-Voting and joining virtual meeting for
are https://web.cdslindia.com/myeasi/home/login or shareholders other than Individual shareholders holding
www.cdslindia.com and click on New System Myeasi. securities in demat mode and shareholders holding
securities in physical mode.
2. After successful login of Easi/Easiest the user will be also
able to see the e-voting Menu. The Menu will have links of 1. Visit the e-Voting website of NSDL. Open web browser by
e-Voting service provider i.e. NSDL. Click on NSDL to cast typing the following URL: https://www.evoting.nsdl.com/
your vote. either on a Personal Computer or on a mobile.

3. If the user is not registered for Easi/Easiest, option to register 2. Once the home page of e-Voting system is launched, click
is available at https://web.cdslindia.com/myeasi/ on the icon “Login” which is available under ‘Shareholder/
Registration/EasiRegistration. Member’ section.

7
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

3. A new screen will open. You will have to enter your User ID, 6. If you are unable to retrieve or have not received the “Initial
your Password/OTP and a Verification Code as shown on the password” or have forgotten your password:
screen.
a) 
Click on “Forgot User Details/Password?”(If you
Alternatively, if you are registered for NSDL e-services i.e. are holding shares in your demat account with NSDL or
IDeAS, you can log-in at https://eservices.nsdl.com/ with CDSL) option available on www.evoting.nsdl.com.
your existing IDeAS login. Once you log-in to NSDL e-services
b) 
“Physical User Reset Password” (If you are
after using your log-in credentials, click on e-Voting and you
holding shares in physical mode) option available on
can proceed to Step 2 i.e. Cast your vote electronically.
www.evoting.nsdl.com.
4. Your User ID details are given below :
c) 
If you are still unable to get the password by
Manner of holding aforesaid two options, you can send a request at
shares i.e. Demat [email protected] mentioning your demat account
Your User ID is:
(NSDL or CDSL) or number/folio number, your PAN, your name and your
Physical
registered address etc.
a) For Members 8 Character DP ID followed by 8 Digit
who hold shares Client ID d) Members can also use the OTP (One Time Password)
in demat account For example if your DP ID is IN300*** based login for casting the votes on the e-Voting system
with NSDL. and Client ID is 12****** then your of NSDL.
user ID is IN300***12******
7. After entering your password, tick on Agree to “Terms and
b) For Members 16 Digit Beneficiary ID Conditions” by selecting on the check box.
who hold shares For example if your Beneficiary ID is
in demat account 12************** then your user 8. Now, you will have to click on “Login” button.
with CDSL. ID is 12**************
9. After you click on the “Login” button, Home page of e-Voting
c) For Members EVEN Number followed by Folio will open.
holding shares in Number registered with the
Physical Form. company Step 2: Cast your vote electronically and join General Meeting
For example if folio number is on NSDL e-Voting system.
001*** and EVEN is 101456 then
1. After successful login at Step 1, you will be able to see all the
user ID is 101456001***
companies “EVEN” in which you are holding shares and whose
5. 
Password details for shareholders other than Individual voting cycle and General Meeting is in active status.
shareholders are given below:
2. Select “EVEN” of company for which you wish to cast your
a) If you are already registered for e-Voting, then you can vote during the remote e-Voting period and during the General
use your existing password to login and cast your vote. Meeting. For joining virtual meeting, you need to click on “VC/
OAVM” link placed under “Join Meeting”.
b) If you are using NSDL e-Voting system for the first time,
you will need to retrieve the ‘initial password’ which was 3. Now you are ready for e-Voting as the Voting page opens.
communicated to you. Once you retrieve your ‘initial 4. Cast your vote by selecting appropriate options i.e. assent or
password’, you need to enter the ‘initial password’ and dissent, verify/modify the number of shares for which you wish
the system will force you to change your password. to cast your vote and click on “Submit” and also “Confirm” when
c) How to retrieve your ‘initial password’? prompted.

(i) If your email ID is registered in your demat account 5. Upon confirmation, the message “Vote cast successfully” will be
or with the company, your ‘initial password’ is displayed.
communicated to you on your email ID. Trace the 6. You can also take the printout of the votes cast by you by clicking
email sent to you from NSDL from your mailbox. on the print option on the confirmation page.
Open the email and open the attachment i.e. a .pdf
file. Open the .pdf file. The password to open the .pdf 7. Once you confirm your vote on the resolution, you will not be
file is your 8 digit client ID for NSDL account, last 8 allowed to modify your vote.
digits of client ID for CDSL account or folio number General Guidelines for Members:
for shares held in physical form. The .pdf file contains
I. 
Members desirous of getting any information about the
your ‘User ID’ and your ‘initial password’.
accounts and/or operations of the Company are requested
(ii) If your email ID is not registered, please follow steps to write to the Company at [email protected]
mentioned below in process for those shareholders at least seven days before the date of the Meeting to enable the
whose email ids are not registered. Company to keep the information ready at the Meeting.

8
 NOTICE

II. It is strongly recommended not to share your password with b. In case shares are held in demat mode, members may obtain
any other person and take utmost care to keep your password the login ID and password by sending scanned copy of: i) a
confidential. Login to the e-voting website will be disabled upon signed request letter mentioning your name, DPID-CLID (16
five unsuccessful attempts to key in the correct password. In such digit DPID + CLID or 16 digit beneficiary ID); ii) client master
an event, you will need to go through the “Forgot User Details/ or copy of Consolidated Account statement and iii) the PAN
Password?” or “Physical User Reset Password?” option available Card or Aadhaar Card to the email address of the Company i.e.
on https://www.evoting.nsdl.com to reset the password. [email protected]. If the Member is an individual
shareholder holding securities in demat mode, he/she should refer
III. In case of any queries relating to e-voting you may refer to the
to the login method explained at Step 1 (A) i.e. Login method for
FAQs for Shareholders and e-voting user manual for Shareholders e-Voting and joining virtual meeting for Individual shareholders
available at the download section of https://www.evoting. holding securities in demat mode.
nsdl.com or call on toll free no.: 1800 22 44 30 and 1800 1020
990 or send a request at [email protected]. c. 
Alternatively Members may send an e-mail request to
[email protected] for obtaining User ID and Password by
IV. In case of any grievances connected with facility for e-voting, proving the details mentioned in Point a. or b., as the case may be.
please contact Ms. Pallavi Mhatre, Senior Manager, NSDL,
4th Floor, ‘A’ Wing, Trade World, Kamala Mills Compound, d. 
As per SEBI Circular dated December 9, 2020, individual
Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Email: shareholders holding securities in demat mode are allowed to
[email protected], Tel: 1800 22 44 30 and 1800 1020 990. vote through their demat account maintained with Depositories
and Depository Participants. Shareholders are required to update
27. Instructions for members for e-voting on the day of the AGM are as their mobile number and email ID correctly in their demat account
under:- in order to access e-Voting facility.

a. The procedure for e-voting on the day of the AGM is same as the 29. Instructions for members for attending the AGM through VC/OAVM
instructions mentioned above for remote e-voting read with the are as under:
general instructions provided for the same.
a. 
Members will be able to attend the AGM through VC /
b. Only those Members, who will be present at the AGM through OAVM or view the live webcast of AGM provided by NSDL at
VC/OAVM facility and have not cast their vote on the Resolutions https://www.evoting.nsdl.com.
through remote e-Voting and are otherwise not barred from doing b. Members may access by following the steps mentioned above
so, shall be eligible to vote through e-Voting system in the AGM. for Access to NSDL e-Voting system. After successful
login, you can see link of “VC/OAVM link” placed under “Join
c. Members who have voted through remote e-voting will be eligible General Meeting” menu against company name. Members are
to attend the AGM. However, they will not be eligible to vote at requested to click on VC/OAVM link placed under Join Meeting
the AGM. menu. The link for VC/OAVM will be available in Shareholder/
d. The details of the person who may be contacted for any grievances Member/Creditor login where the EVEN of Company will be
connected with the facility for e-Voting on the day of the AGM displayed. Please note that the Members who do not have the
User ID and Password for e-Voting or have forgotten the User ID
shall be the same person mentioned for Remote e-voting.
and Password may retrieve the same by following the remote
e-Voting instructions mentioned in the Notice to avoid last
28. Process for those Members whose email ids are not registered with
minute rush.
the depositories for procuring user id and password and registration
of email ids for e-voting for the resolutions set out in this Notice : c. Members are encouraged to join the Meeting through laptops for
better experience.
a. In case shares are held in physical mode, members may obtain
the login ID and password by sending scanned copy of : i) a signed d. Please note that Participants connecting from mobile devices
request letter mentioning your name, folio number and complete or tablets or through laptop connecting via mobile hotspot may
address (including email); ii) the share certificate (front and back) experience audio/video loss due to fluctuation in their respective
and iii) the PAN Card and any one document (such as Aadhaar network. It is therefore recommended to use stable Wi-Fi or LAN
Card, Driving License, Bank Statement, Election Card, Passport, connection to mitigate any kind of aforesaid glitches.
etc.) in support of the address of the member as registered
with the Company; to the email address of the Company i.e.
[email protected].

9
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

e. Members who would like to express their views/ask questions g. 

Members who are desirous of expressing their views/ask
during the AGM may register themselves as a speaker by sending questions during the AGM, shall join the AGM through a device
their request from their registered e-mail id mentioning their with camera/webcam facility.
name, demat account number/folio number and mobile number
h. Members who need assistance before or during the AGM, can
at [email protected] at least forty eight (48) hours in
advance before the start of the AGM. contact NSDL on [email protected] /1800 1020 990/ 1800
22 44 30 or contact Mr. Amit Vishal, Asst. Vice President – NSDL
f. Those Members who have registered themselves as a speaker at [email protected].
will only be allowed to express their views/ask questions
during the AGM. Further, those Members who have not i. All investors, including Institutional Investors are encouraged to
registered themselves as a speaker, but desirous of expressing cast their vote on the proposed Resolutions and also attend the
their views/ask questions during the AGM, may be allowed to AGM through VC/OAVM.
do so, through chat box option. The Company reserves the
right to restrict the number of speakers depending on the 30. Since the AGM will be held through VC/OAVM, the Route Map is not
availability of time for the AGM. annexed to this Notice.

10
 NOTICE

EXPLANATORY STATEMENT UNDER SECTION 102(1) OF THE COMPANIES ACT, 2013

Item No. 3 It is proposed to pay a revised remuneration of ` 11.98 million each i.e. total
As per Section 152 of the Companies Act, 2013 (the Act), unless the remuneration of ` 23.96 million plus applicable taxes and reimbursement
Articles of Association provide for retirement of all Directors at every of out of pocket expenses (subject to five percent of audit remuneration),
AGM, not less than two-thirds of the total number of Directors of a public to the Joint Statutory Auditors, for FY2023.
company shall
The increase in the audit fees of 10% over the remuneration of FY2022 is
(i) be persons whose period of office is liable to determination by primarily on account of the increase in time spent on the overall audit and
retirement by rotation and increase in the related costs of carrying out the audit. The time spent on
the overall audit has increased with increased expectations from auditors
(ii) save as otherwise expressly provided in the Act, be appointed by the
under the National Financial Reporting Authority (NFRA) and Institute of
Company at the general meeting;
Chartered Accountants of India (ICAI), coupled with new transactions
and at every subsequent AGM, one-third of such of the Directors for the relating to derivative trades and reinsurance inward and increased
time being as are liable to retire by rotation or if their number is neither certification requirements upon issuance of listed non-convertible
three nor a multiple of three, then, the number nearest to one-third, shall debentures.
retire from office. The total number of Directors liable to retire by rotation
Pursuant to the Corporate Governance Guidelines for Insurers issued by the
shall not include independent Directors and the Managing Director.
Insurance Regulatory and Development Authority of India, in 2016 and the
Further, as per Section 152(6)(c) of the Act, the Director who has been applicable provisions of the Companies Act, 2013, the Board of Directors,
longest in office, since his/her last appointment shall be due to retire by on the basis of the recommendation of the Board Audit Committee, at its
rotation at the AGM. Meeting held on May 17, 2022, have approved the revised remuneration
In accordance with the afore-stated provisions of the Act and the Articles payable to the Joint Statutory Auditors, subject to the approval of the
of Association of the Company, Mr. Sandeep Batra (DIN: 03620913), a Members.
non-executive Director, shall be liable to retire by rotation at the ensuing Members are requested to consider and approve the revised remuneration
AGM. He, being eligible, has offered himself for re-appointment. payable to the Joint Statutory Auditors.
 r. Sandeep Batra is not disqualified from being appointed as a Director,
M None of the Directors and Key Managerial Personnel of the Company and
under Section 164 of the Companies Act, 2013. Necessary disclosures their relatives are concerned or interested financially or otherwise, in the
pursuant to Regulation 36 (3) of SEBI Listing Regulations and Secretarial resolution set out at Item No. 4.
Standard on General Meetings, with regard to the re-appointment of Mr.
Sandeep Batra, are provided in Annexure I to this Notice. Your Directors recommend the ordinary resolution at Item No. 4 for your
approval.
Except Mr. Sandeep Batra, none of the Directors, Key Managerial Personnel
and their relatives are, in any way, concerned or interested, financially or Item No.5
otherwise in the said resolution. The Members of the Company, at their 18th AGM held on July 26, 2018,
Your Directors recommend the ordinary resolution at Item No. 3 for your had appointed Mr. R. K. Nair (DIN: 07225354), as an Independent Director
approval. of the Company for a term of five consecutive years from July 25, 2017 to
July 24, 2022, pursuant to the provisions of Sections 149, 152 and other
Item No.4 applicable provisions of the Act and the Rules framed thereunder, read
Walker Chandiok & Co. LLP and B S R & Co. LLP are the Joint Statutory with Schedule IV to the Act.
Auditors of the Company. Further, subject to the provisions of Section 149, 152 and other applicable
Walker Chandiok & Co. LLP, bearing registration number 001076N/N500013 provisions, if any, of the Companies Act, 2013 and pursuant to the
was appointed by the Company at its meeting held on June 25, 2021 resolution passed by the Board of Directors at their meeting held on
to hold office up to the conclusion of the 26th AGM of the Company and May 17, 2022, the tenure of Independent Director(s) for all prospective
B S R & Co. LLP, bearing registration number 101248W/W-100022, appointment/re-appointments shall not extend beyond two consecutive
Chartered Accountants was appointed by the Company at its 19th AGM terms of five years each or the date on which said Director attains seventy
held on July 17, 2019 to hold office up to the conclusion of the 24th AGM. five (75) years of age, whichever is earlier.

Further, for FY2022, the remuneration for each of the Joint Statutory Pursuant to the provisions of Section 149(10) of the Act, an independent
Auditors was ` 10.89 million plus out of pocket expenses (subject director shall be eligible for re-appointment upon passing a special
to a maximum of five percent of the audit remuneration) and taxes resolution by the Members of the Company and disclosure of such
as applicable. re-appointment in the Board’s Report.

11
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Further, the Company has received a notice under Section 160 of the Act Independent Director(s) for all prospective appointment/re-appointments
from a Member, proposing the candidature of Mr. R. K. Nair for the office shall not extend beyond two consecutive terms of five years each or
of non-executive Director of the Company at the ensuing AGM or any the date on which said Director attains seventy five (75) years of age,
adjournment thereof. whichever is earlier.

Pursuant to the provisions of Section 149(10) of the Act, an independent

Mr. Nair has rich and diverse experience in the field of finance, accountancy,
director shall be eligible for re-appointment upon passing a special
banking, insurance, securities and economics. Considering the significant
value added by Mr. R. K. Nair to the Board of Directors and to the various resolution by the Members of the Company and disclosure of such
committees that he has been a member of, during his current term, the re-appointment in the Board’s Report.
Board Nomination and Remuneration Committee, at its Meeting held on Further, the Company has received a notice under Section 160 of the Act
May 17, 2022, has recommended the re-appointment of Mr. R. K. Nair, from a Member, proposing the candidature of Mr. Dileep Choksi for the
aged 67 years, as an Independent Director of the Company, not liable to office of non-executive Director of the Company at the ensuing AGM or
retire by rotation, for a second term of five consecutive years from July any adjournment thereof.
25, 2022 till July 24, 2027, subject to the approval of the Members of the
Company. Mr. Dileep Choksi has rich and diverse experience in the field of finance,
accountancy, strategy and corporate planning. Considering the significant
Based on the recommendation of the Board Nomination and Remuneration value added by Mr. Dileep Choksi to the Board of Directors and to the
Committee and afore-stated summary of performance evaluation of Mr. R. various committees that he has been a member of, during his current term,
K. Nair during his tenure as a Director, the Board is of the opinion that Mr. the Board Nomination and Remuneration Committee, at its Meeting held
R. K. Nair fulfils the conditions prescribed for the re-appointment in the Act on May 17, 2022, has recommended the re-appointment of Mr. Dileep
and SEBI Listing Regulations and has recommended the re-appointment of Choksi aged 72 years, as an Independent Director of the Company, not
Mr. R. K. Nair as an Independent Director of the Company, to hold office for liable to retire by rotation, for a second term commencing from January
a second term of five consecutive years commencing from July 25, 2022 19, 2023 till December 25, 2024, subject to the approval of the Members
till July 24, 2027 and he shall not be liable to retire by rotation. of the Company.
Mr. R. K. Nair is not disqualified from being appointed under Section 164
Based on the recommendation of the Board Nomination and
of the Act. Necessary disclosures pursuant to Regulation 36 (3) of SEBI
Remuneration Committee and afore-stated summary of performance
Listing Regulations and Secretarial Standard on General Meetings, with
evaluation of Mr. Dileep Choksi during his tenure as a Director, the
regard to the re-appointment of Mr. R. K. Nair, are provided in Annexure I
Board is of the opinion that Mr. Dileep Choksi fulfils the conditions
to this Notice. The terms and conditions relating to the re-appointment of
prescribed for the re-appointment in the Act and SEBI Listing
Mr. R. K. Nair shall be available for inspection of the Members.
Regulations and has recommended the re-appointment of Mr. Dileep
The Members are, therefore, requested to grant their approval by way Choksi as an Independent Director of the Company, to hold office for
of a Special Resolution for the re-appointment of Mr. R. K. Nair as an a second term commencing from January 19, 2023 till December 25,
Independent Director of the Company to hold office for a second term of 2024 and he shall not be liable to retire by rotation.
five years, from July 25, 2022 till July 24, 2027.
Mr. Dileep Choksi is not disqualified from being appointed under Section
Except Mr. R. K. Nair and his relatives, none of the other Directors, Key 164 of the Act. Necessary disclosures pursuant to Regulation 36 (3) of
Managerial Personnel of the Company and their relatives are in any way SEBI Listing Regulations and Secretarial Standard on General Meetings,
concerned or interested, financially or otherwise in the passing of the with regard to the re-appointment of Mr. Dileep Choksi, are provided
resolution set out at Item No. 5. in Annexure I to this Notice. The terms and conditions relating to the
Your Directors recommend the special resolution set forth in Item No. 5 re-appointment of Mr. Dileep Choksi shall be available for inspection of
for your approval. the Members.

The Members are, therefore, requested to grant their approval by way

Item No. 6 of a Special Resolution for the re-appointment of Mr. Dileep Choksi as
The Members of the Company, at their 18th AGM held on July 26, 2018, an Independent Director of the Company to hold office for a second term
had appointed Mr. Dileep Choksi (DIN: 00016322), as an Independent
commencing from January 19, 2023 till December 25, 2024.
Director of the Company for a term of five consecutive years from January
19, 2018 to January 18, 2023, pursuant to the provisions of Sections Except Mr. Dileep Choksi and his relatives, none of the other Directors,
149, 152 and other applicable provisions of the Act and the Rules framed Key Managerial Personnel of the Company and their relatives are in any
thereunder, read with Schedule IV to the Act. way concerned or interested, financially or otherwise in the passing of the
resolution set out at Item No. 6.
Further, subject to the provisions of Section 149, 152 and other applicable
provisions, if any, of the Act and pursuant to the resolution passed by the Your Directors recommend the special resolution set forth in Item No. 6
Board of Directors at their meeting held on May 17, 2022, the tenure of for your approval.

12
 NOTICE

Item No. 7 Item No. 8

The remuneration of Mr. N. S. Kannan, Managing Director & CEO, paid As per Section 188 of the Act, related party transactions such as sale/
to him for FY2022, was approved by the Members of the Company and purchase of goods or services, disposal or lease of property of any kind,
the Insurance Regulatory and Development Authority of India (IRDAI). The appointment of any agent for purchase or sale of any goods, materials,
Board has, on the basis of the recommendation of the Board Nomination services or property, appointment to an office of profit and underwriting
and Remuneration Committee, approved the revision in the remuneration the subscription of securities/derivatives of the Company, shall require prior
payable to Mr. N. S. Kannan, with effect from April 1, 2022, including the approval of Members, if transactions exceeded such sums, as prescribed.
increase in Basic salary, Allowances and Retirals by 6%. Further, such transactions were exempt from the prior approval of
Members, if they were in ordinary course of business and at arms’ length.
Employee Stock Options
However, as per SEBI Listing Regulations, any type of transaction with a
Name & Designation Number of stock options of the Related Party, if material, required prior approval of Members, even if such
Company granted on April 16, 2022
for FY2022 under the Revised Scheme transactions were in ordinary course of business and at arms’ length.
(Employee Stock Option Scheme
2005 last amended and approved by Pursuant to the amendment in SEBI Listing Regulations, effective April 1,
Members on June 25, 2021) 2022, a transaction with a related party shall be considered material, if
Mr. N. S. Kannan, 435,500 the transaction(s) to be entered into individually or taken together with
Managing Director & CEO previous transactions during a financial year, exceeds ` 10 billion or 10% of
the annual consolidated turnover of the listed entity as per the last audited
financial statements of the listed entity, whichever is lower.
The vesting schedule of stock options granted for FY2022 is three years,
in the proportion of 30:30:40 for year 1, year 2 and year 3 respectively, The Board at its meeting held on February 19, 2022 had accorded an
starting one year from the date of grant, and the exercise period being five approval for the material transactions with related parties in the ordinary
years from the date of vesting. The exercise price of the stock options is course of business and at arm’s length for FY2023. Subsequently,
` 541. the Members had accorded an approval for the material related party
transactions for FY2023 vide postal ballot on March 24, 2022.
The Company, in addition to being governed by the Act and the Insurance
Act 1938, is also subject to the regulatory requirements prescribed by The Company now proposes to enter into transactions with related parties
IRDAI, whereby any benefit conferred, monetary or non-monetary, would as provided in resolution at Item No. 8, during FY2024, at the agreed
be subject to approval of IRDAI in addition to the approval of the Members terms of the transactions between the parties. The Audit Committee and
of the Company. The Company, accordingly, seeks the approval of IRDAI for the Board of Directors have approved the said related party transactions
the remuneration approved by the Board of Directors. at the meeting(s) held on May 17, 2022 and have noted that although
these transactions are in the ordinary course of business and are at arm’s
The Board, based on the recommendation of the Board Nomination and length, they may qualify as material related party transactions under the
Remuneration Committee, has approved the Fixed Pay, including non-cash SEBI Listing Regulations. Accordingly, the Members’ approval is sought
benefits and perquisites along with their monetary ceilings and retirals, for the same.
target performance bonus and options granted. The Company’s approach
Information required under Regulation 23(4) of SEBI Listing Regulations
to compensation is intended to drive meritocracy within the framework
read with SEBI Circular dated November 22, 2021 is provided herewith:
of prudent risk management, in accordance with the IRDAI Guidelines on
Remuneration of Non-executive Directors and Managing Director/ Chief I. Name of the Related Party and Nature of Relationship:
Executive Officer/ Whole-time Directors of Insurers. (a) ICICI Bank Limited : Holding Company (Promoter)
(b) ICICI Lombard General Insurance Company Limited : Associate of
The approval of Members is requested, for the remuneration payable to
Holding Company (Promoter Group)
Mr. N. S. Kannan, subject to the approval of IRDAI.
(c) ICICI Securities Primary Dealership Limited : Fellow subsidiary
Except Mr. N. S. Kannan and his relatives, none of the Directors and Key (Promoter Group)
Managerial Personnel of the Company and their relatives are concerned or
interested financially or otherwise, in the resolution set out at Item No.7.

Your Directors recommend the ordinary resolution at Item No. 7 for your
approval.

13
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

II. Other information:

Type of Transaction
Sr.
Particulars Purchase of securities issued by un-related/related Sale of securities issued by un-related/
No.
parties in primary/secondary market related parties in secondary market
1 Value of the transaction Aggregate value of transactions during the year not exceeding Aggregate value of transactions during the year
(` in billions) ` 50 billion with a single related party not exceeding ` 50 billion with a single related
party
2 Material Terms Primary market purchases of securities issued by related parties Secondary market sale of securities are done at
are subscribed at the prevailing market rate and at same terms prevailing market rates on arm’s length basis.
at which the securities are offered to all prospective investors.
Secondary market purchase of securities are done at prevailing
market rates on arm’s length basis.
3 Nature of concern or interest Financial Financial
(financial/otherwise)
4 Tenure of the transaction Not applicable Not applicable
5 % of value of transaction/ the 12.95% per entity 12.95% per entity
Company’s annual consolidated (Total percentage of Purchase of securities to the total (Total percentage of Sale of securities to the total
turnover for immediately consolidated turnover of the Company of FY2022) consolidated turnover of the Company of FY2022)
preceding financial year (Based
on Consolidated turnover of
FY2022)
6 Details of the source of funds in Primary market transactions are done out of shareholders’ and Not applicable
connection with the proposed policyholders’ fund in the ordinary course of insurance business.
transaction
7 Details of financial indebtedness No indebtedness will be incurred to make these investments Not applicable
incurred for investment
8 Applicable terms of the Covenants, tenure, repayment schedule, secured/unsecured and Not applicable
investment such as covenants, nature of security will be as per the terms of the issuance of
tenure, interest rate, repayment securities. Interest rate will be as per prevailing market rate at the
schedule, secured/unsecured, time of issuance. Primary market purchases of securities issued
if secured, nature of security by related parties are subscribed at the same terms as offered to
all prospective investors
9 The purpose for which the Funds will be utilized by the related party in accordance with Transactions are done out of shareholders’ and
funds will be utilized by the terms of the issuance of securities. policyholders’ fund in the ordinary course of
ultimate beneficiary of such insurance business
funds pursuant to the related
party transaction
10 Justification as to why the The Company purchases securities in primary/secondary market The Company sells securities in secondary market
Related party transaction is in from related as well as unrelated entities in the ordinary course of to related as well as unrelated entities in the
the interest of the listed entity insurance business in accordance with the applicable regulatory ordinary course of insurance business in accordance
guidelines to meet requirement of investment pattern, exposure with the applicable regulatory guidelines to meet
norms, duration/credit profile of the portfolio and to optimise requirement of investment pattern, exposure
profits by taking advantage of market opportunities. Primary/ norms, duration/credit profile of the portfolio and
secondary market purchase of securities are done at prevailing to optimise profits by taking advantage of market
market rates on arm’s length basis opportunities. Secondary market sale of securities
are done at prevailing market rates on arm’s length
basis.
11 Valuation or other external party Not applicable Not applicable
report

A member who is a related party to the Company, shall not vote on the resolutions specified in Item No. 8 of this Notice, irrespective of whether the
member is a party to the particular related party transaction or not.
None of the Directors, Key Managerial Personnel and their relatives, are concerned/interested in the above resolution, except to the extent of their
shareholding/ directorships, if any, in the Company and in the entities mentioned above, if any.
Your Directors recommend the ordinary resolution at Item No. 8 for your approval.

14
 NOTICE

Item No. 9 the annual consolidated turnover of the listed entity as per the last audited
As per Section 188 of the Act, related party transactions such as sale/ financial statements of the listed entity, whichever is lower.
purchase of goods or services, disposal or lease of property of any kind,
The Board at its meeting held on February 19, 2022 had accorded an
appointment of any agent for purchase or sale of any goods, materials,
approval for the material transactions with related parties in the ordinary
services or property, appointment to an office of profit and underwriting
course of business and at arm’s length for FY2023. Subsequently,
the subscription of securities/derivatives of the Company, shall require prior
the Members had accorded an approval for the material related party
approval of Members, if transactions exceeded such sums, as prescribed.
transactions for FY2023 vide postal ballot on March 24, 2022.
Further, such transactions were exempt from the prior approval of
Members, if they were in ordinary course of business and at arms’ length. The Company proposes to enter into transactions with related parties
as provided in resolution at Item No. 9, during FY2024, at the agreed
However, as per SEBI Listing Regulations, any type of transaction with a
terms of the transactions between the parties. The Audit Committee and
Related Party, if material, required prior approval of Members, even if such
the Board of Directors have approved the said related party transactions
transactions were in ordinary course of business and at arms’ length.
at the meeting(s) held on May 17, 2022 and have noted that although
Pursuant to the amendment in SEBI Listing Regulations, effective April 1, these transactions are in the ordinary course of business and are at
2022, a transaction with a related party shall be considered material, if arm’s length, they may qualify as material related party transactions
the transaction(s) to be entered into individually or taken together with under the SEBI Listing Regulations. Accordingly, the Members’ approval
previous transactions during a financial year, exceeds ` 10 billion or 10% of is sought for the same.

Information required under Regulation 23(4) of SEBI Listing Regulations read with SEBI Circular dated November 22, 2021 is provided herewith:
I. Name of the Related Party and Nature of Relationship:
ICICI Bank Limited: Holding Company (Promoter)

II. Other information:

Type of Transaction
Sr. Insurance policy benefits
Particulars Credit facilities such as Premium received towards
No. paid as per the terms and
Balances in Current Account intraday overdraft and cash group insurance policies
conditions of the policies
management services issued to ICICI Bank
issued to ICICI Bank
1 Value of the transaction The balances maintained in the Not exceeding ` 25 billion As per the terms and Value of transaction will vary
(` in billions) current account are for day-to- conditions of the products and as per the number of claims
day business operations and may the scale of business during the year
vary on a daily basis.
2 Material Terms Currently, no interest is received The standard terms are as per The premium received is as The insurance policy benefits
by the Company on the current applicable regulatory guidelines. per the product approved by paid by the Company are as
account balance maintained with The pricing of the transaction is IRDAI. per the terms and conditions
ICICI Bank. The bank charges, based on prevailing market rate and of the insurance policy
as applicable, are levied by ICICI on arm’s length basis. and the Company’s claim
Bank from time to time settlement procedures.
3 Nature of concern Financial Financial Financial Financial
or interest (financial/
otherwise)
4 Tenure of the transaction On-going Renewable every year As per policy terms and As per policy terms and
conditions of the product conditions of the product
opted for. opted for.
5 % of value of transaction/ Not applicable 6.48% Not applicable Not applicable
the Company’s annual (Total percentage of credit facilities
consolidated turnover for taken to the total consolidated
immediately preceding turnover of the Company of
financial year (based on FY2022)
Consolidated turnover of
FY2022)
6 Details of the source of Not applicable Not applicable Not applicable Not applicable
funds in connection with
the proposed transaction
7 Details of financial Not applicable Not applicable Not applicable Not applicable
indebtedness incurred for
investment

15
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Type of Transaction
Sr. Insurance policy benefits
Particulars Credit facilities such as Premium received towards
No. paid as per the terms and
Balances in Current Account intraday overdraft and cash group insurance policies
conditions of the policies
management services issued to ICICI Bank
issued to ICICI Bank

8 Applicable terms of the Not applicable The standard terms including Not applicable Not applicable
investment such as repayment terms are as agreed
covenants, tenure, interest with ICICI Bank with a tenure of
rate, repayment schedule, upto 1 year. These are unsecured
secured/unsecured, if credit facilities at prevailing ICICI
secured, nature of security Bank lending rates linked to
internal/external benchmark as per
terms agreed.
9 The purpose for which the Not applicable Funds will be utilised in the ordinary Not applicable Not applicable
funds will be utilized by course of insurance business
the ultimate beneficiary of
such funds pursuant to the
related party transaction
10 Justification as to why the Current account is maintained The Company uses credit facility The Company provides various The Company settles
Related party transaction is with ICICI Bank for the purpose to meet the temporary mismatch Group Insurance products claims as per the terms
in the interest of the listed of availing banking services in the collection and payment and to cater to the requirement and conditions of the group
entity for a) collection of premium obtains the same from Related of corporate entities and insurance policies based on
through various modes like auto Party on arms-length basis. financial institutions to cover the receipt of claims from
debit, CMS services, online mortality risk, morbidity risk corporate entity/ financial
transactions etc, b) disbursement and long term retirement institutions towards risk
of payments through direct credit benefits for their employees coverage and retirement
facility, c) foreign exchange as well as customers to whom benefits for employees as
transactions, and d) investment loans are being granted. The well as customers to whom
related transactions. The Company also issues such loans had been granted.
Company also maintains bank group policies to various Claims are settled on similar
accounts with other unrelated unrelated corporate entities basis for all policies issued
entities for similar services. and financial institutions. to related and non-related
entities
11 Valuation or other external Not applicable Not applicable Not applicable Not applicable
party report

A member who is a related party to the Company, shall not vote on the resolutions specified in Item No. 9 of this Notice, irrespective of whether the
member is a party to the particular related party transaction or not.

None of the Directors, Key Managerial Personnel and their relatives, are concerned/interested in the above resolution, except to the extent of their
shareholding/ directorships, if any, in the Company and in the entities mentioned above, if any.

Your Directors recommend the ordinary resolution at Item No. 9 for your approval.

By Order of the Board

Mumbai Sonali Chandak

May 17, 2022 Company Secretary
ACS 18108
Registered Office:
1089, Appasaheb Marathe Marg
Prabhadevi, Mumbai - 400 025
Tel: 022 5039 1600; Fax: 022 2422 4484
[email protected]
www.iciciprulife.com
CIN: L66010MH2000PLC127837

16
 NOTICE

ANNEXURE I TO ITEM NOS. 3 AND 5 TO 7 OF THE NOTICE

Name Mr. Sandeep Batra Mr. R. K. Nair
Age 56 years 67 years
Qualification Chartered Accountant and Company Secretary. Master’s degree in Science, Bachelor’s degree in Law, Master
of Business Administration – Financial Management, Diploma
in Securities Law
Experience Mr. Batra is an Executive Director on the Board of Mr. Nair has around 40 years of experience in the banking
ICICI Bank since December 23, 2020. Mr. Batra, a industry and in the field of securities and insurance regulation.
Chartered Accountant and a Company Secretary, As a career banker, he joined Corporation Bank in August 1976
has been with the ICICI Group since 2000. He holds and rose to become the General Manager in 2003 in charge
responsibilities of the Corporate Centre at the Bank. of Recovery Management Division, Legal Service Division and
Credit Risk Management Division and development of priority
He is responsible for the Operations and Customer sector lending and regional rural banks. He has rich and varied
Service, Human Resource Management, experience in branch, regional and corporate banking, apart from
Technology, Legal, Corporate Communications and treasury management and foreign exchange management. He
the Secretarial Function. He is also administratively was the Managing Director of Corpbank Securities Limited from
responsible for Risk Function, Internal Audit and 1999 to 2003 a Primary Dealership, licensed by RBI.
Financial Crime Prevention and Compliance Groups.
In July 2005, he became an Executive Director at the Securities
He also serves on the Boards of ICICI and Exchange Board of India. In March 2010, he joined the
Bank, ICICI Lombard General Insurance, Insurance Regulatory and Development Authority of India as
ICICI Prudential Asset Management and Member (Finance and Investment).
ICICI Ventures, and Chairs the Board of
ICICI Bank, UK. He was member of the International Organisation of Securities
Commissions sub-committee on Investment Management,
In his earlier role with ICICI Bank, Mr. Batra was the Investor Compensation and Protection, Private Equity from
Group Compliance Officer. He has been a founder 2008 to 2010. At the International Association of Insurance
member of the Company where he worked as Chief Supervisors , he was the nominee on sub-committees on
Financial Officer from September 2000 till 2006 accounting, auditing, governance, group supervision, insurance
and then as Executive Director and a member of its standards and financial stability. He was SEBI nominee on
Board from January 2014 till July 2018. He was also National Advisory Committee on Accounting Standards
instrumental in leading the Company to India’s first from 2005 to 2010, a member of the Investor Protection
IPO in the insurance space. and Compensation Committee and an IRDAI nominee on the
RBI Technical Committee on Money, Government Securities
and Foreign Exchange Markets, SEBI Corporate Bonds and
Securitisation Advisory Committee from 2010 to 2015.
Date of first appointment on the Board January 1, 2014 July 25, 2017
October 8, 2018*
Terms and conditions of appointment or Please refer to the Explanatory Statement for Item Please refer to the Resolution and Explanatory Statement for
re-appointment No.3 Item No.5
Remuneration last drawn (during the NIL Sitting Fees - ` 17,50,000, Commission paid during the year
year) (per annum) (for FY2022) ` 10,00,000
Shareholding in the Company as on the NIL NIL
date of this notice
(in case of Non-Executive Directors,
shareholding includes shareholding as a
beneficial owner, if any)
Relationship with other Directors, NIL NIL
Manager and other Key Managerial
Personnel of the Company
No. of Board Meetings attended/ held 6/6 6/6
during the year ended March 31, 2022
Other Directorship (Includes directorship • ICICI Bank Limited • ICICI Bank Limited
in public, private and foreign companies • ICICI Lombard General Insurance Company • Geojit Financial Services Limited
and insurance corporations) Limited • ICICI Securities Primary Dealership Limited
• ICICI Venture Funds Management Company • Inditrade Capital Limited
Limited • Geojit Credits Private Limited
• ICICI Prudential Asset Management Company • Brickwork Ratings India Private Limited
Limited • Axis Mutual Fund Trustee Limited
• ICICI Bank UK Plc

17
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Name Mr. Sandeep Batra Mr. R. K. Nair

Listed Companies from which the Director NIL NIL
has resigned in the past three years
(FY2019, FY2020, FY2021)
Chairmanship/ Membership of the ICICI Bank Limited ICICI Bank Limited
Committees of other Companies in which • Risk Committee, Member • Corporate Social Responsibility Committee, Member,
position of Director is held • Information Technology Strategy Committee, • Audit Committee, Member
Member • Review Committee for identification of wilful defaulters/
• Committee for identification of wilful non co-operative borrowers, Member
defaulters/non co-operative borrowers, • Fraud Monitoring Committee, Chairman
Member Geojit Financial Services Limited
• Committee of Executive Directors, Member • Nomination and Remuneration Committee, Member
• Committee of Senior Management, Member • Audit Committee, Member
• Asset Liability Management Committee,
Member ICICI Securities Primary Dealership Limited
• Risk Management & IT Strategy Committee, Chairman
ICICI Lombard General Insurance Company • Stakeholders Relationship Committee, Chairman
Limited
• Audit Committee, Member Inditrade Capital Limited
• Investment Committee, Member • Audit Committee, Member
• Board Nomination & Remuneration Geojit Credits Private Limited
Committee, Member • Nomination and Remuneration Committee, Chairman
ICICI Prudential Asset Management Company • Audit Committee, Member
Limited Brickwork Ratings India Private Limited
• Audit and Risk Committee, Member, • Nomination and Remuneration Committee, Member
• Committee of Directors, Chairman
• Nomination and Remuneration Committee,
Member
ICICI Bank UK Plc
• Board Governance Committee, Member
ICICI Venture Funds Management Company
Limited
• Nomination and Remuneration Committee,
Member
*at current designation

18
 NOTICE

ANNEXURE I TO ITEM NOS. 3 AND 5 TO 7 OF THE NOTICE

Name Mr. Dileep Choksi Mr. N. S. Kannan
Age 72 years 56 years
Qualification Chartered Accountant, Bachelor’s degree in Law, Bachelor of Engineering (Honours) from NIT Trichy, Post-
Cost Accountant, Trust and Estate Practitioner (TEP) Graduate Diploma in Management from IIM Bangalore with
Gold Medal for the best all round performance, Chartered
Financial Analyst from ICFAI
Experience Mr. Choksi has been a practicing professional for Mr. Kannan is the Managing Director & CEO of the Company
the past 44 years. Prior to setting up C.C. Chokshi since June 19, 2018. He has worked with the ICICI Group for
& Co., he was the Joint Managing Partner, National over 31 years, having worked in various leadership/executive
Leader - Tax and Financial Advisory Services of roles within the Group. He served on the Board of ICICI Bank
Deloitte, India. as Executive Director between May 2009 and June 18, 2018.
Prior to joining the Board of ICICI Bank, he was the Executive
His areas of specialisation include accounting, Director of the Company from August 2005 to April 2009.
tax and corporate advisory services for domestic
and international clients, finalizing collaborations Mr. Kannan also has extensive experience serving on the
and joint ventures, corporate restructuring, Boards of other group companies. He served as the Chairman
turnaround and change management strategies, on the Boards of ICICI Securities Primary Dealership, ICICI Bank
and analysing tax impact of various instruments. He UK Plc, and as a Non-Executive Director on the Boards of ICICI
is also a member of the Society of Trust & Estate Prudential Life Insurance Company, ICICI Lombard General
Practitioners Limited (STEP). He has also been on Insurance Company, ICICI Prudential Asset Management
the Boards of the Taxation Committee of the Indian Company and ICICI Bank Canada.
Merchant Chambers and the Bombay Chamber of
Commerce & Industry. During his tenure as the Executive Director at ICICI Bank,
his responsibilities included Finance, Treasury, Legal,
He has worked with Mr. N. A. Palkhivala in the Operations, Secretarial, Corporate Communications,
preparation of the most prominent book of Kanga Corporate Branding, Infrastructure Management, Strategic
and Palkhivala’s – The Law and Practice of Income Solutions Group and ICICI Foundation for Inclusive Growth.
- Tax (Eight Edition) – the last edition written by late Mr. Kannan also owned the administrative responsibility for
Mr. N. A. Palkhivala and Mr. B. A. Palkhivala. Risk Management, Compliance and Internal Audit functions.
Besides, during his tenure at ICICI Bank, he has also handled
Project Finance, Infrastructure Finance and Structured
Finance.
Mr. Kannan has also served on various expert committees
constituted by the Government of India, regulators and
industry associations. He has served on the Insurance
Advisory Committee constituted by the Insurance Regulatory
and Development Authority of India, Reserve Bank of India’s
Steering Committee on Implementation of Indian Accounting
Standards, IBA Sectoral Committee of Private Sector Member
Banks, The Companies Law Committee Working Group on
Raising of Funds, CII National Council on Corporate Governance
and the Insurance Awareness Committee of the Life Insurance
Council. He also served as a member of RBI’s Advisory
Committee to resolve the first financial services company
under the Indian Bankruptcy Code.
Over the years, Mr. Kannan has won multiple awards including
the Best CFO in India by Finance Asia in 2013 and the Best
CFO in the Indian Banking/Financial Services sector by CNBC
TV18 for two consecutive years. Besides, he was also ranked
the second best CFO in Asia in a buy-side analysts’ poll by
institutional investors. Under his leadership, the ICICI Bank
investor relations team was ranked third best in Asia in a sell-
side analysts’ poll by institutional investors.
Date of first appointment on the Board January 19, 2018 July 30, 2005
Terms and conditions of appointment or Please refer to the Resolution and Explanatory Please refer to the Resolution and Explanatory Statement for
re-appointment Statement for Item No.6 Item No. 7, relating to revision in remuneration.

19
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Name Mr. Dileep Choksi Mr. N. S. Kannan

Remuneration last drawn (during the Sitting Fees - ` 16,40,000, Commission paid during Basic: ` 25,690,440,
year) (per annum) the year (for FY2022) ` 10,00,000 Allowances: ` 18,249,804/- per annum, Retirals: ` 9,076,428/-
per annum, Performance Bonus would be maximum of 70% of
the Fixed Pay, as defined in the Compensation and Benefits Policy
as approved by the Board and as may be determined by the
Board of Directors or the Board Nomination and Remuneration
Committee in accordance with the Compensation and Benefits
Policy of the Company. Should the bonus be more than 50% of
Fixed Pay, 60% of the bonus would be paid upfront and balance
40% equally deferred over the next three years.
Shareholding in the Company as on the 241 2,00,000
date of this notice
(in case of Non-Executive Directors,
shareholding includes shareholding as a
beneficial owner, if any)
Relationship with other Directors, NIL NIL
Manager and other Key Managerial
Personnel of the Company
No. of Board Meetings attended/ held 6/6 6/6
during the year ended March 31, 2022
Other Directorship (Includes directorship •
Miramac Properties Private Limited • ICICI Prudential Pension Funds Management Company
in public, private and foreign companies •
AIA Engineering Limited Limited
and insurance corporations) •
Swaraj Engines Limited
•
Arvind Limited
•
JIO Platforms Limited
•
Gujarat International Finance Tec-City
Company Limited
• Protego Multi Family Office Private Limited
• Deepak Nitrite Limited
• Universal Trusteeship Services Limited
• IDMC Limited
Listed Companies from which the Director • Lupin Limited (Ceased to be a Director with • ICICI Bank Limited (Ceased to be a Director with effect
has resigned in the past three years effect from August 12, 2020) from June 19, 2018)
(FY2019, FY2020, FY2021) • ICICI Bank Limited (Ceased to be a Director • ICICI Lombard General Insurance Limited (Ceased to be a
with effect from April 1, 2019) Director with effect from June 19, 2018)
Chairmanship/ Membership of the Swaraj Engines Limited ICICI Prudential Pension Funds Management Company
Committees of other Companies in which • Audit Committee, Chairman Limited
position of Director is held • Stakeholders’ Relationship Committee, • Board Risk Management Committee, Member
Member • Board Nomination & Remuneration Committee, Member
• Nomination & Remuneration Committee, • Board Investment Committee, Member
Chairman
Arvind Limited
• Audit Committee, Member
• Nomination & Remuneration Committee,
Member
• Risk Management Committee, Member
• Audit Committee, Member
Gujarat International Finance Tec-City
Company Limited
• Audit Committee, Member
Deepak Nitrite Limited
• Audit Committee, Member
IDMC Limited
• Audit Committee, Member
• Nomination & Remuneration Committee,
Member
*at current designation

20
Annual Report 2021-22

MAINTAINING EMPOWERING
A WELL-BALANCED CUSTOMERS
PRODUCT MIX

Powering
Sustainable
Growth
DRIVING ESG FOSTERING
INTEGRATION INNOVATION

DIVERSIFYING
DISTRIBUTION
NETWORK
Contents

01-78 149-521
CORPORATE OVERVIEW STANDALONE FINANCIAL STATEMENTS
01 Powering Sustainable Growth 149 Management Report
02 Our Integrated Reporting Approach 157 Independent Auditor’s Report and Certificates
04 Organisational Overview 166 Revenue Account
08 Message from the Chairman 168 Profit and Loss Account
10 Message from the Managing Director & CEO 169 Balance Sheet
14 Our Diversified Product Portfolio 170 Receipts and Payments Account
18 Key Performance Indicators 171 Schedules
22 Awards and Accolades 236 Salient Features of the Financial Statements of
23 Corporate Information Subsidiaries (Form AOC-1)
24 Ethical Business Practices 237 Annexures
34 A Changing Business Environment
36 Business Model
38
40
Stakeholder Engagement
Material Matters
522-584
41 Risks and Opportunities CONSOLIDATED FINANCIAL STATEMENTS
47 Strategy and Progress 522 Independent Auditor’s Report
50 Financial Capital 530 Consolidated Revenue Account
51 Intellectual Capital 532 Consolidated Profit and Loss Account
55 Human Capital 533 Consolidated Balance Sheet
65 Social and Relationship Capital 534 Consolidated Receipts and Payments Account
74 Natural Capital 535 Schedules
76 Environmental, Social and Governance

585-591
79-148 EMBEDDED VALUE RESULTS
STATUTORY REPORTS 585 Embedded Value Results
79 Directors’ Report 590 Independent Actuary’s Opinion
120 Corporate Governance
124 Management Discussion and Analysis
142 Enterprise Risk Management
592-595
ADDITIONAL INFORMATION
592 Glossary of Terms
 Powering
Sustainable
Growth

At ICICI Prudential Life Insurance, this has

been a year of profound change, as we set up
the building blocks for sustainable long-term
growth. Despite facing two years of significant
volatility and business disruptions, we emerged
stronger this year and made steady progress
in our growth journey – driven by our purpose,
guided by our aspirations, and inspired by the
people we serve.

Our business transformation has been well reflected We remain well on-course to achieve our aspiration of
through a robust growth in the Value of New doubling the FY2019 VNB by FY2023. We continue to
Business (VNB), a key measure of profitability. The maintain a strong focus on expanding the contribution of
elements comprising a well-balanced product protection and annuity – both of which are significantly
mix, diversified distribution network, superior under-served needs in the country.
customer service, innovation and the integration
of Environmental, Social and Governance (ESG) As we move ahead, we are steadfast on our focus
factors into our business operations have enabled us to deliver on the promises made to our customers.
to power sustainable growth. Our vision of building an enduring institution that
serves the protection and long-term saving needs
A strategic mindset and agility in launching an array of of customers with sensitivity continues to guide
innovative products to meet the changing customer us. With a strong emphasis on customer-centricity
preferences led us to achieve a well-balanced and innovation, we remain well-positioned to face
product mix. Further, our multi-channel distribution the future with confidence and assist families in
network was fortified by adding additional sourcing achieving financial security.
channels, enabling us to be present on platforms
and touchpoints preferred by customers.
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Our Integrated Reporting Approach

REPORTING OBJECTIVE Voluntary Reporting

The objective of this Report is to provide stakeholders We have sought to adopt the principles of International
with relevant financial and non-financial information Integrated Reporting (IIR) Framework issued by the
of the Company, including the Environmental, Social International Integrated Reporting Council (IIRC).
and Governance components, to help them take well-
informed investment decisions. Through this Report, have DETERMINATION OF MATERIAL MATTERS
shared information on our operating context, external The determination of material matters takes into
environment, business strategies, material matters, consideration our operating context which includes the
performance, governance, key risks, business model and legal and regulatory compliance requirements, industry
our engagement with stakeholders. trends and risk management. Our material matters
are those which are important to create value for our
SCOPE AND BOUNDARY OF REPORTING stakeholders in the short, medium and long-term. We
The Report covers financial and non-financial information have identified and analysed material matters pertaining
and activities of ICICI Prudential Life Insurance Company to our business and are addressing them to ensure the
Limited and its subsidiaries for the period April 1, 2021 sustainability of our business. Our material matters are
to March 31, 2022. Material events up to the Board covered in detail on page 40.
Meeting held on April 16, 2022 have been covered in this
Report, wherever relevant, pursuant to the statutory and BOARD APPROVAL
regulatory requirements. The Board acknowledges that they have applied their
collective mind to the preparation and presentation of
REPORTING FRAMEWORK the Report. It accepts its responsibility for the integrity
Statutory and Financial Reporting of this Report, which in the Board’s opinion addresses
We have adhered to the Insurance Act, Companies all material issues and provides a fair and balanced view
Act, 2013, the Insurance Regulatory and Development of the Company’s performance. This Report has been
Authority (IRDAI) (Preparation of Financial Statements and prepared in accordance with the International Integrated
Auditor’s Report of Insurance Companies) Regulations, Reporting Framework.
2002, SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, IRDAI Corporate
Governance Guidelines, Accounting Standards issued
by the Institute of Chartered Accountants of India (ICAI)
and the Secretarial Standards issued by the Institute of
Company Secretaries of India (ICSI).

FORWARD-LOOKING STATEMENTS
Certain statements in this Report regarding our business operations FEEDBACK AND SUGGESTIONS
may constitute forward-looking statements. While these statements We welcome your feedback and suggestions
reflect our future expectations, it is important to remain mindful that on this Report. You may email us at:
a number of risks, uncertainties and other important factors could [email protected]
cause actual results to differ materially from our expectations.

02
 Powering Sustainable Growth

OVERVIEW
CORPORATE
OUR CAPITALS OUR STAKEHOLDERS

01 - 78 REPORTS
FINANCIAL

STATUTORY
CUSTOMERS
CAPITAL

HUMAN

79- 148 FINANCIAL STATEMENTS

BUSINESS PARTNERS
CAPITAL

STANDALONE
MANUFACTURED SHAREHOLDERS/
CAPITAL INVESTORS

149 - 521 FINANCIAL STATEMENTS

CONSOLIDATED
SOCIAL AND GOVERNMENT AND
RELATIONSHIP CAPITAL REGULATORY BODIES

522 - 584 VALUE RESULTS

EMBEDDED
INTELLECTUAL
EMPLOYEES
CAPITAL 585 - 591 INFORMATION

NATURAL
ADDITIONAL

COMMUNITIES
CAPITAL
592 -595

03
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Organisational Overview
Executive Summary

ABOUT ICICI PRUDENTIAL OUR VISION

LIFE INSURANCE
To build an enduring institution that serves
We are promoted by ICICI Bank Limited and the protection and long-term saving needs
Prudential Corporation Holdings Limited. The of customers with sensitivity.
Company commenced operations in FY2021 and
has been one of India’s leading private sector
life insurers. Through our comprehensive and
innovative product suite, pan-India presence
and robust multi-channel distribution network OUR VALUES
powered by a cutting-edge technology platform,
we have articulated our objective of doubling
the FY2019 Value of New Business (VNB) in four
years. Our ‘Customer First’ philosophy has enabled
us to have one of the best claim settlement ratios Customer First Humility
in the industry. Our robust investment policy has Keep customers at the centre Be open to learn and change
ensured zero defaults since inception and across of everything we do
market cycles. Our wholly-owned subsidiary, ICICI
Prudential Pension Funds Management Company,
distributes products under the National Pension
System (NPS) and is a registered pension fund
manager. During FY2022, we were India’s largest
Passion Integrity
Demonstrate infectious energy Do the right thing
private life insurer on new business sum assured.
to win and excel
Our total in-force sum assured at March 2022
was ` 23.50 trillion.

Boundarylessness
Treat organisation agenda as
paramount

04
 Powering Sustainable Growth

OVERVIEW
CORPORATE
OUR STRATEGY
Our objective is to create value for our customers, employees, shareholders and all other stakeholders. From our shareholders’

01 - 78 REPORTS
perspective, our aspiration is to double the FY2019 Value of New Business (VNB) in four years through our 4P strategy
of: Protection focus, Premium growth, Persistency improvement and Productivity enhancement, while ensuring focus on

STATUTORY
customer-centricity and imbibing sustainable practices with our business processes in a parallel.

PROTECTION

79- 148 FINANCIAL STATEMENTS

STANDALONE


CUSTOMER INTEGRATING
CENTRICITY PREMIUM

VNB 
PERSISTENCY
ESG WITH
GROWTH
CONTINUES TO BE
AT THE CORE
GROWTH BUSINESS
MANAGEMENT

149 - 521 FINANCIAL STATEMENTS



CONSOLIDATED
PRODUCTIVITY

522 - 584 VALUE RESULTS

Our array of product offerings is designed to meet the different life from the comfort and safety of their homes. The implementation of this

EMBEDDED
stage requirements of our customers and provide financial security to digital strategy not only changes the way value is created, it also offers
their families. We have created a multi-channel distribution network convenience and simplicity to the customer.
and service architecture, enabling customers to interact with us as per
their preference. Our digital platform provides a seamless, convenient Continuing with the trend of rolling out many industry-first digital initiatives
and immersive experience to our customers, be it for purchase, service and navigating the organisation through the changes brought about by the
requests or claims. pandemic, we have embarked on a journey to relook at the total experience
provided to customers and leverage data as a strategic asset.
585 - 591 INFORMATION

Our commitment to our employees is based on the cornerstones of

Fairness & Meritocracy, Learning & Growth and providing a Supportive Total Experience: Customer appreciation towards digital has
ADDITIONAL

Environment. increased multifold and there is wide acceptance of chat, video and
nudges in the onboarding and service journey. Specifically, our user-
DIGITAL LEADERSHIP focussed journey now includes multi-conversational interfaces with
Our endeavour is to leverage digital solutions and empower customers active intervention of stakeholders.
and distributors throughout the policy life cycle. The device-agnostic
digital platform provides a hassle-free experience and facilitates Data as a Strategic Asset: We are reimagining our onboarding journey
conducting a need-analysis, generating premium quotes and provides to enable us to capture an end-to-end digital footprint. This would help our
592 -595

customers a seamless and virtually paperless onboarding process. customers throughout their policy life cycle while simultaneously enabling
Besides, enabling customers to initiate and conclude service requests us to strengthen our pre-sales management process.

05
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Our Performance Snapshot

`21.63 bn 28.0% `316.25 bn

Value of New Business (VNB) VNB Margin 1
Embedded Value (EV)

27% 5-Year CAGR

11.0% `77.33 bn `2.40 tn

Return on Embedded Annualised Premium Assets Under Management
Value (RoEV)2 Equivalent (APE)3
14% 5-Year CAGR

`13.13 bn `23.50 tn 58.1 mn

Protection APE Total Sum Assured Lives Covered (In-force)
(In-force)
38% 5-Year CAGR

84.6% 18.6% 205%

Persistency (13 month) th 4
Cost Ratio 5
Solvency Ratio6

97.8% 1.5 days `312.37 bn

Claim Settlement Ratio 7
Average Claim Claims Settled
Settlement Time8

58
Customer Grievance Ratio9

CAGR = Compound Annual Growth Rate, mn = million, bn = billion, tn = trillion

1
VNB Margin is calculated by dividing VNB by APE for the period
2
RoEV % = EVOP/ Opening EV (EVOP = Unwind + expected transfers + VNB + operating assumption change impact + operating variances)
3
APE is the sum of the annualised first year premiums on regular premium policies, and 10% of single premiums, from both individual and group customers
4
Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/GEN/21/02/2010 dated February 11, 2010
5
Cost ratio is calculated as Total Expenses divided by Total Weighted Received Premium (TWRP)
6
Regulatory requirement of 150%
7
Individual death claims
8
Average turnaround time for non-investigated retail death claims from receipt of last requirement
9
Grievances (overall)/new business retail issuances per 10,000

06
 Powering Sustainable Growth

Our Business Presence

OVERVIEW
CORPORATE
471 198,000+ 41,000+
Company Branches* Agents Partner Branches

01 - 78 REPORTS
STATUTORY
3
Jammu & Kashmir

79- 148 FINANCIAL STATEMENTS

Himachal Pradesh

STANDALONE
Punjab 10
19

1
Chandigarh Uttarakhand Assam
6 14
Jharkhand
Haryana 16
18 Delhi
9 Uttar Pradesh Arunachal Pradesh 2
39
Sikkim
Bihar 27 1
Rajasthan
23 Nagaland

149 - 521 FINANCIAL STATEMENTS

2
Meghalaya
1
Manipur
3

CONSOLIDATED
Gujarat 3
Tripura Mizoram
27 1

Madhya Pradesh West Bengal

22 39

Odisha
19

Maharashtra Chhattisgarh 11
45

522 - 584 VALUE RESULTS

Telangana 11

EMBEDDED
2
Goa Andhra Pradesh 18
Karnataka 20

Puducherry
1
Tamil Nadu
28
585 - 591 INFORMATION

29
Kerala
ADDITIONAL

Branch Location

Number of Branches

*Includes 1 head office, 2 back offices (located in Mumbai and Hyderabad) and 1 representative office (located in Dubai)
592 -595

Map not to scale

07
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Message from the Chairman

DEAR SHAREHOLDERS,
As I write this letter, the threat of the coronavirus has reduced, thanks
to global collaborative efforts in rolling out one of the biggest vaccination
campaigns ever recorded.

On the economic front, globally, the rebound from the pandemic-led

recession has been encouraging. In India, the government’s vaccination
drive, push towards self-reliance by introducing growth-enhancing
schemes, production-linked incentives, and increased infrastructure
spending provided the foundation to chart an economic recovery, post-
COVID-19. The International Monetary Fund expects the Indian economy to
have a fairly robust growth of 8.2% in FY2023, making it one of the world’s
fastest growing major economies.

RETURNING TO NORMALCY - LIFE AFTER COVID-19 It is heartening to share that we received many noteworthy industry
awards during the year which acknowledged our efforts around
The pandemic disrupted businesses and altered the way business
innovation and customer service. This includes two awards from FICCI on
was done. But our continued efforts around innovation and digital
customer service and innovation, and one from ET BFSI on the best use
transformation enabled us to be on top of changing customer needs and
of emerging technology.
the business playbook. At ICICI Prudential Life Insurance, our digitalisation
solutions are delivering four key advantages – customer-centricity,
The outbreak also disrupted our way of life and caused increased levels
enhanced efficiency, personalisation, scalability and agility. The cutting-
of anxiety in employees. We therefore organised doctor consultations,
edge technology infrastructure supports our vision, innovations and
mental health counselling and vaccination camps to ensure their safety
helps raise the bar for excellence in customer service. We are leveraging
and wellness. Employee engagement in these trying times was another
technology for customer empowerment and convenience, seamless and
key initiative and we utilised our engagement architecture, based on the 3i
hassle-free onboarding and to drive increased penetration in the country.
framework of Inform, Involve and Invigorate to be in continuous touch with
Technology is also helping us develop meaningful partner and consumer
our most precious resource.
insights and build a better product understanding. Similarly, our robust
collaboration platform facilitates a seamless remote working experience.
ROLE OF LIFE INSURANCE IN TIMES OF CRISIS
We also use technology to offer personalised services anytime, anywhere
to our customers in their preferred language. In times like these, health and financial security becomes paramount and
therefore the role of life insurance becomes extremely crucial in society.
As per Life Insurance Council figures, the industry delivered on its promises
made to customers and their families by settling approximately 250,000
WE ARE LEVERAGING TECHNOLOGY COVID-19 claims speedily.

FOR CUSTOMER EMPOWERMENT Although faced with operational and balance sheet challenges posed
by the crisis, the insurance industry in India was quick to respond.
AND CONVENIENCE, SEAMLESS AND Life insurers rapidly adopted digitalisation across the value chain,
HASSLE-FREE ONBOARDING AND TO modernising distribution channels, innovating the product portfolio,
focussing on investment and prudent cash management to deliver
DRIVE INCREASED PENETRATION IN seamless customer experience and improved business resilience through
better risk management.
THE COUNTRY.

08
 Powering Sustainable Growth

OVERVIEW
CORPORATE
COMMITTED TO SUSTAINABILITY
We realise that every company and every industry will be transformed
WE ARE THE FIRST INSURANCE by the ongoing transition to a Net-Zero world. At ICICI Prudential Life
COMPANY IN INDIA TO HAVE SIGNED Insurance, we act as a fiduciary for our customers who entrust us to

01 - 78 REPORTS
manage their assets. To promote sustainability and leave the planet a
THE UNITED NATIONS SUPPORTED better place for our future generations, we are integrating Environmental,

STATUTORY
Social and Governance (ESG) factors into our operations including
PRINCIPLES FOR RESPONSIBLE our investment management framework. We are the first insurance
INVESTMENT, DEMONSTRATING Company in India to have signed the United Nations supported Principles
for Responsible Investment, demonstrating our commitment towards
OUR COMMITMENT TOWARDS ESG issues. By integrating these factors into the stewardship practices,
investment process and business operations, we are driving value to the
ESG ISSUES. business. To drive responsible investment, we launched the first-of-its-

79- 148 FINANCIAL STATEMENTS

kind ESG-focussed fund by an Indian life insurance company – Sustainable
Equity Fund.

STANDALONE
DRIVING FINANCIAL INCLUSION The upgrade of our ESG ratings by two leading international agencies points
The role of the life insurance industry, especially in the context of an to our commitment to sustainability. We were also the only life insurance
emerging economy like India, is vital as it channelises long-term funds company to be featured in the Top 100 of ‘India’s Most Sustainable
towards infrastructure development. Life Insurance Council data estimates Companies’ by BW Businessworld and Sustain Labs Paris. Besides, we are
that insurers have collectively invested approximately ` 4.5 lakh crore in proud to be ranked amongst the top 20 corporates with highest corporate
infrastructure projects, which also points to the social footprint of the governance standards as stated in a report by Institutional Investor

149 - 521 FINANCIAL STATEMENTS

industry. Moreover, various initiatives undertaken by the industry and Advisory Services India Limited. This corporate governance scorecard was
supported by the regulator have facilitated a steady rise in penetration developed in conjunction with International Finance Corporation and BSE

CONSOLIDATED
from 2.1% in FY2002 to 3.2% in FY2021. Similarly, in-force sum assured Limited and was supported by the Government of Japan.
as a percentage of GDP increased from about 50% in FY2002 to 95.5% in
FY2021. Swiss Re Sigma data reveals that India’s life premium growth in WAY FORWARD
the last 20 years has increased at 3 times the global average. The industry is at a pivotal moment. Even as the pandemic altered the
fabric of the life insurance industry, the sector is slated to enjoy a multi-
Your Company too is driving and advancing financial inclusion in the decade growth. Increased awareness, higher disposable income, and an
country by enhancing insurance accessibility to bridge the protection gap. improving COVID-19 scenario will help insurers extend their reach in the

522 - 584 VALUE RESULTS

This aligns with our vision to build an enduring institution that serves the untapped space. An enabling digital ecosystem will drive the insurance
protection and long-term saving needs of customers with sensitivity. We growth story.

EMBEDDED
seek to drive this through better understanding of the customers’ needs,
offering relevant products and ensuring continuous engagement with care, Going forward, the life insurance industry would offer products whose
compassion and commitment. coverage would seamlessly change based on the customer’s evolving
needs. From a distribution standpoint, the Account Aggregator System is
DELIVERING VALUE TO STAKEHOLDERS set to revolutionise the financial services system. Boundaries will blur as
Despite the challenges, we remain firmly rooted on a profitable growth many e-commerce, tech and social media companies would be the first
path. Our innovative products, distribution reach and superior customer point of contact for new financial products and services.
585 - 591 INFORMATION

service enabled us to seamlessly execute our 4P strategy of Protection

focus, Premium growth, Persistency improvement and Productivity In today’s inter-connected world, we realise the need to create value
ADDITIONAL

enhancement. With this, we remain well on track to double the FY2019 for and to be valued by all stakeholders. We continue to build a resilient
absolute Value of New Business (VNB) by FY2023. tomorrow and advance the agenda to fulfil our promises.

Further, we are delivering value to our stakeholders by diversifying the Before I conclude, I take this opportunity to thank our Board and all
business. From being a unit-linked dominated Company in FY2019, we have stakeholders for their continued support.
transitioned to having a well-balanced spread across product segments.
We have also ensured a well-diversified distribution architecture. These Best Regards,
592 -595

competitive advantages have provided us with the springboard to scale M. S. Ramachandran

higher and grow the business sustainably. Chairman

09
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Message from the Managing Director & CEO

DEAR SHAREHOLDERS,
As we walk into a new financial year, let me take this opportunity to reflect
on the learnings from fiscal 2022.

With the outbreak of COVID-19, the last couple of years have been
challenging with extended lockdowns, new variants of the virus and a
stretched healthcare infrastructure. This led to economic uncertainty but
also revealed the grit and determination of mankind to emerge stronger
after a crisis.

As far as the global economy is concerned, surging commodity prices,

supply chain bottlenecks caused by the pandemic and the war in Ukraine
have turbo-charged inflation across the world. The global financial markets
too therefore remained volatile. In India, the Government’s vaccination
drive, the fiscal stimulus programme and the Production Linked Incentives
scheme aided recovery and improved consumer sentiments. According
to the Economic Survey 2021-22, the economy is expected to grow
between 8% and 8.5% in FY2023. Similarly, the International Monetary
Fund expects India to be on track to be the fastest growing major global The growing appreciation for life insurance also augurs well for its
economy during FY2023. This provides us a lot of confidence as we enter penetration and overall financial inclusion. The Economic Survey 2020-
the new financial year. 21 states that the life insurance density in the country was just US$ 58
against the global average of US$ 379. With the heightened need for
RE-MODELLING OF INSURANCE POST-PANDEMIC mortality protection, life insurance companies are reinventing themselves
The outbreak of the pandemic not only reinforced the importance of our and re-affirming the crucial role they play in the lives of customers.
purpose of care and commitment to our customers, it also acted as one
of the biggest catalysts for the growth of the life insurance industry. With LIVING OUR PURPOSE
increased awareness levels due to COVID-19, we believe life insurance The pandemic brought us closer to the very purpose of our existence, as
has begun its journey from being a push to a nudge proposition. We expect we continued to serve our customers with care, sensitivity and speed,
it to eventually emerge as a pull product over the next decade as people standing with them and their families in their times of distress. As a leading
have realised that life can throw a curve ball without warning, leading to Company it was incumbent on us to rise to the occasion. We realised the
financial strain. problems arising out of the pandemic and so we enabled our customers
to conduct self-service transactions from the comfort and safety of their
homes. We also facilitated home pick-up of claim-related documents as
and when required. Claims is the moment of truth for us in life insurance
A SHIFT IN CUSTOMER and we settled them with care and sensitivity. During FY2022, we
settled claims amounting to ` 312.37 billion of which ` 10.17 billion was
PREFERENCES AND OUR CONTINUED COVID-19 related.
INVESTMENT IN PRODUCT POWERING SUSTAINABLE GROWTH
DEVELOPMENT HAVE CULMINATED Over the last three years, we, at ICICI Prudential Life Insurance, have been
focussed on ensuring that we have a well-balanced product mix and a
IN AWARD-WINNING PRODUCT diversified distribution architecture. We are now happy with where we
PROPOSITIONS ACROSS THE have reached on these two elements in our growth journey. Besides,
a combination of factors such as customer-centric products, superior
PROTECTION, LONG-TERM SAVINGS customer service supported by a robust technology backbone have now
provided us with a strong platform to grow the business profitably and
AND ANNUITY SEGMENTS. sustainably. Let me expand on it in a little more detail.

10
 Powering Sustainable Growth

OVERVIEW
CORPORATE
EMPLOYEE-FIRST

01 - 78 REPORTS
The pandemic was a trying time for everyone. Work from Home meant
OVER THE LAST THREE YEARS, WE, AT

STATUTORY
donning multiple hats simultaneously, which took a toll on the mental and
ICICI PRUDENTIAL LIFE INSURANCE, physical well-being of employees. Therefore, overall employee wellness
was our foremost priority during the pandemic and continues to be so,
HAVE BEEN FOCUSSED ON ENSURING even as we actively track the tail of the third wave. We followed all health,
safety and environment guidelines during the pandemic with health and
THAT WE HAVE A WELL-BALANCED contact tracing whenever required. We arranged for doctors-on-call and
PRODUCT MIX AND A DIVERSIFIED instituted a helpline to provide mental and physical health counselling to

79- 148 FINANCIAL STATEMENTS

better equip employees to deal with the challenging environment. We also
DISTRIBUTION ARCHITECTURE. organised vaccination camps for employees and their family members.

STANDALONE
Today, about 99% of our employees are vaccinated with two doses.

As an organisation which offers a supportive environment to employees,

we increased the limits of their group term insurance and personal accident
Well-balanced product mix: Our approach has always been that of cover, and extended support to the families of our deceased colleagues.
need-based selling, offering products which are best suited to customers’ We also adopted a host of employee wellness initiatives and provided the
life stage. We aim to deepen our presence in the mass and mass- requisite tools and digital training programmes to help them achieve their

149 - 521 FINANCIAL STATEMENTS

affluent segments by offering the right product to the right customer. A full potential during the pandemic-affected period.
shift in customer preferences and our continued investment in product

CONSOLIDATED
development have culminated in award-winning product propositions INNOVATION TAKES CENTRE-STAGE
across the protection, long-term savings and annuity segments. This has The disruptions caused by COVID-19 triggered a dynamic landscape of
given us a well-balanced product mix thereby insulating us from volatility. innovation, and has dramatically accelerated the use of technology to
During FY2022, our product mix comprised 48% Linked savings, 31% reshape the business. We have implemented digital technology solutions
Non-linked savings, 17% Protection, with Group products accounting for to simplify products, offer customers a seamless and paperless purchase
the balance 4%. As we focus on tapping new-age touchpoints, we are process, deepen insurance penetration and drive financial inclusion.
consciously growing our annuity business segment too. This segment Technology is also being leveraged to reimagine product propositions,

522 - 584 VALUE RESULTS

is gaining traction as customers realise the need for being financially customer experience, business strategies, and to provide a platform to
independent in their golden years. We therefore developed innovative support innovation.

EMBEDDED
retirement products and solutions to tap into this latent demand.
Even before the pandemic struck, we had already put in place a robust digital
Well-diversified distribution network: To further fortify our distribution infrastructure, with several pioneering initiatives. This provided us with the
network, we forged a slew of partnerships to make life insurance easily first-mover advantage to scale our business rapidly as transactions at
accessible to under-served segments. We believe it is imperative to be both ends - customer and business - transitioned towards digital channels
present on platforms and touchpoints preferred by different customer and apps. Therefore, we were able to navigate these challenges, ensure
segments to enhance penetration of life insurance. This approach has business continuity, operate more efficiently and respond to customers’
585 - 591 INFORMATION

yielded rich dividends operationally and today, we have a well-diversified changing needs without any disruptions to our processes.
distribution mix of new business with Bancassurance contributing 39%,
ADDITIONAL

Agency 24%, Direct 13%, Partnership distribution 9% and Group 15%. We are constantly expanding our innovation quotient by leveraging
Our strategy has been to steadily move towards a digitally-enabled, new-age digital technologies to address every possible requirement of
omni-channel distribution model and this trend gathered substantial pace a customer during the policy life cycle - from onboarding to servicing
during this year too. We trained and equipped our distribution partners to claims processing. With an exponential rise in digital adoption,
to operate remotely to overcome the challenges posed by the pandemic. our technology initiatives have ensured that we are future-ready. We
Our distribution network is now well armed with virtual collaboration tools will continue to deploy best-in-class technology solutions to increase
to help conduct virtual meets with customers, conduct need-analysis, efficiencies and empower customers. The game-changing aspect of our
592 -595

onboard new customers and fulfil their service requests, all without technology infrastructure is evident from the fact that over 91% of service
customers or distributors having to visit a branch. transactions are done through self-help or the digital mode. We believe

11
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

our website with over 66 million visits and the mobile app are among
the most visited websites and highest rated apps respectively within the
Indian private life insurance sector. The app has witnessed over a million WE ARE CONSTANTLY EXPANDING
downloads, as of March 2022. In terms of new business applications being
logged, the digital adoption now stands at 96%. OUR INNOVATION QUOTIENT BY
Innovation and customer-centricity lie at the core of our approach to doing LEVERAGING NEW-AGE DIGITAL
business. We were therefore delighted when we received two awards TECHNOLOGIES TO ADDRESS
from leading industry chamber, FICCI for ‘Claims & Customer Service
Excellence’ and ‘Innovation During COVID-19’ - a testimony to our efforts EVERY POSSIBLE REQUIREMENT OF
on those very disciplines. Besides, we were also awarded the ‘Excellence
in Innovation’ for ‘Best Use of Emerging Technology’ by ET BFSI. Our A CUSTOMER DURING THE POLICY
annuity product Guaranteed Pension Plan was awarded the ‘Product of The LIFE CYCLE – FROM ONBOARDING
Year’ - Retirement and Pension Plans by Product of The Year which is the
world’s largest consumer-voted award for product innovation. TO SERVICING TO CLAIMS
In this ever-evolving digital world where speed, efficiency and convenience PROCESSING.
are continuously being enhanced, we are rapidly adopting AI-powered
voice assistants capable of providing personalised and immediate
experiences. Technologies like AI and OCR are aiding us in adding another be our guiding force while we work towards integrating ESG aspects
layer of convenience for our customers and significantly reducing claim into the management of our business. We ended FY2019 with a VNB of
settlement time. On the other hand, nudge engines provide our customers ` 13.28 billion and for FY2022 it stood at ` 21.63 billion with a VNB
with alerts on customised Pre-Approved Sum Assured offers and a margin of 28%.
paperless onboarding experience.
During FY2022, we posted growth both in terms of profitability and
FOCUSSED VALUE PROPOSITIONS TO SERVE CUSTOMERS market share despite the challenges posed by the pandemic. The
BETTER protection Annualised Premium Equivalent (APE) grew 26% year-on-year
to ` 13.13 billion during the year. In the same period, the protection
Our customer service architecture is built on the pillars of being fair,
New Business Premium registered a growth of 35%. Focus on premium
transparent, responsive and empathetic and this has earned us the
growth and expanding the protection business led to a 25% year-on-year
reputation of having an industry-leading claims settlement ratio. Similarly,
growth in New Business Sum Assured to ` 7.73 trillion enabling us to
we are also setting benchmarks for a low customer grievance ratio. For
increase our market share from 12.5% in FY2021 to 13.4% in FY2022. It
FY2022, our grievance ratio was 58 per 10,000 retail new policies sold,
also enabled us to retain our market leader position among private life
which we believe is one of the lowest in the industry. We also had an
insurance companies.
industry-leading 13th month persistency ratio of 84.6%, which signifies the
quality of business onboarded.
With innovative and award-winning product offerings, the annuity segment
registered a healthy growth of 29% year-on-year from ` 22.92 billion
We want to be with our customers when they need us the most. It is
in FY2021 to ` 29.56 billion in FY2022. Both the annuity and protection
therefore a matter of pride for us that we settle all non-investigated death
segments are significantly under-penetrated and offer considerable
claims in just 1.5 days and have a claims settlement ratio of 98% for
business growth opportunities.
FY2022, one of the best in the industry. Since 2002, we have settled over
` 151 billion in death claims, thus providing financial security to the loved
During the year, customers continued to repose their trust in us and this
ones of our customers.
led to our Assets under Management growing 12% to ` 2,404.92 billion
OPERATIONAL AND FINANCIAL PERFORMANCE at March 31, 2022. I am also happy to state that we are well capitalised
with a solvency ratio of 204.5% as against the regulatory requirement
It is heartening to note that we are well on track to achieving our
of 150%.
aspiration of doubling the FY2019 Value of New Business (VNB)
by FY2023. Our 4P strategy of Protection focus, Premium growth,
Persistency improvement and Productivity enhancement, continues to

12
 Powering Sustainable Growth

OVERVIEW
CORPORATE
COMMITMENT TO ENVIRONMENTAL, SOCIAL AND a sustainable future. During the year, our Corporate Social Responsibility
GOVERNANCE (ESG) FACTORS programme included conducting a COVID-19 vaccination camp in the rural
At ICICI Prudential Life Insurance, our goal is to help people get the most districts of Maharashtra for children between the ages of 12 and 18 years.
out of life. Our commitment to be a force for good remains the bedrock of The Company also rolled out a consumer awareness campaign on the

01 - 78 REPORTS
our business strategy. We recognise that our ability to deliver value to our importance of regularly undergoing preventive health check-ups.
stakeholders is inextricably linked to the need to protect health, life and

STATUTORY
savings of our customers. Today, a customer’s preference is to purchase We also continue to identify, monitor and mitigate risks pertaining to ESG
insurance from a trusted brand which is also sensitive towards the society. issues and their potential impact. We demonstrated our commitment to
That is our key competitive edge. integrating ESG factors in our functioning by becoming the first Indian
insurance company to become a signatory to the United Nations supported
During the year, we reinforced our agenda to become an even more Principles of Responsible Investment. We were also the first life insurance
responsible and sustainable business by advancing our ESG priorities company to offer an ESG-focussed fund - ‘Sustainable Equity Fund’ - to
across a range of activities. We continue to strengthen our ESG framework our customers. Our steadfast focus on sustainability factors has led to an

79- 148 FINANCIAL STATEMENTS

by recognising the importance of protecting the environment to ensure upgrade in our ESG ratings by two international rating agencies. Besides,
we are really enthused that a report by proxy advisory firm Institutional

STANDALONE
Investor Advisory Services India featured ICICI Prudential Life Insurance
among the Top 20 BSE-100 companies with strong corporate governance
practices.
WE WILL CONTINUE LEVERAGING
WAY FORWARD
THE MULTI-DECADE OPPORTUNITY We will continue leveraging the multi-decade opportunity given the under-
GIVEN THE UNDER-PENETRATION penetration of life insurance and grow sustainably and responsibly. With

149 - 521 FINANCIAL STATEMENTS

a well-balanced product mix, a well-diversified distribution mix, customer-
OF LIFE INSURANCE AND GROW centric products, superior customer service and a robust technology

CONSOLIDATED
backbone, we will continue to deliver value to all our stakeholders.
SUSTAINABLY AND RESPONSIBLY.
WITH A WELL-BALANCED We understand that our core purpose, risks and opportunities faced by
us, our business strategy, operating model, financial performance and
PRODUCT MIX, A WELL- sustainable development are all inseparable elements of our value creation
process. While these reflect our progress, we cannot become complacent.
DIVERSIFIED DISTRIBUTION MIX, We need to continue to do more to achieve our ambitions.

522 - 584 VALUE RESULTS

CUSTOMER-CENTRIC PRODUCTS, My colleagues and I are committed to our priorities and I thank you all
SUPERIOR CUSTOMER SERVICE

EMBEDDED
for your continued support and belief in us. I would also like to thank our
Chairman and the Board for their constant support and guidance.
AND A ROBUST TECHNOLOGY
BACKBONE, WE WILL CONTINUE
TO DELIVER VALUE TO ALL OUR Warm Regards,

STAKEHOLDERS. N. S. Kannan
585 - 591 INFORMATION

Managing Director & CEO

ADDITIONAL
592 -595

13
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Our Diversified Product Portfolio

At ICICI Prudential Life Insurance, we offer a comprehensive suite of products designed to
serve the life stage based protection and saving needs of our customers. We strive to be
ahead of the curve by identifying the latent needs of our customers and develop products
which equip them to face the ‘IFs’ in life. Our products enable customers to provide financial
security to themselves, their families as well as achieve long-term financial goals.

NON-LINKED INSURANCE SAVINGS PLANS

We offer a range of Non-linked plans to meet the long-term savings needs of our customers and the life cover component of these products
ensures the customer’s family is financially secured. The maturity benefits of these plans are either completely or partially guaranteed, depending
on the plan chosen by the customer.

ICICI Pru Guaranteed Income For Tomorrow ICICI Pru Guaranteed Income For Tomorrow
This is a specially designed guaranteed savings plan that (Long-Term)
provides our customers numerous benefits of guarantee, life This is a savings and protection oriented life insurance plan which
insurance cover and tax-savings. It offers multiple plan options helps customers to provide a financial safety-net to the family,
that enable customers to receive guaranteed benefits either along with guaranteed benefits, over a long-term enabling them
as regular income starting from as early as the second year achieve their life goals. This ensures a guaranteed regular income
of the policy or as a lump-sum amount. The ‘Save the Date’ for a period of 15, 20, 25 or 30 years by paying premiums for only
feature under the Income and Early Income plan encourages 7 or 10 years to help customers secure their future financial goals.
the tradition of gifting by enabling customers to choose a
specific date in a month to schedule their income payments. The product also provides customers the option to choose between
two plan options - pure guaranteed income and 110% return of
premium. This is in addition to the guaranteed regular income and
customers can opt for any one depending on their needs.
Under this product, life cover is available for the entire policy
duration including the income period, thereby providing adequate
ICICI Pru Lakshya financial security to the customer’s family.
This participating product has been designed to cater to the diverse
financial needs of customers. The need could be either long-
term wealth creation with a lump-sum payout or varying income
requirements at different stages of life by way of a regular income.
Customers have the option of choosing to receive regular income
till the age of 99 years. There is also an exclusive benefit for women
customers to encourage them to start their saving journey. ICICI Pru Future Perfect
This is a participating insurance plan which aims to provide
attractive returns through equity participation while providing
the comfort of guarantee. Customers receive benefits such
as guaranteed maturity benefit, guaranteed additions, regular
bonuses and a life cover.
ICICI Pru Cash Advantage
This is a participating insurance plan which offers a guaranteed
monthly or yearly income for a period of 10 years. It also offers a
guaranteed lump-sum amount on maturity, along with bonuses.
The life cover offered by this product ensures financial security for
the family in case of the unfortunate demise of the breadwinner.

14
 Powering Sustainable Growth

OVERVIEW
CORPORATE
ICICI Pru Anmol Bachat ICICI Pru Savings Suraksha

01 - 78 REPORTS
This is a micro-insurance plan that offers the dual benefits of This is a participating savings insurance plan which offers the
savings and protection at affordable premiums. The premiums benefits of guaranteed additions and regular bonuses. Customers

STATUTORY
start from as low as ` 200 per month. have the flexibility of paying premiums for a limited period or
throughout the tenure of the policy.

PROTECTION PLANS
These cost-effective protection plans provide a 360-degree financial safety-net to customers and their families. These plans pay a lump-sum
amount in the case of occurrence of an event which is covered under the product.

79- 148 FINANCIAL STATEMENTS

STANDALONE
ICICI Pru iProtect Smart ICICI Pru iProtect Return of Premium
This is an innovative term insurance plan which provides This is a comprehensive term insurance plan with return of
customers and their families a complete financial safety-net. premium. It provides adequate protection to customers at every life

149 - 521 FINANCIAL STATEMENTS

It provides the dual benefits of health and life insurance. This stage, while simultaneously ensuring that customers get return of
product provides customers cover against 34 critical illnesses premiums as a lump-sum or income on survival, depending on the
insulating family’s savings in case the customer is diagnosed with option selected. The ‘Critical Illness Benefit’ provides a lump-sum

CONSOLIDATED
any of the critical illnesses covered under the product. Customers amount on diagnosis of any of the 64 critical illnesses covered under
also have an option to increase their life cover by purchasing the the product. The ‘Accidental Death Benefit’ enables customers to
Accidental Death Benefit. increase the life cover amount.

522 - 584 VALUE RESULTS

EMBEDDED
ICICI Pru Saral Jeevan Bima ICICI Pru Precious Life
This term plan provides a simplified answer to the protection This is a unique term plan specifically designed to provide a life
needs of customers by providing a life insurance cover at cover to individuals with existing health conditions. The underlying
affordable premiums. It offers the flexibility of choosing from a health-related concerns include lifestyle-related ailments such
wide range of premium payment terms and coverage terms, as as diabetes and high blood pressure, among other conditions.
per the customers’ needs. Customers have an option to enhance their life cover by taking the
Accidental Death Benefit.
585 - 591 INFORMATION
ADDITIONAL

ICICI Pru Heart/Cancer Protect

This health product provides coverage against minor and major
conditions related to heart and cancer at affordable premiums.
The lump-sum claim payout enables customers to seek
immediate medical treatment.
592 -595

15
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

UNIT LINKED INSURANCE PLANS

Under this segment, we offer an array of savings products with a life cover. These products enable customers to systematically contribute towards
building a savings pool and achieving their long-term financial goals, such as buying a dream home or funding a child’s higher education, among
others. Unit-linked insurance plans are transparent and cost-effective, and offer customers the flexibility to switch their asset allocation between
debt and equity and maximise returns. They offer customers a tax-efficient route to build a savings corpus.

ICICI Pru Signature ICICI Pru Life Time Classic

This one-of-its-kind unit-linked plan returns all premium allocation The product offers four kinds of portfolio strategies to its customers
charges to the customers not just once, but multiple times. - Target Asset Allocation, Trigger Portfolio, Lifecycle-based Portfolio
With features such as Whole-Life policy term and Systematic and Fixed Portfolio. Long-term customers are rewarded by way of
Withdrawal Plan (SWP), it offers customers the flexibility to design Wealth Boosters and Loyalty Additions.
a financial plan that can be customised to meet specific needs.
Customers can use the SWP feature to receive regular income
upon retiring.

ICICI Pru Guaranteed Wealth Protector

This is a unique plan that offers the potential for high returns by
investing a certain portion of the customer’s funds in equity. Along
ICICI Pru Smart Life with this, it also provides the dual assurance of capital guarantee
This savings plan fulfils the customers’ financial goals even in the and life cover.
event of their early demise, as all the future premiums are fully paid
by the Company.

ICICI Pru1 Wealth

This cost-efficient plan enables customers to achieve their
financial goals by making only a one-time premium payment i.e., a
single premium plan. It also offers Wealth Boosters as a reward for
staying invested in the policy till maturity.

GROUP TERM PLANS

Group term plans offer financial protection to the employees/group members and their families by offering a comprehensive life cover.

ICICI Pru Group Term Plus ICICI Pru Shubh Raksha Credit
This is a one-year renewable term plan which offers protection at This credit-linked group micro-insurance plan offers financial
cost-effective premiums to the members of employer-employee protection to individuals availing small-ticket loans from financial
and non-employer-employee groups. institutions. Customers are provided an option to choose the
Accidental Death Benefit in the product.

16
 Powering Sustainable Growth

OVERVIEW
CORPORATE
ICICI Pru Super Protect - Credit ICICI Pru Super Protect Life

01 - 78 REPORTS
This product offers comprehensive financial protection to This group term insurance plan offers cost-effective life cover to
customers availing loans from financial institutions. It safeguards members belonging to a group. The plan offers wide coverage

STATUTORY
families from the burden of repaying the outstanding loan in the through optional benefits such as Critical Illness, Accidental Death,
case of a sudden demise of the primary borrower. Customers have Terminal Illness, Accelerated Total Permanent Disability and Waiver
the option of choosing to include benefits such as Critical Illness, of EMI on Hospitalisation. It also offers the flexibility to customise
Accidental Death, Terminal Illness, Accelerated Total Permanent the payout options, as per specific needs of customers.
Disability and Waiver of EMI on Hospitalisation.

PENSION PLANS

79- 148 FINANCIAL STATEMENTS

Our pension plans are specially designed to enable customers build a savings corpus during their working years. It facilitates customers to make

STANDALONE
regular contributions during the accumulation phase to be able to lead a financially independent retired life.

ICICI Pru Easy Retirement

This unit-linked pension product helps customers receive a regular income after retirement. It offers the benefit of equity participation with the comfort

149 - 521 FINANCIAL STATEMENTS

of a capital guarantee during the accumulation phase.

CONSOLIDATED
ANNUITY PLANS
Annuity plans offer guaranteed regular income to customers and enables them to meet their expenses during their golden years. Customers may pay
a lump-sum amount or may choose to pay regularly over a period of time and receive regular income or annuity payments during their entire lifetime.

522 - 584 VALUE RESULTS

ICICI Pru Guaranteed Pension Plan ICICI Pru Guaranteed Pension Plan Flexi

EMBEDDED
This is a one-stop solution to meet the customers’ income needs This is a regular-pay deferred annuity plan that is specially
during retirement. Besides providing a guaranteed lifelong income, designed to help customers contribute systematically and build
it also provides the flexibility to receive income either immediately retirement savings and receive guaranteed lifelong income. The
or defer it till a later date. The guaranteed income can be received plan offers a wide range of seven annuity options. It also offers
any time between 1-10 years from the inception of the policy. the Joint Life Annuity option with a unique feature of “Waiver of
Additionally, customers can also choose from a bouquet of Premium” benefit. Upon demise of the primary annuitant during
11 annuity payout options best suited to their specific needs. the premium-paying term, all future premiums are waived off and
585 - 591 INFORMATION

the secondary annuitant receives a lifelong guaranteed income.

ADDITIONAL

ICICI Pru Saral Pension Plan

This is a single premium immediate annuity plan designed to
offer a simplified retirement solution to customers in the form
of a lifelong guaranteed income. Additionally, the plan provides
liquidity if the annuitant, spouse or any child of the annuitant is
diagnosed with specified critical illnesses.
592 -595

17
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Key Performance Indicators

MEASURING INCOME
New Business Premium
Sum of first year premiums on regular premium policies and single premium received on retail and group products.

Annualised Premium Equivalent (APE)

Sum of annualised first year premiums on regular premium policies, and ten percent of single premiums, from both individual and group customers.

Total Premium
Total premiums received on both retail and group products and is the sum of first year and renewal premiums on regular premium policies and
single premiums.

Sum Assured or Life Cover

It indicates the quantum of money that an insurer agrees to pay on the occurrence of a stated contingency.

New Business Premium, APE and Total Premium (` billion) Total Sum Assured (` trillion)
374.58

23.50
357.33
334.31

20.30
309.30

14.80
11.25
150.36
123.48

130.32
102.52
77.99

77.33
73.81

64.62

FY2019 FY2020 FY2021 FY2022 March 31, March 31, March 31, March 31,
2019 2020 2021 2022
New Business Premium APE Total Premium

Distribution Mix (%) Product Mix (%)

FY2019 FY2022 FY2019 FY2022

1.3
4.7 15.3 0.9 9.3
5.9 17.0
9.3 9.0
12.0 3.4
38.9 3.9 48.3
55.8 12.9 79.6

21.7
27.4
23.6

Bancassurance Agency Direct

Partnership Distribution Group Linked Non-Linked Annuity Group Protection

18
 Powering Sustainable Growth

OVERVIEW
CORPORATE
MEASURING PROFITABILITY
Value of New Business (VNB) and Value of New Business Margin (VNB Margin)
VNB is the present value of future profit streams to shareholders as measured in the year in which the new business is written. VNB is reported net of new
business expenses. VNB margin is the ratio of VNB and APE for the period. It is similar to the profit margin for any other business/industry.

01 - 78 REPORTS
VNB (` billion) and VNB Margin (%) VNB Split (` billion)

STATUTORY
28.0
25.1
FY2022
21.7

21.63
3.52
17.0 (16.3%)
16.21
16.05

9.24

79- 148 FINANCIAL STATEMENTS

(42.7%)
13.28

8.87

STANDALONE
(41.0%)

FY2019 FY2020 FY2021 FY2022

Protection Savings: Non-Linked Savings: Linked

149 - 521 FINANCIAL STATEMENTS

VNB VNB Margin Figures in brackets represent share of VNB mix

CONSOLIDATED
Embedded Value (EV) EV, EVOP (` billion), RoEV (%)
EV is a measure of the consolidated value of the shareholders’ interest in
the life insurance business. It is calculated as the sum of the Company’s

316.25
Adjusted Net Worth (ANW) and the Value of In-force business (VIF). The
291.06

522 - 584 VALUE RESULTS

VIF includes the present value of future profits attributable to shareholders
230.30

from the in-force business of the Company (which includes the new

EMBEDDED
216.23

business written during the previous year). Future profits are computed
based on assumptions such as persistency, mortality, morbidity and
external factors like interest rates and capital market performance.

Embedded Value Operating Profit (EVOP)

EVOP is a measure of the increase in the EV during any given period due
32.88 35.05 31.92
to matters that can be influenced by the Company management. The key 15.2% 15.2% 11.0%
585 - 591 INFORMATION

components of EVOP are expected investment income on opening EV

(unwind), the VNB added during the year and the EV variances.
ADDITIONAL

FY2019 FY2020 FY2021 FY2022

The EV variance is a measure of the performance as compared to what
was assumed in arriving at the EV at the beginning of the year. The key
EV EVOP RoEV
factors are mortality, persistency and renewal expenses. If these variances
are expected to continue in the future, then it is usual to capitalise these
variances by way of an assumption change.
592 -595

19
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

MEASURING FINANCIAL STRENGTH

Solvency Ratio or Solvency Capital
Solvency is a regulatory measure of capital adequacy. It is expressed as a ratio of available capital to required capital. A high solvency ratio instils confidence
in the ability of the Company to pay claims, meet future contingencies and fund growth plans. The IRDAI mandates a minimum solvency ratio of 150%.

Solvency Ratio (%) Assets Under Management (AUM) (` trillion)

2.40
217
215

205

2.14
194

1.14
0.97

1.60
150 1.26

1.53
0.77
0.61

1.17
0.92
0.83

FY2019 FY2020 FY2021 FY2022 March 31, March 31, March 31, March 31,
2019 2020 2021 2022
Debt Equity

MEASURING QUALITY OF BUSINESS

Persistency
It measures the proportion of policyholders who have continued with their policies, indicating the Company’s ability to retain customers. The 13th month
persistency ratio reflects the quality of sale and the 61st month reflects the proportion of customers paying beyond the minimum term of 5 years. From a
customer’s point, they benefit from lower effective charges, the longer they continue with the policy.

Persistency* Ratio (%) Persistency* by Product Category (%)

85.0

88.0
84.9
84.6

84.6
55.3
54.7

54.7
48.9

82.9
82.9

FY2019 FY2020 FY2021 FY2022 Linked Non-Linked Protection

13th month (%) 61st month (%) 13th month (%)

*Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/GEN/21/02/2010 dated February 11, 2010.

20
 Powering Sustainable Growth

OVERVIEW
CORPORATE
MEASURING QUALITY OF BUSINESS
Cost Ratio (%)

01 - 78 REPORTS
18.6

STATUTORY
15.9
15.0

14.8

12.8
11.5

10.4

9.6

79- 148 FINANCIAL STATEMENTS

STANDALONE
FY2019 FY2020 FY2021 FY2022
Cost/TWRP (Total Expense Ratio)
Cost/TWRP (Savings Line of Business)

MEASURING QUALITY OF CUSTOMER SERVICE

149 - 521 FINANCIAL STATEMENTS

Claim Settlement Ratio
The percentage of claim settlement ratio is computed as follows: Number of individual claims settled ÷ Total number of individual claims (outstanding at

CONSOLIDATED
the beginning of the year + intimations for the year) × 100.

Grievance Ratio
It is the number of grievances received per 10,000 new business policies issued (retail). A low grievance ratio indicates higher customer satisfaction.

Claim Settlement Turnaround Time

It is the average time taken to settle a retail death claim from the date of receipt of the last requirement for non-investigated claims.

522 - 584 VALUE RESULTS

Grievance Ratio Claims Settlement Ratio (%),
(per 10,000 new retail policies) Average Claim Settlement Time (no. of days)

EMBEDDED
2.3 1.6 1.4 1.5
72

98.5

97.9
97.8

97.8
58

585 - 591 INFORMATION

48

46

ADDITIONAL

FY2019 FY2020 FY2021 FY2022 FY2019 FY2020 FY2021 FY2022

592 -595

Claim Settlement Ratio Average Claim Settlement Time

21
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Awards and Accolades

Featured among the Top 20

BSE-100 companies with strong ‘ET BFSI Excellence Award
corporate governance practices 2021’ for ‘Excellence Innovation During COVID-19 - Claims & Customer Service
- Report developed by proxy in Innovation’ under the Life Category by FICCI Excellence Awards - Life
advisory firm Institutional Investor category Best Use of Emerging Category by FICCI
Advisory Services India Technology for business growth

ICICI Pru Guaranteed Pension

Plan voted as the Product of
the Year in the Life Insurance - Tech Innovator of the Year at Silver in Best Mobile App of the Customer Centric Innovations
Retirement and Pension Plans the India Insurance Summit and Year for the campaign ‘Customer in Contact Centre - Future of
category by Product of the Year Awards 2022 by Synnex India Mobile App’ at the Velocity Contact Centre Summit & Awards
(India) Private Limited Awards 2021

Contact Centre of the Year in Best WFH Programme Design Gold Award from League of The Economic Times
Insurance - Future of Contact in Contact Centre - Future of American Communications BrandEquity’s Kaleido Awards
Centre Summit & Awards Contact Centre Summit & Awards Professionals 2021 at Spotlight 2021 for PR campaign to increase
Awards for developing ICICI awareness towards life insurance
Prudential Life Insurance Annual products and services
Report 2021

Featured in the 30 Top Corporate

Communication Teams for 2021
by Reputation Today

22
 Powering Sustainable Growth

Corporate Information

OVERVIEW
CORPORATE
BOARD OF DIRECTORS ISIN AND STOCK BANKERS STATUTORY AUDITORS
EXCHANGE ICICI Bank B S R & Co. LLP
Mr. M. S. Ramachandran
ISIN: INE726G01019 AU Small Finance Bank Chartered Accountants
Mr. Dilip Karnik BSE Limited (BSE) (Equity): Axis Bank
Walker Chandiok & Co. LLP

01 - 78 REPORTS
Mr. R. K. Nair 540133 Bank of Baroda (Dubai)
Chartered Accountants
NSE Limited (NSE) (Equity): Capital Small Finance Bank

STATUTORY
Mr. Dileep Choksi ICICIPRULI Citi Bank
INVESTOR CONTACTS
Ms. Vibha Paul Rishi Deutsche Bank
Mr. Dhiren Salian
REGISTRAR AND Federal Bank
Mr. Anup Bagchi TRANSFER AGENTS Investor Relations
HDFC Bank
Tel: +91 22 50391600
Mr. Sandeep Batra Ms. C Shobha Anand IDFC First Bank
Email: [email protected]
KFin Technologies Limited IndusInd Bank
Mr. Wilfred John Blackburn Ms. Sonali Chandak
Selenium Tower B, Plot 31-32, Jana Small Finance Bank

79- 148 FINANCIAL STATEMENTS

Mr. N. S. Kannan Financial District, Nanakramguda, Karnataka Bank Company Secretary and
Serilingampally Mandal, NSDL Payments Bank Compliance Officer

STANDALONE
Hyderabad – 500 032 Saraswat Co-operative Bank Tel: +91 22 50391600
Email id: Standard Chartered Bank Email: [email protected]
[email protected] and State Bank of India
[email protected] The COSMOS Co-operative Bank REGISTERED OFFICE
Website: ICICI PruLife Towers, 1089,
https://www.kfintech.com and Appasaheb Marathe Marg,
https://kprism.kfintech com Prabhadevi,

149 - 521 FINANCIAL STATEMENTS

Tel No. : 1800 309 4001 Mumbai – 400 025, India
Tel: 022-50391600

CONSOLIDATED
Website: www.iciciprulife.com
CIN: L66010MH2000PLC127837

CUSTOMER CONTACTS

Write to us: Call us: Email us: Walk into any of our offices:

522 - 584 VALUE RESULTS

ICICI Prudential Life Insurance 1860 266 7766 Prospective Customers can write Customers can walk into any
Company Ltd. Timings: 10 am to 7 pm IST, to [email protected] to of our offices/branches located
Raheja Tipco Plaza, Monday to Saturday know more about our products across the country, details of

EMBEDDED
Rani Sati Marg, Malad (East), (except national holidays); 24x7 and for any comments, queries or which can be obtained from the
Mumbai 400 097 for claimants. Customers within suggestions. Branch locator section on our
India are advised not to prefix + Existing Customers can write to website.
or 91 or 00 before the number. [email protected] from their WhatsApp: Our official
Customers outside India can call email id registered with us, or visit WhatsApp account number is
us on our International Customer the “Contact us” section on our 99206 67766 and is available to
Service Helpline: https://www.iciciprulife.com/, to assist customers.
585 - 591 INFORMATION

+91-22-61930777: 24x7 know more about their policies.

Charges as applicable. Group Customers - Chatbot-LiGo: Accessible
[email protected] through our official website
ADDITIONAL

and is available 24x7 to assist

Group Annuity Customers -
customers.
[email protected]
Group Superannuation Customers - Mobile App: Our official mobile
mysuperannuation@iciciprulife. app - ICICI Prudential Life
com Insurance Mobile App, can be
We offer dedicated email downloaded from both Android as
support for claim customers - well as iOS platforms.
592 -595

[email protected]

23
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Ethical Business Practices

The Board of Directors is committed to the highest standards of corporate governance and
ethical business practices, which it believes is critical to business integrity, performance and
maintaining stakeholders’ confidence.

The Board provides leadership either directly or through Committees of Directors and
delegated authority, reviews all matters related to the Company’s strategy and also its
standards of conduct. The Board is also responsible for ensuring that the management
maintains a system of internal controls that provide assurance of effective, efficient and timely
operations, internal financial controls and compliance with applicable laws and regulations.
The organisation encourages and provides a mechanism/framework for disclosure of any
unlawful acts, wrongdoings and deviant behaviour, and ensures necessary action.

GOVERNANCE & RESPONSIBILITY FRAMEWORK Employee Compensation Structures and Governance: The Company
The Board has established a framework of policies and practices which follows prudent compensation practices under the guidance of the Board
identifies all the elements of a sound approach to governance and and the Board Nomination and Remuneration Committee (BNRC). The
responsibility. A Management Committee, comprising senior officers Company’s approach to compensation is based on the ethos of meritocracy
led by the Managing Director & CEO, uses this framework to set and and fairness within the framework of prudent risk management. While
monitor governance and responsibility objectives, identify improvement the Company aims to ensure internal and external equity consistent
opportunities and ensure that activities are aligned with the pre-defined with emerging market trends, the Company’s business model and
business strategy. Reputation, trust and confidence are some essential affordability based on business performance set the overarching boundary
elements that we seek to protect and enhance for the benefit of all our conditions. The output from the performance management system and
stakeholders. talent management system serve as the inputs for administration of the
Compensation Policy.
Given below are some key elements of our Ethical Business
Practices and Governance Philosophy: Our long-term pay schemes including the Company’s Employees Stock
Board Governance Structure: We operate under a governance Option Scheme are designed to encourage institution building among
structure designed to establish effective checks and balances in the employees. As a philosophy, long-term pay is given to enhance employee
management of our Company, and create long-term value for our motivation, enable employees to participate in the long-term growth and
stakeholders. The Board’s constitution duly adheres to the applicable financial success of the Company and act as a retention mechanism.
statutory requirements. The separation of Board’s supervisory role
from the executive management, and an effective independent Board For the Managing Director & CEO, compensation is aligned to both financial
is the basis of our corporate governance philosophy. Diversity in Board and non-financial indicators of performance including controls like risk
composition ensures having diverse thoughts, perspectives, knowledge, management, process perspective, customer perspective and others.
skills and industry experience to retain our competitive advantage. Compensation for Wholetime Director/s is aligned to their predefined key
The Chairman of the Board is an Independent Director, and the Board performance indicators, as approved by the Board and BNRC. Compensation
Committees comprise Independent/Non-Executive Directors (NED), and is also aligned with prudent risk parameters such as solvency, grievance
are chaired by Independent Directors (ID). redressal, expense management, claim settlement, overall compliance
status and the overall financial position such as Net Worth and Assets
Under Management (AUM). The quantum of performance bonus as a
percentage of total fixed pay is governed based on the Compensation and
Benefits Policy.

24
 Powering Sustainable Growth

OVERVIEW
CORPORATE
Compliance Framework: The Insurance and Regulatory Development control processes related to investments. The Investment Policy sets
Authority of India (IRDAI) is the primary regulatory authority for the out the framework and guidelines for the management of investments
insurance sector in the country. The Board of Directors, through the Board with the objective of ensuring adequate returns on the policyholders’
Audit Committee, oversees our compliance framework. The Company has funds with protection, safety and liquidity of such funds. The framework

01 - 78 REPORTS
various compliance policies and procedures, including a compliance policy, encompasses aspects concerning compliance with prudential regulatory
code of business conduct and ethics, policy against sexual harassment norms on investments, prudent risk management and mitigation strategies

STATUTORY
at workplace, professional workplace conduct, anti-bribery and anti- to ensure commensurate yield on investments.
corruption policy, whistle-blower policy and a code of conduct for personal
investments. The compliance responsibility vests with each business Framework for Managing Conflicts of Interest: The Company
department, with the Compliance Policy serving as a guiding force in has a Framework for Managing Conflicts of Interest that clarifies the
building the compliance culture within the organisation. In accordance principles and the measures to manage potential conflicts of interest at
with the above framework, the Compliance function creates company- the individual and organisation level, in order to conduct its activities in
wide awareness and provides guidance on applicable insurance laws, an ethical and transparent manner. Declarations are annually obtained

79- 148 FINANCIAL STATEMENTS

regulations, guidelines and circulars issued by the regulatory authority. from employees on any potential conflicts of interest, which are duly
assessed and acted upon.

STANDALONE
Risk Management: Risk is an integral element of our business and
managed acceptance of risk is essential to generate shareholder value. Code of Conduct: The Company is committed to adopt the highest
The risk governance structure of the Company consists of the Board, business, governance, ethical and legal standards in the conduct of
Board Risk Management Committee, Executive Risk Committee and its operations. The Company has a Code of Conduct which defines the
its sub-committees. The risk philosophy of the Company is outlined professional and ethical standards that employees and Directors need to
in the Board-approved Risk Policy, which is reviewed by the Board at adhere to, in compliance with all applicable statutory laws, regulations
least annually. The Risk Policy details identification, measurement, and internal policies. The Code of Conduct is published on the Company’s

149 - 521 FINANCIAL STATEMENTS

monitoring and control standards relating to various individual risks, website and Intranet. Employees including Directors are required to
namely investment (market, credit and liquidity), insurance, operational annually confirm that they have read and understood the Code of

CONSOLIDATED
(including legal, compliance, outsourcing, business continuity, Conduct. All new employees also need to confirm that they have read and
information and cyber security) and reputation. understood the Code of Conduct at the time of their joining.

The Board periodically reviews the potential impact of strategic risks such Code of Conduct for Dealing in Securities (Code): The Code reflects
as changes in macro-economic factors, government policies, regulatory our commitment to operate with the highest level of integrity and ethical
environment and tax regime on the business plan of the Company. In addition conduct at all times. The Code establishes trading limitations and includes
to these risks, the life insurance industry faces a number of emerging risks, requirements for pre-clearance of personal securities transactions and

522 - 584 VALUE RESULTS

such as ESG-related risks. One of the most prominent ESG risks is that minimum holding periods. Depending on the line of business and job
of climate change and its potentially far-reaching consequences. Apart function, employees may also be required to comply with an additional
policy applicable to specific corporate functions. Policies that apply to

EMBEDDED
from climate change, there are several emerging risks associated with
public health trends such as increase in obesity-related disorders and employees may also apply to their spouses, minor children or anyone to
demographic changes such as population urbanisation and ageing. The whom the employee provides significant financial support/advice.
risk management framework seeks to identify, measure and control our
exposures to all these risks within the overall risk appetite. Certain provisions of the Code apply to Directors including NEDs and
IDs. Further, employees dealing in the Company’s securities are subject
Investment Framework: The Board and Board Investment Committee to more restrictive personal trading policies, for e.g., quarterly blackout
585 - 591 INFORMATION

(BIC), supported by the Executive Investment Committee (EIC), oversees periods till the release of Company’s financial results.
investment management, investment norms and the monitoring and
ADDITIONAL
592 -595

25
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Board Committees

BOARD AUDIT COMMITTEE BOARD INVESTMENT COMMITTEE WITH PROFITS COMMITTEE

Mr. R. K. Nair (Chairman) Mr. M. S. Ramachandran (Chairman) Mr. R. K. Nair (Chairman)
Mr. Dileep Choksi Mr. R. K. Nair Mr. Sandeep Batra
Mr. Dilip Karnik Mr. Sandeep Batra Mr. Wilfred John Blackburn
Ms. Vibha Paul Rishi Mr. Wilfred John Blackburn Mr. N. S. Kannan
Mr. Sandeep Batra Mr. N. S. Kannan Mr. Chandan Khasnobis*
Mr. Wilfred John Blackburn Mr. Satyan Jambunathan* Mr. Satyan Jambunathan*
Mr. Manish Kumar* Mr. Souvik Jash*
Mr. Deepak Kinger*
STAKEHOLDERS’ RELATIONSHIP Mr. Souvik Jash*
COMMITTEE BOARD NOMINATION &
REMUNERATION COMMITTEE
Mr. Dileep Choksi (Chairman)
Mr. R. K. Nair BOARD RISK MANAGEMENT Mr. Dilip Karnik (Chairman)
Mr. N. S. Kannan COMMITTEE Mr. M. S. Ramachandran
Mr. M. S. Ramachandran (Chairman) Mr. Dileep Choksi
Mr. R. K. Nair Ms. Vibha Paul Rishi
BOARD CUSTOMER SERVICE & Mr. Anup Bagchi Mr. Sandeep Batra
POLICYHOLDERS’ PROTECTION Mr. Wilfred John Blackburn Mr. Wilfred John Blackburn
COMMITTEE
Ms. Vibha Paul Rishi (Chairperson)
Mr. Dilip Karnik BOARD CORPORATE SOCIAL STRATEGY COMMITTEE
Mr. Dileep Choksi RESPONSIBILITY COMMITTEE Mr. M. S. Ramachandran (Chairman)
Mr. Anup Bagchi Mr. Anup Bagchi
Mr. Dilip Karnik (Chairman)
Mr. Wilfred John Blackburn Mr. Wilfred John Blackburn
Mr. Dileep Choksi
Mr. Wilfred John Blackburn Mr. N. S. Kannan

*As per statutory requirements, the Board Investment Committee shall also have the Chief Financial Officer, the Chief Risk Officer, the Chief Investment Officer and the Appointed
Actuary and the With Profits Committee shall also have the Chief Financial Officer, the Appointed Actuary and an Independent Actuary, as members.

26
 Powering Sustainable Growth

Board of Directors

OVERVIEW
CORPORATE
The following is the legend for the Board committee details

1 Audit Committee 6 Nomination & Remuneration Committee

01 - 78 REPORTS
2 Corporate Social Responsibility Committee 7 Stakeholders’ Relationship Committee

STATUTORY
3 Investment Committee 8 With Profits Committee

4 Risk Management Committee 9 Strategy Committee

5 Customer Service & Policyholders’ Protection Committee

Chairperson of Committee

79- 148 FINANCIAL STATEMENTS

The following is the legend for the age and tenure in the Company till March 31, 2022

STANDALONE
Age (in years) Tenure (in months)

Mr. Ramachandran has served as the Chairman of With immense knowledge and experience in the
Indian Oil Corporation Limited, Chennai Petroleum Oil & Gas industry, he has won awards such as the
Corporation Limited, IBP Company Limited, ‘National Institute of Industrial Engineers Lakshya

149 - 521 FINANCIAL STATEMENTS

Bongaigaon Refineries & Petrochemicals Limited, Business Visionary Award’ in 2004 and ‘Chemtech
Indian Oil Tanking Limited, Indian Oil Petronas Pvt. Pharma Bio Hall of Fame Award’ in 2005.
Ltd, and Director of Bharat Electronics Ltd, ONGC

CONSOLIDATED
Qualification: Bachelor’s degree in Mechanical
Ltd, Petronet LNG Ltd, Lubrizol India Pvt. Limited
Engineering from the College of Engineering, Guindy
and Member Governing Council of India Habitat
MR. M. S. RAMACHANDRAN (Anna University).
Centre. After retirement, Mr. Ramachandran served
Chairman, Independent Director
as Chairman of the Advisory Board of BHP Billiton
(India) Limited and Advisor of Chevron International.
3 4 6 9
He has also served as a Director on the Board of
77 69 ICICI Bank Limited.

522 - 584 VALUE RESULTS

EMBEDDED
Mr. Karnik was a practising Advocate from 1972 He was a part-time lecturer teaching Company Law
to 2001 and a Judge at High Court of Bombay, at the ILS Law College, Pune, and Commercial Law
between October 2001 and May 2012 and presently to students of the Pune Chapter of the Institute
practicing as Arbitrator and Legal Consultant. He of Cost and Works Accountants (ICWA). Till
was also the President of the Pune Bar Association. February 2020, he was the President of the Indian
585 - 591 INFORMATION

Law Society, which runs a law college and other

He previously held the position of a Director in
educational institutes in Pune.
ADDITIONAL

Kalyani Forge Limited and was a Director of the

MR. DILIP KARNIK United Western Bank Limited from April 1992 to Qualification: Bachelor’s degree in Science and
Independent Director April 2000. Currently, he is a director on the Boards Bachelor’s degree in Law. (Gold Medalist)
of three listed Indian companies namely Birla
1 2 5 6 Corporation Limited, Vindhya Telelinks Limited and
Universal Cables Limited.
71 69
592 -595

27
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Mr. Nair has around 40 years of experience in group supervision, insurance standards and
the banking industry and in the field of securities financial stability. He was SEBI nominee on National
and insurance regulation. As a career banker, he Advisory Committee on Accounting Standards
joined Corporation Bank in August 1976 and rose (NACAS) from 2005 to 2010, a member of the
to become the General Manager in 2003 in charge Investor Protection and Compensation Committee,
of Recovery Management Division, Legal Service and an IRDAI nominee on the RBI Technical
Division and Credit Risk Management Division and Committee on Money, Government Securities and
development of priority sector lending and regional Foreign Exchange Markets, SEBI Corporate Bonds
MR. R. K. NAIR rural banks. He has rich and varied experience in and Securitisation Advisory Committee (COBOSAC)
Independent Director
branch, regional and corporate banking, apart from 2010 to 2015.
from treasury management and foreign exchange
management. He was the Managing Director of Mr. Nair is also an Independent Director for two
1 3 4 7 8
Corpbank Securities Limited from 1999 to 2003 a subsidiaries of ICICI Bank - ICICI Prudential Life
Primary Dealership, licensed by RBI. Insurance and ICICI Securities Primary Dealership
67 56
Limited. He is also a Director of Geojit Financial
In July 2005, he became an Executive Director at Services Limited, Geojit Credits Private Limited,
the Securities and Exchange Board of India (SEBI). Brickwork Ratings India Private Limited, Axis
In March 2010, he joined the Insurance Regulatory Mutual Fund Trustee Limited, Inditrade Capital
and Development Authority of India (IRDAI) as and Inditrade Fincorp Limited. Mr. Nair is also a
Member (Finance and Investment). Trustee in NPS Trust.

He was member of the International Organisation of Qualification: Master’s degree in Science,

Securities Commissions (IOSCO) sub-committee on Bachelor’s degree in Law, Master of Business
Investment Management, Investor Compensation Administration – Financial Management, Diploma
and Protection, Private Equity from 2008 to 2010. in Securities Law
At the International Association of Insurance
Supervisors (IAIS), he was the nominee on sub-
committees on accounting, auditing, governance,

Mr. Choksi has been a practising professional for Merchant Chambers and the Bombay Chamber of
the past 44 years. Prior to setting up C.C. Chokshi Commerce & Industry.
& Co., he was the Joint Managing Partner, National
He has worked with Mr. N. A. Palkhivala in the
Leader - Tax and Financial Advisory Services of
preparation of the most prominent book of Kanga
Deloitte, India.
and Palkhivala’s - The Law and Practice of Income
His areas of specialisation include accounting, tax Tax (eight edition) - the last edition written by late
and corporate advisory services for domestic and Mr. N. A. Palkhivala and Mr. B. A. Palkhivala.
international clients, finalising collaborations and
MR. DILEEP CHOKSI joint ventures, corporate restructuring, turnaround Qualification: Chartered Accountant, Bachelor’s
Independent Director and change management strategies, and degree in Law, a member of the Institute of Cost
analysing tax impact of various instruments. He and Works Accountants of India (ICWA), and Trust
1 2 5 6 7 and Estate Practitioner (TEP) member of Society of
is also a member of the Society of Trust & Estate
Practitioners Limited (STEP). He has also been on Trust and Estate Practitioners (STEP).
72 51 the Boards of the Taxation Committee of the Indian

28
 Powering Sustainable Growth

OVERVIEW
CORPORATE
Ms. Rishi started her career with Tata Administrative best practices and organisational structure. Given
Service and was part of the core start-up team of her many years of experience as a Board and
Titan Watches. Thereafter, she was associated Committee member in many leading companies,

01 - 78 REPORTS
with PepsiCo for 17 years attaining leadership roles she has gained specialised knowledge and
in the areas of marketing and innovation in India, practical experience in the Agricultural and

STATUTORY
United States and United Kingdom. She was also Rural Economy, Economics, Finance, Information
one of the founding team members of PepsiCo Technology, Human Resources Management, Risk
when it began operations in India. Later, she moved Management, Business Management, Consumer
MS. VIBHA PAUL RISHI to PepsiCo’s headquarters in the US to be a part Insight & Marketing and Strategy.
Independent Director
of its international marketing team, followed by
She has been serving on the Boards of several
an innovation leadership role in London. Her last
reputed companies and Board-level Committees
1 5 6 role in an executive capacity was as an Executive
including the Audit Committee, Risk Management
Director, and Brand & Human Capital of Max India,
Committee, Nomination and Remuneration

79- 148 FINANCIAL STATEMENTS

61 39 prior to which she was the Director, marketing and
Committee, Stakeholders’ Relationship Committee
customer strategy at the Future Group.
and Corporate Social Responsibility Committee.

STANDALONE
Ms. Rishi is an accomplished marketing specialist She is also associated with Pratham, an Indian NGO
with international experience in spearheading global works to provide education to the under-privileged
marketing campaigns for high-visibility consumer children in India.
products. She has worked at senior positions in
branding, strategy, innovation and human capital Qualification: Master of Business
around the world. Her core competency includes Administration in Marketing from the Faculty
product rebranding, new product development of Management Studies, University of Delhi
and Honours in Economics from Lady Sri Ram

149 - 521 FINANCIAL STATEMENTS

and launch, alignment of global marketing teams
of start-ups, entering new international markets, College, Delhi University.

CONSOLIDATED
Mr. Anup Bagchi is an Executive Director of ICICI was the co-Chairman of FICCI’s Capital Markets
Bank since February 1, 2017. He heads the retail Committee. He was also a member of SEBI’s
banking business. He has worked extensively in Secondary Markets Advisory Committee (SMAC),
the areas of retail banking, corporate banking and Fair Market Conduct Committee and Committee

522 - 584 VALUE RESULTS

treasury, investment banking, small scale industry, on Financial and Regulatory Technologies and Risk
and payment and settlement systems. Prior to his Management Review Committee.

EMBEDDED
current role, he was the Managing Director & CEO
He has been honoured with ‘The Asian Banker Retail
of ICICI Securities Limited.
Finance Person of the Year Award in Asia Pacific,
MR. ANUP BAGCHI He has been with the ICICI Group since 1992. He at The Asian Banker Excellence in Retail Financial
Non-executive Director nominated by has represented the Group in various regulatory Services Awards 2021 for helping grow the bank’s
ICICI Bank Limited committees of key bodies such as RBI and SEBI. retail business through digital transformation.
He was a member of RBI’s Expert Committee
4 5 9 on Micro, Small & Medium Enterprises and of Qualification: Management degree from
Indian Institute of Management, Bangalore and
585 - 591 INFORMATION

SEBI’s Committee on Financial and Regulatory

51 42 Technologies (CFRT). He was in the Executive an Engineering degree from Indian Institute of
Committee of National Securities Depository Ltd., Technology, Kanpur.
ADDITIONAL

(NSDL), Advisory Committee of BSE Limited and

592 -595

29
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Mr. Sandeep Batra is an Executive Director on the In his earlier role with ICICI Bank, Mr. Batra was the
Board of ICICI Bank since December 23, 2020. Mr. Group Compliance Officer. He has been a founder
Batra, a Chartered Accountant and a Company member of the ICICI Prudential Life Insurance
Secretary, has been with the ICICI Group since Company Limited where he worked as Chief
2000. He holds responsibilities of the Corporate Financial Officer from September 2000 till 2006
Centre at the Bank. and then as Executive Director and a member of
its Board from January 2014 till July 2018. At ICICI
He is responsible for the Operations and Customer
Prudential Life Insurance Company Limited, he was
Service, Human Resource Management,
MR. SANDEEP BATRA also instrumental in leading the Company to India’s
Technology, Legal, Corporate Communications, and
Non-executive Director nominated by
first IPO in the insurance space.
the Secretarial Function. He is also administratively
ICICI Bank Limited responsible for Risk Function, Internal Audit and Qualification: Chartered Accountant and
Financial Crime Prevention and Compliance Groups. Company Secretary.
1 3 6 8
He also serves on the Boards of ICICI Prudential Life
56 42* Insurance, ICICI Lombard General Insurance, ICICI
Prudential Asset Management and ICICI Ventures,
*As a Non-executive Director and Chairs the Board of ICICI Bank, UK.
of the Company

Mr. Wilfred John Blackburn, Regional CEO, Insurance the asset management and consumer finance
Growth Markets (‘PrIGM’), since February 2020, is business.
responsible for steering Prudential’s businesses
Prior to joining Prudential, he was with Allianz for
across 16 Asian and African markets. During the
12 years, where he was the CEO of their life &
preceding four years, he was the CEO of Prudential
health insurance joint ventures in China, Thailand
Assurance Company Singapore (PACS).
and the Philippines and Regional GM, Life &
He, an industry veteran with more than three Health Insurance for Asia. Before Allianz, Wilfred
decades of diverse life insurance experience, worked in the UK with three diverse life insurers,
MR. WILFRED JOHN having lived in seven Asian countries over the past having started his career with a firm of consulting
BLACKBURN 22 years. actuaries.
Non-executive Director nominated by
Prudential Corporation Holdings Limited
He joined Prudential in 2012 and initially led its New Qualification: Bachelor of Science (Mathematics
nominated by ICICI Bank Limited
Market initiatives based in Hong Kong. This included - 1st Class Hons.) from the University of Newcastle-
overseeing the launch of Prudential’s business upon-Tyne, Fellow of the Institute of Actuaries
1 2 3 4 5 operations in Cambodia and the establishment of in 1995, MBA from the University of Bath, Post-
Prudential’s representative offices in Myanmar Graduate Business School student at London’s City
6 8 9 and Lagos. In July 2014, he was appointed as University (now CASS), Oxford University, INSEAD
the CEO of Prudential Vietnam, and subsequently and Harvard.
55 19 also as Vietnam Country Head, where he oversaw

30
 Powering Sustainable Growth

OVERVIEW
CORPORATE
Mr. Kannan is the Managing Director & CEO of ICICI regulators and industry associations. He has served
Prudential Life Insurance Company since June 19, on the Insurance Advisory Committee constituted
2018. He has worked with the ICICI Group for over by the Insurance Regulatory Development

01 - 78 REPORTS
30 years, having worked in various leadership/ Authority of India, Reserve Bank of India’s (RBI)
executive roles within the Group. He served on the Steering Committee on Implementation of Indian

STATUTORY
Board of ICICI Bank as Executive Director between Accounting Standards, IBA Sectoral Committee of
May 2009 and June 18, 2018. Prior to joining the Private Sector Member Banks, The Companies Law
Board of ICICI Bank, he was the Executive Director Committee Working Group on Raising of Funds,
MR. N. S. KANNAN of ICICI Prudential Life Insurance Company from CII National Council on Corporate Governance and
Managing Director & CEO
August 2005 to April 2009. the Insurance Awareness Committee of the Life
Insurance Council. He also served as a member
Mr. Kannan also has extensive experience serving
3 7 8 9 of RBI’s Advisory Committee to resolve the first
on the Boards of other group companies. He served
financial services company under the Indian
as the Chairman on the Boards of ICICI Securities

79- 148 FINANCIAL STATEMENTS

56 45* Bankruptcy Code.
Primary Dealership, ICICI Bank UK Plc, and as a
Non-Executive Director on the Boards of ICICI Over the years, Mr. Kannan has won multiple

STANDALONE
*As the Managing Director & CEO of
the Company Prudential Life Insurance Company, ICICI Lombard awards including the Best CFO in India by Finance
General Insurance Company, ICICI Prudential Asset Asia in 2013 and the Best CFO in the Indian
Management Company and ICICI Bank Canada. Banking/Financial Services sector by CNBC TV18
for two consecutive years. Besides, he was also
During his tenure as the Executive Director at
ranked the second best CFO in Asia in a buy-side
ICICI Bank, his responsibilities included Finance,
analysts’ poll by institutional investors. Under his
Treasury, Legal, Operations, Secretarial, Corporate
leadership, the ICICI Bank investor relations team
Communications, Corporate Branding, Infrastructure

149 - 521 FINANCIAL STATEMENTS

was ranked third best in Asia in a sell-side analysts’
Management, Strategic Solutions Group and ICICI
poll by institutional investors. ICICI Bank’s investor
Foundation for Inclusive Growth. Mr. Kannan also
relations team was ranked the best among Indian

CONSOLIDATED
owns the administrative responsibility for Risk
companies by Finance Asia.
Management, Compliance and Internal Audit
functions. Besides, during his tenure at ICICI Bank, Qualification: Bachelor of Engineering (Honours)
he has also handled Project Finance, Infrastructure from NIT Trichy, Post-Graduate Diploma in
Finance and Structured Finance. Management from IIM Bangalore, Chartered
Financial Analyst from ICFAI.
Mr. Kannan has also served on various expert
committees constituted by the Government of India,

522 - 584 VALUE RESULTS

EMBEDDED
Board Diversity Board Skills and Expertise
as on March 31, 2022 (number of Board members) as on March 31, 2022

Finance and Accountancy 5 Mr. Anup Bagchi, Mr. Sandeep Batra, Mr. R. K. Nair,
Mr. Dileep Choksi, Mr. N. S. Kannan
5
Banking 4 Mr. Anup Bagchi, Mr. Sandeep Batra, Mr. R. K. Nair,
585 - 591 INFORMATION

Mr. N. S. Kannan
3 Insurance 4 Mr. Sandeep Batra, Mr. Wilfred John Blackburn,
Mr. R. K. Nair, Mr. N. S. Kannan
ADDITIONAL

Strategy and Corporate 5 Mr. Anup Bagchi, Mr. Wilfred John Blackburn,
1 Planning Mr. M. S. Ramachandran, Mr. Dileep Choksi, Mr. N. S. Kannan
Securities and Economics 3 Mr. Sandeep Batra, Mr. R. K. Nair, Mr. N. S. Kannan
Law and Governance 2 Mr. Sandeep Batra, Mr. Dilip Karnik
Independent Directors Consumer Insights, 2 Ms. Vibha Paul Rishi, Mr. Sandeep Batra
Non-executive Directors Marketing, Human Resources
Risk Management 2 Mr. Sandeep Batra, Mr. N. S. Kannan
592 -595

Managing Director & CEO

31
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Management Team

SITTING (RIGHT TO LEFT)

Mr. N. S. Kannan, Mr. Manish Kumar, Mr. Judhajit Das, Mr. Deepak Kinger

STANDING (RIGHT TO LEFT)

Mr. Vinod H, Mr. Sarang Gokhale, Mr. Ashish Rao, Mr. Arun Srinivasan, Mr. Toshit Kumar,
Mr. Ganessan Soundiram, Mr. Amish Banker, Mr. Sanjay Singh

32
 Powering Sustainable Growth

OVERVIEW
CORPORATE
01 - 78 REPORTS
STATUTORY
79- 148 FINANCIAL STATEMENTS
STANDALONE
149 - 521 FINANCIAL STATEMENTS
CONSOLIDATED
522 - 584 VALUE RESULTS
EMBEDDED
585 - 591 INFORMATION
ADDITIONAL

SITTING (RIGHT TO LEFT)

Mr. Amit Palta, Mr. Satyan Jambunathan, Ms. Sonali Chandak

STANDING (RIGHT TO LEFT)

Mr. Souvik Jash, Mr. Jitendra Arora, Mr. Manish Dubey, Mr. Sujeet Kothare, Mr. Dhiren Salian,
Mr. Abhiroop Pandey, Mr. Sumit Mohindra
592 -595

33
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

A Changing Business Environment

Life insurance is a key imperative for citizens in the context of the current social security
framework. It enables customers to provide their families with a financial safety-net and
achieve long-term financial goals. The life insurance industry offers a variety of long-term
savings products across the fixed-income and equity platforms. It also offers annuity, term
plans and ‘defined benefit’ health plans. The industry acts as a risk manager by providing
a cover against mortality and morbidity risks. The industry1 has covered 257 million lives
through individual policies and 336 million lives through group policies, providing a total
insurance cover (sum assured) of ` 236 trillion as at March 2021.

A well-developed insurance sector is a boon for economic development CURRENT OPERATING CONTEXT
as it plays a key role in channelising household savings to the financial The size of the Indian life insurance sector was ` 6.3 trillion3 on a total
markets. The insurance industry has leveraged its extensive distribution premium basis in FY2021, making it the tenth largest life insurance
network throughout the country to provide long-term funds to both the debt market in the world4 and the fifth largest in Asia4. The current competitive
and equity markets and has ` 46.56 trillion of Assets Under Management1 industry landscape comprises 24 companies. Of these, the Life Insurance
as March 2021. More importantly, the industry also provides long-term Corporation of India (LIC) commands a 37% market share based on retail
capital needed for infrastructure projects and is a significant source of weighted received premium5, in FY2022. The top five private life insurance
part-time and full-time employment to professionals with varied skill levels. companies together account for another 42% share of the market.

THE NEW FACE OF LIFE INSURANCE IN INDIA

Market share
Over the last five years, the industry has focussed on the protection
and annuity segments, besides savings products. During this period, life
insurers implemented digital solutions to not only empower customers
to conduct self-help transactions but also to build efficient distribution 21%
networks and make life insurance easily accessible to a larger section
of the country’s population. While the industry has made significant 42%
investments in technology, the extent of deployment has varied across
37%
insurers. While some insurers had looked collectively at the process,
ecosystems and technology, others had looked at only addressing specific
issues. The COVID-19 pandemic forced the industry to re-imagine the
entire sales process and insurers who had a digital strategy were able to
quickly navigate the pandemic-induced challenges. Top 5 private LIC Others

The life insurance industry continues to draw a higher share of household

savings due to the increased attractiveness of long-term savings products, Based on RWRP, Source: IRDAI

the unique proposition of protection and annuity products and the seamless
experience for customers and distribution provided by digitalisation. For
FY2022, despite the second and third wave of the COVID-19 pandemic and
geopolitical tensions, the life insurance industry reported a strong growth
of 15.7% in new business premium2.

1
Source: Life Insurance Council
2
Based on Retail Weighted Received Premium (RWRP)
3
Source: IRDAI, Annual Report 2020-21
4
Source: Swiss Re sigma No 3/2021
5
Source: IRDAI

34
 Powering Sustainable Growth

OVERVIEW
CORPORATE
Product Mix
Non-linked products contributed 80% of the new business premium of the
industry, primarily driven by LIC. The private sector saw a further increase THE INDIA OPPORTUNITY
in the share of non-linked products to 61% of the new business premium,

01 - 78 REPORTS
with linked products contributing the balance during FY2021.
Strong economic growth in the past two decades

STATUTORY
Industry Private Sector
combined with a working age population of about
26% 18% 20% 51% 44% 39% half of the overall population of 1.3 billion, makes
India’s life insurance industry one of the largest
82% 80% markets today. The insurance opportunity in India
74%
can be divided into three key segments which are
61%
56% listed below:

79- 148 FINANCIAL STATEMENTS

49%
• Savings - The savings market is estimated to

STANDALONE
provide a steady growth opportunity, considering
the under-penetration of life insurance in India
at 3.2% of its GDP, favourable demography, rising
FY2019 FY2020 FY2021 FY2019 FY2020 FY2021 affluence, projected economic growth and the
increasing allocation towards life insurance in the
Non-Linked Linked total household savings.

149 - 521 FINANCIAL STATEMENTS

Based on new business weighted premium; Source: Life Insurance Council
New Business Weighted Premium - Premiums received by the insurers under individual • Protection & Health - With a protection gap of
$ 16 trillion, India is estimated to be nearly 15 years

CONSOLIDATED
and group products and weighted at the rate of ten percent for single premiums.
behind other developed Asian economies. The low
Distribution Trends penetration of protection products with a retail sum
The agency channel continued to be the primary channel for the industry, assured coverage at a mere 23% of GDP, provides
mainly contributed by LIC. There has been no significant change in the a strong multi-decade growth opportunity in the
channel mix of the industry or the private sector from FY2020 to FY2021. Protection segment. As and when the regulatory
Direct sales through the proprietary sales force and the internet are

522 - 584 VALUE RESULTS

environment for the health business gets further
becoming more relevant.
liberalised, industry may also see new propositions

EMBEDDED
Industry Private Sector on health and wellness.
• Retirement - The Retirement segment is the next
11% 12% 13% 21% 22% 22%
big horizon of growth, with only less than 10%
27% 28% 29%
of India’s working population covered under any
54% 53% 55%
pension programme.
62% 60%
585 - 591 INFORMATION

58% For more details on opportunities envisaged by the

Company, please refer to the section on “Opportunities
ADDITIONAL

and Threats” under the Management Discussion and

25% 25% 23% Analysis on page 124 of this report.

FY2019 FY2020 FY2021 FY2019 FY2020 FY2021

Agency Bancassurance Others

592 -595

Based on retail new business premium; Source: Life Insurance Council

35
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Business Model
THE RESOURCES WE RELY ON AND UTILISE IN OUR VALUE CREATION PROCESS

INPUTS
FINANCIAL CAPITAL
The Financial Capital represents the amount of capital employed in the business 1 2
to support operations and business strategy to generate shareholder value.
• Total Capital Employed ` 91.63 bn Product Product branding,
conceptualisation marketing
MANUFACTURED CAPITAL and development and distribution
Data analytics, market Our extensive multi-channel
Manufactured Capital represents the physical assets in which we invest in to information, customer distribution network helps us
serve our customers. knowledge and feedback distribute products effectively.
• Company Branches 471 is leveraged to design To ensure wide coverage
• Partner Branches 41,000+ appropriate cost-effective among our prospective
products based on the customers, we regularly design
• Capex for Land, Buildings, Improvements to Leasehold Property, changing preferences and awareness campaigns around
Furniture, Office Equipments ` 3,570 mn
needs of customers our products and services

INTELLECTUAL CAPITAL
Intellectual Capital represents our technical excellence and digital readiness
which enables us to gain competitive advantage. The underwriting expertise
of our people represents our technical excellence. Digital technologies facilitate DIGITALISATION
enhanced operational efficiency, superior customer service and a quick
response time. Through continuous investments in digital technologies,
• Capex for Information Technology, Infrastructure ` 1,293 mn we aim to become future-ready, achieve higher
• Enterprise Risk Management Framework productivity and cost efficiencies, deliver superior
• Underwriting Framework customer service and be more environment-friendly
• Investment Framework

HUMAN CAPITAL
Human Capital represents our employees who enable us to operate the
business smoothly, serve customers and achieve business objectives.
• Workforce Strength
• Capability Building (total digital learning hours)
15,530
1.2 million+
3 4 5
• Workforce Diversity
- Female 27% Policy underwriting Prudent Fund Customer services
- Male 73% and reinsurance Management and claims
Our highly skilled We have a systematic, management
SOCIAL AND RELATIONSHIP CAPITAL underwriting team disciplined and long- Our customer
assesses policyholder term approach towards service architecture
Social and Relationship Capital represents the quality of relationship with our risk against pre- our primary objective is built on being
customers, business partners, the community and other stakeholders. They help us determined criteria of earning superior Fair, Transparent,
enhance our reputation, grow business and remain commercially and socially viable. and risk appropriate risk-adjusted returns Responsive and
• Fulfilling Long-term Savings and Protection needs of our Customers premiums are across market cycles for Empathetic. We have
• Business Partners ~800 determined based on our Policyholders and a robust customer
• CSR Contribution ` 68.2 mn this. Excess risks to the Shareholders service and claims
- Direct ` 20.9 mn Company are reinsured management
- Through ICICI Foundation ` 47.3 mn and any risks which process supported
cannot be priced are by a team sensitive
not considered by the to the needs of
NATURAL CAPITAL underwriting team customers and
digital technologies.
Natural Capital represents the renewable and non-renewable natural resources
‘Our First Time
we use to operate our business and are investing in to make our operations
sustainable. Right’ approach
• End-to-end Digital Solutions for Business Activities ensures a hassle-
• Energy-efficient Appliances and Technology free experience and
quicker turnaround
• Smart Water Management in Smart Water Management
time
• Wastage Reduction Initiatives
• Recycling Wet-Waste and E-Waste
• Collaboration Platforms for Employees to enable Virtual Meetings

CUSTOMER FIRST HUMILITY

OUR VALUES Keep customers at the Be open to learn and
centre of everything we do change

36
 Powering Sustainable Growth

OVERVIEW
CORPORATE
TO CREATE VALUE FOR OUR STAKEHOLDERS

OUTPUTS OUTCOMES SDGs

FACILITATED BY FINANCIAL CAPITAL FINANCIAL CAPITAL
Resilient Balance Sheet • Annualised Premium Equivalent (APE) ` 77.33 bn

01 - 78 REPORTS
Brand goodwill
Profitable growth • Total Premium ` 374.58 bn
Superior customer relationship • Value of New Business (VNB) ` 21.63 bn

STATUTORY
management • Embedded Value (EV) ` 316.25 bn
MANUFACTURED
• Embedded Value Operating Profit (EVOP) ` 31.92 bn
CAPITAL
Human resource management • Return on Embedded Value 11.0%
Wide and multi-channel
• New Business Premium ` 150.36 bn
Best-in-class customer support distribution
• Profit After Tax ` 7.54 bn
and grievance resolution Customer service • Dividend Payout ` 0.55
services
Brand visibility MANUFACTURED CAPITAL
• Number of Lives Covered (In-force) 58.1 mn
Technology infrastructure

79- 148 FINANCIAL STATEMENTS

INTELLECTUAL CAPITAL
Industry knowledge
INTELLECTUAL • Average Claim Settlement Turnaround Time 1.5 days
CAPITAL • Renewal Premium Collection Through Digital Mode (value) 80.9%

STANDALONE
Industry leading digital • Renewal Premium Collection Through Digital Mode (volume) 94.4%
platform • Self-Help Platform Usage 91.5%
Superior risk-adjusted • Solvency Ratio 204.5%
returns for customers • Non-performing Asset since inception NIL
Continued product • Assets Under Management ` 2,404.92 bn
AND SUPPORTED BY HUMAN CAPITAL
innovation
STRONG GOVERNANCE • Employee Productivity (APE per employee) ` 5.2 mn
AND ETHICS • Leadership Stability: leadership team having > 10

149 - 521 FINANCIAL STATEMENTS

HUMAN CAPITAL years of vintage with the Company 86%
High standards of governance,
High quality, committed • Leadership Breadth: vacancies at the leadership team
ethics and integrity level filled through internal successors in last 5 years 75%

CONSOLIDATED
workforce
• Leadership Depth: leadership team in general
(Refer to page 24 for more Depth, breadth and stability management roles having undergone > 3 job rotations in
information on governance) of leadership team their career with the company 96%
Strong employer brand with SOCIAL AND RELATIONSHIP CAPITAL
market leading advocacy • Number of youth trained through ICICI Academy for Skills 1,558
scores • Underpriviledged beneficiaries supported through other
CSR Programmes 2,117
• Individuals benefited from the COVID-19 Vaccination
Programme 155,000

522 - 584 VALUE RESULTS

WHILE MANAGING RISKS SOCIAL AND
• Claim Settlement Ratio 97.8%
RELATIONSHIP
Credit risk • Customer Grievance Ratio (per 10,000 new retail policies) 58
CAPITAL

EMBEDDED
• Persistency Ratio 84.6%
Liquidity risk Financial inclusion • Total Sum Assured (In-force) ` 23,501.67 bn
Market risk Long-lasting relationship of • Taxes Paid ` 30.24 bn
Morbidity and Mortality risk trust with communities, • Commission Paid ` 16.73 bn
Persistency risk customers and stakeholders • Number of Policies Covered under Rural Sector 151,015
Expense risk • Number of Lives Covered under Social Sector 1,865,274
NATURAL CAPITAL NATURAL CAPITAL
Operational risk
• Trees Saved on Account of Sending the Annual Report
Reputation risk Waste reduction through
585 - 591 INFORMATION

Electronically ~4,000
digitalisation
Sustainability risk • New Business Applications Logged Digitally 96%
Carbon footprint saved from • Overall Carbon Footprint Saved ~,1700 tonnes
(Refer to page 41 for more
ADDITIONAL

energy, water conservation • Air Conditioner requirement met through 5 star rated ACs 43%
information on risk management)
and reduced travel • Conversion of Conventional Water-based Urinals to
Water-less Urinals 38%
• E-waste Disposal through Government-certified Vendors
(assets in last 3 years) 9,441

PASSION INTEGRITY BOUNDARYLESSNESS

Demonstrate infectious Do the right Treat organisation agenda
592 -595

energy to win and excel thing as paramount

37
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Stakeholder Engagement
AN OPEN AND COLLABORATIVE APPROACH
We are committed to being transparent and honest with our stakeholders and view engaging
with them as the foundation for seamless scaling up of corporate growth. We periodically and
responsibly engage with them on diverse issues including about the Company and its future plans.
This key information on material issues helps shape our business strategies.

HOW WE ENGAGE WITH THEM NEEDS AND EXPECTATIONS

• Corporate website • Deliver 24x7 service
• Mobile App • Multi-channel service architecture
• Social media (WhatsApp) • Personalisation on Video, Voice and
• Voice bots Vernacular
CUSTOMERS • AI-powered Chatbots • Simplified, smooth, hassle-free and
• Service representatives at branches end-to-end service
• Call centre and other platforms

HOW WE ENGAGE WITH THEM NEEDS AND EXPECTATIONS

• Annual General Meetings • Long-term value creation
• Quarterly results calls • Well articulated business strategy
• Meetings and calls with investors including conferences/roadshows • Sustainable growth
• Annual Report and investor presentations • Risk management
SHAREHOLDERS/ • Economic performance
• Company announcements and media releases
INVESTORS • Governance, ethics and compliance
• Company website including public disclosures and various reports
• Through designated email IDs • Adoption of sustainable business practices
• Communication and intimations through newspapers,
emails and letters
• Sustainability/ESG report

HOW WE ENGAGE WITH THEM NEEDS AND EXPECTATIONS

• Regular digital meetings via collaborative platforms • Capability build-up for completely digital
• E-mails, Calls & other non-physical contacts continue sales process, renewal collections and
• Review meets servicing
• Periodic surveys for feedbacks/suggestions • Updates on product and value propositions
BUSINESS • Seamless communication on partner inputs
PARTNERS • Timely payment and query resolutions
• Ease of doing business
• Business security
• Data protection

HOW WE ENGAGE WITH THEM NEEDS AND EXPECTATIONS

• Notification, circulars and guidelines • Corporate governance
• Meetings and industry forums • Adequate disclosures
• Corporate announcements • Responsible development of insurance
• E-mails, postal communications and digital platforms sector
GOVERNMENT • Periodic submissions • Legal and regulatory compliance
AND • Compliance reports • Transparency
REGULATORY • Regulatory visits • Fair conduct and dealings
BODIES

38
 Powering Sustainable Growth

OVERVIEW
CORPORATE
HOW WE ENGAGE WITH THEM NEEDS AND EXPECTATIONS
• High-tech employee engagement: • Alignment and congruence with shared
 Social intranet, e-mail, employee app chatbot/chat groups and purpose of Vision, Values and business

01 - 78 REPORTS
contact centre (Ask HR) strategy
 Virtual townhalls, Coffee & Connect sessions with small employee • Delivery of the employee promise through
EMPLOYEES

STATUTORY
groups and virtual one-on-one meetings Fairness & Meritocracy, Learning & Growth
• High-touch personalised employee engagement: and Supportive Environment
 Communication through multiple channels • Inclusive, agile & enabling culture to learn,
 Interactive communication and feedback from employees through grow, thrive and perform
physical townhalls, team connect sessions and one-on-ones • Initiatives to support employee health,
 Engagement through celebrations of milestones, festivals safety, holistic well-being and morale
and campaigns on themes like International Women’s Day,

79- 148 FINANCIAL STATEMENTS

Go Green etc.
• Engagement through programmes & initiatives across the employee

STANDALONE
life cycle
 Segmented Human Resources policies that cater to life stage
needs of employees and enable a supportive environment
 Continuous learning & leadership development programmes in
digital and physical formats to augment skill development
 Integrated performance management and talent management
processes to support employee growth and development

149 - 521 FINANCIAL STATEMENTS

 Employee recognition forums and differentiated rewards
programme to promote fairness & meritocracy

CONSOLIDATED
• Employee feedback
 Voice of Employee survey, ongoing Net Promoter Score employee
survey and exit surveys
 Qualitative sensing

HOW WE ENGAGE WITH THEM NEEDS AND EXPECTATIONS

522 - 584 VALUE RESULTS

• Corporate Social Responsibility (CSR) policy and programme • Consumer awareness and education
disclosures on website • Education, Skill development and

EMBEDDED
• CSR disclosures in Annual Report sustainable livelihoods
• Periodic updates to the CSR Committee and the Board • Employee related volunteering for
COMMUNITIES • Community support programmes pan India in partnership with ICICI community support
Foundation for Inclusive Growth (ICICI Foundation) and other • Healthcare
CSR partners • Environment sustainability and ecological
• Employee Volunteering platforms balance
• Awareness on CSR programmes via social media, Intranet, employee • Disaster relief and rehabilitation
585 - 591 INFORMATION

apps and email

• Acknowledgement at ICICI Foundation centres, website, annual report
ADDITIONAL

and other collaterals

• Acknowledgement by other partners on their websites, annual report
& other collaterals
592 -595

39
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Material Matters
Our material matters are those that can positively or adversely affect our ability to create,
preserve and enhance value. We address our material matters by prudently identifying,
analysing them and reporting them adequately, with the ultimate objective of making our
business more profitable and sustainable.

CUSTOMERS SHAREHOLDERS/INVESTORS
• Diversified customer-centric product portfolio to meet • Deliver value to shareholders through
various life stage needs of customers sustainable financial results
• Delivering personalised customer experience • Robust risk management framework
• Delivering consistent and superior risk-adjusted returns • High levels of Corporate Governance
• Customer privacy and data protection

EMPLOYEES BUSINESS PARTNERS

• Employee physical and mental wellness • Seamless onboarding
• Technology facilitating enhanced employee productivity • Smooth workflow for ease of doing business
• Building an agile and committed workforce • Fair and equitable engagement
• Effective employee engagement

GOVERNMENT AND COMMUNITIES

REGULATORY BODIES • Consumer awareness and education
• Adequate disclosures • Education, skill development and sustainable livelihoods
• Statutory, legal and regulatory compliance • Employee-related volunteering for community support
• Being a responsible corporate - transparency, • Healthcare
fair conduct and dealings • Environment sustainability and ecological balance
• Disaster relief and rehabilitation

40
 Powering Sustainable Growth

Risks and Opportunities

OVERVIEW
CORPORATE
Regulatory compliance and alignment with emerging risk management practices are our
key strategic imperatives. It forms a key element of our business. Managed acceptance

01 - 78 REPORTS
of risk is essential to protect the stakeholders from potential risks and generate adequate
shareholder value.

STATUTORY
RISK MANAGEMENT FRAMEWORK
The risk management framework at ICICI Prudential Life Insurance sets out the risks that we are prepared to accept, given the expected rewards and
consistency with strategic objectives, and those risks for which we have no tolerance and want to avoid. The framework is designed to support risk-based

79- 148 FINANCIAL STATEMENTS

decision making and sets out limits and controls to ensure that our risk exposures remain within our risk appetite.

STANDALONE
1 3
OUR THREE LINES
OF DEFENCE -
RISK GOVERNANCE

149 - 521 FINANCIAL STATEMENTS

FRAMEWORK
MODEL

CONSOLIDATED
First line of defence:
2 Third line of defence:
Independent assurance
Risk taking and management
• Internal and external audit
• Business functions that manage
provides the Board with

522 - 584 VALUE RESULTS

risks
comprehensive assurance
• Responsible for identifying risks based on independence and

EMBEDDED
and maintaining effective internal objectivity
controls Second line of defence:
Risk control and oversight • To ensure adequacy of risk
• Executing risk and control controls and appropriate risk
• Risk management function that facilitates
procedures on a daily basis governance
and monitors the implementation of
effective risk management practices by
business functions
585 - 591 INFORMATION

• Red team that validates the effectiveness

of cyber security controls
ADDITIONAL

• Defining target risk exposure, reporting

adequate risk-related information
throughout the organisation
592 -595

41
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

RISK LANDSCAPE
The key risks that we are exposed to can be categorised
broadly into the following:

HOW WE MANAGE RISKS

Market Risk
The risk arising out of variations in the level or volatility of the
market prices of assets, liabilities and financial instruments,
Risk Identification Risk Control
including the risk arising from any mismatch between assets
• Stress testing • Investment specifications
and liabilities, due to external market and economic factors.
• Product development process • Asset-liability management
• Capital management process • Product approval process
Credit Risk
• Review of bases of • Capital allocation decision
The risk arising out of partial default, full default or delayed
assumptions • Design of performance metrics
payments from counter-parties.
• Tracking key liquidity risk and incentive structures
Liquidity Risk indicators • Underwritting policy, claims
The risk that the Company, though solvent, either does • Reviewing impact of strategic assessment guidelines, fraud
not have sufficient financial resources to enable it to meet risks on business plan prevention policy, product
its obligations as they fall due, or can secure them only at • Framework for business contracts, reinsurance, re-
excessive cost. concentration risk pricing, experience analysis
• Risk and control self and review of bases
Insurance Risk assessment • Credit risk management
The risk arising because of mis-estimation of the • Review of audit findings and processes
best estimate or because of random fluctuations in the loss events • Liquidity Contingecy Plan
frequency, size and timing of insurance liabilities. It includes • Proactive cyber security • Diversification of business
mortality, morbidity and longevity risk, persistency risk and and business continuity risk • Training & awareness, fraud
expense risk. identification management, business
continuity management,
Operational Risk information and cyber security
Risk of loss resulting from inadequate or failed internal framework, whistler-blower
processes, people and systems, or from external events. Risk Measurement policy
It includes legal, fraud, compliance, customer, outsourcing, • Risk to the solvency position
information and cyber security and business continuity risk. • Economic capital requirement
• Risk to the growth of the
Reputation Risk Embedded Value (EV) Risk Monitoring
The risk of potential or actual damage to the Company’s • Liquidity ratio • Periodic monitoring of risk
image, which may impair our profitability and/or business • Actual vs expected profile
sustainability. experience • Risk reporting
• Measurement of loss arising • Financial condition reporting
Strategic Risk through process, system and
The risks to our business plan due to changes in various manual errors
factors such as macro-economic factors, government • Key operational risk indicators
policies, regulatory environment and tax regime.

42
 Powering Sustainable Growth

OVERVIEW
CORPORATE
MANAGING SUSTAINABILITY RISKS
Sustainability risks, particularly Environmental, Social and Governance Our corporate governance framework is aligned to the regulatory guidelines
(ESG) related issues are becoming increasingly significant for the life on corporate governance. Our risk governance framework, which forms
insurance industry. One of the most prominent ESG risks is that of climate a part of the overall corporate governance framework, is detailed in the

01 - 78 REPORTS
change which could potentially have wide ranging implications including Policy. In addition to the various risk management committees whose roles
(but not limited to) adverse impact on economic growth and investment and responsibilities are specified in the Policy, we have an executive ESG

STATUTORY
markets, higher than expected claims due to increased risk of future Committee comprising senior leaders which provides oversight on ESG
weather-related catastrophes, pandemics as well as possible changes in related policies and initiatives and monitors their implementation.
long-term mortality/morbidity rates. Apart from climate change, there are
Several other elements of our risk management framework are
other emerging risks associated with public health trends such as increase
applicable for the management of sustainability risks as detailed in
in obesity-related disorders and demographic changes such as population
the Policy. In particular, we have a framework for information and
urbanisation and ageing. Sustainability could also be impacted by issues
cyber security as well as business continuity management to analyse
related to customer experience, reputation, corporate governance, data
emerging risks through regular monitoring of the external and internal

79- 148 FINANCIAL STATEMENTS

security and privacy.
environment. We have proactively identified key areas and new

STANDALONE
We continue to work towards developing our understanding of ESG risks, techniques have been implemented to safeguard customer data. We
including climate change and remaining aware of industry best practice have set out the technology modifications, employee engagement
as they develop. The emerging industry consensus is that climate risk will approaches, and process changes that are found to be effective for
amplify the existing standalone risk types. Accordingly, we have updated the rapidly changing environment. We have been accredited with ISO
our Board-approved Risk Policy (“the Policy”) during the year by integrating 22301:2019 certification for BCM processes and ISO 27001:2013 for
climate-related risks in particular and more generally, sustainability risks in Information Security management systems which provide additional
our risk management framework. level of assurance. We also have a privacy policy to ensure protection

149 - 521 FINANCIAL STATEMENTS

of sensitive personal data or information collected. Further, information
Our risk appetite statements as articulated in the Policy outline specific
on our approach to sustainability risk management has been set out
constraints that define the total level of risk that we are willing to accept.

CONSOLIDATED
in the section on ‘Meeting Challenges from Sustainability Risks’ of the
In particular, we have an appetite statement on customer risk and a
ESG report and ‘Enterprise Risk Management’ of the Annual Report.
framework to monitor outcome with the objective of taking actions to
deliver positive outcomes. Likewise, we have an appetite statement on
reputation risk and a framework to monitor various factors that could
impact our reputation.

522 - 584 VALUE RESULTS

EMBEDDED
585 - 591 INFORMATION
ADDITIONAL
592 -595

43
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

RISK OUTLOOK
A detailed review of our risk exposures to market, credit, liquidity, insurance, to reduce the sensitivity to economic shocks, including placing hedges
operational, reputation and other emerging risks, as well as the key control to further improve the resilience of our balance sheet. Additionally, we
processes is set out in the ‘Enterprise Risk Management’ section of this continued to carry out reverse stress testing and liquidity stress testing
Report in page 142. Our risk assessment process is an ongoing analysis of exercises during the year and these also demonstrated our resilience to
our risk profile. Testing the resilience of the balance sheet is an essential scenarios which are extreme but plausible.
element of this process. It shows how our solvency position responds to
different risk factors. Despite the massive surge in COVID-19 claims during While our solvency and liquidity positions continue to remain strong,
FY2022, our solvency ratio remained broadly steady across the quarters there are several challenges, particularly given the current environment,
and stood at 204.5% at March 31, 2022, well above the regulatory competitive landscape and our choice of strategy, which could potentially
requirement of 150%. We have been carrying out stress testing of the impede our business growth and profitability, and need to be monitored
solvency position periodically during the year and these tests demonstrate closely. Apart from sustainability risks including climate change related
that there is no capital requirement even in further stresses. During the risks which we have already discussed, some of the other key uncertainties
year, we have reviewed our balance sheet exposure and taken actions are outlined below:

COVID-19 pandemic Reinsurance strategy Geo-political environment

The impact of COVID-19 claims on statutory During the year, while there were reinsurer- Rising geo-political tensions and the
profits has been significant in the current led price increases for the protection potential for disruption to energy supplies
year, primarily due to the massive surge business, we chose not to fully reflect the are an additional source of uncertainty
of claims during the second wave of reinsurance rate hikes in the end-prices for financial and commodity markets and
the pandemic. COVID-19 related claims for customers. We made changes to our trigger for inflation which could impact
intimation had tapered down in Q3-FY2022 customer onboarding framework in order credit quality of counterparties, as well
and continued to show a declining trend to source better quality profiles with lighter as reduce real wages thereby impacting
in Q4-FY2022. However, there remains expected mortality and retained more risk discretionary savings, insurance new
uncertainty around the outlook for COVID-19. in order to maintain the profitability of the business and persistency risk.
The long-term impact on mortality and business. This could potentially impact
morbidity is dependent on the extent of our capital position and will need to be
natural immunity develops in the general monitored closely.
population, the efficacy of new healthcare
treatments, possible future strains that may
emerge and the implications from other
factors such as long-term post COVID-19
symptoms (although there is currently no
consensus on the longer-term impact on
mortality/morbidity). The claims experience
will need to be closely monitored.

We believe that a series of actions that we have taken in the recent past such as developing a comprehensive product suite to cater to all
customer preferences, greater digital adoption, new partner acquisition and expanding our protection business will keep us well placed to
manage some of these uncertainties. As we move forward, we continue to pursue a resilient, agile and growth-oriented strategy by offering
suitable products and deploying appropriate risk management practices.

44
 Powering Sustainable Growth

OVERVIEW
CORPORATE
STRENGTHENING RISK MANAGEMENT

01 - 78 REPORTS
Efficient use of

STATUTORY
technology, internal and
external intelligence for
detecting fraud

Engaging external Implemented

consultants to upgrade framework to
risk management address cyber risks

79- 148 FINANCIAL STATEMENTS

STANDALONE
How we are
strengthening the
risk management
function

Benchmarking

149 - 521 FINANCIAL STATEMENTS

Regular training
framework against best
to employees
practices

CONSOLIDATED
Regular
communication with
customers regarding
safe practices

522 - 584 VALUE RESULTS

EMBEDDED
Strengthening our cyber security
We plan to further strengthen our cyber security posture by ensuring key initiatives in the below areas: 585 - 591 INFORMATION

People: Technology: Processes:

Help employees and senior Ensure sufficient capacity and Promote resilience and
leadership understand the risks solution deployment to mitigate/ continuous drills for business
ADDITIONAL

due to ever evolving landscape minimise cyber risk continuity; Integrate, Automate
and their role in mitigation and Standardise security
activities
592 -595

45
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

OPPORTUNITIES
Our financial strength, coupled with ongoing transformation, makes us to provide significant opportunities for Indian life insurance companies
resilient and allows us to profit from new opportunities in a fast-changing to increase penetration of their protection business, in both retail and
business environment. For example, by combining in-depth customer and group segments. Similarly, an ageing population and an increase in
market understanding and evolving data-analytics techniques, we are well average life expectancy offers opportunities for life insurers to expand
positioned for growth and productivity gains. With a comprehensive product their annuity business. Given our wide distribution network and strong
portfolio and a well-diversified distribution network, our key strategy is customer proposition, we are increasingly focussing on these product
to capitalise on the opportunities in the emerging environment, without segments. For further details on opportunities envisaged by us, please
compromising our risk management approach. The mortality protection refer to the section “Opportunities and Threats” under Management
gap for India, which is high as compared to the rest of the world, continues Discussion and Analysis in page 127 of this report.

46
 Powering Sustainable Growth

Strategy and Progress

OVERVIEW
CORPORATE
Our objective is to create value for our customers, employees, shareholders and all other
stakeholders. Customer-centricity continues to be at the core of everything we do. With our

01 - 78 REPORTS
customer-centric approach, we have had a robust performance across service parameters
in FY2022. Our claim settlement ratio for individual retail death claims was 97.8% and the

STATUTORY
average time taken for settlement of non-investigated retail death claims stood at 1.5 days.
During the same period, the grievance ratio was 58 per 10,000 new retail policies issued and
our 13th month persistency ratio1 was 84.6%.

79- 148 FINANCIAL STATEMENTS

STANDALONE
PROTECTION


CUSTOMER INTEGRATING

149 - 521 FINANCIAL STATEMENTS

CENTRICITY PREMIUM

VNB 
PERSISTENCY
ESG WITH
GROWTH
CONTINUES TO BE
GROWTH BUSINESS

CONSOLIDATED
AT THE CORE MANAGEMENT


522 - 584 VALUE RESULTS

PRODUCTIVITY

EMBEDDED
The alignment of our people strategy with our business strategy, learning interventions, on-the-job training, job rotation, job enrichment
along with consistent investment in the growth & development of our and self-paced virtual learning platforms. A well-defined performance
employees helps create the edge which makes the Company’s human & talent management system ensures alignment to the KPIs of the
resources a source of its strength and a key competitive advantage. Company and clarity of purpose across levels, help create a talent
Our key people imperatives are to enable employee well-being, enable pipeline by nurturing high potential talent, and enable differentiated
organisation productivity and build an engaged and agile workforce. rewards to help ringfence talent for the future. The people strategy
585 - 591 INFORMATION

These key imperatives also support the delivery of our promise to enables the Company to have leadership stability, with 86% of the senior
employees or the Cornerstones, namely, Fairness & Meritocracy, management team having served the Company for more than 10 years,
ADDITIONAL

Learning & Growth and providing a Supportive Environment. Based leadership breadth with 75% of the positions in senior management
on business requirements, capacity and capability is augmented in filled through internal succession balanced with hiring of specialist
business growth, innovation & core roles, and supported through a talent laterally, and leadership depth with 96% of senior management
robust capability development framework, that involves structured having done more than 3 job rotations.
592 -595

1
Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated September 30, 2021

47
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Sustainability is intrinsic to our vision of building an enduring organisation • Enhancing distribution: The Company will look to strengthen
that serves the long-term savings and protection needs of our customers its distribution network through a closer mapping of distribution
with sensitivity. We are committed to integrating sustainability with our segments with customer segments and products. The Company
business processes and as a way of doing business. The benefits of is also focussed on expanding the distribution network through
imbibing sustainable practices are multifold - attracting more customers, acquisition of new partners as well investing in creation of new
lowering energy and water consumption, having greater social credibility, sourcing channels.
attracting talent, boosting employee morale, building stronger community
relations, overcoming increasing regulatory pressure in the form of better • Focus on pension & annuity: The Company would continue to
governance. We adopted the ESG framework in 2020 and our ESG cater to the retirement savings need of customers while managing
initiatives are monitored at the highest level by the Sustainability Steering the investment risk appropriately.
Committee comprising all members of the Management Committee.
We have focussed initiatives in place for each dimension of the ESG Progress: Our Annualised Premium Equivalent (APE) grew by 19.7% from
framework under the environment (leaving the planet a better place for ` 64.62 billion in FY2021 to ` 77.33 billion in FY2022. In spite of the second
our next generation), social (giving back to society) and governance pillars and third waves of COVID-19 pandemic, we saw rise in APE across all
(transparency in functioning). Each focus area is anchored by a senior quarters compared to last year. Within product segments, annuity grew by
leader who oversees the implementation & reporting of the initiatives and 31.0%, protection APE grew by 25.5%, unit linked business grew by 21.0%
they are supported by a dedicated ESG resource. We are also interacting and Non-linked savings APE grew by 19.2%. Within channel segments,
with various investors and analysts to understand their expectations and group APE grew by 48.8%, direct business grew by 23.1%, partnership
incorporate the same in our ESG framework. distribution grew by 22.0%, agency grew by 18.8% and bancassurance
grew by 10.2%.
For our shareholders, our primary focus continues to be the growth
of the absolute Value of New Business (VNB) through the 4P strategy APE (` Billion) FY2020 FY2021 FY2022
of Protection focus, Premium growth, Persistency improvement and
Savings 62.65 54.16 64.20
Productivity enhancement targeted at improving cost ratios. We
Linked 47.72 30.90 37.38
believe that this 4P strategy is appropriate in the context of the huge
insurance opportunity in the country, coupled with our objective to Non-Linked 11.41 17.79 21.21
grow the absolute VNB. Annuity 1.05 2.29 3.00
Group 2.47 3.18 2.61
PREMIUM GROWTH
Protection 11.16 10.46 13.13
The Company endeavours to grow premium through:
Total 73.81 64.62 77.33
• Deepening penetration in under-served customer segments:
The Company will continue to focus on broadening the customer base
through initiatives across distribution and products.

DEEPENING ENHANCING FOCUS ON

PENETRATION DISTRIBUTION PENSION AND
ANNUITY

48
 Powering Sustainable Growth

OVERVIEW
CORPORATE
PROTECTION BUSINESS GROWTH PRODUCTIVITY IMPROVEMENT
We are focussed on expanding the protection & health business across Our productivity improvement initiatives are targeted at improving cost
both retail and group segments. This would be done by offering protection ratios. Technology and process re-engineering have been at the centre
products across channels, penetrating the online term insurance market of our efforts to improve cost ratios. We would continue to leverage the

01 - 78 REPORTS
and partnering with loan providers to offer coverage against loans. digital platform to improve customer experience and efficiency of our
service operations.

STATUTORY
Progress: The protection APE grew by 25.5% from ` 10.46 billion in
FY2021 to ` 13.13 billion in FY2022. The pandemic led to supply side Progress: Due to the COVID-19 pandemic, we had curtailed some of our
constraints which included reluctance to visit medical centres and revised discretionary spends in FY2021. Given the relative improvement in the
underwriting guidelines ultimately impacting the retail protection business. economic activities in FY2022, we focussed on increasing our distribution
We responded to an increase in reinsurance rates by emphasising sourcing presence and strengthening our brand. In FY2022 over FY2020, the new
of preferred customer profiles with corresponding minimal price increases. business premium grew by about 21.8%, while the increase in expenses
We launched the return of premium protection product in December was about 20.1%. The APE per employee also increased by 11.1% in
2021 and in the very first quarter of the launch, this variant contributed FY2022 over FY2021.

79- 148 FINANCIAL STATEMENTS

to 16.9% of the retail protection APE. We continue to take advantage of
Particulars FY2020 FY2021 FY2022

STANDALONE
the opportunity available in the group segment, specifically on group term
products leading to increased demand for the group term products. Our Cost/TWRP 15.9% 14.8% 18.6%
new business sum assured grew by 25.4% from ` 6.17 trillion in FY2021 to Cost/TWRP (Savings Line of
` 7.73 trillion in FY2022. We were the private sector market leader with an 10.4% 9.6% 12.8%
Business)
overall market share increasing from 12.5% in FY2021 to 13.4% in FY2022. Cost/Average AUM 2.9% 2.3% 2.4%

APE (` Billion) FY2020 FY2021 FY2022 VALUE OF NEW BUSINESS (VNB)

149 - 521 FINANCIAL STATEMENTS

Retail protection 7.68 5.72 3.94 Our VNB increased from ` 16.21 billion in FY2021 to ` 21.63 billion in
Credit Life 2.35 2.41 3.52 FY2022 showing a growth of 33.4% and VNB margin improved from

CONSOLIDATED
Group term 1.13 2.33 5.67 25.1% in FY2021 to 28.0% in FY2022. VNB for the protection and savings
business is ` 9.24 billion and ` 12.39 billion respectively in FY2022, as
Total 11.16 10.46 13.13
compared to ` 8.66 billion and ` 7.55 billion in FY2021.

PERSISTENCY IMPROVEMENT The diversification in the sources of profit that we have achieved gives us
We believe persistency is probably the most effective indicator of the a robust base for the future.
quality of sale and is a barometer of customer experience. This parameter

522 - 584 VALUE RESULTS

tracks the percentage of customers renewing their policies. Maintaining FY2021 FY2022
a high level of persistency is critical to drive value for both customers as

EMBEDDED
well as shareholders. We would seek to drive persistency improvements VNB Margin VNB Margin
across all durations by encouraging long-term behaviour in our customers. 25.1% 28.0%
Progress: For FY2022, our persistency ratios for 13 th
month and
61st month were stable at 84.6%% and 54.7% respectively. 3.52
3.62 (16.3%)
(22.3%)
Particulars FY2020 FY2021 FY2022 9.24
Total VNB 8.66 Total VNB
585 - 591 INFORMATION

13 month
th
85.0% 84.9% 84.6% ` 16.21 bn (53.4%) ` 21.63 bn (42.7%)
3.93
25th month 75.9% 72.9% 77.3% (24.2%) 8.87
ADDITIONAL

(41.0%)
37 month
th
67.8% 65.8% 66.9%
49 month
th
66.2% 63.5% 63.4%
61st month 55.3% 48.9% 54.7%
Protection Savings: Non-Linked Savings: Linked
Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public
Disclosures by Insurers’ dated September 30, 2021. Figures in brackets represent share of VNB mix
592 -595

49
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Financial Capital

We have continued to maintain a strong and healthy Balance Sheet since inception. Our
shareholders’ net-worth increased to ` 91.63 billion at March 2022. Our Embedded Value,
which also includes the present value of future profits attributable to shareholders from the
in-force business, stood at ` 316.25 billion at March 31, 2022.

The solvency ratio was 204.5% at March 31, 2022 against the regulatory Particulars FY2022
requirement of 150%.
Annualised Premium Equivalent (APE) `77.33 bn
We monitor our liquidity and asset-liability positions regularly. Of the Protection APE `13.13 bn
total liabilities, non-participating guaranteed return products comprise
Persistency1 (13th month) 84.6%
only 1.9%. On the fixed income side, only 0.3% of the portfolio has been
invested in bonds rated below AA and our robust investment policy has Cost Ratio (Savings Business) 12.8%
ensured zero defaults since inception and across market cycles. Value of New Business (VNB) `21.63 bn
From a value creation perspective, our primary focus continues to be VNB Margin 28.0%
the growth of the Value of New Business (VNB) through the 4P strategy Embedded Value (EV) `316.25 bn
of Protection focus, Premium growth, Persistency improvement and
Return on Embedded Value (RoEV) 11.0%
Productivity enhancement targeted at improving cost ratios.
Solvency Ratio 204.5%
1
Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/
GEN/21/02/2010 dated February 11, 2010.

50
 Powering Sustainable Growth

OVERVIEW
CORPORATE
Intellectual Capital

At ICICI Prudential Life Insurance, Intellectual Capital includes our brand equity, technology

01 - 78 REPORTS
systems and knowledge-based assets. For the past 21 years, the Company has continued to

STATUTORY
be a strong and resilient force, unwavering in its commitment towards India’s life insurance
sector. Amidst a tough and competitive market environment, we leveraged our Intellectual
Capital to remain relevant and implement our strategies in an effective and efficient manner.

79- 148 FINANCIAL STATEMENTS

STANDALONE
149 - 521 FINANCIAL STATEMENTS
CONSOLIDATED
522 - 584 VALUE RESULTS
EMBEDDED
We continued to capitalise on our Intellectual Capital, especially our The relaunched user-friendly customer mobile app has crossed a key
technology and digital enablers, to enhance the customer’s buying, milestone of 1 million downloads and is one of the best rated apps in the
servicing and claims experience and to remain their brand of choice life insurance industry. Today, one out of every four service transactions
amongst life insurers. During the pandemic, the Company’s technology are being carried out on the mobile app. To provide a 24x7 service
readiness enabled continuity in operations, hassle-free onboarding of through chat and WhatsApp bots, we have also capitalised on technology
customers, superior service delivery and a seamless claims experience. advancements in the areas of Artificial intelligence (AI), Machine Learning
585 - 591 INFORMATION

We utilised the year in continuing on our mission to build a strong (ML) and Natural Language Processing (NLP).
technology foundation, resilient infrastructure and an agile platform to
ADDITIONAL

adapt to the evolving ecosystems and tech trends in the insurance sector. Over the past 21 years, we have introduced many industry-first innovations
to simplify our processes and transform the way life insurance is sold in
In line with our commitment to customers in providing a seamless India. Eventually, these have gone on to set new industry benchmarks.
experience, we have empowered them by providing a wide range of
services on an omni-channel platform. Our efforts have led to about
3 million monthly digital service interactions being conducted on this
platform and over 90% of service interactions being done through the self-
592 -595

help and digital modes.

51
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

OUR INDUSTRY-FIRST DIGITAL INITIATIVES

• Implement e-Apply initiative • Launch Customer Profiler to assist sales employees
• Aadhaar integration • Verified WhatsApp business account
• Use Instant Optical Character Recognition (OCR) technology • Launch of tele-underwriting
• Provide easy User Interface (UI) to partners for pre-coded • Integration with TrueCaller to facilitate automatic form filling
premium quotation & application form pages • Use AI-powered speech recognition Humanoid for renewal
• Anytime, anywhere servicing module premium
• Integration with Income Tax-PAN services • Implement Standing Instructions (SI) on Unified Payments
• Integration with Central Know Your Customer (CKYC) database Interface (UPI)

TRANSFORMING THE TECHNOLOGY LANDSCAPE

Our digitalisation strategy was conceived a decade ago and is a first in the industry to provide an end-to-end seamless onboarding and customer service
platform. We have evolved over the last two decades of our existence and have established industry leading benchmarks which are listed below:
Our key digital initiatives over the years:

2001-10 2010-12 2012-13 2014-18

Core and Peripheral Digitalising Onboarding Digitalising Customer Servicing End-to-end Integration
• End-to-end application • End-to-end onboarding journey • Superior experience across Framework
landscape (core and peripheral) eliminating multiple handoffs all channels through an • State-of-the-art integration
• State-of-the-art underwriting and iterative visits omni-channel platform platform facilitating services
engine and workflow systems • Rolled out both web application • Device-agnostic solution and Application Programming
and native modules on Android offering convenience and Interface (API) integration
and iOS choice • Eco-system integration for
• Digitalising service requests pre-population, documents and
and empowering customers data enrichment
through self-help service • Empowering partner
organisation and facilitating
ease of partner onboarding

2018-20 2020-21 2021-22

AI Framework and Application Build Scale Enhance Customer Experience
• AI framework for NLP • Roll out of multi-lingual • Group portal - An end-to-end automated process for
• Roll out of chat (chatbots, WhatsApp), Humanoid for renewal onboarding group customers
voice-based applications (voice bots, Google calling. Ability to call 50,000 • Video verification as a service to distribution partners
Assistant) customers in an hour • Application form pre-fill with OCR of KYC document
• Roll out of AI-based instant OCR • Revamp of core systems for • Enabled option to submit income proof digitally through
• Roll out of self-learning analytical models for enabling bulk issuance in data aggregation platform integration
Risk solutions record time • InstaPlan - A pre-sales tool to create a customised
• Roll out of Nudges across all properties for • Modernising infrastructure for solution for the customer by combining multiple products
next best action auto scaling on-the-go
• Avatar for superior engagement • Enhanced features in customer mobile app for better
engagement
• Launched ICICI Pru Fit Life, an in app feature - health
tracker to record steps count, calories burned etc.
• Empowering partners to accept customer requests on
their platform

52
 Powering Sustainable Growth

OVERVIEW
CORPORATE
Digital Initiatives at ICICI Prudential Life Insurance
a. Enhancing customer experience

01 - 78 REPORTS
STATUTORY
Self-service Platforms Enhanced Interface 3Vs
Over the years we have built simple and We provide simplified purchase and service Along with voice bots, we have also
easy-to-use self-service platforms. Our experience blended with conversational created product video guides with purchase
website is one of the most visited amongst interfaces such as chat and voice, video options. In order to service regional/
all private life insurance players, while our and co-browsing for seamless experience. remote customers, we have enabled

79- 148 FINANCIAL STATEMENTS

mobile app is one of the highest rated regional languages for Pre-Issuance Video
within the life insurance industry. Verification (PIVV). We have also extended

STANDALONE
some of these services to our distribution
partners.

b. Simplification of processes by digitalisation

149 - 521 FINANCIAL STATEMENTS

CONSOLIDATED
Personalised Form-Filling Group Portal Flexible Work Models
The insurance application form is pre-filled An end-to-end automated process has been The Company has empowered its workforce
by identifying, verifying and segregating created for onboarding group customers. to work from anywhere with secure
the KYC documents with OCR technology This provides visibility of application status infrastructure. A secure environment is
for the online onboarding journey. This to the master policyholder. Communication enabled to work from anywhere for both
improves our policy issuance turn-around- triggers to the master policyholder are set business and technology users.
time since document discrepancy is closed at critical milestones and have resulted in

522 - 584 VALUE RESULTS

automatically. In addition, it ensures “First eased reconciliation.
Time Right” behaviour from our frontline

EMBEDDED
sales force.

c. Fostering innovations
585 - 591 INFORMATION

InstaPlan FitLife Quick Claim Assistance

ADDITIONAL

A pre-sales tool to create a customised We are moving towards providing value- We have launched a digital claim
solution for customers by combining added services to our customers on our registration process that also helps
multiple products on-the-go. Provides platforms which will nudge them to live customers to track and upload claim
features like combined cash flow statement, an active and healthy life. Customers can related documents. Customers can
name personalisation on the welcome kit, set goals and track daily progress through seek call assistance through the Bot or
simplified purchase journey by streamlining our app. WhatsApp for any claim-related query.
document upload process, creation of
592 -595

smart welcome kit, and combined first

premium payment.

53
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Investment Philosophy & Fund Management Strategy

At ICICI Prudential Life Insurance, the investment philosophy aims to Prudent Investment Management
proactively achieve superior risk-adjusted returns on our funds under Our set of policies and practices are more stringent than the ones
management. The focus is on ensuring long-term Safety, Stability and prescribed by the regulator. Based on our investment framework, we
Profitability of the portfolio. The framework to achieve this objective carry out in-depth analysis of companies and relevant sectors. We follow
is based on a sound investment process and controls coupled with a a disciplined approach for investment, which works across market cycles
rigorous and sophisticated risk management strategy. There is a clearly and helps us in achieving our goals and objectives, while also meeting the
articulated asset allocation strategy depending on risk characteristics of expectations of all our stakeholders.
the corresponding liability.
Our disciplined and long-term investment approach is managed across
We have a clear investment policy and a structured and disciplined market cycles. As one of the key institutional investors in Indian listed
investment process for investment management. Our equity companies, we ensure that the businesses we invest in operate in
investment philosophy can be summarised as fundamental investing a responsible manner. We incorporate Environmental, Social and
backed by analysis of the Company’s and industry’s performance and Governance (ESG) factors into our investment process in addition to
prospects. The investment philosophy leverages our relative strength fulfilling our stewardship responsibilities. We currently have Assets Under
vis-à-vis other market participants, which is the long-term nature of Management worth ` 2.40 trillion.
our investment pool. The objective of the fixed income investment
team is to meet return expectations of policyholders and shareholders Investment Team
through investment in high credit fixed income securities, managing Our team is amongst the largest and the most experienced across the
interest rate and liquidity risks. entire life insurance industry in India, with an average fund manager
experience of ~19.7 years. The team combines our key principles
and targeted sources of returns to establish a policy enshrined in our
investment process.

54
 Powering Sustainable Growth

OVERVIEW
CORPORATE
Human Capital

Serving the needs of customers with sensitivity is at the core of our Company’s Vision

01 - 78 REPORTS
statement. This holds true for our employees as well. We strive to deliver our core employee

STATUTORY
value proposition of a long-term career underpinned on the cornerstones of providing a
Supportive Environment, Learning & Growth and Fairness & Meritocracy at the workplace.
To deliver a seamless and superior employee experience, we have digitised the employee
life cycle from onboarding to exit by deploying the latest technology enablers.

79- 148 FINANCIAL STATEMENTS

STANDALONE
149 - 521 FINANCIAL STATEMENTS
CONSOLIDATED
522 - 584 VALUE RESULTS
EMBEDDED
We believe that alignment to the Company’s Vision & Values, strategic to transformation of the workplace and the workforce. The onset of the
imperatives, goals and culture is essential to seamless execution of pandemic led to the re-orientation of the human resources imperatives to
business strategy. Our Human Resources policies, processes and systems deal with the complexities of the evolving environment as follows:
585 - 591 INFORMATION

are configured to drive alignment across all levels of the organisation.

People are key to strategy execution and we continuously invest in the #1: Enabling employee well-being
ADDITIONAL

growth and development of our people to create a culture that allows #2: Enabling organisation productivity
people to feel empowered to contribute, flourish and give their very best. #3: Building an engaged and agile workforce
It is this investment in the growth of our people and the alignment of the
people strategy with the business strategy, that we believe creates the
The three imperatives were identified as a response to the challenges of
edge that makes our human resources a source of our strength and a key
the evolving business environment and in alignment with the employee
competitive advantage.
promise or Cornerstones of providing a Supportive Environment, Learning
592 -595

The pandemic accelerated digital adoption at an unprecedented scale & Growth and ensuring Fairness & Meritocracy at the workplace.
leading to the transformation of the way work is done which in turn led

55
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

#1: ENABLING EMPLOYEE WELL-BEING

The Company put in place a holistic well-being framework for employees
which focussed on both physical and mental well-being. A three-pronged
approach comprising awareness building, instituting enabling policies and
facilitating habit formation formed the bedrock on which the well-being
framework was conceptualised.

A. COVID-19
Combating COVID-19 was the foremost priority of the Company with the Divya Wadhwani
country witnessing two waves of the pandemic and large numbers of Manager-I, Ahmedabad
people including employees getting infected and hospitalised. All efforts
were made to get all employees vaccinated as per the eligibility criteria
declared by the Government. Onsite and offsite vaccination camps were The Company played an important role in not only
conducted in partnership with best-in-class medical service providers.
implementing safety measures at the workplace
The camps were not only conducted for employees, but also extended
to family members of employees as well as out-sourced staff and partner
but went a step ahead and helped me in getting
employees. In addition to the vaccination camps, the Company instituted vaccinated at one of the best hospitals in the city. The
a policy to reimburse the cost of vaccination to promote safety at the Company encouraged vaccination through onsite and
workplace. A variety of educational and awareness campaigns were offsite camps in addition to introducing a vaccination
conducted including webinars with the Chief Medical Officer at regular reimbursement policy.
intervals. As on March 31, 2022, 99% employees of the Company are
fully vaccinated.

A round-the-clock COVID-19 helpdesk was setup in partnership with a

service provider to provide services for doctor tele-consultation, RT-PCR
testing, home care and isolation centres, ambulance services, hospital
admission assistance and oxygen support for employees and their
extended families. Over 980 employees and family members availed
of this benefit. The office infrastructure had already been augmented
by installing UA air purifiers and HEPA filters in air conditioners. Social
distancing measures were implemented by restricting entry to offices
through employee rostering as per Government guidelines. Plexiglass
shields were installed at all customer service desks and workstations in
the larger offices where large number of employees are housed in one
place. Provisions were made for face shields, masks and sanitisers to
inculcate safe habits amongst employees and support staff. The Company
instituted protocols for office working and a playbook was circulated to all
employees on COVID-19 appropriate behaviours. As on March 31, 2022,
all offices are operating at 100% capacity.

An app – iWorkSafe was developed to enable employees to submit

their daily health status and to enable social distancing via a Bluetooth-
based buzzer. The app was downloaded by all employees which enabled
the Company to get real-time data on health and vaccination status of
all employees. With the Company’s health insurance partner, Home Care
packages were offered to employees to support their medical needs.
To ensure affected employees were given sufficient time to recover,

56
 Powering Sustainable Growth

OVERVIEW
CORPORATE
each office, fire drills and other safety parameters for office maintenance
and a process for regular certification on all parameters for each office.
Adherence to the Health, Safety & Environment guidelines is regularly

01 - 78 REPORTS
reviewed internally. The Company has enhanced the benefits that offer
employees protection of health and well-being such as Group term

STATUTORY
insurance and personal accident insurance.

The Company encourages employees to avail of voluntary health cover

which enables them to take on additional health insurance coverage
for their parents and parents-in-law. All employees and their immediate
families are eligible for hospitalisation coverage and annual health check-
up based on age and tenure criteria. To enable mental health, the Employee

79- 148 FINANCIAL STATEMENTS

Assistance Programme has been put in place with a partner for mental
health counselling and 166 employees availed of the facility in FY2022.

STANDALONE
149 - 521 FINANCIAL STATEMENTS
Jatinder Pal Singh

CONSOLIDATED
ARM & Senior Managing
Partner, Jammu

I had taken Voluntary Health Cover (VHC) Policy for my

father-in-law who was suffering from a chronic kidney

522 - 584 VALUE RESULTS

‘COVID-19 recovery’ leave was provided in addition to sick leave. Through disease and had to undergo dialysis twice a week. The
the iSupport initiative, the Company created a verified database offering policy gave me great financial support. The best thing

EMBEDDED
city-specific information pertaining to COVID-19 facilities such as hospitals, about the policy is that it covers pre-existing ailments.
pharmacies and quarantine centres.
I thank the Company for this initiative.
B. Non COVID-19
1. Building awareness
Wellness talks were conducted by the Company’s Chief Medical Officer
at regular intervals. Holistic well-being was promoted through multiple
585 - 591 INFORMATION

awareness campaigns. With 70% of the workforce in frontline sales 3. Facilitating habit formations
roles and regularly meeting customers, road safety is an important Various initiatives were launched to promote physical and mental well-being
ADDITIONAL

priority and sessions were conducted in association with local traffic and nudge employees to develop right behaviours and habits. Some of the
police representatives. Fire safety week was observed and employees well-being initiatives included a) Walkathon: An initiative for employees to
underwent training drills and fire safety sessions along with educative encourage walking an average of 10,000 steps daily was launched for the
mailer campaigns. period January to March 2022 in partnership with a service provider. The
Walkathon was divided into seven laps and ~350 employees participated
2. Enabling policies in each lap, b) Pinkathon: The initiative was launched on the occasion of
The Company has stringent guidelines to ensure safety of employees and International Women’s Day in March 2022 to encourage physical fitness
592 -595

Company property. These include policies on fire safety that cover rules amongst women employees. The programme was launched in two laps
pertaining to fire-fighting equipment, emergency exits, floor marshals for and ~40 employees participated in each lap, c) Yoga sessions: ~350

57
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

employees participated in the yoga sessions organised by the Company. programme for frontline sales professionals, was deployed digitally
The Company also actively encouraged employees to take restorative to ensure employees are adequately skilled to perform in a hybrid
breaks through an initiative called ‘Silent Hour’ where employees were working environment. For entry-level management and specialist roles,
allowed to be unavailable for calls or meetings during the work day to the Company hires MBAs from top-tier business schools, Chartered
focus on important tasks or for their personal needs. Accountants (CA) and other professionally qualified talent.

This year, the Company significantly enhanced capacity building by

hiring people with specialist skills. To build a pipeline of young talent, the
Company on-boarded entry-level Pharmacy graduates in the Underwriting
function, Actuarial professionals, and CAs in the Finance and Internal Audit
functions towards meeting business requirements and to mitigate the
challenges of high attrition.

Sunita Dsouza The Company uses a diversified sourcing strategy for lateral hiring
Senior Manager I, Mumbai including partnerships with intermediaries such as recruitment process
outsourcing firms and recruitment consultants. The Company actively
encourages employees to advocate the employer brand and refer those in
I was very excited to participate in the Pinkathon their network under the “Talent@Hunt” programme.
challenge. I was tracking my daily steps and pushed
myself to achieve more. It was great to see many
of our colleagues participating in the challenge.
This challenge has definitely helped me to get more
disciplined & fitter.

#2: ENABLING ORGANISATION PRODUCTIVITY

A. Talent Attraction & Onboarding
Growing and building talent from within and offering a long-term career
constitute the essence of the Company’s employment proposition.
The Company actively focusses on building a strong bench of internal
successors at all levels which gives a rich pipeline of employees who have
tacit knowledge, experience and alignment to the culture and values of
the organisation. The talent pool is strengthened every year with intake
of fresh graduates from professional institutes and business schools.
Additionally, wherever required, capability gaps are bridged by inducting
skilled talent laterally. The diversified talent mix of fresh graduates, lateral
hires with skills in key functional areas and internally grown talent who
have acquired valuable experience of people, processes, systems across
multiple areas have helped the Company build a multi-skilled, multi-
generational workforce uniquely positioned for successful execution of the
business strategy.

The Company enabled digital, seamless onboarding of all new recruits

including pre and post-joining documentation, offer letter generation
and identity card creation. V-STAR, the Company’s flagship induction

58
 Powering Sustainable Growth

OVERVIEW
CORPORATE
The Company’s integrated multi-platform capability development
architecture offers learnings through inductions, domain-specific trainings,
behavioural interventions and self-paced platforms. The various initiatives
over the year have resulted in over 1.2 million learning hours and 100%

01 - 78 REPORTS
employees covered through at least one training intervention. The specific
programmes include:

STATUTORY
Ishna Bhatara
Associate Key Relationship 1. Inductions: The Company has a well-established induction
Manager, Phagwara programme that enables freshers to understand the basics of the
life insurance sector, get to know the organisation and dwell deeper
ICICI Prudential Life Insurance has transformed me in their roles.
professionally and personally. My journey from campus to
2. Behavioural: These include various managerial effectiveness and
corporate has been enriching. Being a complete fresher,

79- 148 FINANCIAL STATEMENTS

leadership programmes to increase managerial and leadership
not only did I learn about the life insurance industry, but effectiveness at various levels in the Company. These programmes

STANDALONE
am more confident, and have built a huge network of focus on the science of understanding self, others and business and
people. Today, I see myself as a transformed individual. are based on the Company’s Leadership Anchors.

3. Domain-specific programmes:
a. Segmented and targeted initiatives for frontline sales are conducted
through Saksham – flagship programme for knowledge building,
B. Talent Development up skilling and perspective sharing for all domain inputs for the

149 - 521 FINANCIAL STATEMENTS

Learning & Growth is a key employee value proposition and the Company Sales team. The programme anchors national webinars by subject
aims to facilitate capability building of employees through classroom matter experts and panel discussions on the seven pillars of
and on-the-job training, job rotation opportunities, job enrichment and

CONSOLIDATED
Product, Process, Market update, Productivity, Selling skills, Digital
opportunities for career progression. The Company follows an integrated and Service. These are complemented with e-learning modules
capability development framework for developing a culture of excellence. and certifications on the in-house learning management system-
The capability development framework focusses on enhancing the Saksham app and the AI-based platform ‘My Coach’.
performance and potential of employees based on the Company’s
Leadership Anchors of Execution Excellence, Professional Excellence, b. Based on the learning needs of Support and Process functions,
People Excellence, Service Excellence and Strategic Excellence. workshops on themes like data literacy, project management,

522 - 584 VALUE RESULTS

business writing and business continuity management have been
conducted.

EMBEDDED
585 - 591 INFORMATION

Manikandan Rajamani
ADDITIONAL

Senior Vice President (Chennai)

Saksham is an excellent platform to teach/learn/

unlearn/share success stories in one go. Productivity
has improved across levels and Saksham has become
a benchmark in the industry for others to follow.
592 -595

59
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

4. Self-paced programmes: In addition to the Saksham app which The Company has been able to develop high quality human capital having
offers a library of domain specific trainings for the Sales team, the leadership stability, with 86% of the senior management team having
Company has also tied up with LinkedIn Learning and Coursera served the Company for more than 10 years, leadership breadth with 75%
to offer best-in-class learning content and certificates from of the positions in senior management filled through internal succession
renowned institutions like University of Michigan, Yale University in the last 5 years balanced with hiring of specialist talent laterally, and
and Google etc. leadership depth with 96% of senior management in generalist roles
having done more than 3 job rotations.

C. Performance & Talent Management

The Company has an established performance and talent management
framework. The objectives of the framework are threefold – a) to ensure
alignment to the Key Performance Indicators (KPIs) of the Company as set
out by the Board and ensure clarity of goals and purpose across levels,
b) to create a talent pipeline by nurturing high potential talent, and c) to
Ashutosh Singh enable differentiated rewards and capability development to help ring
Senior Manager-II, Kolkata fence talent for the future.

I would like to thank the Company for providing best-in-

class learning platforms. These platforms have given
me an opportunity for undertaking courses relevant to Alignment Creating
my role and have helped me develop my capabilities. to a talent
strategy pipeline

We have a defined ‘Internal Job Rotation’ policy that provides

opportunities to employees to move across functions and locations
so that they can broaden their skills and knowledge through diverse Differentiated
experiences and have a more holistic understanding of the business. rewards

The Company has a structured Performance Management System (PMS)

anchored on the principles of Fairness and Meritocracy. A meritocratic
culture is reinforced through relative assessment of performance and
performance accountability through linkage with rule-based rewards.

The Company has a well-defined succession planning process to

facilitate the development and career planning of high potential
Rohit Shettigar
talent, mitigate vacancy risk arising from attrition and ensure business
Vice President, Mumbai
continuity. A framework has been put in place for identifying key roles
and measuring the depth of leadership cover for each role by identifying
The opportunities given to me all throughout my
successors who can move to the role either immediately or over a
career at ICICI Prudential Life Insurance to explore period of time, or by restructuring the role to mitigate vacancy risk
roles across geographies have immensely helped in and ensure business continuity, where successors are not immediately
learning different dimensions of the business. The available to fill the vacancy.
Company has a robust job rotation policy, allowing In FY2022, several employee productivity improvement initiatives have
cross-functional movements and helping employees been stepped up through investments in digital learning and certification,
in acquiring new skills through on-the-job learning. re-calibration of headcount based on business needs, job enrichment and
job rotation. These have resulted in best-in-class employee productivity
and cost ratios in the industry.

60
 Powering Sustainable Growth

OVERVIEW
CORPORATE
#3: BUILDING AN ENGAGED AND AGILE WORKFORCE
A. Enabling A Diverse Workforce
The Company has a multi-generational workforce that blends the
richness of experience with the energy of youth. Accordingly, the

01 - 78 REPORTS
varying need and priorities of each employee cohort are catered to with
differentiated propositions. These are enabled through various policies

STATUTORY
based on employee life cycle needs to allow greater flexibility in managing
Shikha Maheshwari
professional responsibilities and personal responsibilities in the areas of
Asst. Manager, Mumbai
learning & growth, family support as well as on health & safety.

The Company is an equal opportunity employer with zero tolerance Joining work as a second career after a 12-year break
for any discrimination based on gender, religion, caste or class. This is was a challenge in itself. Apart from the incredible
implemented through our Talent Acquisition Policy. The Company has family support, the environment at ICICI Prudential

79- 148 FINANCIAL STATEMENTS

taken various steps over the year to foster inclusivity at the workplace. Life Insurance has made things easier for me to work.
The Diversity & Inclusion (D&I) agenda was strengthened through the Looking forward to work with ICICI Prudential Life

STANDALONE
implementation of the Equal Opportunity, Diversity and Inclusion policy. The
Insurance for long.
Company is committed to the inclusion focus on women and to gradually
extend it for People with Disabilities (PWD) and LGBTQIA+ community.
The representation of women in the workforce has improved from 26% in
FY2020 & FY2021 to 27% in FY2022.
1. Inform
To encourage inclusion and take corrective actions on the areas identified, The objective of the Company’s digital communication efforts was to keep

149 - 521 FINANCIAL STATEMENTS

initiatives are being implemented to: all employees regularly informed on business developments, organisation
imperatives and the strategic direction. Special emphasis was placed
• Create awareness on D&I and sessions on unconscious biases for

CONSOLIDATED
on ensuring adherence to health and safety protocols at the workplace.
employees Accordingly, communication updates were regularly sent from the MD
• Build the talent pipeline through a focus on hiring of women & CEO’s desk. The Chief Distribution Officer ran a monthly engagement
especially through the campus programme in top cities, and initiative and digital campaigns were run on the employee apps – PULSE
encouraging inclusion through networking and mentoring forums and ATOM.
for women
• Set up enabling policies to encourage women to stay invested in

522 - 584 VALUE RESULTS

their career, the Company offers supportive policies for women
which cater to their varied life stage needs. Some of these policies

EMBEDDED
are specific leaves namely Maternity Leave, Adoption Leave of
3 months and Medical Leave in case of miscarriage or medical
termination of pregnancy. Women employees can also avail of
medical leave for a tubectomy operation or any illness arising out of
pregnancy, including extension of Work from Home where required,
assistive devices for People with Disabilities (PWD) and flexible work
contracts.
585 - 591 INFORMATION

• Measure and track D&I metrics including gender equity in

ADDITIONAL

performance and pay and Voice of Employee survey scores

B. Communication & Engagement Architecture

The Company has a 3i engagement framework of Inform, Involve and
Invigorate, along with providing a seamless employee experience through
technology, all of which has resulted into employee engagement as
measured through employee surveys.
592 -595

61
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

2. Involve wellness. Initiatives such as ‘Plant a Sapling’, ‘Navraatri Green Day’,

Various initiatives such as Coffee and Connect/Townhalls were undertaken session on ‘Mental Agility & Yoga’, e-learning programmes on mental
to build connect amongst employees. Formal forums such as Executive wellness, ‘Ecofriendly Home Diwali’ and ‘Walkathon Challenge’ were
Committee meeting and business forums are held at regular frequency launched. ~1,000 employees participated in these initiatives.
for aligning the leadership team with the Company’s goals and as a part
of their leadership development to acquire a multi-functional perspective
beyond their immediate roles.

c. International Women’s Day

Prompting wellness for women, a ‘Pinkathon Challenge’ was
launched for women employees. A wellness session was also
3. Invigorate
organised with the Chief Medical Officer where ~800 employees
a. Festivals
participated.
Important national festivals were celebrated through both virtual
and physical events wherever possible. While all branches were
decorated on special days, employee gatherings were discouraged
in line with COVID-19 protocols. Celebrating the Indian teams’
Olympic performance, the Fit India campaign was run on the
occasion of Independence Day. Employees were encouraged to
participate in crossfit challenges promoting physical well-being.
Promoting India’s diverse geography, a ‘Bingo’ contest was also
launched for employees on the occasion of Independence Day. Apart
from this, other festivals such as Holi, Diwali, and Christmas etc.
were celebrated at the branches.

d. Foundation Day
The Company celebrated the 21st Foundation Day on
December 22, 2021, where it had an opportunity to have
Mr. K.V. Kamath as the special guest. The Chairman also addressed
the employees on this occasion. The celebrations started with
various workshops and activities planned for the 247 awardees and
their families. To create a personal touch, a “Recreate the magic”
hamper with event memorabilia was sent across to all employees in
advance. As a build-up to the celebrations, workshops on art & craft,
‘Craft your Imagination’ and gardening, ‘Microgreens and Urban
b. Go Green Month Gardening’ were conducted for employees’ and their families. Out
A month-long campaign was launched in October 2021 which of the 247 awardees - 234 employees were awarded for completing
encouraged employees to adopt greener ways of living and promote

62
 Powering Sustainable Growth

OVERVIEW
CORPORATE
10 years and 13 employees for completing 20 years. The event saw The Company continues to leverage technology to enhance employee
over 11,000 logins during the main event. As per feedback from the experience, across the elements of talent acquisition, talent development
employees on experience of the Foundation Day celebrations, 98% and talent management. In talent acquisition, a seamless candidate
enjoyed the overall experience. onboarding journey is being enabled through chatbot/voice bot, Optical

01 - 78 REPORTS
Character Recognition (OCR), and Intelligent Character Recognition (ICR),
video interviewing and a seamless journey on the career website. The

STATUTORY
focus on talent development is to curate on-the-go bite-sized learning
years of celebrating life

My Pride
Our Glory

by leveraging platforms like LinkedIn Learning, Coursera and My Coach

Join us for a learning experience on and through the certification framework for frontline sales. Intelligent
automation, AI-based conversational chatbots/voice bots, and User
Interface and User Experience (UI/UX) on the HR app will enable a superior
employee experience across the employee life cycle.

79- 148 FINANCIAL STATEMENTS

STANDALONE
This Foundation Day, give yourself and your family the gift of
growing your own Green Garden!

Here’s an exclusive invite to participate in a workshop on

Microgreens & Urban Gardening
Get practical tips, tricks, and hacks from our expert. Learn and create with
your own Do It Yourself kit.

December 19, 2021 I 10:30 AM to 12:00 PM

You will receive your DIY Microgreen Kit soon at your residence (Kit includes)

149 - 521 FINANCIAL STATEMENTS

2 JUTE 2 SEED 1 WATER 2 1
GROW TRAYS VARIETIES SPRAY COCO-CAKES CLIPPER

CONSOLIDATED
C. Employee Surveys
The pandemic necessitated a transition to remote work for all employees
Strictly for internal circulation only. Should not be further circulated/used for presentation to a prospect/general public.

in the interest of health and safety. The new normal that emerged implored

522 - 584 VALUE RESULTS

EMBEDDED
Ravi Kumar
Branch Manager, Bhagalpur

I completed my 10 years of successful journey at

585 - 591 INFORMATION

ICICI Prudential Life Insurance this year. On this

occasion, the Company sent a token of appreciation
ADDITIONAL

and organised fun activities for my kids and family.

It was an emotional moment for me when my
family decorated the house and celebrated my work
journey like a festival. Overall, working with ICICI
Prudential Life Insurance has been a pleasure. I am
getting a supportive culture, learning, and career
592 -595

growth here.

63
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

the question of the future of the workplace. A remote effectiveness survey The VoE survey findings were communicated to the leadership team and
was launched in July 2021 to gauge how employees imagined their future function heads through automated dashboards. Individual team reports
of work and identified factors that aided and inhibited successful work were also generated for all second level of supervisory managers. The
along with their experience of working remotely. The survey covered three HR teams conducted focussed group discussions to secure insight and
dimensions namely work modes, work needs and well-being. actionable feedback based on the survey scores in specific target markets
and functions.
The survey outcomes were shared with function heads and business
leaders. Work groups were commissioned to discuss and propose policy
level changes and the Company would be rolling out the Remote work
policy to offer flexibility to employees in order to promote a sustainable
workforce.

In addition with the efforts around employee engagement and experience,

the Company measured employee engagement through the Voice of
Employee survey (VoE) and the Net Promoter Score (NPS). The VoE
survey is a biennial survey conducted through a chatbot with a focus to
capture employee feedback on the Company’s Cornerstones of providing
a Supportive Environment, Learning & Growth and Fairness & Meritocracy.
Over the last survey held in FY2019, the employees had continued to rate
the parameters listed below as significantly high1 in the survey conducted
in January 2021.
• Advocacy in terms of recommending the Company to their friends
and family as an organisation to work for
• Alignment to Company’s Vision, Values and Strategy and these
inspiring them to go the extra mile at work
• Company providing support in their hour of need
• Company providing technology and infrastructure support as role
enablers

1
Greater than or equal to 90% score from employees (top 2 box score)

64
 Powering Sustainable Growth

OVERVIEW
CORPORATE
Social and Relationship Capital

The relationship with all stakeholders such as customers, partners and the community as

01 - 78 REPORTS
a whole is directly proportional to the quality of engagement. Effective management of
stakeholder relationships brightens our reputation, is key to growing our business and also for

STATUTORY
remaining commercially and socially viable.
As Trustees of public money, the Company endeavours to understand customer sentiments
and ensures that customers opt for products that suit their needs. Serving customer needs
with sensitivity underpins all our actions along the customer life cycle.

79- 148 FINANCIAL STATEMENTS

STANDALONE
149 - 521 FINANCIAL STATEMENTS
CONSOLIDATED
522 - 584 VALUE RESULTS
EMBEDDED
The Company ensures that customers are made aware about the The Company offers liquidity options to customers who have expressed an
salient product features and benefits and the importance of staying inability to pay their premiums or who decide to discontinue their policies.
585 - 591 INFORMATION

invested in the policy for the entire tenure of the policy through
multiple communication channels. Periodic engagement programmes are conducted through different
modes to keep policyholders aware of the benefits of their policies and
ADDITIONAL

Customers can choose from various online and offline payment options other issues related to their areas of interest, security measures they
to pay their premiums. To ensure a seamless and convenient experience should be aware of. Periodically, we also conduct educational series
for premium payment, the Company offers digital and physical standing related to investments.
instructions. The Company was the first in the life insurance industry to
offer Click-to-pay option and UPI Autopay options for a seamless payment We offer a multi-channel service architecture to deliver 24x7 service to our
experience. Doorstep assistance is also offered to customers proactively customers, anytime, anywhere based on their preference and need. Video,
including senior citizens. Voice and Vernacular are the three pillars of personalisation on which we
592 -595

have built our customer engagement architecture.

65
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

1. BRANCH OVERVIEW A few of the enhancements are listed below:

Customers can walk into any of our offices/branches across the country, Enhancements on the LiGo Chatbot
To add a personal touch to customer experience, we worked on humanising
the details of which can be obtained from the Branch Locator section on
the digital response.
our Website.
Both our chatbot and website are able to identify unsatisfactory customer
At branches, we recognise our customers in need of special considerations
experiences and provides an option of immediate assistance through a
and deliver customised and prioritised services. The staff at our branches “call-back” option to resolve their issues on priority. Similar developments
are well trained to be cognisant of the hassles and inconvenience caused on our IVR system ensures support by deploying faster transaction modes
to senior citizens, expectant mothers and those with infants. With and aid with immediate call transfer assistance for any unresolved issues.
claimants prioritisation, hand-holding and expectation setting is well
An instant call patch mechanism has been activated for customers visiting
managed and branches strive their best to provide a comfortable and
the grievance section on the website.
hassle-free experience to them.
Our chat-options are also equipped to handle queries a customer may have
2. CONTACT CENTRE on multiple policies without having to undergo individual validations for
Customer delight is our first objective and the Contact Centre team strives each policy.
hard to live by this promise of delivering value to customers and being able The system also identifies and interprets common input errors made by
to resolve their queries efficiently with zero compromise on quality. The customers such as date format, and provides an uninterrupted interface
key focus area of our Contact Centre strategy is to provide convenience to and a smooth service experience.
customers. Our Contact Centre team offers plethora of servicing options
We keep adding to services offered by our chatbot LiGo and those
to customers to make their experience seamless. The team won several available on our WhatsApp business platform to enhance convenience
awards and accolades which are a testimony to this endeavour. Some of and customer satisfaction.
them are as listed below:
Mobile App
• Best Work From Home Design in Contact Centre
Enablement of the digital service point has been very popular with our
• Contact Centre of the Year Award in Insurance customers. Our mobile app has crossed a milestone of 1 million downloads
• Customer Centric Innovations in Contact Centre and is one of the best rated in the industry. Today, one out of every four
service transactions is carried out on our mobile app.
Below are some unique services we provide at our Contact Centres: During the year, new digital features were introduced to increase the
• Facility for Senior Citizens to directly connect calls with our range of transactions that could be conducted digitally. This included
online redemption and settlement of policies. Customers can leverage
executives bypassing the IVR option
the digital platform to opt for deferred pay-outs in line with their revised
• Call patch option is enabled at the Contact Centres in case of any financial goals. Annuity customers can use the app and conduct Digital Life
issues while making premium payments verification from the safety and comfort of their homes.

Our service staff reaches out to customers on a continuous basis and 4. GRIEVANCES
assists them in making timely premium payments. Their collective efforts Our Grievance Redressal framework ensures prompt and effective
helped the Company reach a new milestone of ` 50 billion in Insta-Renewal resolution of customers’ grievances. Our service recovery team is
collection. This helped a large number of customers secure themselves responsible for investigating, evaluating and deciding on the resolution of
and their families. grievances. The service recovery team operates as an independent central
grievance redressal unit to ensure that the resolution provided for each
The call centre also engaged with our existing customers to offer them and every grievance is done in a fair and impartial manner.
need-based up-sell services, resulting in 6,500 new policies including
The service recovery team also ensures that customers’ insights and
top-ups with about ` 700 million of premium in collection.
feedback are reviewed with sensitivity to improve our service offerings
and customer experiences.
3. SELF-HELP AND DIGITAL SERVICE ENABLERS
We are constantly improvising on our digital enablers by making them more
robust and ensuring state-of-the-art deliverables. Our device-agnostic OUR GRIEVANCE RATIO FOR FY2022
platform provides access through the website, mobile app, WhatsApp,
voice bots, AI-powered chatbot. It ensures that we can engage with our STANDS AT 58 GRIEVANCES PER
customers where they want, and when they want. The endeavour is to
extend it to include more regional languages to be able to serve them in
10,000 NEW BUSINESS ISSUANCE
the language they want. (RETAIL POLICIES).

66
 Powering Sustainable Growth

OVERVIEW
CORPORATE
Multi-Channel Distribution

01 - 78 REPORTS
A robust distribution network is pivotal to in making life insurance easily accessible
to customers, resulting in enhanced penetration and financial inclusion. The Company

STATUTORY
commenced operations with a multi-channel distribution architecture and has over the
years stitched several tie-ups with corporate agents, brokers, banks, advisor networks,
and insurance marketing firms. This approach has paid rich dividends as it has enabled the
Company to be present on platforms and touchpoints preferred by customers. The Company
endeavours to continuously strengthen its distribution network through acquisition of new

79- 148 FINANCIAL STATEMENTS

partners and investing in creating new sourcing channels.

STANDALONE
DISTRIBUTOR CONVENIENCE
Through process simplifications, ecosystems integration and technology We have built a state-of-the-art platform enabling ease of integration
adoption, we have established industry leading benchmarks in the with ecosystems and partners systems. Additionally, we also support our
distribution process. partners to build customer onboarding journeys on their platform powered
by micro services.

149 - 521 FINANCIAL STATEMENTS

Distribution partners are enabled with digital tools to onboard and serve
customers with ease. The onboarding journey is simplified by using We also have designed a portal for our Group affinity business by building

CONSOLIDATED
collaboration platforms, pre-approved sum assured offers, pre-population one-of-a-kind platform which caters to seamless onboarding of members
of application forms from uploaded KYC documents, customised offers to and robust backend processes. The portal accounts for customisations
customers, and by tele and video verification triggers. across partners, performs product boundary condition checks and is
capable of managing high volumes of group business efficiently.

522 - 584 VALUE RESULTS

EMBEDDED
585 - 591 INFORMATION
ADDITIONAL
592 -595

67
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

STRATEGY: INVEST AND GROW KEY DEVELOPMENTS FOR FY2022

• Ring fence highly productive agents and recruit agents • >24,000 agents added
to tap new customers
• Diversified product mix: Savings (Linked) -
AGENCY • Invest in growing geographical footprint by expanding 35%, Savings (Non-Linked) - 34%, Protection
to smaller cities and Annuity - 31%

STRATEGY: BUILD PROFITABLY KEY DEVELOPMENTS FOR FY2022

• Protection with health riders, Annuity & iSolutions • Expanded bank partnerships to 27
• Identify white spaces in customer segments and • Protection and annuity mix increased to 38%
BANCASSURANCE geographies to increase overall business of partners

STRATEGY: CREATE DEPTH KEY DEVELOPMENTS FOR FY2022

AND ADD WIDTH • Expanded partnerships to ~800
• Build existing partnerships by identifying untapped
• 87% of business contributed by Protection,
opportunities
PARTNERSHIP Annuity, and Non-Linked Savings
DISTRIBUTION • Explore opportunities for new tie-ups

STRATEGY: DIGITAL-FOCUSSED KEY DEVELOPMENTS FOR FY2022

UPSELL CAMPAIGNS • Protection and annuity mix at 43%
• Analytics-based customer segmentation & upsell
• Persistency1 improved from 83.7% in FY2021
campaigns
DIRECT to 84.0% in FY2022 (13th month)
• Leverage synergies between physical upsell and online
digital sales processes

STRATEGY: PARTNER WITH NON-TRADITIONAL KEY DEVELOPMENTS FOR FY2022

DISTRIBUTORS • Option to buy retail protection plans within
• Partnership with digital-first companies such as e-commerce the distributor’s app
platforms, payment providers and fintech companies
EMERGING
ECOSYSTEMS • Analytics-driven customised and pre-qualified insurance
offers

Product mix based on New Business Premium (Retail)

1
Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/GEN/21/02/2010 dated February 11, 2010

68
 Powering Sustainable Growth

OVERVIEW
CORPORATE
Corporate Social Responsibility (CSR)

01 - 78 REPORTS
CSR has been a longstanding commitment at ICICI Prudential Life Insurance and forms an integral
part of the Company’s activities. The Company’s objective is to proactively support meaningful

STATUTORY
socio-economic development in India and enable a larger number of people to participate in and
benefit from India’s economic progress. It contributes and supports programmes and initiatives
keeping ‘protection of life and health’ as the core proposition and cornerstone of all its CSR
initiatives. This is in line with the Company’s vision “to build an enduring institution that serves
the protection and long-term saving needs of customers with sensitivity”.

79- 148 FINANCIAL STATEMENTS

STANDALONE
The Company contributes 70% of its annual CSR budget to ICICI COVID-19 VACCINATION PROGRAMME
Foundation for Inclusive Growth (ICICI Foundation), which takes forward The Company working closely with the ICICI Foundation conducted
CSR programmes on behalf of the ICICI Group. vaccination programmes for children (aged 12 to 18 years) and adults
ICICI Foundation focusses on the areas of sustainable livelihood through in the rural districts of Maharashtra (Ahmednagar, Aurangabad, Dhule,
skill development and identified social and environmental projects. Mumbai, Nanded, Nandurbar, Nashik, Palghar, Pune and Thane). Over
During FY2022, the Company supported two programmes through ICICI 155,000 individuals benefited from this gratis vaccination programme. Of

149 - 521 FINANCIAL STATEMENTS

Foundation, as listed below: the beneficiaries covered, 38% included children, 56% adults and 6% were
senior citizens.

CONSOLIDATED
SKILL DEVELOPMENT THROUGH ICICI ACADEMY
More details on this can be viewed on the link www.icicifoundation.org
FOR SKILLS
The Company supports ICICI Foundation’s project on Skill Development
for sustainable livelihood. ICICI Foundation, through the ICICI Academy for
Skills (Academy), provides vocational training to youth from economically
weaker sections and helps them undertake economic activities for a
sustainable livelihood.

522 - 584 VALUE RESULTS

EMBEDDED
THE ACADEMY OFFERS INDUSTRY-
RELEVANT AND JOB-ORIENTED Senior citizens and adults being vaccinated through a vaccination programme
VOCATIONAL TRAINING IN 14 conducted in partnership with the ICICI Foundation

TECHNICAL AND OFFICE SKILLS

585 - 591 INFORMATION

AT 28 OPERATIONAL CENTRES
ACROSS THE COUNTRY. THE
ADDITIONAL

COMPANY HAS SUPPORTED 1,558

TRAINEES IN FY2022.

Children being vaccinated through vaccination program conducted in

592 -595

partnership with ICICI Foundation

69
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

The CSR programmes taken forward by the Company directly or in Testimonial from CSA
conjunction with other partners are as follows:
I. Consumer awareness and education
The Company continued its commitment towards awareness of proactive ICICI Prudential Life Insurance is our
health management, financial preparedness and the significance of anchor partner in Madhya Pradesh. This
having an electronic Insurance Account (eIA). Through its communication
campaign “Body ke Missed Calls”, the Company educated customers to
partnership began when things were very
pay attention to the early signs of critical health issues, go for regular health nascent in the State and with continuing
check-ups and be financially prepared. The message was disseminated support we have constantly expanded
through radio, the Company’s social media handles and through an
advertorial. The programme reached out to 61.4 million consumers. our work and served more children year-
To know more on the programme, visit www.listentobody.com
on-year. Our heartfelt appreciation to ICICI
Prudential Life Insurance for patiently
walking the journey along with us. We are
proud of what we have achieved and this
could not have been possible without your
support! Thank you!
Anandhi Yagnaraman
CEO - Catalysts for Social Action

SUCCESS STORY

Kareena Choudhary

Horse riding trainer with Sky Wings Equestrian Academy,

II. Education, skill development and sustainable livelihoods Trivandrum earning ` 20,000 per month.
1. Holistic development of under-privileged children
Little Kareena was rescued from the streets by the Railway Police
The Company with partner Catalysts for Social Action (CSA) has been
and they got her admitted to a childcare home with CSA. Growing
supporting programme ‘Asha’ for under-privileged/orphan/abandoned
up from a young child to a sincere and hardworking girl, she has
children living in childcare homes on interventions of education, skilling,
performed exceedingly well in studies as well as co-curricular
vocational training, food & nutrition, and health & hygiene. The programme
activities such as Kathak and sports. In discussions with Kareena,
has concluded in FY2022.
CSA formulated a career plan with her wherein she was enrolled
in horse riding training and was selected in the State Equestrian
During the programme tenure, 129 under-privileged children living in
Academy, Bhopal, Government of Madhya Pradesh. She was also
three childcare homes in Madhya Pradesh have been supported annually.
selected for a National level championship for horse riding.
Besides holistic development of children, the ‘After Care’ initiative is a
key component of the programme for children aged 18 years and above, Kareena believes that with the support received, she has got a
which aims to integrate them into the society through support on higher new direction in her life and is confident of helping her family in
education, skilling and life skills. A total of 48 children are the beneficiaries financial aspects.
of ‘After Care’ module of the programme and have been pursuing higher
education/vocational training/jobs of their choice.

70
 Powering Sustainable Growth

OVERVIEW
CORPORATE
SUCCESS STORY
AROUND 40 HOMESTAYS AND
6 ECO-CAFES HAVE BEEN SET

01 - 78 REPORTS
Charles Samuel
UP TO HOST TOURISTS; AND

STATUTORY
OVER 500 WOMEN FROM LOCAL
Senior Advisor with Concentrix, Delhi earning ` 22,000 COMMUNITIES HAVE BEEN TRAINED
per month.
ON HANDICRAFT PRODUCTION.
Unfortunate circumstances got Charles and his little sister
enrolled with a child care home with CSA at a very young age.

79- 148 FINANCIAL STATEMENTS

Charles has always been a sincere and enthusiastic child. His
the programme, eco-tourism and handicraft production have been
dedication got him to secure an impressive 73% in his Class XIIth
undertaken. Further, a handicraft production facility has been set up

STANDALONE
Board Exams. The CSA encouraged him to continue his studies
at Tsokar.
and designed a career plan for him post counselling sessions.
Charles secured 300th Rank out of the 6,000 students who The programme also aimed to address the challenge of sustainable
appeared for the entrance exams for Bachelor’s in Business rangeland management practices due to over exploitation of rangelands.
Administration (BBA). He not only secured a good score at the A comprehensive rangeland preservation plan has been developed for
completion of the course at Devi Ahilya Vishwa Vidyalaya, Indore, livelihood security and a functional pasture management in Pir Panjal
but also secured a suitable job for himself. and Ladakh regions of Himalayas. The programme concluded in FY2022.

149 - 521 FINANCIAL STATEMENTS

He dreams of further pursuing an MBA and wants to support his
III. Environmental sustainability and ecological balance
sister to become financially independent.

CONSOLIDATED
The Company partnered with WWF-India in FY2019 to prevent
retaliatory killing of predators by supporting villagers financially for
2. Skilling and securing sustainable livelihoods of underprivileged their loss of cattle. The financial support extended aimed to soften the
rangeland communities blow of losing a critical livelihood option. The three-year programme
The Company partnered with World Wide Fund for Nature (WWF)- was implemented across WWF-India’s priority tiger landscapes in
India in FY2018 to support skilling and sustainable livelihood of the India, namely, Brahmaputra landscape (Assam), Western Ghats
local communities living in the Himalayan regions with the objective Nilgiris landscape (Tamil Nadu, Kerala, and Karnataka) and Terai Arc

522 - 584 VALUE RESULTS

of creating diversified livelihood opportunities and addressing the landscape (Uttarakhand, Uttar Pradesh and Bihar). The programme
challenge of sustainable rangeland management practices. Through concluded in FY2022. Over 3,800 villagers have been supported

EMBEDDED
through the programme.

585 - 591 INFORMATION

ADDITIONAL
592 -595

Handicrafts training for women in Pir Panjal vide World Wide Fund for Nature India

71
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Testimonial from WWF - India IV. Healthcare

The Cancer Care programme with Tata Memorial Hospital (TMH), Mumbai
to support medical treatment of under-privileged children and youth
WWF India works with key stakeholder diagnosed with Cancer concluded in FY2022. Through this programme,
whilst the plan was to support 120 children/youth, 166 children/youth
groups across multiple conservation have been supported with treatment and medication.
priority landscapes to secure the country’s
unique flora and fauna. Support from
ICICI Prudential Life Insurance has been As the pandemic is nearing an end and
critical in our efforts to secure high altitude we continue to offer treatment to Cancer
rangelands in the western Himalayas in patients unabated, I take this opportunity
collaboration with local communities and to thank all our donors and stakeholders
the local administration. Also, important who relentlessly stood by us, and ICICI
has been the support for implementation Prudential Life Insurance stands one
of the Interim Relief Scheme administered amongst them. We acknowledge the
by WWF India across several states of the mutual collaboration established between
country to provide partial financial relief us which recognises the necessity for
to livestock owners who have lost their addressing financial needs of children,
livestock to large carnivores. We greatly adolescents and young adults treated for
value the support from ICICI Prudential Life Cancer.
Insurance and their commitment to the
Your esteemed CSR Team gracefully
cause of wildlife conservation in India.
touched the lives of approximately 166
Yash Shethia children (male and female), adolescent and
Director, Wildlife Landscape, WWF - India
young adults over the past three years. The
valued financial contribution takes a huge
burden off the families’ shoulders.
We look forward to further strengthening
the bond of trust and support touching
more young lives who aspire to see a
brighter future with your help.
We again thank the CSR Team of
ICICI Prudential Life Insurance and its
stakeholders who have stood by us
relentlessly for the past five years.
Dr. Vinit Samant
Tata Memorial Hospital

72
 Powering Sustainable Growth

OVERVIEW
CORPORATE
V. Employee Volunteering Initiatives Testimonial from GiveIndia
The Company encourages the spirit of giving amongst its employees by
providing various volunteering platforms, as below:
ICICI Prudential Life Insurance has been a

01 - 78 REPORTS
iCare.iShare Payroll Giving programme - An online donation platform
partnered with GiveIndia, offers employees freedom to contribute monthly
huge supporter of the GiveIndia employee
giving programme and has been our

STATUTORY
to any cause of their choice from their payroll. The Company makes a
matching contribution to the donation made by the employee for the Payroll valued partner since 2008. Driven towards
Giving programme.
philanthropy and nurturing a culture of
DaanUtsav programme - The Company celebrates the festival of giving, ICICI Prudential Life Insurance team
‘DaanUtsav’ in October every year by fulfilling small joys of children living in
child care homes of Madhya Pradesh. This year too, the employees spread
has enabled its employees to pledge their
contributions towards causes that need

79- 148 FINANCIAL STATEMENTS

smiles with an effort to protect and safeguard the vulnerable children by
donating essentials such as hand sanitisers, masks, hygiene kits and many the maximum support. The organisation

STANDALONE
more indoor games and stationery supplies to keep them engaged during
the pandemic.
has also been very generous to match
all employee contributions. We are super
Further, the Company also supported the DaanUtsav campaign for
proud of this association and look forward
ICICI Foundation, wherein employees donated generously through their
payroll towards social causes related to the loss of lives and livelihoods to scaling the impact together.
caused by the pandemic. Somedutta Chatterjee

149 - 521 FINANCIAL STATEMENTS

Head - Corporate Partnerships (GiveIndia)

800+ EMPLOYEES HAVE

CONSOLIDATED
PARTICIPATED IN THE ABOVE
PROGRAMMES

522 - 584 VALUE RESULTS

EMBEDDED
585 - 591 INFORMATION
ADDITIONAL
592 -595

73
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Natural Capital

Natural Capital represents the renewable and non-renewable natural resources that are
used to operate our business. Our efforts are directed towards promoting sustainable
growth and development by focussing on reducing energy consumption, and effectively
treating and recycling waste, wherever possible.
Given the nature of the business of ICICI Prudential Life Insurance, our activities create
minimal direct impact on the environment. However, we remain focussed on ensuring
efficient use of all the natural resources – energy, water and paper – within our internal
operations to minimise our carbon footprint.

Being a financial services company, our initiatives are based on the During FY2022, we have been able to reduce carbon footprint within
core ethos of responsible consumption and recycling, wherever our operations by ~1,700 tonnes. This has been a result of strategic
possible. We operate through 470 offices in India, including one Head and focussed initiatives directed towards reducing energy consumption
Office and two Back-Offices. At some of our offices based in Mumbai, and paper usage, conserving water and effectively managing solid
we have transitioned to green energy, with an aim to further reduce and e-waste.
our carbon footprint.

74
 Powering Sustainable Growth

OVERVIEW
CORPORATE
We will continue to take concerted efforts to further reduce our carbon footprint going forward. We also aim at securing increased participation from our
employees in our sustainability initiatives. In October 2021, we conducted a ‘Go Green’ campaign where ~4,000 employees participated. They conducted
activities such as plantation of saplings, paperless working, disposing of e-waste in the e-waste bin installed in the Company premises.

01 - 78 REPORTS
STATUTORY
OUR KEY INITIATIVES

Deployment of Inverter Air Deployment of Light-Emitting Deployment of LED signages Using live plants within office
Conditioners (ACs) and Variable Diode (LED) lighting vs instead of conventional premises to improve air quality

79- 148 FINANCIAL STATEMENTS

Refrigerant Flow (VRF) ACs conventional tubelights for signages for energy efficiency
vis-à-vis conventional ACs to energy efficiency

STANDALONE
reduce electricity consumption

Using sensor-based lighting in Periodic maintenance for major Creating awareness on paper Converting conventional water-
the office space for efficient equipment, including ACs for reduction, water consumption based urinals to waterless
use of electricity energy efficiency and electricity optimisation urinals for water conservation

149 - 521 FINANCIAL STATEMENTS

through email campaigns

CONSOLIDATED
Fitting taps with sensors and Sewage treatment plant at Utilising digitised business Encouraging shareholders
aerators to save water Head Office to protect the processes for an end-to-end to provide e-mail IDs to
environment paperless journey encourage paperless

522 - 584 VALUE RESULTS

communication

EMBEDDED
Video conferencing facilities in Replacing single-use plastic Replacing plastic garbage bags Usage of reusable plates in
multiple locations, reducing the water bottles across offices with biodegradable bags and cafeterias at our largest office
need for travel with reusable water jars and plastic dustbins with steel in Mumbai to reduce plastic
glasses to reduce plastic dustbins consumption
585 - 591 INFORMATION

consumption
ADDITIONAL

Creating awareness amongst Putting a system to convert E-waste disposal of IT assets

employees on food wastage wet waste into manure at the through Government-approved
Head Office, enabling recycling vendors, enabling recycling
592 -595

75
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Environmental, Social And Governance (ESG)

(For the detailed ESG report, refer to ESG Report FY2022 under investor relations section of our website)

Sustainability is intrinsic to our vision of building an enduring institution that serves the
protection and long-term saving needs of our customers with sensitivity. Life insurance
is a key imperative in India in the context of the current social security framework for our
citizens. We are indeed fortunate that life insurance is a unique financial planning tool that
helps us to provide families a financial safety-net and enables them to achieve their long-
term financial goals.

We are committed to integrating sustainability with our business led to steady improvement on all parameters of the ESG framework and
processes and as a way of doing business. In this context, we adopted we are very happy to inform you that the MSCI ESG rating has improved
the ESG framework in 2020 and our ESG initiatives are monitored at from B to A and the Sustainalytics ESG rating has improved to ‘Low Risk’
the highest level by the Sustainability Steering Committee comprising from ‘Medium Risk’. We understand that we are the highest ranked ESG
of all members of the Management Committee. We have focussed Company by both MSCI* and Sustainalytics# in the Indian life insurance
initiatives in place for each dimension of the ESG framework under the industry. We are also interacting with various investors and analysts to
environment (leaving the planet a better place for our next generation), understand their expectations and incorporating it in our ESG framework.
social (giving back to society) and governance pillars (transparency Accordingly, this report consists of the various initiatives we have put in
in functioning). Each focus area is anchored by a senior leader who place towards responsible investing and environment and disclosures
oversees the implementation and reporting of initiatives and they are around our focus areas.
supported by a dedicated ESG resource. Their collective efforts have

ENVIRONMENTAL
We operate in the financial services sector and hence, there is minimal direct impact on the environment from our operations.
Whilst we operate through 470 offices in India including our corporate office and two back offices, we have made significant
strides in digital adoption and 91% of customer service requests are conducted through our mobile app and the Company
website. Our initiatives are primarily focussed around reducing what we consume and recycling wherever possible. We adopt
best-in-class environment-friendly practices for reducing energy consumption, water conservation and waste management.

Environmental Initiatives

REPLACE REDUCE REUSE & RECYCLE

End-to-end digital solutions for our business Move towards 5 star rated Air Conditioners (ACs) Sewage treatment plant and wet waste
activities: ~ 96% of new business applications VRF/Inverter AC (43% of usage across conversion into manure at head office
logged digitally branches) No single use plastic
94% shareholders communicated digitally LED technology: 94% of branch lighting, 76% E-waste disposal through government-
Collaboration platforms for employees to of backlit signage certified vendors: 9,763 kgs in FY2022 and
enable virtual meetings Sensor-based lighting: 15% of overall office since inception, 18,162 kgs of e-waste
Live plants to improve air quality: covering space Reusable plates at largest offices in Mumbai
~57% of office space across branches in the Access-controlled printing at largest offices
country in Mumbai
Bio-degradable bags (all offices across the Employee awareness drive
country) and steel dustbins (in select branches
38% waterless urinals, 100% of taps fitted
only based on requirements)
with aerators (across branches)
Periodic office equipment maintenance

76
 Powering Sustainable Growth

OVERVIEW
CORPORATE
SOCIAL
Our stakeholders are our customers, employees, shareholders, business partners and the community at large and all of them
have contributed to our growth and success.
Our commitment to fairness, transparency, empathy and responsiveness in all our engagement and interactions with customers
are inspired by our vision to serve the protection and long-term saving needs of customers. Customer-centricity continues to
remain the bedrock of everything we do.

01 - 78 REPORTS
The pandemic accelerated shifts in multiple paradigms of work, workforce and workplace. In FY2021, we had re-oriented
our priorities to enabling employee well-being and organisational productivity and building an engaged and agile workforce.

STATUTORY
The focus on these key imperatives was continued in FY2022 in alignment with the evolving environment. Our employees are
committed to adopting the highest business, governance, ethical and legal standards in the conduct of business operations.
For the community at large, our objective is to aim for greater financial inclusion and proactively support meaningful socio-economic
development in India, enabling a larger number of people to participate in and benefit from India’s economic progress. Towards this,
our key focus areas are micro insurance products, skill development and sustainable livelihood, health and education.
Our Company recognises the importance of information privacy especially given the responsibility placed on it by customers as

79- 148 FINANCIAL STATEMENTS

they share their medical, financial and other sensitive information during the policy purchase or during the policy life cycle. The
Privacy Policy of our Company (hosted on our website: www.iciciprulife.com), provides our commitment to privacy throughout

STANDALONE
the life cycle of the information including collection, processing, sharing, retention and destruction.

Social Initiatives

149 - 521 FINANCIAL STATEMENTS

CUSTOMER-CENTRICITY COMMITMENT TO EMPLOYEES COMMITMENT TO COMMUNITY
Products across life stage needs; multi-channel Employee well-being foremost priority: 45.6 million lives covered (till date) through
reach Workplace safety through Health Safety and micro insurance and Pradhan Mantri Jeevan

CONSOLIDATED
Continued focus on need-based selling, Environment guidelines, COVID-19 and non Jyoti Bima Yojana (PMJJBY)
product suitability and digital adoption COVID-19 support policies and Employee Consumer awareness and education
Assistance Programme for emotional well-being campaign: Radio, Digital audio, Advertorial
Uninterrupted 24x7 service through digital
enablers, 91.5% self-help usage Enabling productivity through capability (print and e-Paper), campaign website,
building: Over 1.2 million digital learning hours; banners on social media and e-mailers to
Consistent risk-adjusted returns
over 11,000 employees certified employees and customers
Robust policy & framework for grievance
Equal Opportunity, Diversity & Inclusion Policy ICICI Academy for Skills: Trained 1,558 youth

522 - 584 VALUE RESULTS

redressal
and Prevention of Sexual Harassment of in FY2022
13th month persistency ratio of 84.6% - one of Women at Workplace Responsible investing: ESG framework and
the best in the industry

EMBEDDED
27% women workforce; focus on onboarding Stewardship policy
One of the best claim settlement ratio in the women talent COVID-19 Vaccination programme: Over
industry at 97.8%
Robust policy & framework for grievance 155,000 children and adults vaccinated
45.6 million lives impacted by micro-insurance redressal Over 2,100 people supported through other
products {58.1 million lives covered (policies
Technology-enabled multi-pronged programmes in FY2022
in-force)}
communication & engagement framework ~1,700 tonnes of carbon footprint saved
Average claim settlement time for non- designed to improve employee experience
585 - 591 INFORMATION

investigated claims - 1.46 days

Voice of Employee survey1: 90%+ score on
Providing financial safety-net to society – advocacy, alignment, support and technology
About 21,600 retail death claims settled and
ADDITIONAL

& infrastructure enablers

238,000 Group claims settled
Net Promoter Score2: 90
High quality human capital: Leadership
stability3: 86%, Leadership depth4: 96% and
Leadership breadth5: 75%
1
Biennial survey conducted in Jan 2021
2
For top talent
592 -595

3
More than 10 years organisation vintage
4
Employees in non-specialist roles with > 4 years organisation vintage more than 3 job rotations in the Company
5
Leadership positions filled through internal succession balanced with hiring of specialist talent laterally

77
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

GOVERNANCE
We are committed to adhering to the highest standards of ethics and corporate governance. We have continued to
build upon the existing governance structures, policies, processes and controls that support and promote accountability,
transparency and ethical behaviour. We stay resolute in our pledge to create and reinforce an enabling culture in which all
employees feel respected and empowered to do what is right for our customers, communities and shareholders.

Governance Initiatives

SUPERVISORY STRUCTURE COMPLIANCE, RISK & INTERNAL AUDIT ETHICAL PRACTICES

Diverse Board composition Compliance policy: Quarterly certificate to the Code of Conduct
Over 50% independent directors including Board Framework for managing Conflict of Interest
Chairman Risk policy: Investment, Insurance & Operational Guidelines for Acceptance of Gifts,
Board committees comprise majority of risk Entertainment and Sponsored travel
independent/non-executive directors; and Risk-based Internal Audit framework Policies on Anti-Money Laundering, Anti-Bribery/
chaired by independent directors Whole-time Director’s compensation aligned Corruption, Whistleblowing
Evaluation framework for Directors, Chairman, to Key Performance Indicators (KPI); including Privacy Policy, Insider Trading Code, Information
Board and its Committees malus & claw-back and Cyber Security Policy and Fraud Risk
Policy on Board diversity & criteria on Information/cyber security policy Management Policy
appointment of directors ISO 22301: BCM certification Stewardship Code
Board Nomination & Remuneration Committee ISO 27001: ISMS certification
now includes a woman director
Investment policy for governance & operations
Adherence to regulatory norms on “Fit and
Proper” and disclosure of conflict of interest,
if any

*The use by ICICI Prudential Life Insurance of any MSCI ESG Research LLC or its affiliates (‘msci’) data, and the use of msci logos, trademarks, service marks or index names
herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of ICICI Prudential Life Insurance by MSCI. MSCI services and data are the property of
msci or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
#
Copyright ©2022 Sustainalytics. All rights reserved. This [publication/article/section] contains information developed by Sustainalytics (www.sustainalytics.com). Such
information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute
an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose.
Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.

78
 Powering Sustainable Growth

Directors' Report

OVERVIEW
CORPORATE
TO THE MEMBERS talent pipeline by nurturing high potential talent, and enable differentiated
ICICI Prudential Life Insurance Company Limited rewards to help ringfence the talent for the future. The people strategy
Your Directors have pleasure in presenting the 22nd Annual Report of ICICI has enabled the Company to have leadership stability, with 86% of the

01 - 78 REPORTS
Prudential Life Insurance Company Limited (the Company) with the audited senior management team having served the Company for more than ten
statement of accounts for the year ended March 31, 2022 (FY2022). years, leadership breadth with 75% of the positions in senior management

STATUTORY
filled through internal succession balanced with hiring of specialist talent
PERFORMANCE laterally, and leadership depth with 96% of senior management having
Industry in FY2022 done more than 3 job rotations.
At the beginning of FY2022, the country witnessed a sharp increase in new
For our shareholders, our primary focus continues to be to deliver growth
infections and high mortality rate due to the second wave of COVID-19.
of absolute value of new business (VNB) through the 4P strategy of
The Government hastened the pace of vaccination which helped in limiting
premium growth, protection business growth, persistency improvement
extreme health outcomes such as hospitalisation and mortality due to

79 - 148 FINANCIAL STATEMENTS

and productivity enhancement, while keeping customer centricity at the
the virus. A combination of calibrated opening up and a steady pace of
core. Also, we have now started integrating aspects of Environmental,
vaccination helped the economy gain pace through the rest of the financial

STANDALONE
Social, and Governance (ESG) into the management of our business as
year. In this context, the new business Retail Weighted Received Premium
well. We believe that this 4P strategy is appropriate in the context of the
(RWRP) for the industry increased by 15.7% from ` 756.58 billion in
large insurance opportunity in the country, a facilitative regulatory regime,
FY2021 to ` 875.73 billion in FY2022. The market share of private players
coupled with our objective to grow VNB.
increased from 59.7% in FY2021 to 62.9% in FY2022.
Premium growth: The Annualised Premium Equivalent (APE) for the
Company in FY2022
Company increased by 19.7% from ` 64.62 billion in FY2021 to ` 77.33

149 - 521 FINANCIAL STATEMENTS

Our objective continues to be that of creation of value for our key
billion in FY2022. Our new business received premium grew by 15.4% from
stakeholders, namely, customers, employees and shareholders.
` 130.32 billion in FY2021 to ` 150.36 billion in FY2022. In FY2022, the

CONSOLIDATED
Company had a market share of 7.2% based on RWRP.
Customer-centricity continues to be at the core of everything we do.
With our customer-centric approach, we have had a robust performance
Protection business growth: The Company continued its focus on the
across customer service parameters. Our claim settlement ratio for
protection business, resulting in a new business sum assured growth of
individual death claims was 97.8% for FY2022. The average time taken for
25.4% to ` 7.73 trillion in FY2022. The Company was the market leader
settlement of all non-investigated death claims was 1.5 days in FY2022.
amongst the private sector companies based on sum assured, with a market
Our 13th month persistency ratio1 continues to remain stable at 84.6% share of 13.4% for FY2022. Given the pandemic, supply side constraints

522 - 584 VALUE RESULTS

for FY2022. Similarly, our 61st month persistency ratio improved from (including revised underwriting guidelines and general reluctance to visit
48.9% for FY2021 to 54.7% for FY2022. Our grievance ratio stood at 58 medical centres) continued to impact the retail protection business.
per 10,000 new business policies issued for FY2022.

EMBEDDED
However, we saw an increased demand in the group term and credit life
segment. As a result, the protection APE increased from ` 10.46 billion in
Alignment between business and people strategy and the consistent FY2021 to ` 13.13 billion in FY2022, a growth of 25.5%.
investment in the growth and development of our employees have helped
us make our human resources a source of our strength and a key competitive Persistency improvement: For FY2022, our persistency ratios1 for 13th
advantage. The focus of our key people imperatives is to enable employee month and 61st month stood at 84.6% and 54.7% respectively. Our retail
wellbeing, enable organisation productivity and build an engaged and agile renewal premium stood at ` 214.36 billion in FY2022. Our assets under
585 - 591 INFORMATION

workforce. These key imperatives also support the delivery of the people management stood at ` 2.40 trillion at March 31, 2022.
promise or the Cornerstones, namely, providing a Supportive Environment,
providing Learning & Growth and ensuring Fairness & Meritocracy. Capacity
ADDITIONAL

Productivity enhancement: Total expenses increased from ` 42.20

& capability is augmented in business growth, innovation and core roles, billion in FY2021 to ` 53.71 billion in FY2022. The cost to total weighted
and supported through a robust capability development framework, which received premium (TWRP2) ratio increased from 14.8% in FY2021 to
involves structured learning interventions, on the-job training, job rotation, 18.6% in FY2022, primarily due to our focus on increasing our distribution
job enrichment and self-paced virtual learning platforms. A well-defined presence and strengthening our brand. Also, the cost to TWRP ratio for
performance & talent management system ensure alignment to the savings business stood at 12.8% in FY2022. Our APE per employee has
KPIs of the Company and clarity of purpose across levels, help create a increased by 11.1% in FY2022 over FY2021.
592 - 595

Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/GEN/21/02/2010 dated February 11, 2010
1

TWRP: Total premium less 90% of single premium

2

79
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Resilient Balance Sheet: The Company has maintained a strong and Premium growth: The Company would endeavour to grow premium
healthy Balance Sheet throughout its journey. Of the total liabilities, non- through:
participating guaranteed return products currently comprise only 1.9%.
• Deepening penetration in under-served customer segments:
Only 0.3% of the fixed income portfolio has been invested in bonds rated
The Company would continue to focus on broadening the customer
below AA and the Company continues to maintain its track record of not
base through initiatives spanning across both distribution and
having a single non-performing asset (NPA) in its fixed income portfolio
products.
since inception.
• Enhancing distribution: The Company would strengthen its
Value of New Business (VNB): With the focus on growing VNB through distribution through a closer mapping of distribution segments with
the 4P strategy, the VNB grew from ` 16.21 billion in FY2021 to ` 21.63 customer segments and products. The Company is also focused
billion in FY2022, representing an increase of 33.4%. Embedded value on expanding the distribution network through acquisition of new
increased from ` 291.06 billion at March 31, 2021 to ` 316.25 billion at partners as well investing in creation of new sourcing channels.
March 31, 2022.
• Focus on pension & annuity: The Company would continue to
A summary of key financial and business parameters is set out below: cater to the retirement savings need of customers while managing
(` billion) the investment risk appropriately.
Particulars FY2021 FY2022
Protection business growth: The Company is focused on expanding the
New business premium 130.32 150.36 health & protection business across both retail and group lines of business.
Annualised premium equivalent 64.62 77.33 This would be done by offering protection products across channels,
Savings 54.16 64.20 penetrating the online term insurance market and partnering with loan
Protection 10.46 13.13 providers to offer coverage against loans.
Sum assured for new business 6,166.84 7,731.46
13th month persistency1 84.9% 84.6% Persistency improvement: The Company would seek to drive
61st month persistency1 48.9% 54.7% persistency improvements across all durations by encouraging long term
Retail renewal premium 219.58 214.36 behaviour in customers.
Cost to total weighted received 14.8% 18.6%
premium (TWRP)2 Productivity enhancement: The Company would focus on cost efficiency
Cost to TWRP (savings) 9.6% 12.8% and in particular, would leverage the digital platform to improve customer
Value of new business (VNB) 16.21 21.63 experience and efficiency of service operations.
Embedded value (EV) 291.06 316.25
Our Reach
Outlook for the industry and the Company The Company reaches its customers through 471 offices in 414 locations
In the last several years, there has been a consistent effort towards as of March 31, 2022. On March 31, 2022, the Company had 15,530
digitalisation of services in India powered by rapid penetration of the internet, employees and 198,924 advisors to cater to the needs of customers.
which has enabled easier access to financial products and services. There The Company distributes its products through agents, corporate agents,
has also been an increased focus on financialisation of savings and a push by banks, brokers, proprietary sales force (PSF) and online channels.
the Government towards social security measures. As a result, the demand
and awareness for life insurance which forms an important component of Products
household financial savings is expected to grow further. Broadly, the Company’s products can be categorised into savings,
protection and annuities. Savings products are offered on three platforms
India’s potential economic growth coupled with the low penetration - linked, participating and non-participating. Life insurance cover offered is
of insurance coverage so far, significant protection gap, favourable generally the same across all savings products i.e. at ten times the annual
demographics, rapid rise in urbanisation and increasing financial savings premium.
are expected to aid to the growth of the life insurance industry in India.
Protection products are available on retail, group and credit life platforms.
The Company would continue to focus on its objective of growing value of These products provide cover for life, disability, critical illness and
new business (VNB) through the 4P approach. accidental death.

Annuity products are available on retail and group platform. These products
provide a regular stream of guaranteed income.

1
Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/GEN/21/02/2010 dated February 11, 2010
2
TWRP: Total premium less 90% of single premium

80 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Claims Rural and social business

OVERVIEW
CORPORATE
The Company settled over 259,803 mortality claims amounting to a total of The Company has micro insurance retail products and group micro
` 52.75 billion in FY2022 with individual claim settlement ratio of 97.82% insurance products to cater to the protection need of the unorganised and
and group claim settlement ratio of 97.74%. economically vulnerable section of the society.

• The Company has provided risk cover to self-help group (SHG)

Further, the Company has also paid 119,632 maturity claims from its retail
business operations and over 150,000 survival benefit claims amounting members predominantly in the rural areas of Tamil Nadu,
to ` 42.35 billion and ` 4.60 billion, respectively for FY2022. Additionally, Maharashtra and Karnataka. These members belong to a group

01 - 78 REPORTS
the Company has settled 319,939 surrender claims from its retail business of micro entrepreneurs having homogeneous social and economic
operations and 115,981 from group business, amounting to a total of background, who come together to avail micro credit for financing

STATUTORY
` 202.86 billion. their small and micro enterprises.

• The Company partners with micro finance institutions and extends

For non-investigated individual claims, the settlement was completed group micro insurance cover to customers for covering their loss of
within an average turnaround time of 1.5 days from the receipt of the last income risk arising out of unfortunate and untimely demise.
requirement as compared to thirty days allowed by the regulator.
• 151,015 policies were issued in rural areas, constituting 23.11% of
During the year, the Company received death claim intimations due to total policy issuances. The Company also covered 1,865,274 lives as

79 - 148 FINANCIAL STATEMENTS

COVID-19 of ` 21.02 billion gross of reinsurance and ` 10.17 billion net a part of its social sector coverage.
of reinsurance. The claim intimations due to COVID-19 had been tapering

STANDALONE
off since October 2022. However, given the uncertainty with respect to FINANCIALS & AUDIT
delayed reporting, a provision of ` 0.24 billion is held in books of accounts Financials
as at March 31, 2022 for such delayed claims on account of COVID-19. (` billion)
Particulars Standalone Consolidated
Subsidiary FY2021 FY2022 FY2021 FY2022
The Company’s wholly owned unlisted subsidiary, ICICI Prudential Pension
Funds Management Company Limited (PFM) acts as a pension fund Profit after tax 9.60 7.54 9.56 7.59

149 - 521 FINANCIAL STATEMENTS

manager under the National Pension System (NPS) with an objective Balance brought 26.51 36.11 26.44 36.01
of providing a strategic platform to leverage the substantial pension forward from the

CONSOLIDATED
opportunity in India. Further, the PFM is also allowed to serve as a Point of previous year
Presence (PoP) entity for distribution of NPS products and servicing. Profit available for 36.11 43.65 36.01 43.60
appropriations
During FY2022, the subscribers’ funds managed by PFM increased by Appropriations:
53.6%, from ` 75.59 billion at March 31, 2021 to ` 116.14 billion at March
Interim Equity - - - -
31, 2022. Further, the PFM enrolled 112,510 new subscribers during the
Dividend
year. For the year ended March 31, 2022, the PFM registered a profit

522 - 584 VALUE RESULTS

Final Equity Dividend - 2.87 - 2.87
of ` 0.05 billion as against a loss of ` 0.04 billion last year. The profit
was primarily on account of an upward revision in the rate of investment Tax on Equity Dividend - - - -

EMBEDDED
management fees, from 0.01% to 0.09% per annum, PoP business growth Surplus carried to 36.11 40.78 36.01 40.73
and overall increase in inflows. While overall contribution of the subsidiary next year's account
to the financial results of the Company is currently not significant, the
PFM’s financial performance turned around with the PFM earning profits The financial position of the Company remained strong with a solvency
for the first time since inception. The subsidiary is committed towards ratio of 204.5% at March 31, 2022 (216.8% at March 31, 2021) against
increasing its presence in the industry and is focused on scaling up the the minimum regulatory requirement of 150%.
business and revenue.
585 - 591 INFORMATION

Dividend and dividend distribution policy

The Company will make available separate audited financial statements of The operations have resulted in a profit after tax of ` 7.54 billion in fiscal
ADDITIONAL

the subsidiary company to any Member upon request. These documents/ 2022 as compared to a profit after tax of ` 9.60 billion for the previous year.
details are available on the Company’s website (www.iciciprulife.com) The decline in profit after tax is primarily on account of higher COVID-19
and will also be made available for inspection by any Member of the related claims.
Company at its registered office. A statement containing salient features
of the financial statements of the subsidiary company forms part of the The Company has paid annual coupon payable on non-convertible
financial statements of the Company. debentures on its due date of November 5, 2021. Also interest accrued
592 - 595

81
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

thereafter has been duly provided for in the books of accounts. The Public deposits
Company’s solvency ratio stood at 204.5% at March 31, 2022. The During the year under review, the Company has not accepted any deposits
Board has proposed a final dividend of ` 0.55 per equity share for FY2022 under Section 73 of the CA2013.
amounting to ` 0.79 billion for FY2022, representing a dividend payout
ratio of 10.5% of PAT. AUDITORS
Statutory auditors
In terms of Regulation 43A of Securities and Exchange Board of India B S R & Co. LLP, bearing registration number 101248W/W-100022,
(Listing Obligations and Disclosure Requirements) Regulations, 2015 Chartered Accountants and Walker Chandiok & Co LLP bearing registration
(“Listing Regulations”), the Dividend Distribution Policy of the Company is number 001076N/N500013, Chartered Accountants are the joint statutory
disclosed on its website https://www.iciciprulife.com/about-us/corporate- auditors of the Company, as per the applicable provisions of the Companies
policies.html. Act, 2013 and the IRDAI Corporate Governance guidelines for insures in
India, 2016.
Transfer of unclaimed dividend and shares to Investor
Education & Protection Fund (IEPF) B S R & Co. LLP were originally appointed as one of the joint statutory
Pursuant to the provisions of Section 124 of the Companies Act, 2013 auditors from FY2014-15 and were re-appointed on July 17, 2019 for a
(CA2013), the amount of dividend remaining unpaid or unclaimed term of five years i.e. from conclusion of the 19th annual general meeting
for a period of seven years from the date of its transfer to the ‘unpaid (AGM) upto the conclusion of 24th AGM of the Company.
dividend account/s’ of the Company, are required to be transferred to
the Investor Education and Protection Fund (IEPF) established by the Walker Chandiok & Co LLP were originally appointed as one of the joint
Central Government. The unclaimed dividend for the financial year ended statutory auditors from FY2016-17 and were re-appointed on June 25,
March 31, 2016 which pertained to shareholders of the Company, would 2021 for a term of five years i.e. from the conclusion of the 21st AGM upto
be transferred to the IEPF in FY2023. The corresponding shares, if the the conclusion of the 26th AGM of the Company.
dividend is unclaimed for a period of seven years along with the unclaimed
dividend would also be transferred to the dematerialised account of the Fees for services to statutory auditors
IEPF Authority. The Company has incurred ` 23.10 million as statutory audit fees for the
year ended March 31, 2022. Further, the Company has not availed any
Members who have not yet encashed their dividend warrant(s) can claim other services from the statutory auditors or its network entities/affiliated
the same in accordance with the process made available on the website of firms during the year ended March 31, 2022.
the Company by accessing the following link https://www.iciciprulife.com/
about-us/shareholder-information/dividends.html. Secretarial auditors
The Company has, with the approval of its Board of Directors, appointed
Particulars of loans, guarantees or investments M/s. Makarand M. Joshi & Co., Company Secretaries to undertake
The provisions of Section 186(4) of the CA2013, requiring disclosure in the secretarial audit of the Company for FY2022. The secretarial audit report is
financial statements of the full particulars of the loans given, investment annexed herewith as Annexure B.
made or guarantee given or security provided including the purpose for
which the loan or guarantee or security is proposed to be utilised by the Auditor’s report
Company, are not applicable to an insurance company. There is no qualification, reservation or adverse remark made by both, the
statutory auditors and secretarial auditors, in their report. There were no
Particulars of contracts or arrangements with related reportable frauds identified by the auditors during the FY2022.
parties
The particulars of contracts or arrangements entered into by the Company COMPLIANCE AND RISK
with related parties referred to in sub-section (1) of Section 188 of the Statement in respect of adequacy of internal financial
CA2013 including certain arm’s length transactions under third proviso controls
thereto are disclosed in Form AOC -2 appended as Annexure A. Further, as The Company has complied with internal financial controls (IFC) as per
per the shareholding pattern of the Company, only ICICI Bank Limited and section-134 (5) of Companies Act, 2013 and regulation 17(8) of the
Prudential Corporations Holdings Limited have a holding in the Company of Securities and Exchange Board of India (SEBI) (Listing Obligations and
10% or more. The transactions with these entities are disclosed in the note Disclosure Requirements) Regulations, 2015 in terms of internal control
3.11 of related party transactions under notes to accounts. over financial reporting and section 404 of Sarbanes Oxley Act (SOX),
2002. To ensure effective internal financial control, the Company has
The Company has a Board approved policy on Related Party Transactions, implemented Internal Control Framework 2013 endorsed by the Committee
which has been updated as per the amendments in SEBI (Listing of Sponsoring Organisations (COSO) of the Treadway Commission. The
Obligations and Disclosure Requirements) Regulations, 2015 issued in Company’s internal financial control framework comprises of internal
November 2021 and the updated policy has been hosted on the website controls over financial reporting, operating controls and fraud prevention
of the Company and can be viewed at https://www.iciciprulife.com/about- controls. The framework is designed to ensure accuracy, completeness
us/corporate-policies.html. and reliability of financial records, orderly and efficient conduct of business

82 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

and safeguarding of assets as well as prevention and detection of fraud. management, actuarial computations, expense processing, claims

OVERVIEW
CORPORATE
The Company has a mechanism of testing the controls at regular intervals management, human resource processes and accounting) to ensure
for design and operating effectiveness. Further, the auditors state that greater control and efficiency.
the internal financial controls are adequate with reference to financial
statements and controls are operating effectively. The Company believes Information Technology (IT) controls: The Company has in place a
that strengthening of internal controls is an ongoing process and there robust IT control environment including controls pertaining to change
will be continuous efforts to keep pace with changing business needs management, system & database management, logical access
and environment. The key components of the internal financial control management, master maintenance, interface & job scheduling and backup

01 - 78 REPORTS
framework include: & disaster recovery to ensure data integrity and accuracy of information
stored in IT systems.

STATUTORY
Entity level controls: The control environment of the Company relies on
Control over third parties providing services: The Company has a
a set of Entity Level Controls (ELCs) which operate at an organisation level
vendor on-boarding process with due diligence, risk assessment, document
and may not be embedded in any single process of the Company. The ELCs
review and periodic assessment to ensure controls over third party service
set up by the Company include:
providers relevant from a financial reporting perspective. Further, the
(a) Corporate governance framework comprising Board and Executive Board Risk Management Committee has an oversight on implementation
committees for oversight on the management of the Company. of controls and monitors performance of the outsourced vendors.

79 - 148 FINANCIAL STATEMENTS

(b) Policies commensurate with the Company’s size and level of
Safeguarding of assets: The Company has adequate controls over
complexity to establish standards of conduct including code of

STANDALONE
safeguarding of assets (comprising of investment assets, IT assets and
conduct, whistle blower policy, work place harassment, conflict
other assets). These controls are based on value and custody of assets.
of interest, insurance awareness and customer education policy,
grievance redressal policy, record maintenance policy, delegation of Review controls: Review control comprises of multiple levels of
financial powers and accounting policy etc. oversight over financial reporting by way of a strong reporting and review
(c) Risk and fraud management framework to identify, measure, monitor framework as follows:
and control various risks including operational risk and framework for (a) The financials prepared are audited by joint statutory auditors

149 - 521 FINANCIAL STATEMENTS

identifying, monitoring and control over outsourced activities. and are reviewed by Audit Committee and Board. They are also
(d) Independent Internal Audit Department with oversight from the submitted to Insurance Regulatory Development Authority of India

CONSOLIDATED
Audit Committee. (IRDAI).

(e) Employee management framework comprising of hiring, retention, (b) The Internal Audit Department exercises independent oversight over
training, performance evaluation, remuneration structure, operational and financial processes. Any significant observations
compensation, succession planning through leadership cover index and recommendations are presented to the Audit Committee.
etc. Investment operations function is subject to daily concurrent audit
certification and an Investment Risk Management Systems (IRMS)
(f) Framework to ensure compliance to regulations, laws including

522 - 584 VALUE RESULTS

audit once in two years. Any significant findings in the concurrent
compliance certification, communication of changes in regulations/
laws etc. and litigation management. Framework to ensure audit or IRMS audit are presented to the Audit Committee.

EMBEDDED
compliance of internal control over financial reporting. (c) The Company has an effective organisation structure which
(g) Budgeting, monitoring and reporting of the performance with key segregates duties among business groups, thereby, ensuring
performance indicators. orderly and efficient conduct of business. Additionally, the Board has
constituted various committees responsible for specific operational
(h) Information and cyber security policy and information security
areas, formulation of policies and framework, identification,
framework along with framework to ensure business continuity and
assessment and monitoring of principal risks in accordance with the
disaster recovery.
585 - 591 INFORMATION

policies and procedures.

Process controls: These comprise of controls operating at process level (d) There are senior management controls comprising of high level control
ADDITIONAL

with the objective of providing assurance at a transaction recording stage. (HLC) and management review control (MRC) to monitor and identify
The salient aspects of the control framework include: any material misstatement. Management exercises review control
(a) All business processes having implication on financial results, by way of in depth reviews of financials, ledger balances, suspense
regulatory and shareholder reporting are subject to quarterly reviews. and payables, liability assumptions, information security, regulatory
Any material deficiency is discussed at the Audit Committee. compliance, communication and reporting, key compliance issues
and supervision of risk management function etc. conducted by Chief
592 - 595

(b) The Company has deployed automation in most aspects of Financial Officer, Appointed Actuary, Head of Information Technology,
transaction processing (including policy administration, investment Head of Operations and Head of Compliance & Risk.

83
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Fraud prevention: The Company has a Board approved fraud risk and circulars issued on these aspects. The compliance team also monitors
management policy which is based on ‘Insurance Fraud Monitoring the adequacy of the compliance framework across the Company with the
Framework’ guidelines issued by IRDAI. The Company has an Operational Internal Audit Department through an integrated risk based audit plan. Key
Risk Management Committee (ORMC) which independently monitors issues observed as a part of this monitoring are reported to the Board
frauds. The ORMC reports to Executive Risk Committee which in turn Audit Committee and implementation of recommendations is actively
reports to the Board Risk Management Committee (BRMC). monitored. A compliance certificate signed by the Managing Director &
CEO, based on the certification from respective functional heads, is placed
(a) The fraud control framework consists of preventive measures,
at the Board Audit Committee and Board of Directors on a quarterly basis.
incident management and awareness activities. Preventive
management includes fraud risk assessment for design of processes, Risk management
investigation triggers across policy life cycle and proactive use of The Company recognises that risk is an integral element of the business
analytics to identify fraud patterns. Incident management includes and managed acceptance of risk is essential for generating shareholder
recovery of loss, action through law enforcement agencies, detailed value. The risk governance structure of the Company consists of the
investigation and root cause analysis and fraud incident reporting Board, the Board Risk Management Committee (BRMC), the Executive
to BRMC. Awareness includes mandatory induction training and Risk Committee (ERC) and its sub-committees. The risk philosophy
awareness program for employees, regular emails/SMSs to policy of the Company is outlined in the Board approved risk policy which
holders, fraud prevention tips on Company’s website etc. is reviewed by the Board at least annually. The Board risk policy
(b) The Company ensures implementation of controls to prevent details identification, measurement, monitoring and control standards
repeat incidents, financial recovery process and disciplinary action relating to various individual risks, namely investment (market, credit
against involved employees. It also initiates actions through law and liquidity), insurance, operational (including legal, compliance,
enforcement authorities based on severity of the incident. outsourcing, customer dissonance, business continuity, information
and cyber security) and reputation. The Board periodically reviews the
(c) The Company undertakes several measures from time to time to potential impact of strategic risks such as changes in macro-economic
create awareness amongst its employees and customers against factors, government policies, regulatory environment and tax regime
fraudulent practices. on the business plan of the Company.

Internal audit and compliance framework In addition to these risks, the life insurance industry faces a number
Internal audit: of emerging risks. There remains uncertainty around the outlook
The Internal Audit Department (IAD) of the Company acts as an for COVID-19. The long-term impact on mortality and morbidity is
independent entity and reports to the Audit Committee of the Board. IAD dependent on the extent natural immunity that may develop in the
has an unrestricted access to the Audit Committee Chairperson and the general population, the efficacy of new healthcare treatments,
Managing Director and Chief Executive Officer (MD & CEO). The Head– possible future strains that may emerge and the implications from
Internal Audit reports directly to the Audit Committee of the Board and other factors such as long-term post-COVID-19 symptoms (although
administratively reports to the Chief Risk & Compliance Officer. The IAD there is currently no consensus on the longer-term impact on
has developed a Risk Based Audit Plan (RBAP) and the same has been mortality/morbidity). While COVID-19 infections and deaths have
approved by the Audit Committee of the Board. The basic philosophy of receded in India, there remains the possibility of a fresh resurgence, as
RBAP is to provide reasonable assurance to the Audit Committee of the being witnessed in certain parts of the world. In addition to impacting
Board and management about the adequacy and effectiveness of the risk mortality/morbidity, such a scenario (of resurgence of the pandemic)
management and control framework in the Company. The scope of Internal could potentially retrigger other risk factors as witnessed during the
Audit includes the review of risk management procedures, internal control earlier waves such as financial market volatility, decline in business
systems, information systems and governance processes. Key audit volumes and persistency due to economic downturn as well as cyber
observations and recommendations made have been reported to and security concerns due to remote working. Rising geo-political tensions
discussed at the Audit Committee of the Board. Implementation of the and the potential for disruption to energy supplies are an additional
recommendations is actively monitored. source of uncertainty for financial and commodity markets and trigger
for inflation (which could impact credit quality of counterparties, as
Compliance: well as reduce real wages thereby impacting discretionary savings,
The Board Audit Committee oversees the compliance framework of insurance new business and persistency risk). There are also emerging
the Company. The Company has formulated various internal policies/ risks related to ESG (environmental, social and governance) issues. One
procedures, such as the Compliance Policy, Anti- Bribery and Anti- of the most prominent ESG risks is that of climate change which could
Corruption Policy, Anti-Money Laundering Policy and an employee code of potentially have wide-ranging implications including (but not limited
conduct, which govern the day-to-day activities to ensure compliance. The to) adverse impact on economic growth and investment markets and
compliance function disseminates the information regarding relevant laws, higher than expected claims due to increased risk of future weather
regulations and circulars related to insurance and anti-money laundering related catastrophes, pandemics as well as possible changes in long-
to various functions. It also serves as a reference point for the staff of term mortality/morbidity rates. Apart from climate change, there are
various functions for seeking clarifications on applicable laws, regulations emerging risks associated with public health trends such as increase in

84 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

obesity related disorders and demographic changes such as population (e) As part of its ESG philosophy, the Company has implemented a

OVERVIEW
CORPORATE
urbanisation and ageing. Other important ESG elements include data framework for investment decisions that will support mitigation of
privacy which has an increasing material impact on Company’s risks due to climate change as well as other environmental, social
reputation. and governance risks by factoring these in its investment decisions.

The risk management framework of the Company seeks to identify, 2. Insurance risk
measure and control its exposures to all these risks within its overall risk Insurance risk is the risk arising because of variance to the best
appetite. The Company periodically carries out stress testing of its assets estimate or because of random fluctuations in the frequency,

01 - 78 REPORTS
and liabilities to identify impact on regulatory and economic solvency, size and timing of insurance liabilities. Insurance risk comprise
statutory profits and liquidity position. Such testing is used as an aid in the following components: mortality, morbidity, persistency and

STATUTORY
identifying significant existing or emerging risks to its financial position, expense risk. These risks are mitigated through the following:
including the potential impact of severe economic shocks and catastrophic (a) Product approval process: Insurance risks inherent in the new
events like pandemics, which could materialize as a consequence of products or significant modifications to existing products are
several risk factors including climate change and other sustainability risks. identified at product design stage and products are launched
The Company has a framework for information and cyber security as well only after approval by the ERC. The Company, in its product
as business continuity management to analyse emerging risks through design, incorporates product features and uses appropriate
regular monitoring of the external and internal environment which has

79 - 148 FINANCIAL STATEMENTS

policy wordings to mitigate insurance risk.
been further augmented in the current situation. The Company also has a
privacy policy to ensure protection of sensitive personal data or information (b) Reinsurance: The Company uses appropriate reinsurance

STANDALONE
collected. During the year, the Company has updated the Board risk policy arrangements, including catastrophe reinsurance, to manage
by integrating sustainability risks in the risk management framework. The insurance risk. Such reinsurance arrangements may be used
to support risk transfer of sustainability risks as well. The
key aspects of the Company’s risk management framework have been
arrangements are with select and financially sound reinsurers.
outlined below. Further information on the Company’s approach to risk
The Company’s reinsurance exposures are considered and
management is available in the sections on ‘Enterprise Risk Management’
approved by the ERC periodically.
and ‘Risks and Opportunities’ of the Annual Report.

149 - 521 FINANCIAL STATEMENTS

(c) Underwriting and claims controls: Underwriting and claims
1. Investment risk policies and procedures are in place to assess and manage
Investment risk is the risk arising out of variations in the level or mortality and morbidity risks. The Company seeks to minimise

CONSOLIDATED
volatility of market prices of assets and financial instruments, these risks by diversifying its business portfolio and adhering
including the risk arising from any mismatch between assets to appropriate and segmented underwriting norms. The
and liabilities, due to external market and economic factors. The Company conducts periodic reviews of both underwriting and
Company faces limited liquidity risk due to the nature of its liabilities. claims procedures. Adjustments to the underwriting strategy
The key mitigation approaches for this risk are as follows: may be made to allow for any changes in the insurance risk
(a) Product approval process: Launching new products can landscape or emerging risks.

522 - 584 VALUE RESULTS

significantly alter the risk profile of the Company’s Balance (d) Experience analysis: The Company conducts its experience
Sheet. Investment risks inherent in new products or significant analysis regularly in order to monitor trends, gain insights

EMBEDDED
modifications to existing products are identified at product on emerging risks, if any and to ensure that corrective
design stage and products are launched only after approval by actions can be initiated at the earliest opportunity and that
the ERC. assumptions used in product pricing, reserving and embedded
value reporting are in line with the experience. The Company
(b) Asset Liability Management (ALM): The Company has detailed
actively monitors its claims experience, persistency levels and
Investment Specifications that govern the investment strategy
expense ratios. During the course of the ongoing COVID-19
and limits for each fund depending on the profile of the liability
pandemic, the Company has been closely monitoring the
585 - 591 INFORMATION

backed by those assets. For each category of products,

overall mortality experience including the deaths on account
the Investment Specifications define limits to permissible
of COVID-19. The Company has been holding additional
ADDITIONAL

exposures to various asset classes, duration guidelines for fixed

provisions towards potential COVID-19 claims and the
income instruments and minimum investment in liquid assets.
adequacy of this provision has been continually assessed, in
The Company uses derivatives to hedge interest rate risk.
line with the claims experience.
(c) Exposure limits have been defined for companies, groups and
(e) Aligning key performance indicators: The Company uses
industries in accordance with regulatory guidelines and the
appropriate key performance indicators for different levels of
Company’s internal Investment Policy. The Company restricts
hierarchy in sales and operations to align interests and ensure
investments primarily to securities rated AA and above.
592 - 595

adequate focus on insurance risk especially, persistency and

(d) The Company has a liquidity contingency plan in place. expense.

85
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

(f) Product contracts: The Company designs exclusions and on the regulatory guidelines. The Company carries out required
terms and conditions in consultation with reinsurers and with due-diligence for any new activity or vendor empanelment
due regard to market practices to manage insurance risk, and annual assessment of outsourced vendors.
especially mortality and morbidity risk. In order to deal with a
(f) Business Continuity Management (BCM): The Company has a
changing insurance landscape or emerging risks, new products
BCM policy and framework to ensure resilience and continuity
may be developed with more suitable product features, policy
of key products and services at a minimum acceptable level
wordings, exclusions and terms and conditions.
to achieve ‘business as usual’ presence at the marketplace
(g) Re-pricing: The Company reserves the right to re-price and safety of human resources. This includes systems and
future new business with IRDAI approval in case of adverse processes for management of risks including use of disaster
experience, which could materialise due to various factors recovery sites and business continuity plans for critical
including sustainability issues. processes which are tested periodically. The Company also
periodically reviews the business continuity plan and update
3. Operational risk: the same based on the learnings from the current situation
Operational risk is the risk of loss, resulting from inadequate or failed
e.g. COVID-19 pandemic, geopolitical environment, any other
internal processes, people and systems, or from external events.
natural calamities/disasters. Based on the business continuity
The Company uses the following approaches to manage operational practices followed, the Company has been accredited with a
risk: certificate under ISO 22301:2019 standard.

(a) The Company develops and monitors mitigation plans for

(g) Information and cyber security: The Company has an
high risk items identified through the Risk and Control Self-
information and cyber security policy and framework that
Assessment (R&CSA) conducted by each business function,
ensures all information assets are safeguarded by establishing
through an analysis of loss events and review of audit findings.
comprehensive management processes throughout the
(b) The Company continuously monitors internal loss events and organisation. The Company has taken Defence-In-Depth
ensures adequate mitigation for material impact events to approach as defensive mechanisms are layered in order
avoid recurrence of such instances. to protect valuable data. The security solutions deployed
(c) The Company actively promotes a risk awareness culture includes firewalls, intrusion prevention systems, anti-
by improving understanding through communication and malware solutions, data leakage protection, email security
education amongst management, employees, contractors and and dynamic URL (Uniform Resource Locator) filtering. A
vendors. It further engages with law enforcement agencies to program for vulnerability assessment of critical information
create awareness on various insurance frauds and emerging technology applications and infrastructure is also in place.
issues. A program for user awareness on information and cyber
security and vendor security risk management is also in
(d) Fraud Management: The Company has a fraud risk place. During the pandemic, WFH controls for data security
management policy that sets out the approach and guidelines have been implemented for the infrastructure supporting
for management of fraud risk. The Company follows both a work from home. Cyber security advisories issued by various
proactive and reactive approach to manage fraud. Proactive cyber security advisory firms/experts considering the current
management is done by using triggers to identify suspected geopolitical environment are being monitored and appropriate
frauds and through random sample checks. The framework for
actions are being initiated.
identifying suspected frauds have been enhanced to include
emerging digital means of perpetration. Reactive management (h) Privacy policy: The Company has a privacy policy in accordance
is done through incident management. Investigation is with Information technology (Reasonable security practices
carried out for identification of process or system failures and procedures and sensitive personal data or information)
and identification of responsible internal or external parties.
Rules, 2011. The policy provides our commitment to privacy
The Company ensures implementation of controls to prevent
throughout the life-cycle of the information from the stage of
recurrence of such incidents, financial recovery whenever
collection, processing, sharing, retention and destruction, by
applicable and disciplinary action against involved employees
taking reasonable steps to protect the confidentiality of the
in accordance with the Company’s Code of Conduct. It also
Personal Information provided and protect it from unauthorised
initiates actions through law enforcement authorities based
access or unauthorised alteration, disclosure or destruction.
on severity of incidents.
(e) Outsourcing Risk: The Company has an outsourcing policy (i) The Company has adopted highest business, governance,
to ensure effective oversight and adequate due diligence ethical and legal standards. The Whistle blower policy aims to
with regard to outsourcing of activities by the Company. The provide a mechanism to ensure that concerns are appropriately
Company outsources processes which are permitted based raised, independently investigated and addressed.

86 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

4. Reputation Risk Physical and psychological well-being: Several initiatives were taken

OVERVIEW
CORPORATE
Reputation risk is defined as the risk of negative opinion about the to augment workplace safety through strict monitoring of COVID-19
financial stability, service levels, integrity, transparency or any other safety guidelines like rostering, social distancing, masking, temperature
aspect, as perceived by the stakeholders, resulting in a decline in checks and implementation of stringent sanitisation and contact tracing
business volumes and eventually impacting continuity of business. guidelines. Plexiglass barriers were installed at each workstation along with
The Company has a framework in place for managing reputation risk deployment of air filters. An app called IWorkSafe was launched to enable
and periodically monitors various parameters that could impact the employees to declare their health status and enable social distancing
reputation of the Company. through a Bluetooth-based buzzer. Employees were offered free tele-

01 - 78 REPORTS
consultation with Company doctors and free tele-counselling with mental
COMPANY’S RESPONSE TO COVID-19 PANDEMIC health professionals. COVID-19 testing, additional sick leave and COVID-19

STATUTORY
The impact of the COVID-19 pandemic was felt across the country and Home Care package was offered to all COVID-19 positive employees. The
its economy. In the initial days of the pandemic and in response to the Company has tied up with hospitals to facilitate vaccination for employees.
nation-wide lock down, the Company had responsibly activated the
business continuity plan (BCP). As a provider of essential services, the Enabling work from home: The Company transitioned seamlessly
Company tracked developments and enabled a conducive environment to Work From Home mode. Accessibility was ensured by allotting
for functioning of the Company and fulfilling its duties, while complying devices to all employees and through migration of all work applications
with all necessary regulatory and statutory directives. Employee safety to enable remote access. Remote technology support was offered

79 - 148 FINANCIAL STATEMENTS

was a key priority for the Company and work from home facilities were and data charges were reimbursed to facilitate subscription to high
enabled for all employees. In addition, their health status was periodically bandwidth networks. Collaboration platforms such as MS Teams were

STANDALONE
tracked and awareness and guidance initiatives were undertaken to keep deployed along with other digital solutions such as mobile applications,
them healthy and engaged. Consistent communication to customers was websites, WhatApp, Chatbots, and AI powered bots to enable customer
ensured on the servicing options available from the safety of their homes interaction and customer service. Given the challenges of executing
on the Company’s robust digital platforms. Distributors were encouraged classroom or face-to-face training, learning and development initiatives
to use new collaboration tools on the Company’s robust digital platform were re-configured to promote digital learning towards enhancing skill
to digitally connect with customers for new business as well as servicing and productivity levels. Virtual engagement sessions with employees
requirement. On the regulatory front, the Company continually engaged were stepped up and regular engagement sessions were conducted by

149 - 521 FINANCIAL STATEMENTS

IRDAI on operational aspects as well longer term policy shaping measures. the leadership team and managers.

CONSOLIDATED
As the country opened up, the Company was able to scale up operations Code of conduct under Securities and Exchange Board of India
across all branches, while complying with directives from local authorities. (Prohibition of Insider Trading) Regulations, 2015
Consumer mindset towards longer term savings underwent certain The Company has in place a Code of conduct to regulate, monitor and
shifts and the Company was able to capitalize on opportunities in non- report trades in Securities by Designated Persons (“Code”) which is in
linked business and annuities to grow those segments. Retail protection accordance with the Securities and Exchange Board of India (Prohibition
business was affected due to asynchronous reinsurer-led price changes in of Insider Trading) Regulations, 2015 as amended from time to time. The
the market and given the live pandemic environment, tighter underwriting Code is applicable to the Directors, employees of the Company, Designated

522 - 584 VALUE RESULTS

practices, and constraints in conducting medical examinations. The Persons, and their immediate relatives, as detailed therein. The objective
Company was able to take advantage of opportunities in Group protection of the Code is to achieve compliance to the Securities and Exchange

EMBEDDED
and grow the segment. Board of India (Prohibition of Insider Trading) Regulations. Any infractions/
violations of the Code are suitably dealt with as provided for in the Code.
Even as the pandemic continues into the coming year, with a second wave
resulting in increased infections and resultant deaths, the Company will CEO/CFO certification
continue to monitor these developments closely and take appropriate In terms of the Listing Regulations, the certification by the Managing
actions. Director & CEO and Chief Financial Officer on the financial statements and
internal controls relating to financial reporting has been obtained.
585 - 591 INFORMATION

For employees, work from home was enabled, their health status was
periodically tracked and awareness and guidance initiatives were CORPORATE GOVERNANCE
ADDITIONAL

undertaken to keep them healthy and engaged with the below paragraph. The Company considers its stakeholders as partners in success, and
remains committed to delivering value to stakeholders. The Company
Employee health, safety and well-being was accorded paramount believes that a sound corporate governance mechanism is critical to
importance over the last one year. With the onset of the COVID-19 retain and enhance stakeholders’ trust. It is committed to exercise overall
pandemic, a two-tier command structure was set up to implement the responsibilities rigorously and diligently throughout the organisation,
Business Continuity Plan, set direction and ensure compliance to statutory managing its affairs in a manner consistent with corporate governance
guidelines. The Company undertook several initiatives to support the requirements and expectations.
592 - 595

physical and psychological well-being of employees and agents and help

them seamlessly transition to a work from home (WFH) mode.

87
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

The Company’s corporate governance philosophy is based on an effective implemented its policy on prevention of sexual harassment at the
independent Board including the separation of Board’s supervisory role workplace and has made it available to all employees on the Company’s
from the executive management. The Board Committees are generally intranet. The Company believes in providing a safe and secure working
comprising of a majority of independent/non-executive Directors and are environment and on an ongoing basis, creates education and awareness
chaired by independent Directors, to oversee critical areas of business amongst employees.
operations.
Disclosures in relation to the Sexual Harassment of Women at Workplace
Significant and material orders passed by the regulators or courts (Prevention, Prohibition and Redressal) Act, 2013:
or tribunals impacting the going concern status of the Company a. number of complaints filed during the financial year: 12
and its future operations b. number of complaints disposed of during the financial year: 8
There are no significant and/or material orders passed by the regulators or c. number of complaints pending to be resolved as on end of financial
courts or tribunals impacting the going concern status of future operations year: 4*
of the Company.
*
Out of the four complaints pending as on March 31, 2022, two complaints stand
Compliance to Secretarial Standards resolved as on the date of the report.
The Company was in compliance with the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India for the FY2022. Further, the Company has complied with provisions relating to the
constitution of Internal Complaints Committee under the Sexual
Annual return Harassment of Women at Workplace (Prevention, Prohibition and
A copy of the annual return for FY2022 is placed on the website of Redressal) Act, 2013.
the Company at https://www.iciciprulife.com/about-us/shareholder-
information/other.html in accordance with the provisions of the CA2013 Whistle blower policy
with the information available up to the date of this report, and shall be The Company has adopted highest business, governance, ethical and legal
further updated as soon as possible but no later than sixty days from the standards. The Whistle blower policy aims to provide a mechanism to
date of the Annual General Meeting. ensure that concerns are appropriately raised, independently investigated
and addressed.
Particulars of employees
The statement containing the particulars of employees as required to be The purpose of the Policy is to encourage employees to report
disclosed under Section 197(12) of the CA2013, read with Rule 5(2) of matters without the risk of subsequent victimisation, discrimination or
the Companies (Appointment and Remuneration of Managerial Personnel) disadvantage.
Rules, 2014, is set out in an Annexure and forms part of this Report. In
terms of Section 136(1) of CA2013, the Report and the Accounts are sent As per the Policy, employees or Directors can raise concerns related to
to the members excluding the aforesaid Annexure. Any member interested breach of any law, statute or regulation, issues related to accounting policies
in obtaining a copy of this Annexure may write to the Company Secretary and procedures, acts resulting in financial loss or loss of reputation, misuse
at the Registered Office of the Company. of office, suspected/actual fraud and criminal offences, non-compliance
to anti-bribery and anti-corruption policy, leak of any unpublished price
Corporate Social Responsibility (CSR) initiatives sensitivity information (UPSI) pursuant to SEBI Regulations or any such
The Corporate Social Responsibility policy as approved by the Board has information prescribed pursuant to any regulations/laws, as amended
been hosted on the Company’s website (https://www.iciciprulife.com/ from time to time by the Company or its employees. Such complaints are
about-us/corporate-policies.html). reported to the Board Audit Committee.

The Company has spent ` 68.2 million for FY2022 towards CSR programs The Policy has been periodically communicated to employees and an
as against ` 67.6 million required to be spent, which is 2.02% of the extract of the same has also been hosted on the Company’s intranet and
average net profits made during the three immediately preceding financial details pertaining to establishment of vigil mechanism are hosted on the
years, in accordance with section 135 of the Companies Act, 2013. An website at https://www.iciciprulife.com/about-us/corporate-policies.html.
excess amount of ` 1.0 million spent by the Company as CSR expense in
FY2021 was set off in FY2022. Code of conduct
The Company has a code of conduct (Code) for Directors and employees
The detailed annual report on Corporate Social Responsibility activities is of the Company, which was last reviewed and amended by the Board of
annexed herewith as Annexure C. Directors at its meeting held on April 19, 2021. The Code aims at ensuring
consistent standards of conduct and ethical business practices across the
Sexual harassment policy constituents of the Company. The Code lays down the broad framework of
The Sexual Harassment of Women at Workplace (Prevention, Prohibition general guiding principles for conducting day-to-day business. This Code
and Redressal) Act, 2013 provides protection against sexual harassment is available on the website of the Company (https://www.iciciprulife.com/
of women at the workplace and lays down guidelines for the prevention about-us/corporate-policies.html). Pursuant to the Listing Regulations, a
and redressal of complaints of sexual harassment. The Company has confirmation from the Managing Director & CEO regarding compliance with

88 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

the Code by all the Directors and senior management forms part of the The Board functions either as a full Board or through various Committees

OVERVIEW
CORPORATE
Annual Report. constituted to oversee specific areas. The Board has constituted
committees, namely, Board Audit Committee, Board Risk Management
Policy for determining material subsidiaries Committee, Board Investment Committee, Board Customer Service &
In accordance with the requirements of the Listing Regulations, the Policyholders’ Protection Committee, Board Nomination and Remuneration
Company has formulated a policy for determining material subsidiaries Committee, Board Corporate Social Responsibility Committee, Stakeholders
and the same has been hosted on the website of the Company Relationship Committee, With Profits Committee and Strategy Committee.
(https://www.iciciprulife.com/about-us/corporate-policies.html).

01 - 78 REPORTS
The Company recognises that a diverse Board will have different thoughts,
Board of Directors perspectives, knowledge, skill, industry experience, age and gender, which

STATUTORY
The Company’s Board is constituted in compliance with the CA2013, in will ensure that the Company retains its competitive advantage. The Board
accordance with Listing Regulations and IRDAI Corporate Governance Nomination and Remuneration Committee recommends the appointment
Guidelines, 2016. At March 31, 2022, the Board of Directors of the Company of Director(s) to the Board of the Company based on the criteria for
comprised five independent Directors, three non-executive Directors, and appointment of Directors.
the Managing Director & CEO. Out of the three non-executive Directors,
two Directors are nominated by ICICI Bank Limited and one by Prudential In accordance with the ‘criteria for appointment of the Directors and
Corporation Holdings Limited. The Chairman of the Board is an Independent official(s) who may be appointed in senior management of the Company’,

79 - 148 FINANCIAL STATEMENTS

Director. Except the Managing Director & CEO, all other Directors including identified by the Board, the areas of knowledge, skills and expertise
the Chairman of the Board are non-executive Directors and/or independent which would be required to be possessed by the Board of the Directors

STANDALONE
Directors. The Board is responsible for corporate strategy and other of the Company in the context of life insurance business, are finance
responsibilities as laid down by IRDAI under the Corporate Governance & accountancy, banking, insurance, strategy and corporate planning,
guidelines. The Managing Director & CEO oversees implementation of the risk management, securities market, economics, law and governance,
strategy, achievement of the business plan and day-to-day operations. consumer insights, marketing and human resources. The Directors of the
There is an appropriate mix of executive, non-executive and independent Company have the skills and expertise as prescribed in the criteria, details
Directors on various Board Committees. None of the Directors is related to of which are given below along with their educational qualification:
any other Director or employee of the Company.

149 - 521 FINANCIAL STATEMENTS

CONSOLIDATED
Directors
Field of specialisation/ areas
Name of the Director Identification Educational Qualification
of core expertise
Number (DIN)

Non-executive non-independent Directors

Mr. Anup Bagchi, non-executive Director 00105962 Management degree from IIM Bangalore and Finance & accountancy, banking,

522 - 584 VALUE RESULTS

nominated by ICICI Bank Limited Engineering degree from IIT Kanpur strategy and corporate planning

EMBEDDED
Mr. Sandeep Batra, non-executive Director 03620913 Chartered Accountant and Company Finance & accountancy, banking,
nominated by ICICI Bank Limited Secretary insurance, risk management,
securities market, law and
governance, consumer insights
and human resources

Mr. Wilfred John Blackburn, non-executive 08753207 Bachelor of Science (Mathematics - 1st Class Insurance, strategy and corporate
Director nominated by Prudential Corporation Hons.) from the University of Newcastle- planning
585 - 591 INFORMATION

Holdings Limited upon-Tyne, Fellow of the Institute of Actuaries

in 1995, MBA from the University of Bath,
ADDITIONAL

Postgraduate business school student at

London’s City University (now CASS), Oxford
University, INSEAD, and Harvard.
592 - 595

89
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Directors
Field of specialisation/ areas
Name of the Director Identification Educational Qualification
of core expertise
Number (DIN)

Non-executive independent Directors

Mr. M. S. Ramachandran – Chairman 00943629 Bachelor’s degree in Mechanical Engineering Strategy and corporate planning
from the College of Engineering, Guindy (Anna
University)

Mr. Dilip Karnik 06419513 Bachelor’s degree in Science and Bachelor’s Law and governance
degree in Law

Mr. R. K. Nair 07225354 Master’s degree in Science, Bachelor’s Finance & accountancy, banking,
degree in Law, Master of Business insurance and securities market
Administration – Financial Management,
Diploma in Securities Law

Mr. Dileep Choksi 00016322 Chartered Accountant, Bachelor’s degree Finance & accountancy, taxation,
in Law, a member of the Institute of Cost strategy and corporate planning
and Works Accountants of India, and Trust
and Estate Practitioner (TEP) and member of
Society of Trust and Estate Practitioners (STEP)

Ms. Vibha Paul Rishi 05180796 Master of Business Administration in Consumer insights and
Marketing from the Faculty of Management marketing, Strategy and Human
Studies, University of Delhi. Honours in Resources
Economics from Lady Sri Ram College, Delhi
University

Wholetime Director(s)

Mr. N. S. Kannan, Managing Director & CEO 00066009 Bachelor of Engineering (Honours) from Finance & accountancy, banking,
NIT Trichy, Post-Graduate Diploma in insurance, strategy and corporate
Management from IIM Bangalore, Chartered planning, risk management and
Financial Analyst from ICFAI securities market

There were six meetings of the Board during FY2022: Meetings were held on April 19, 2021, July 20, 2021, October 19, 2021, January 18, 2022, February
19, 2022 and March 14, 2022. The maximum interval between any two meetings did not exceed 120 days. The attendance of Directors at the Board
meetings during the year is set out in the following table:

Board meetings attended/ Attendance at last AGM

Name of the Director
held during the year (June 25, 2021)
Non-executive non-independent Directors
Mr. Anup Bagchi, non-executive Director nominated by ICICI Bank Limited 6/6 Present
Mr. Sandeep Batra, non-executive Director nominated by ICICI Bank Limited 6/6 Present
Mr. Wilfred John Blackburn, non-executive Director nominated by Prudential 6/6 Present
Corporation Holding Limited
Non-executive independent Directors
Mr. M. S. Ramachandran, Chairman 6/6 Present
Mr. Dilip Karnik 6/6 Present
Mr. R. K. Nair 6/6 Present
Mr. Dileep Choksi 6/6 Present
Ms. Vibha Paul Rishi 6/6 Present
Wholetime Director(s)
Mr. N. S. Kannan, Managing Director & CEO 6/6 Present

90 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

The details of other directorships/committee membership held by the Directors of the Company as at March 31, 2022 are set out below:

OVERVIEW
CORPORATE
Name of the Director Number of other directorships Number of other committee Names of other listed entities where
Indian public limited other memberships3 the person is a director and category of
companies1 companies2 (Audit Committee and directorship
Stakeholders Relationship
Committee of Indian public
limited companies)

Non-executive non-independent Directors

01 - 78 REPORTS
Mr. Anup Bagchi, non-executive 5(1) 0 1 1. ICICI Bank Limited, Executive Director
Director nominated by ICICI Bank 2. ICICI Securities Limited, Non-Executive -

STATUTORY
Limited Non Independent Director
3. ICICI Home Finance Company Limited
(Debt Listed) - Director
Mr. Sandeep Batra, non-executive 4 1(1) 2 1. ICICI Bank Limited, Executive Director
Director nominated by ICICI Bank 2. ICICI Lombard General Insurance Company
Limited Limited, Non-Executive - Non Independent
Director
Mr. Wilfred John Blackburn, non- 0 7(1) 0 -

79 - 148 FINANCIAL STATEMENTS

executive Director nominated by
Prudential Corporation Holding Limited

STANDALONE
Non-executive independent Directors
Mr. M. S. Ramachandran, Chairman 2 0 1 1. Supreme Petrochem Limited, Non-Executive
- Independent Director
2. ESTER Industries Limited, Non-Executive -
Independent Director
Mr. Dilip Karnik 5 0 2 1. Birla Corporation Limited, Non-Executive -
Non Independent Director
2. Universal Cables Limited, Non-Executive -

149 - 521 FINANCIAL STATEMENTS

Non Independent Director
3. Vindhya Telelinks Limited, Non-Executive -
Non Independent Director

CONSOLIDATED
Mr. R. K. Nair 5 3 5(1) 1. ICICI Bank Limited, Non-Executive -
Independent Director
2. Geojit Financial Services Limited, Non-
Executive - Independent Director
3. ICICI Securities Primary Dealership Limited
(Debt listed), Director
4. Inditrade Capital Limited - Non-Executive -
Independent Director

522 - 584 VALUE RESULTS

Mr. Dileep Choksi 8 2 7(1) 1. Arvind Limited, Non-Executive - Independent
Director
2. Deepak Nitrite Limited, Non-Executive -

EMBEDDED
Independent Director
3. AIA Engineering Limited,
Non -Executive - Independent Director
4. Swaraj Engines Ltd, Non-Executive -
Independent Director
Ms. Vibha Paul Rishi 4 4 4(1) 1. Asian Paints Limited, Non-Executive -
Independent Director
2. Tata Chemicals Limited, Non-Executive -
585 - 591 INFORMATION

Independent Director
3. Escorts Limited, Non-Executive -
Independent Director
ADDITIONAL

4. ICICI Bank Limited, Non-Executive -

Independent Director
Wholetime Director(s)
Mr. N. S. Kannan, 1(1) 0 0 -
Managing Director & CEO
1. Comprises of other public limited companies incorporated in India. Figures in parentheses indicate Board chairpersonship by the Directors in other unlisted public companies.
2. Comprises of private limited companies incorporated in India and foreign companies but excludes Section 8 companies and not for profit foreign companies. Figures in parentheses indicate Board
chairpersonship.
592 - 595

3. Figures in parentheses indicate committee chairmanship including alternate chairpersonship.

91
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

In terms of the Listing Regulations, the number of Committees (Audit commencing from July 25, 2022 till July 24, 2027, and re-appointment
Committee and Stakeholders Relationship Committee) of public limited of Mr. Dileep Choksi, aged 72 years, as an Independent Director of the
companies in which a Director is a member/chairperson were within the Company, not liable to retire by rotation, for a second term commencing
limits prescribed under Listing Regulations, for all the Directors of the from January 19, 2023 till December 25, 2024, for the approval of the
Company. The number of directorships of each independent Director is members through a special resolution to be passed at the 22nd AGM of
also within the limits prescribed under Listing Regulations. the Company. Their brief profile and other details as required under the
CA2013 and Listing Regulations pertaining to their re-appointment is
Independent Directors provided in the Notice of 22nd AGM of the Company and the explanatory
The Board of Directors of the Company at March 31, 2022 comprised nine statement under section 102 of the CA2013, annexed to it.
Directors, out of which five are independent Directors.
Board Committees
All independent Directors have confirmed that they meet the criteria of The details of Board Committees are as follows:
independence as laid down under Section 149(6) of the CA2013 and the
Listing Regulations and have confirmed that their names have been added A. Board Audit Committee
in the data bank maintained by the Indian Institute of Corporate Affairs The primary objective of the Committee is to monitor and provide
for independent directors, in accordance with Rule 6 of the Companies an effective supervision of the financial reporting process, with high
(Appointment and Qualification of Directors) Rules, 2014. levels of transparency, integrity and quality of financial reporting. The
Committee oversees the functions of internal audit & compliance
Pursuant to the provisions of Rule 6 of the Companies (Appointment and functions and ensures deployment of policies for an effective
Qualifications of Directors) Rules, 2014, every individual whose name is so control mechanism including mechanism to address potential
included in the data bank shall pass an online proficiency self-assessment conflict of interest amongst stakeholders. The Committee has the
test. However, an individual who has fulfilled the criteria prescribed in authority and responsibility to select, evaluate and recommend the
the Rule 6(4) of the said Rules, is exempted from passing the online self- statutory auditors in accordance with law. The Committee ensures
assessment test. In view of the same, none of the Independent Directors independence of control functions demonstrated by a credible
were required to take the proficiency self-assessment test. The Board at reporting arrangement.
its meeting held on April 16, 2022 has reviewed the submissions received
Terms of reference:
from all the independent Directors and has confirmed that the independent
i. Accounts & Audit
Directors fulfil the criteria laid down by requisite regulations and are
i. Oversee the financial statements, financial reporting
independent from the management. Further, based on these disclosures
process, statement of cash flow and disclosure of its
and confirmations, the Board is of the opinion that the Directors of the
financial information, both on an annual and quarterly
Company are eminent persons with integrity and have necessary expertise
basis, to ensure that the financial statement is correct,
and experience to continue to discharge their responsibilities as the
sufficient and credible;
Director of the Company.
ii. Recommend the appointment, re-appointment, terms
Further, pursuant to the provisions of the CA2013, the shareholders of appointment and, if required, the replacement or
in the 18th AGM of the Company held on June 26, 2018 had appointed removal; remuneration, reviewing (with management)
Mr. R. K. Nair (DIN: 07225354) and Mr. Dileep Choksi (DIN: 00016322) as performance and oversight of the work of the auditors
Independent Directors of the Company to hold office for five consecutive (internal/ statutory/ concurrent) and to review and
years with effect from July 25, 2017 to July 24, 2022 and from January monitor the auditor’s independence and performance,
19, 2018 to January 18, 2023, respectively. As per section 149(10) of and effectiveness of audit process;
the Companies Act, 2013, an independent director shall be eligible for
iii. Oversight of the procedures and processes established
re-appointment upon passing a special resolution by the members of the
to attend issues relating to maintenance of books of
Company and disclosure of such appointment in the Board’s Report.
account, administration procedures, transactions and
other matters having a bearing on the financial position
Subject to the provisions of Section 149, 152 and other applicable
of the Company, whether raised by the auditors or by
provisions, if any, of the Companies Act, 2013, and based on the
any other person;
recommendation of the Board Nomination and Remuneration Committee,
the Board has recommended that the tenure of Independent Director(s) for iv. Evaluation of internal financial controls and risk
all prospective appointment/re-appointments shall not extend beyond two management systems;
consecutive terms of five years each or the date on which said Director v. Discuss with the statutory auditors before the audit
attains seventy five (75) years of age, whichever is earlier. commences, about the nature and scope of audit, as
well as, have post-audit discussions to address areas of
Accordingly, the Board has recommended the re-appointment of Mr. R. K. concern;
Nair, aged 67 years, as of date, as an Independent Director of the Company,
not liable to retire by rotation, for a second term of five consecutive years

92 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

vi. Approval of payment to statutory auditors and internal xiii. To review the utilisation of loans and/ or advances from/

OVERVIEW
CORPORATE
auditors or any of its associated persons or companies, investment by the holding company in the subsidiary
for any other services rendered by them; exceeding rupees 100 crore or 10% of the asset size
of the subsidiary, whichever is lower including existing
vii. Reviewing, with the management, the annual financial
loans/advances/investments.
statements and auditor’s report thereon before
submission to the Board for approval, with particular ii. Internal audit
reference to: i. Review the adequacy of internal audit function, if

01 - 78 REPORTS
• Matters required to be included in the director’s any, including the structure of the internal audit
responsibility statement to be included in the department, staffing and seniority of the official heading

STATUTORY
Board’s report in terms of clause (c) of sub- the department, reporting structure, coverage and
Section (3) of Section 134 of the Companies Act, frequency of internal audit;
2013; ii. Oversee the efficient functioning of the internal audit
• Changes, if any, in accounting policies and department and review its reports. The Committee
practices and reasons for the same; would additionally monitor the progress made in
rectification of irregularities and changes in processes
• Major accounting entries involving estimates wherever deficiencies have come to notice;

79 - 148 FINANCIAL STATEMENTS

based on the exercise of judgment by
iii. Set-up procedures and processes to address all
management;

STANDALONE
concerns relating to adequacy of checks and control
• Significant adjustments made in the financial mechanisms;
statements arising out of audit findings;
iv. Discussion with internal auditors of any significant
• Compliance with listing and other legal findings and follow up there on;
requirements relating to financial statements to
v. Review the findings of any internal investigations by the
the extent applicable;
internal auditors into matters where there is suspected

149 - 521 FINANCIAL STATEMENTS

• Approval or any subsequent modification and fraud or irregularity or a failure of internal control
disclosure of any related party transactions of systems of a material nature and reporting the matter

CONSOLIDATED
the Company, in accordance with applicable to the Board;
provisions, as amended from time to time; and
vi. Review with the management, performance of internal
• Modified opinion(s) in the draft audit report. auditors and the adequacy of the internal control
systems;
viii. Reviewing, with the management, the quarterly,
half-yearly and annual financial statements before vii. Look into the reasons for substantial defaults in the
submission to the Board for approval; payment, if any, to the depositors, debenture holders,

522 - 584 VALUE RESULTS

shareholders (in case of non-payment of declared
ix. To the extent applicable, review with the management,
dividends) and creditors; and
the statement of uses/end use/application of funds

EMBEDDED
raised through an issue (public issue, rights issue, viii. Review the functioning of the whistle blower/vigil
preferential issue, etc.) and related matter, the mechanism.
statement of funds utilised for purposes other than
those stated in the offer document/ prospectus/ notice iii. Compliance & ethics and others
and the report submitted by the monitoring agency i. Monitor the compliance function and the Company’s
risk profile in respect of compliance with external laws
monitoring the utilisation of proceeds of a public or
and regulations and internal policies, including the
rights issue, and making appropriate recommendations
585 - 591 INFORMATION

Company’s code of ethics or conduct;

to the Board to take up steps in this matter;
ii. Review reports on the above and on proactive
ADDITIONAL

x. Review of housekeeping items, particularly review of

compliance activities aimed at increasing the Company’s
suspense balances, reconciliations (including subsidiary
ability to meet its legal and ethical obligations, on
general ledger (SGL) accounts) and other outstanding
identified weaknesses, lapses, breaches or violations
assets & liabilities;
and the controls and other measures in place to help
xi. Scrutiny of inter-corporate loans and investments, if detect and address the same;
any;
iii. Discuss the level of compliance in the Company and any
592 - 595

xii. Valuation of undertakings or assets of the Company, associated risks and to monitor and report to the Board
wherever it is necessary; on any significant compliance breaches;

93
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

iv. Supervise and monitor matters reported using the Name of the member Number of meetings
Company’s whistle blowing or other confidential attended/held
mechanisms for employees and others to report ethical
Mr. R. K. Nair – Chairman 10/10
and compliance concerns or potential breaches or
Mr. Dilip Karnik 10/10
violations;
Mr. Dileep Choksi 10/10
v. Advise the Board on the effect of the above on the Ms. Vibha Paul Rishi 10/10
Company’s conduct of business and helping the Board Mr. Sandeep Batra 10/10
set the correct ‘tone at the top’ by communicating, Mr. Wilfred John Blackburn 10/10
or supporting the communication, throughout the
Company of the importance of ethics and compliance; B. Board Risk Management Committee
The Committee reviews the Risk Management policy of the
vi. Approve compliance programmes, reviewing their Company, including asset liability management (ALM), to monitor
effectiveness on a regular basis and signing off on any
all risks across the various lines of business of the Company and
material compliance issues or matters;
establish appropriate systems to mitigate such risks. The Committee
vii. Review key transactions involving conflict of interest; also reviews the risk appetite and risk profile of the Company. The
Committee oversees the effective operation of the risk management
viii. Review the anti-money laundering (AML)/counter –
system and advises the Board on key risk issues.
financing of terrorism (CFT) policy annually and review
the implementation of the Company’s AML/CFT
Terms of reference:
program;
a. Risk management
ix. Review compliance of Insurance Regulatory & i. Establish effective Risk Management framework for
Development Authority of India (IRDAI) corporate identification of internal and external risks, in particular
governance guidelines; including financial, operational, sectoral, sustainability
(particularly ESG related risks), information, cyber security
x. Monitor the directives issued/ penalties imposed/ penal
risks, business continuity risk or any other risk as may
action taken against the Company under various laws
and statutes and action taken for corrective measures; be determined by the Committee and recommend to the
and Board the Risk Management policy and processes for the
organisation which should include measures for risk mitigation
xi. Approval of appointment of chief financial officer or any including systems and processes for internal control of
other person heading the finance function or discharging identified risks;
that function after assessing the qualifications,
experience and background, etc. of the candidate. ii. Monitor and oversee implementation of the risk management
policy, including evaluating the adequacy of risk management
xii. Consider and comment on rationale, cost-benefits systems;
and impact of schemes involving merger, demerger,
amalgamation etc., on the Company and its iii. Ensure that appropriate methodology, processes and systems
shareholders. are in place to monitor and evaluate risks associated with the
business of the Company;
xiii. Carrying out any other function, if any, as is mentioned
in the terms of reference of the Audit Committee and iv. Assisting the Board in effective operation of the risk
any other terms of reference as may be decided by the management system by performing specialised analyses and
Board and/or specified/ provided under the Companies quality reviews;
Act, 2013 or the Securities and Exchange Board of
v. Monitoring and reviewing the cyber security system of the
India (Listing Obligations and Disclosure Requirements)
Company;
Regulations, 2015, as amended (“Listing Regulations”),
or by any other regulatory authority. vi. Maintain a group wide and aggregated view on the risk profile
of the Company in addition to the solo and individual risk
Composition profiles;
There were ten meetings of the Board Audit Committee held during
FY2022: Meetings were held on April 15, 2021, April 19, 2021, vii. Report to the Board, the nature and content of its discussions,
June 16, 2021, July 16, 2021, July 20, 2021, October 14, 2021, recommendations and actions to be taken including details
October 19, 2021, January 17, 2022, January 18, 2022 and February on the risk exposures and the actions taken to manage the
19, 2022. The details of the composition of the Committee and exposures; set the risk tolerance limits and assess the cost
attendance at its meetings are set out in the following table: and benefits associated with risk exposure and review,
monitor and challenge where necessary, risks undertaken by
the Company;

94 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

viii. Advising the Board with regard to risk management decisions vi. Quantifying the level of risk exposures (e.g. market, credit

OVERVIEW
CORPORATE
in relation to strategic and operational matters such as and liquidity) and assessing the expected rewards and costs
corporate strategy, acquisitions and related matters; associated with the risk exposure;
ix. Review the Company’s risk-reward performance to align with vii. Ensuring that management and valuation of all assets and
overall policy objectives; liabilities comply with the standards, prevailing legislation and
internal and external reporting requirements;
x. Discuss and consider best practices in risk management in the
market and advise the respective functions; viii. Reviewing key methodologies and assumptions including

01 - 78 REPORTS
actuarial assumptions, used to value assets and liabilities;
xi. Maintain an aggregated view on the risk profile of the Company
for all categories of risk including insurance risk, market risk, ix. Managing capital requirements at the company level using the

STATUTORY
credit risk, liquidity risk, operational risk, compliance risk, legal regulatory solvency requirements;
risk, reputation risk, etc.;
x. Reviewing, approving and monitoring capital plans and related
xii. Review the solvency position of the Company on a regular decisions over capital transactions;
basis;
xi. To carry out any other function, if any, as prescribed in the
xiii. Monitor and review regular updates on business continuity; terms of reference of the Risk Management Committee
and any other terms of reference as may be decided by the

79 - 148 FINANCIAL STATEMENTS

xiv. Formulation of a Fraud monitoring policy and framework for
Board and/or specified/provided under the Companies Act,
approval by the Board;
2013 or the Securities and Exchange Board of India (Listing

STANDALONE
xv. Monitor implementation of Anti-fraud policy for effective Obligations and Disclosure Requirements) Regulations, 2015,
deterrence, prevention detection and mitigation of frauds; as amended, or by any other regulatory authority;
xvi. Review compliance with the guidelines on Insurance Fraud
Composition
Monitoring Framework dated January 21, 2013, issued by the
There were five meetings of the Board Risk Management Committee
Authority;
held during FY2022: The meetings were held on April 16, 2021,
xvii. Review the appointment, removal and terms of remuneration July 16, 2021, October 18, 2021, December 3, 2021 and January

149 - 521 FINANCIAL STATEMENTS

of the Chief Risk Officer; 17, 2022. The details of the composition of the Committee and
attendance at its meetings are set out in the following table:

CONSOLIDATED
xviii. Carry out any other function, if any, as prescribed in the
terms of reference of the BRMC and any other terms of Name of the member Number of meetings
reference as may be decided by the Board and/or specified/ attended/held
provided under the Companies Act, 2013 or the Securities and
Mr. M. S. Ramachandran – Chairman 5/5
Exchange Board of India (Listing Obligations and Disclosure
Mr. R. K. Nair 5/5
Requirements) Regulations, 2015, as amended, or by any
Mr. Anup Bagchi 5/5
other regulatory authority.
Mr. Wilfred John Blackburn 5/5

522 - 584 VALUE RESULTS

b. Asset liability management (ALM)
Note: Mr. Deepak Kinger, Chief Risk & Compliance Officer of the
i. Formulating and implementing optimal ALM strategies,

EMBEDDED
Company attended five out of five meetings of the Board Risk
both at the product level an enterprise level and
Management Committee.
meeting risk v/s reward objectives and ensuring they
remain within acceptable monitored tolerances for
C. Board Investment Committee
liquidity, solvency and the risk profile of the entity;
The Investment Committee assists the Board in fulfilling its oversight
ii. Reviewing the Company’s overall risk appetite and responsibility for the investment assets of the Company. The
laying down the risk tolerance limits including annual Committee is responsible for formulating the overall investment
585 - 591 INFORMATION

review of strategic asset allocation; policy and establishing a framework for its investment operations
with adequate controls. The Committee also monitors investment
iii. Monitor risk exposures at periodic intervals and revising
ADDITIONAL

performance against the applicable benchmarks and provide

strategies as appropriate including those for ALM;
guidance for protection of shareholders’ and policyholders’ funds.
iv. Placing information pertaining to ALM before the Board
at periodic intervals; Terms of reference:
i. Responsible for the recommendation of the Investment
v. Setting the risk/reward objectives i.e. risk appetite of
Policy and laying down of the operational framework for
the Company informed by assessment of policyholder
the investment operations of the Company. The Investment
expectations and other relevant factors;
592 - 595

Policy and operational framework should, inter alia, focus on

a prudential asset liability management supported by robust

95
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

internal control systems; and encompass aspects concerning D. Board Customer Service & Policyholders’ Protection
liquidity for smooth operations, compliance with prudential Committee
regulatory norms on investments, risk management/mitigation The Board Customer Service & Policyholders’ Protection Committee
strategies to ensure commensurate yield on investments in assists the Board to protect the interests of the policyholders and
line with policyholders’ reasonable expectations and above all improve their experiences in dealing with the Company at all stages
protection of policyholders’ funds. and levels of their relationship with the Company. In this connection,
the Committee aims to upgrade and monitor policies and procedures
ii. Put in place an effective reporting system to ensure
for grievance redressal and resolution of disputes, disclosure of
compliance with the Investment Policy set out by it apart from
“material information” to the policy holders, and compliance with
internal/concurrent audit mechanisms for a sustained and on-
the regulatory requirements.
going monitoring of investment operations.
iii. To submit a report to the Board on the performance of Terms of reference:
investments at least on a quarterly basis and provide an i. Putting in place proper procedures and effective mechanism to
analysis of its investment portfolio (including with regard address complaints and grievances of policyholders including
to the portfolio’s safety and soundness) and on the future mis-selling by intermediaries.
outlook. ii. Ensure compliance with the statutory requirements as laid
iv. The Committee should independently review its investment down in the regulatory framework pertaining to policyholders’
decisions and ensure that support by the internal due protection.
diligence process is an input in making appropriate investment iii. Review of the mechanism at periodic intervals.
decisions.
iv. Ensure adequacy of disclosure of “material information” to the
v. To carry out any other function, if any, as prescribed in the policyholders. These disclosures shall, for the present, comply
terms of reference of the Board Investment Committee and with the requirements laid down by the Authority both at the
any other terms of reference as may be decided by the Board point of sale and at periodic intervals.
and/or specified/provided under the CA2013 or by any other
regulatory authority. v. Review the status of complaints of the policyholders, and take
steps to reduce these complaints, at periodic intervals.
Composition
There were four meetings of the Board Investment Committee held vi. Provide the details of grievances at periodic intervals in such
during FY2022: The meetings were held on April 15, 2021, July 15, formats as may be prescribed by the Authority.
2021, October 18, 2021 and January 17, 2022. The details of the vii. Provide details of insurance ombudsmen to the policyholders.
composition of the Committee and attendance at its meetings are
set out in the following table: viii. Shape the customer service philosophy and policies of the
organisation based on the overall environment in the financial
Name of the member Number of meetings services industry.
attended/held ix. Oversee the functions of the customer service council.
Mr. M. S. Ramachandran - Chairman 4/4 x. Review measures for enhancing the quality of customer
Mr. R. K. Nair 4/4 service.
Mr. Sandeep Batra 4/4
Mr. Wilfred John Blackburn 4/4 xi. Provide guidance to improve in the overall satisfaction level of
Mr. N. S. Kannan 4/4 customers.
*Mr. Satyan Jambunathan 4/4 xii. Adopt standard operating procedures to treat the customer
*Mr. Manish Kumar 4/4 fairly including time-frames for policy and claims servicing
*Mr. Deepak Kinger 4/4 parameters and monitoring implementation thereof.
*Ms. Asha Murali1 2/2
xiii. Put in place a framework for review of awards given by
*Mr. Souvik Jash2 N.A.3 Insurance Ombudsman/Consumer Forums. Analyse the root
* As per IRDAI Corporate Governance guidelines 2016 and the IRDAI cause of customer complaints, identify market conduct issues
Investment Regulations, 2016, the Board Investment Committee shall also
and advise the management appropriately about rectifying
have Chief Financial Officer, Chief Risk Officer, Chief Investment Officer and
Appointed Actuary as members. systemic issues, if any.
1
Ceased to be a member with effect from July 31, 2021
xiv. Review all the awards given by Insurance Ombudsman/
2
Appointed as a member with effect from December 3, 2021
3
Mr. Souvik Jash attended the meeting as an invitee and was later appointed Consumer Forums remaining unimplemented for more than
as member of the Committee with effect from January 18, 2022. three (3) months with reasons therefor and report the same
to the Board for initiating remedial action, where necessary.

96 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

xv. Review of claims report, including status of outstanding employees consistent with criteria approved by the Board. The

OVERVIEW
CORPORATE
claims with ageing of outstanding claims. Committee coordinates and oversee the self-evaluation of the
performance of the Board and succession planning for senior
xvi. Reviewing repudiated claims with analysis of reasons.
management. The Committee ensures that the Board comprises of
xvii. Status of settlement of other customer benefit payouts like competent and qualified Directors.
surrenders, loan, and partial withdrawal requests etc.
Terms of reference:
xviii. Review of unclaimed amounts of policyholders, as required
i. To formulate the criteria for determining qualifications, positive
under the circulars and guidelines issued by the Authority.

01 - 78 REPORTS
attributes and independence of a director and recommend
to the Board a policy, relating to the remuneration for the
Grievance Redressal Committee is chaired by an eminent

STATUTORY
directors, key managerial personnel and other employees;
independent member Mr. Rajagopalan Venkatarama. The
Committee has two more members, in addition to the Chair. As part ii. To consider and approve employee stock option schemes and
of the grievance redressal mechanism, the GRC is constituted as to administer and supervise the same;
the final authority to address the policyholders’ grievances before
iii. To devise a policy on diversity of the Board;
approaching the Regulator and the Ombudsman office. The key
discussions of the GRC meeting are put up at the Board Customer iv. To identify persons who are qualified to become directors and
Service & Policyholders’ Protection Committee for information. who may be appointed in senior management in accordance

79 - 148 FINANCIAL STATEMENTS

with the criteria laid down, recommend to the Board their
The GRC meets on a quarterly basis with the following terms of
appointment and removal and formulate a criteria and

STANDALONE
reference:
specify the manner for effective evaluation of every individual
a. Evaluate feedback on quality of customer service and claims director’s performance, evaluation of the performance of
experience. Board and its committees; and review its implementation and
compliance;
b. Review and approve representations received on claims
repudiations. v. To recommend to the Board, all remuneration, in whatever
form, payable to senior management;
c. Ensure that the Company follows all prescribed regulatory

149 - 521 FINANCIAL STATEMENTS

requirements on policyholder service. vi. To scrutinise the declarations of intending applicants before
the appointment/ re-appointment/ election of directors by the

CONSOLIDATED
d. Submit report on its performance to the Customer Service &
shareholders at the annual general meeting; and to scrutinise
Policyholder Protection Committee (CS&PPC) on a quarterly
the applications and details submitted by the aspirants for
basis.
appointment as the key managerial personnel;
Composition vii. To consider whether to extend or continue the term of
There were four meetings of the Board Customer Service & appointment of the independent director, on the basis of the
Policyholders’ Protection Committee held during FY2022: Meetings report of performance evaluation of independent directors;

522 - 584 VALUE RESULTS

were held on April 16, 2021, July 16, 2021, October 14, 2021 and
viii. To ensure that the level and composition of remuneration
January 17, 2022. The details of the composition of the Committee
is reasonable and sufficient to attract, retain and motivate
and attendance at its meetings are set out in the following table:

EMBEDDED
directors of the quality required to run the Company
Name of the member Number of meetings successfully;
attended/held
ix. To ensure that relationship of remuneration to performance is
Ms. Vibha Paul Rishi – Chairperson 4/4 clear and meets appropriate performance benchmarks;
Mr. Dilip Karnik 4/4
x. To approve the compensation program and to ensure that
Mr. Dileep Choksi 4/4
remuneration to directors, key managerial personnel and
Mr. Anup Bagchi 4/4
585 - 591 INFORMATION

senior management involves a balance between fixed and

Mr. Wilfred John Blackburn 4/4
incentive pay reflecting short and long term performance
ADDITIONAL

Note: Ms. Vibha Paul Rishi and Mr. Dilip Karnik are designated as objectives appropriate to the working of the Company and its
expert/representative of customers by the Board of Directors at its goals;
meeting held on March 25, 2019, in addition to being members of
xi. To ensure that the proposed appointments/ re-appointments
the Committee.
of key managerial personnel or directors are in conformity with
E. Board Nomination and Remuneration Committee the Board approved policy on retirement/ superannuation; and
The Board Nomination and Remuneration Committee assists xii. To carry out any other function, if any, as prescribed in the
592 - 595

the Board to formulate policies relating to the composition and terms of reference of the Board Nomination and Remuneration
remuneration of the Directors, key managerial personnel, other Committee and any other terms of reference as may be

97
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

decided by the Board and/or specified/provided under the G. Stakeholders Relationship Committee
Companies Act, 2013 or the Securities and Exchange Board Terms of reference:
of India (Listing Obligations and Disclosure Requirements) i. Consider and review redressal and resolutions of the
Regulations, 2015, as amended, or by any other regulatory grievances and complaints of the security holders of the
authority. company, including those of shareholders, debenture holders
and other security holders related to transfer/transmission of
Composition shares, non-receipt of annual report, non-receipt of declared
There were four meetings of the Board Nomination and dividends, issue of new/duplicate certificates, general
Remuneration Committee held during FY2022: April 17, 2021, July meetings;
20, 2021, October 14, 2021 and January 18, 2022. The details of the
ii. Approval and rejection of transfer and transmission of shares
composition of the Committee and attendance at its meetings are
or securities, including preference shares, bonds, debentures
set out in the following table:
and securities;
Name of the member Number of meetings
iii. Approval and rejection of requests for split and consolidation
attended/held
of share certificates;
Mr. Dilip Karnik – Chairman 4/4
iv. Approval and rejection of issue of duplicate share, issued from
Mr. M. S. Ramachandran 4/4
time to time;
Mr. Dileep Choksi1 1/1
Ms. Vibha Paul Rishi1 1/1 v. Redemption of securities and the listing of securities on stock
exchanges;
Mr. Sandeep Batra 4/4
Mr. Wilfred John Blackburn 4/4 vi. Allotment of shares and securities;
1
Appointed as members with effect from January 11, 2022 vii. Review of measures taken for effective exercise of voting
rights by shareholders;
F. Board Corporate Social Responsibility (CSR) Committee
The purpose of the Committee is to formulate and recommend to viii. Review of adherence to the service standards adopted by the
the Board the CSR policy of the Company. It formulates the annual Company in respect of various services being rendered by the
CSR plan, and monitors the CSR activities and compliance with the Registrar & Share Transfer Agent;
CSR policy from time to time. Corporate Social Responsibility Policy ix. Review of various measures and initiatives taken by the
of the Company as per section 135 of the CA2013 is put up on the Company for reducing the quantum of unclaimed dividends
Company’s website. and ensuring timely receipt of dividend warrants/annual
reports/statutory notices by the shareholders of the company;
Terms of reference:
and
i. To formulate and recommend to the Board, a Corporate Social
Responsibility Policy which shall indicate the activities to be x. Any other activities which are incidental or ancillary to the
undertaken by the Company. various aspects of interests of shareholders, debenture
holders and/or other security holders.
ii. To recommend the amount of expenditure to be incurred on
the Corporate Social Responsibility activities. Composition
iii. To monitor the Corporate Social Responsibility Policy of the There were four meetings of the Stakeholders Relationship
Company from time to time. Committee held during FY2022: April 15, 2021, July 16, 2021,
October 18, 2021 and January 17, 2022. The details of the
Composition composition of the Committee and attendance at its meetings are
There were two meetings of the Board Corporate Social set out in the following table:
Responsibility Committee held during FY2022: Meeting were held on
April 15, 2021 and October 18, 2021. The details of the composition Name of the member Number of meetings
of the Committee and attendance at its meetings are set out in the attended/held
following table: Mr. Dileep Choksi– Chairman 4/4
Mr. R. K. Nair 4/4
Name of the member Number of meetings
Mr. N. S. Kannan 4/4
attended/held
Mr. Dilip Karnik – Chairman 2/2 Ms. Sonali Chandak, Company Secretary is designated as the
Compliance Officer of the Company in accordance with the
Mr. Dileep Choksi 2/2
requirements of Securities and Exchange Board of India (Listing
Mr. Wilfred John Blackburn 2/2
Obligations and Disclosure Requirements) Regulations, 2015. The

98 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

total number of complaints from shareholders in FY2022 were I. Strategy Committee

OVERVIEW
CORPORATE
114, majority being related to non-receipt of dividend warrant The Board of Directors at its Meeting held on January 19, 2018 had
and exemption for tax deductible at source on dividend. All these constituted a Strategy Committee to consider and evaluate any
complaints have been addressed within the prescribed timeline. At combination, arrangement, transfer of assets, acquisition, divestiture
March 31, 2022, no complaints were pending for resolution. and any other strategic initiative and recommend such proposals
to the Board of Directors. The said Committee comprised Mr. M.
H. With Profits Committee S. Ramachandran, Chairman, Mr. Anup Bagchi, Mr. Wilfred John
Terms of reference: Blackburn and Mr. N. S. Kannan. The meeting for this Committee

01 - 78 REPORTS
i. Maintaining the asset shares. was not required to be convened in the financial year ended March
ii. Providing approval for the detailed working of the asset share, 31, 2022.

STATUTORY
the expense allowed for in the asset share, the investment
Terms of reference
income earned on the fund, and other associated elements
i. To evaluate transaction(s) of transfer of assets, combination,
which were represented in the asset share determined by the
arrangement, acquisition, divestitures and any other strategic
Appointed Actuary.
initiatives proposed to be undertaken by the Company
iii. To submit a report to the Board covering at least: (through the processes entailing technical/price bids, due
• appropriateness of the methodology and basis used diligence process, etc.) and submit the proposal to the Board

79 - 148 FINANCIAL STATEMENTS

in calculation of asset shares and justification for any for its consideration.
change, ii. To take all necessary actions in connection with such specific

STANDALONE
• bonus earning capacity including its calculation, transactions.

• sensitivity analysis of bonus rates and basis as Familiarisation programme for independent Directors
appropriate, Independent Directors are familiarised with their roles, rights and
responsibilities in the Company as well as with the nature of the
• a brief note on how policyholders’ reasonable
industry and the business model of the Company through induction
expectations (PRE) is met,
programmes at the time of their appointment as Directors and

149 - 521 FINANCIAL STATEMENTS

• any change in special surrender value with justification, through presentations on economy and industry overview, business
• treatment of With Profit fund for future appropriation, overview, key regulatory developments, governance, strategy,

CONSOLIDATED
and investment, human resource and operating performance which
are made to the Directors from time to time. The details of the
• the expenses debited to the With Profit fund and its familiarisation programmes have been hosted on the website of the
appropriateness. Company and can be accessed on the link: https://www.iciciprulife.
com/about-us/company-overview/familiarization.html.
Composition
There was one meeting of the With Profits Committee held during Changes in the composition of the Board of Directors and
other key managerial personnel (KMP) as per CA2013 during

522 - 584 VALUE RESULTS

FY2022: Meeting was held on April 15, 2021. The details of the
the year ended March 31, 2022
composition of the Committee and attendance at its Meeting are
There was no change in the composition of Board of Directors and

EMBEDDED
set out in the following table:
other key managerial personnel (KMP) as per CA2013 during the
Name of the member Number of meetings year ended March 31, 2022.
attended/held
Separate meeting of independent Directors
Mr. R. K. Nair – Chairman 1/1
During FY2022, a separate meeting of the Independent Directors
Mr. Sandeep Batra 1/1
Mr. Wilfred John Blackburn 1/1 was held on April 17, 2021.
Mr. N. S. Kannan 1/1
585 - 591 INFORMATION

Retirement by rotation
*Mr. Chandan Khasnobis 1/1
*Mr. Satyan Jambunathan 1/1 In accordance with the relevant provision of the CA2013, Mr.
ADDITIONAL

*Ms. Asha Murali1 1/1 Sandeep Batra (DIN: 03620913) would retire by rotation at the
*Mr. Souvik Jash2 0/0 ensuing AGM. Mr. Sandeep Batra, being eligible has offered himself
for re-appointment.
*As per IRDAI (Non-linked Insurance Products) Regulations 2019, With
Profits Committee shall also have the Chief Financial Officer, the Appointed
Actuary and an Independent Actuary, as members. Criteria for appointment of a Director and official(s) who
1
Ceased to be a member with effect from July 31, 2021 may be appointed as key managerial person/personnel or as
2
Appointed as a member with effect from December 3, 2021 senior managerial personnel
592 - 595

The Company has a well-defined criteria for appointment of Directors

and those in senior management positions (that is who may be

99
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

appointed as key managerial person/personnel (KMP) or as senior Details of remuneration paid to non-executive Directors
managerial personnel (SMP)) in accordance with the requirements As provided in the Articles of Association of the Company, the fees
prescribed. payable to the non-executive independent Directors for attending a
Meeting of the Board or Committee thereof is decided by the Board
Remuneration of Directors from time to time within the limits prescribed by the
Remuneration policy CA2013.
The Company has in place a policy on Compensation & Benefits
(“Compensation Policy”) for Managing Director & CEO, other During the year FY2022, for the period April 1, 2021 to October
wholetime Directors, non-executive Directors, Key Management 31, 2021 the Company has paid ` 100,000 as sitting fees for each
Person (KMP), Senior Management Personnel (SMP) and other meeting of the Board, ` 50,000 for each Board Audit Committee
employees. meeting and ` 30,000 as sitting fees for each Meeting of other
Further details with respect to the Compensation policy are provided Board Committee meetings attended. In view of the increased
under the section titled “Compensation & Benefit policy”, which complexities in the overall regulatory framework, the Board at its
has also been hosted on the website of the Company and can meeting held on October 19, 2021 considered and approved revised
be accessed on the link: https://www.iciciprulife.com/about-us/ sitting fees. Accordingly, with effect from November 1, 2021 the
corporate-policies.html. Company has paid ` 100,000 as sitting fees for each meeting of
the Board, ` 100,000 for each Board Audit Committee meeting and
Details of remuneration paid to wholetime Directors ` 50,000 as sitting fees for each Meeting of other Board Committee
The Board Nomination and Remuneration Committee (BNRC) meetings attended. This amount is within the limits prescribed
determines and recommends to the Board the remuneration, as per Rule 4 of Companies (Appointment and Remuneration of
including performance bonus and non-cash benefits and perquisites, Managerial Personnel) Rules, 2014 of the CA2013.
payable to the wholetime Directors.
The members of the Company at the Annual General Meeting held
The following table sets out the details of remuneration (including on July 17, 2019 have approved the payment of compensation in
perquisites and retiral benefits) paid to the wholetime Director form of profit related commission upto ` 1 million per annum, in
during FY2022: proportion to the time served by him/her as a Director in a year, to
each non-executive Director of the Company (other than the non-
Particulars Details of executive directors nominated by ICICI Bank Limited and Prudential
Remuneration (`) Corporation Holdings Limited). The payments are subject to the
Mr. N. S. Kannan regulatory provisions applicable to the Company and availability
Basic 25,690,440 of net profits at the end of each financial year. Sitting fees paid to
Variable pay 19,040,751 independent Directors are outside the purview of the above limits.
Allowances1 and perquisites2 23,035,954
Further, Mr. M. S. Ramachandran, non-executive Independent
Contribution to provident fund 3,082,848
Director, Chairman of the Company, was also provided an office,
Contribution to gratuity fund3 2,140,008
including its maintenance, at the Company’s expense, for attending
Stock options of the Company (Numbers)
to his duties as the Chairman of the Company pursuant to the
Granted in FY2022 721,300
resolution passed by the members of the Company on October 30,
Granted in FY2021 760,600
2020 through postal ballot.
Note: For the year ended March 31, 2022 the remuneration details pertain
to the amount paid/options granted during the period of service as per IRDAI The details of the sitting fees and commission are as below:
approval
1
Allowances also include Superannuation.
2
Perquisites are evaluated as per Income-Tax rules wherever applicable, Sitting fees paid to independent Directors for the financial
and exclude perquisites on Provident Fund and perquisites on exercise of year ended March 31, 2022:
stock options, if any. Stock options exercised during the year does not Name of the Director Amount (in `)
constitute remuneration paid to the wholetime directors and accordingly is
not considered here. Mr. M. S. Ramachandran, Chairman 1.07 million
3
Provision towards gratuity is actuarially valued for the group of all eligible Mr. Dilip Karnik 1.59 million
employees on an overall basis, however, for the purpose of this section,
annual contribution towards gratuity fund of the Company as approved by Mr. R. K. Nair 1.75 million
BNRC/Board has been given. Mr. Dileep Choksi 1.64 million
Ms. Vibha Paul Rishi 1.44 million

100 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Commission to be paid to independent Directors for the supervises the same. The Committee ensures that the level

OVERVIEW
CORPORATE
financial year ended March 31, 2022: and composition of remuneration is reasonable and sufficient
Name of the Director Amount (in `) to attract, retain and motivate Directors of the quality required
to run the Company successfully; and that the relationship of
Mr. M. S. Ramachandran, Chairman 1 million
remuneration to performance is clear and meets appropriate
Mr. Dilip Karnik 1 million
performance benchmarks; along with approving the
Mr. R. K. Nair 1 million compensation program and ensuring that remuneration to
Mr. Dileep Choksi 1 million Directors, key management person and senior management

01 - 78 REPORTS
Ms. Vibha Paul Rishi 1 million involves a balance between fixed and incentive pay reflecting
short and long term performance objectives appropriate to the

STATUTORY
Remuneration disclosures pursuant to IRDAI guidelines working of the Company and its goals.
Pursuant to IRDAI guidelines on remuneration of non-executive
Directors and Managing Director/Chief Executive Officer/wholetime (ii) External consultants whose advice has been sought, the body
Directors of Insurers (IRDAI Guidelines) issued vide reference no. by which they were commissioned and in what areas of the
IRDA/F&A/GDL/LSTD/155/08/2016 dated August 5, 2016, requires remuneration process:
the Company to make the following disclosures on remuneration in
The Company engaged the services of reputed consulting
the Annual Report:
firms for market benchmarking in the area of compensation,

79 - 148 FINANCIAL STATEMENTS

including executive compensation;
Compensation policy and practices

STANDALONE
1. Qualitative disclosures (iii) Scope of the Company’s remuneration policy (eg. by regions,
a. Information relating to the design and structure of business lines), including the extent to which it is applicable
remuneration processes and the key features and to foreign subsidiaries and branches:
objectives of remuneration policy. The Company’s Policy on Compensation & Benefits
(i) Name and mandate of the main body overseeing remuneration: (“Compensation Policy”) for Managing Director & CEO,
The Board Nomination and Remuneration Committee (BNRC/ other wholetime Directors, non-executive Directors, Key

149 - 521 FINANCIAL STATEMENTS

Committee) is the body which oversees aspects pertaining Management Person (KMP), Senior Management Personnel
to remuneration. The functions of the Committee include (SMP) and other employees was amended and approved by
the BNRC and the Board at its Meeting held on April 17, 2021

CONSOLIDATED
identifying persons who are qualified to become Directors and
who may be appointed in senior management in accordance and April 19, 2021 respectively;
with the criteria laid down as well as recommending to the
Board their appointment and removal; and formulating the (iv) Type of employees covered and number of such employees:
criteria for determining qualifications, positive attributes All employees of the Company are governed by the
and independence of a Director; and also devising a policy Compensation Policy. The total number of permanent
on diversity of the Board. The Committee ensures that the employees governed by the Compensation Policy of the

522 - 584 VALUE RESULTS

proposed appointments/re-appointments of key management Company at March 31, 2022 was 15,530;
person or Directors are in conformity with the Board approved
(v) Key features and objectives of remuneration policy:

EMBEDDED
policy on retirement/superannuation; scrutinises the
declarations of intending applicants before the appointment/ The Company has historically followed prudent compensation
re-appointment/election of Directors by the shareholders at the practices under the guidance of the Board and the BNRC. The
Annual General Meeting; and scrutinises the applications and Company’s approach to compensation is based on the ethos
details submitted by the aspirants for appointment as the key of meritocracy and fairness within the framework of prudent
management person. The Committee also formulates criteria risk management. This approach has been incorporated in the
and specifies the manner for effective evaluation of every Compensation Policy, the key elements of which are given
585 - 591 INFORMATION

individual director’s performance, and that of the Board and its below:
committees, and reviews its implementation and compliance.
ADDITIONAL

The Committee considers the extension or continuation of Effective governance of compensation

the term of appointment of the Independent Directors, on the The Company follows prudent compensation practices under
basis of the report of performance evaluation of Independent the guidance of the BNRC and the Board. The decision relating
Directors. In addition, the Committee recommends to the to the remuneration of the Managing Director & CEO (MD &
Board the policy relating to the remuneration for the Directors, CEO) and other wholetime Directors is reviewed and approved
key management persons and other employees; and by the BNRC and the Board. The BNRC and the Board approves
recommends to the Board all remuneration, in whatever form, the Key Performance Indicators (KPIs) and the performance
592 - 595

payable to senior management; and considers and approves threshold for payment of performance bonus, if applicable.
employee stock option schemes and administers and The BNRC evaluates business performance against the KPIs

101
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

and on various risk parameters as prescribed by IRDAI. Based of performance delivered against a set of defined
on its assessment, it makes recommendations to the Board performance objectives. These objectives are balanced
regarding compensation for MD & CEO and other wholetime in nature and comprise a holistic mix of financial,
Directors, performance bonus and long-term pay for all customer, people, process, quality, compliance
eligible employees, including senior management and key objectives and/or any other parameters as may be
management persons. deemed fit.
• For the MD & CEO and other wholetime Directors,
Alignment of compensation philosophy with prudent
compensation is sought to be aligned to both pre-
risk taking
defined performance objectives of the Company as well
The Company seeks to achieve a prudent mix of fixed and
as prudent risk parameters.
variable pay, with a higher proportion of variable pay at senior
levels. For the MD & CEO and other wholetime Directors • For the MD & CEO and other wholetime Directors, the
(WTD), compensation is sought to be aligned to both pre- quantum of bonus does not exceed a certain percentage
defined performance objectives of the Company as well (as stipulated in the Compensation Policy) of total fixed
as prudent risk parameters. In addition, the Company has pay in a year; if the quantum of bonus exceeds a pre-
an Employees Stock Option Scheme aimed at enabling defined percentage of the total fixed pay, a part of the
employees to participate in the long-term growth and financial bonus is deferred and paid over a pre-defined period.
success of the Company through stock option grants that vest
• The deferred part of the variable pay (performance
over a period of time.
bonus) for wholetime Directors is subject to malus,
under which, the Company will prevent vesting of all
Whether the BNRC reviewed the Company’s
or part of the variable pay in the event of an enquiry
remuneration policy during the past year, and if so, an
determining gross negligence or integrity breach.
overview of any changes that were made
The BNRC reviewed the Company’s Compensation and • In claw back arrangements with wholetime Directors,
Benefits policy at its meeting held on April 17, 2021. The key the employee agrees to return, in case asked for, the
changes in the policy are: previously paid variable pay to the Company in the
event of an enquiry determining gross negligence or
• The post-retirement benefits for employees including
integrity breach, taking into account relevant regulatory
KMPs/SMPs (in Part A of Compensation and Benefits
stipulations.
Policy) has been modified to incorporate a change in
Domiciliary Medical Expense limits for employees at • For malus and clawback, acts of gross negligence and
SGM & above levels; and the capping of Group Health integrity breach are covered under the purview of the
Insurance benefit for employees’ dependent children up compensation policy. Errors of judgment shall not be
to the age of 24. construed to be breaches.

• The post-retirement benefits for the Managing Director c. Description of the ways in which the Company seeks to
& CEO and Other wholetime Directors (in Part B of link performance during a performance measurement
Compensation and Benefits Policy) has been modified period with levels of remuneration
to incorporate alignment of the Domiciliary Medical The Company’s approach to compensation is based on the
Expense limits for other wholetime Directors with those ethos of meritocracy and fairness within the framework
applicable to Deputy Managing Director level/Managing of prudent risk management. The extent of variable pay for
Director & CEO; and the capping of Group Health individual employees is linked to individual performance for
Insurance benefit for employees’ dependent children up sales frontline employees and to individual and organisation
to the age of 24. performance for non-sales frontline employees and employees
in the management cadre. For the latter, the performance
b. Description of the ways in which current and future rating assigned is based on assessment of performance
risks are taken into account in the remuneration delivered against a set of defined performance objectives.
processes These objectives are balanced in nature, and comprise a
• The Company follows prudent compensation practices holistic mix of financial, customer, people, process, quality
under the guidance of the Board and the Board and compliance objectives and/or any other parameters as
Nomination and Remuneration Committee (BNRC). The may be deemed fit. For the Managing Director & CEO and
Company’s approach to compensation is based on the other wholetime Directors, to ensure effective alignment of
ethos of meritocracy and fairness within the framework compensation with prudent risk parameters, the Company
of prudent risk management. The performance rating takes into account various risk parameters along with other
assigned to employees is based on assessment pre-defined performance objectives of the Company.

102 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

2. Quantitative Disclosures

OVERVIEW
CORPORATE
The following table sets forth, for the period indicated, the details of quantitative disclosure for remuneration of the Managing Director & CEO:

Particulars At March 31, 2022

Number of WTD/ CEO/ MD having received a variable remuneration award during the financial year 1
Number and total amount of sign on awards made during the financial year Nil
Details of guaranteed bonus, if any, paid as joining/ sign on bonus Nil
Breakup of amount of remuneration awarded for the financial year (in ` million)

01 - 78 REPORTS
Fixed1 53.0
Variable Pay2 19.0

STATUTORY
Deferred Nil
Non-Deferred 19.0
Share-Linked Instruments – Company2 721,300
Total amount of deferred remuneration paid out in the financial year
Cash (` in million) Nil
Shares
Shares-linked instruments (Employee Stock Options) pending to be vested as on March 31, 2022

79 - 148 FINANCIAL STATEMENTS

Company 1,534,360
ICICI Bank3 73,280

STANDALONE
Other forms Nil
1
Fixed pay includes basic salary, supplementary allowances, superannuation, contribution to provident fund and gratuity fund by the Company. Provision towards
gratuity is actuarially valued for the group of all eligible employees on an overall basis, however, for the purpose of this section, the annual contribution towards
gratuity fund of the Company as approved by BNRC/Board is incorporated here.
2
Variable pay and share-linked instruments represent amounts granted/options awarded by BNRC/Board in FY2022.
3
Employee stock options last granted in May 2019
Further, provision on gratuity, leave encashment and long term payment, which is actuarially valued for all employees of the organisation, is not considered
above.

149 - 521 FINANCIAL STATEMENTS

Note: For the year ended March 31, 2022 the numbers indicated are the amounts paid/options granted during the year FY2022 as per IRDAI approvals.
Mr. Puneet Nanda received ` 3,080,506 as pro-rated performance bonus for FY2021 (paid during FY2022) pursuant to his tenure as Deputy Managing Director
up to June 14, 2020. Mr. Sandeep Bakhshi received a remuneration of ` 3,234,810, Mr. Sandeep Batra received ` 2,073,422 and Mr. Puneet Nanda received

CONSOLIDATED
` 2,217,512 which is the deferred variable pay (paid during FY2022)

Disclosures required with respect to Section 197(12) of the (iii) The percentage increase in the median remuneration
CA2013 of employees, who are part of annual bonus plan
The ratio of the remuneration of each Director to the median (excluding frontline sales), in the financial year:
employee’s remuneration and such other details in terms of The percentage increase in the median remuneration of
Section 197(12) of the CA2013 read with Rule 5 of the Companies employees, who are part of annual bonus plan, in the financial

522 - 584 VALUE RESULTS

(Appointment and Remuneration of Managerial Personnel) Rules, year was around 8.4%
2014. For the purpose of this section, aspects of fixed remuneration (iv) The number of permanent employees on the rolls of

EMBEDDED
which includes basic salary, supplementary allowance and retirals Company:
(provident fund, gratuity and superannuation) have been annualised. The number of employees as on March 31, 2022 is 15,530.
(i) The ratio of the remuneration of each director to the (v) Average percentile increase already made in the
median remuneration of the employees, who are part salaries of employees other than the managerial
of annual bonus plan (excluding frontline sales), of the personnel in the last financial year and its comparison
Company for the financial year: with the percentile increase in the managerial
585 - 591 INFORMATION

Mr. N S Kannan, remuneration and justification thereof and point out if

76:1 there are any exceptional circumstances for increase
Managing Director & CEO
in the managerial remuneration:
ADDITIONAL

The average percentage increase in the salaries of total

(ii) The percentage increase in remuneration of each
employees other than the key management persons for fiscal
wholetime Director, Chief Financial Officer, Chief
Executive Officer, Company Secretary or Manager, if 2021 was around 11.5%, while the average increase in the
any, in the financial year: remuneration of the key management person was in the range
The percentage increase in remuneration of wholetime of 5% to 8%.
Director i.e. Managing Director & CEO, Chief Financial Officer, (vi) Affirmation that the remuneration is as per the
and Company Secretary ranged between 5% and 8%.
592 - 595

remuneration policy of the Company:

Yes

103
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Employee Stock Option Scheme (ESOS) issued pursuant to the Scheme or any other stock option scheme
The Company granted options to its employees under its Employees of the Company, by 0.90% of the number of shares issued as on
Stock Option Scheme, prior to listing, further to the approval of its March 31, 2016, i.e. from a limit of 2.64% of the number of shares
Employees Stock Option Scheme – 2005. This pre-IPO Scheme shall issued as on March 31, 2016 to 3.54%. The revision to the limit was
be referred to as ‘ESOS 2005’ or ‘Scheme’. The Scheme had six approved by the members of the Company at its Annual General
tranches namely Founder, 2004-05, 2005-06, 2006-07, Founder II Meeting held on June 25, 2021.
and 2007-08, pursuant to which shares have been allotted and listed As per the Revised Scheme, the aggregate number of shares issued
in accordance with the in-principle approval extended by the stock or issuable since March 31, 2016 pursuant to the exercise of any
exchanges. All six tranches under the pre-IPO Scheme stand lapsed Options granted to the Eligible Employees issued pursuant to the
as on March 31, 2022. The Scheme was instituted vide approval of Scheme or any other stock option scheme of the Company, shall not
its members at the Extra-Ordinary General Meeting (EGM) dated exceed 3.54% of the number of shares issued at March 31, 2016.
March 28, 2005 and subsequently amended by the members of the Further, pursuant to the Revised Scheme the maximum number of
Company vide its EGM dated February 24, 2015. Options that can be granted to any Eligible Employee in a financial
The Scheme was ratified and amended by the members of the year shall not exceed 0.1% of the issued Shares of the Company
Company at its Annual General Meeting held on July 17, 2017 which at the time of grant of Options. The Revised Scheme provides for
is in compliance with the SEBI (Share Based Employee Benefits) a minimum period of one year between the grant of Options and
Regulations, 2014 (referred to as the ‘Revised Scheme’). vesting of Options. The exercise price shall be determined by the
Board Nomination & Remuneration Committee in concurrence with
The meeting of Board Nomination and Remuneration Committee the Board of Directors of the Company on the date the options are
(BNRC) and the Board held on April 24, 2019 had approved the granted and shall be reflected in the award confirmation. Shares
amendment to the definition of “Exercise Period”. The revision to are allotted/issued to all those who have exercised their Options, as
the definition was approved by the members of the Company at its granted by the Board/BNRC of the Company in accordance with the
Annual General Meeting held on July 17, 2019. criteria ascertained pursuant to the Company’s Compensation and
Benefits policy.
Further, the meeting of Board Nomination and Remuneration
Committee (BNRC) and the Board held on April 17, 2021 and April Pursuant to the SEBI (Share Based Employee Benefits) Regulations,
19, 2021 respectively had approved the increase in the limit of the 2014, the disclosures are available on the website of the Company
number of shares issued or issuable since March 31, 2016 pursuant at the following link https://www.iciciprulife.com/about-us/investor-
to the exercise of any Options granted to the Eligible Employees relations/financial-information.html.

The salient features of tranches issued under the Revised Scheme are as stated below:
Number Maximum term for Graded Vesting Period
Mode of
Scheme Date of Grant of options exercising the options
1st Year 2nd Year 3rd Year 4th Year settlement
granted granted
Exercise period would
commence from the date
2017-18 July 25, 2017 656,300 of vesting and expire on 30% of 30% of 40% of
completion of ten years from options options options -
the date of vesting of options granted granted granted
2018-19 April 24, 2018 2,167,900
50% of 50% of
2018-19 Special Options April 24, 2018 4,980,250 - - options options
granted granted
2018-19 Joining Options January 22, 2019 156,000
Equity
2019-20 April 24, 2019 4,993,600
2019-20 Joining Options July 24, 2019 80,000 Five years from
2020-21 May 10, 2020 5,072,200 date of vesting of
stock options 30% of 30% of 40% of
2020-21 Joining Options June 11, 2020 25,000
options options options -
2020-21 Joining Options January 27, 2021 50,000 granted granted granted
2021-22 April 19,2021 5,001,600
2021-22 Joining Options July 20,2021 5,500
2021-22 Joining Options October 19,2021 5,000
2021-22 Joining Options January 18,2022 49,500
Note: The exercise price for all the options granted by the Board/BNRC of the Company, after listing (as tabulated above), is the closing price on the recognised stock
exchange having higher trading volume, on the date immediately prior to the date of meeting of the BNRC scheduled to consider granting options under the Company’s
Employee Stock Option Scheme.

104 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Exercise price of all the options outstanding for all years/quarter for 2017- Had the Company followed fair value method based on binomial tree

OVERVIEW
CORPORATE
18, 2018-19, 2018-19 Special Options and 2018-19 Joining Options, 2019- model valuing its options compensation cost for the year ended would
20, 2019-20 Joining Options, 2020-21, 2020-21 Joining Options (1), 2020- have been higher by ` 636.0 million (March 31, 2021: ` 596.6 million) and
21 Joining Options (2), 2021-22, 2021-22 Joining Options (1), 2021-22 the proforma profit after tax would have been ` 6,905.3 million (March
Joining Options (2), 2021-22 Joining Options (3) schemes are ` 468.60, 31, 2021: ` 9,004.9 million). On a proforma basis, the Company’s basic
` 388.40, ` 388.40, ` 351.65, ` 369.50, ` 383.10, ` 400.10, ` 396.95, and diluted earnings per share would have been ` 4.81 (March 31, 2021:
` 501.90, ` 451.05, ` 626.25, ` 656.80 and ` 615.65, respectively. ` 6.27) and ` 4.79 (March 31, 2021: ` 6.26) respectively.

01 - 78 REPORTS
Particulars of options for the year ended March 31, 2022 are given below: Fair value methodology
The assumptions considered in the pricing model for the ESOPs granted

STATUTORY
Options granted 5,061,600
during the year are as below:
Options forfeited/ lapsed 735,800
Options vested 6,009,505 March 31, March 31,
Options exercised 1,316,870 Particulars Basis
2021 2022
Total number of options in force 20,184,630
Risk-free 4.87% to 5.26% to G-Sec yield at grant date
Number of shares allotted pursuant to
1,331,870 interest rate 5.78% 6.53% for tenure equal to the
exercise of options1
expected term of ESOPs
Extinguishment or modification of options Nil

79 - 148 FINANCIAL STATEMENTS

Expected 3.50 to 5.50 3.50 to 5.50 Simplified method (average
Amount realised by exercise of options (`) 502,981,510
life of the years years of minimum and maximum
1
15,000 options exercised on March 25, 2021 were allotted on April 09, 2021 options life of options)

STANDALONE
Note: For details on changes in the number of options due to actions like grants,
forfeitures, vesting exercise, lapsation during the year and resultant options
Dividend 0.16% to 0.18% to Based on recent dividend
outstanding at the end of the year vis-à-vis start of the year, refer Notes to accounts. yield 0.59% 0.32% declared
Expected 17.90% to 17.91% to Based on historical
The following key management persons and senior management personnel volatility 20.19% 21.12% volatility determined on the
(SMP), other than wholetime Director, were granted stock options of the basis of Nifty 50
Company up to a maximum of 170,300 options to an individual, aggregating
The weighted average price of options exercised during the year ended

149 - 521 FINANCIAL STATEMENTS

to 895,600 options during FY2022.
March 31, 2022 is ` 381.95 (year ended March 31, 2021: ` 359.19).
Sr. Name Designation

CONSOLIDATED
For the year ended March 31 2022, ICICI Bank Limited (“the Holding
No.
Company”) has not granted options to the employees of ICICI Prudential
1 Judhajit Das Chief-Human Resources Life Insurance Co. Ltd. (Previous year grant: Nil) and accordingly no cost
2 Satyan Jambunathan Chief Financial Officer was recognised.
3 Amit Palta Chief Distribution Officer
Performance evaluation of Directors, Chairman, the Board and its
4 Deepak Kinger Chief Risk & Compliance Officer
Committees
5 Manish Kumar Chief Investments Officer
The Company, with the approval of its Board Nomination and Remuneration

522 - 584 VALUE RESULTS

6 Asha Murali1 Appointed Actuary
Committee, has put in place a framework for evaluation of the Directors,
7 Sonali Chandak Company Secretary Chairman, the Board and its Committees.

EMBEDDED
1
Categorised as KMP till July 31, 2021 The performance evaluation was undertaken through an online survey
Note: Mr. Souvik Jash was designated as Appointed Actuary of the Company with
portal. The performance of the Board was assessed on parameters relating
effect from December 03, 2021 and categorised as KMP with effect from December
03, 2021. He was not granted stock options of the Company during the year ended to roles, responsibilities and obligations of the Board and functioning of
March 31, 2022. the Committees including assessing the quality, quantity and timeliness
of flow of information between the Company management and the Board
No employee was granted options during any one year equal to or that is necessary for the Board to effectively and reasonably perform
585 - 591 INFORMATION

exceeding 0.1% of the issued equity shares of the Company at the time their duties. The evaluation criteria for the Directors was based on their
of the grant. participation, contribution and offering guidance to and understanding of
the areas which were relevant to them in their capacity as members of
ADDITIONAL

Out of the total outstanding options at April 1, 2022, 6,009,505 options the Board. The evaluation criteria for the Chairman of the Board, besides
were vested during the year ended March 31, 2022 and ` 503.0 million the general criteria adopted for assessment of all Directors, included
was realised by exercise of options during the year ended March 31, 2022. leadership abilities, effective management of meetings and preservation
of interest of stakeholders. The evaluation criteria for the Committees
During the year ended March 31, 2022 the Company has recognised a
were based on effective discharge of its terms of reference and their
compensation cost of ` nil (year ended March 31, 2021: ` nil) as the
contribution to the functioning of the Board. The Board Nomination and
intrinsic value of the options.
592 - 595

Remuneration Committee evaluated the performance of the wholetime

Director i.e. Managing Director & CEO. The details about the evaluation

105
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

of the wholetime Director are further provided under the section titled • Continuation of the directorship of Mr. Dilip Karnik after attaining the
“Compensation policy and practices.” age of seventy five (75) years, as an Independent Director of the
Company, till June 28, 2026.
Directors and officers liability insurance policy
• Amendment to ICICI Prudential Life Insurance Company Limited -
The Company has taken Directors and Officers Liability Insurance for all its
Employees Stock Option Scheme (2005) (Scheme)
Directors and Officers.
Postal ballot
General Body Meetings
During the year FY2022, two ordinary resolutions were passed through
The details of the last three Annual General Meetings (AGM) are as given
postal ballot, these resolutions are deemed to have been passed on the
below:
last date specified for remote e-voting i.e. March 24, 2022:
Financial Day, Date Start time Venue 1. Approval for entering into material related party transactions for the
Year ended purchase and/ or sale of securities issued by related/non related
Nineteenth Wednesday, 2.00 p.m. Swatantrya Veer entities in primary/secondary market.
AGM July 17, 2019 Sawarkar Auditorium,
2. Approval for entering into material related party transactions with
252, Shivaji Park,
Dadar (West), ICICI Bank Limited.
Mumbai – 400 028
Twentieth Friday, August 3.30 p.m. Through Video No special resolution was passed through postal ballot during FY2022.
AGM 7, 2020 Conference (VC)/ Other Further, at present, no special resolution is proposed to be passed through
Audio Visual Means postal ballot.
(OAVM).
Deemed venue- Means of communication
Registered Office of the It is the Company’s belief that all stakeholders should have access to
Company complete information regarding its position to enable them to accurately
Twenty-first Friday, June 25, 3.30 p.m. Through Video assess its future potential. The Company disseminates information on
AGM 2021 Conference (VC)/ Other its operations and initiatives on a regular basis. The Company’s website
Audio Visual Means (www.iciciprulife.com) serves as an important information dissemination
(OAVM).
platform for all its stakeholders, allowing them to access various details
Deemed venue-
Registered Office of the of the Company at their own convenience. It provides comprehensive
Company information about the Company including Company’s products, financial
performance, Board of Directors and Board Committees, management/
The following special resolutions were passed by the members during the key personnel, customer service related touch-points, and other statutory/
last three Annual General Meetings: public disclosures.

Annual General Meeting held on July 17, 2019 The Company’s investor relations personnel respond to specific queries
• Continuation of directorship of Mr. M. S. Ramachandran as an and play a proactive role in disseminating information to both analysts
Independent Director of the Company on attaining the age of and investors. All information which could have a material bearing on the
seventy five (75) years. Company’s share price is released as per applicable regulatory provisions.
The information is also disclosed to the National Stock Exchange of India
• Amendment of the ICICI Prudential Life Insurance Company Limited
Limited (NSE) and BSE Limited (BSE) from time to time in compliance
Revised Employee Stock Option Scheme.
with Listing Regulations and other applicable laws. The financial and other
information and various compliances as required/prescribed under the
Annual General Meeting held on August 7, 2020
Listing Regulations are filed electronically with NSE and BSE through NSE
• Re-appointment of Mr. M. S. Ramachandran as an Independent
Electronic Application Processing (NEAP) System and through BSE Listing
Director of the Company for a second term of five consecutive years
Centre and are also available on their respective websites in addition to
commencing from June 29, 2021 till June 28, 2026.
the Company’s website. Additionally, information is also disseminated to
• Continuation of directorship of Mr. M. S. Ramachandran as a Director BSE/NSE where required, through email.
of the Company till June 28, 2026.
The extract of the Company’s quarterly financial results are published in
Annual General Meeting held on June 25, 2021 the Financial Express (Mumbai, Pune, Ahmedabad, Delhi, Chandigarh,
• Re-appointment of Mr. Dilip Karnik as an Independent Director of the Lucknow, Kolkatta, Bangalore, Chennai, Hyderabad and Kochi editions)
Company for a second term of five consecutive years commencing and Loksatta (Mumbai, Pune, Nagpur, Ahmednagar, Delhi, Aurangabad
from June 29, 2021 till June 28, 2026. editions). The financial results, official news releases, analyst call
transcripts and presentations are also available on the Company’s website
at www.iciciprulife.com.

106 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

General Shareholder Information The Company has undertaken various initiatives for energy conservation

OVERVIEW
CORPORATE
The Annual General Meeting (‘AGM’) is proposed to be convened through at its premises and has used information technology extensively in
Video Conference (VC) or/and Other Audio Visual Means (OAVM), in its operations, which includes technological interventions in aspects
compliance with applicable provisions of the Companies Act, 2013 read pertaining to policy lifecycle, marketing & lead generation, partner
with General Circular No. 02/2022 dated May 5, 2022 read with earlier integration, analytics and assurance.
General Circular No. 20/2020 dated May 5, 2020, General Circular No.
14/2020, dated April 8, 2020, General Circular No. 17/2020 dated April 13, Digitisation
2020, General Circular No. 02/2021 dated January 13, 2021 and General The Company has fully digitised its policy issuance and servicing processes.

01 - 78 REPORTS
Circular No. 21/2021 dated December 14, 2021 issued by the Ministry of More than 98% of all our policies issued are logged digitally. The Company
Corporate Affairs (‘MCA’). Considering the same, the deemed venue for has also offered its customers the facility of opening e-insurance accounts,

STATUTORY
22nd AGM shall be the registered office of the Company. an electronic repository of policies. This enables our customers to
electronically store and administer their policies.
In view of the virtual AGM, the members are given the facility to attend
To the extent permitted, the Company also communicates with its
and participate in the AGM through Video Conference (VC)/ Other Audio
customers via sms and emails to reduce the use of paper. The digital
Visual Means (OAVM), by following the procedure mentioned in the Notice
platform is extended to employees, advisors and partners too. Due to
of the AGM.
these initiatives the Company’s paper usage has dropped drastically
over the years. The above initiatives and digital processes have not only

79 - 148 FINANCIAL STATEMENTS

General Body Day, Date & Time provided speed and convenience to customers and distributors, but has
Meeting also had a positive impact on environment.

STANDALONE
Twenty Second AGM Monday, June 27, 2022 at 3.00 p.m.
Maintenance of cost records
The maintenance of cost records, for the services rendered by the
Financial Year: April 1, 2021 to March 31, 2022
Company, pursuant to Section 148(1) of the Companies Act, 2013 read
Book Closure: June 20, 2022 to June 27, 2022 (both days inclusive) with Rule 3 of the Companies (Cost Records and Audit) Rules, 2014, is
Dividend payment date: On or before July 26, 2022 not required.

149 - 521 FINANCIAL STATEMENTS

Fit and Proper criteria for investors and continuous monitoring Details of application made or any proceeding pending under the
requirement Insolvency and Bankruptcy Code, 2016 during the year alongwith

CONSOLIDATED
The IRDAI guidelines for Listed Indian Insurance Companies prescribe the their status as at the end of the financial year.
following: The Company has not filed any application for settlement nor are any such
proceedings pending under the Insolvency and Bankruptcy Code, 2016,
• Self-certification of “fit and proper person” criteria by a person
against the Company, as at March 31, 2022.
holding/intending to acquire equity shares of 1% or more of paid-up
equity share capital Details of difference between amount of the valuation done at
• Prior permission of IRDAI for holding shares beyond 5% of the paid- the time of one time settlement and the valuation done while

522 - 584 VALUE RESULTS

up equity share capital. taking loan from the Banks or Financial Institutions along with the
reasons thereof.
The above is not applicable given that the Company has not filed any

EMBEDDED
Further information on detailed procedure and format for self-certification
is hosted on the Company’s website (https://www.iciciprulife.com/about- application for settlement under the Insolvency and Bankruptcy Code,
us/shareholder-information/other.html) 2016 during the financial year ended March 31, 2022.

Business Responsibility and Sustainability Report, Environmental, Credit Rating during FY2022
Social and Governance (ESG) and Conservation of Energy and Type of Instrument Name of the Rating assigned
Technology absorption Rating Agency
Business Responsibility and Sustainability Report (BRSR) as stipulated
585 - 591 INFORMATION

Unsecured, subordinated, ICRA Limited AAA(Stable)

under Regulation 34 of the Listing Regulations read with SEBI Circular listed, rated, redeemable, CRISIL Limited AAA(Stable)
dated May 10, 2021 forms part of the Annual Report and has been hosted taxable, non-cumulative, non-
ADDITIONAL

on the website of the Company and can be viewed at https://www. convertible debentures in the
iciciprulife.com/about-us/shareholder-information/other.html. nature of ‘Subordinated Debt’
aggregating to ` 12.00 billion
The Company has an elaborate ESG Report that details the efforts of
the Company on sustainability and is also available on its website.
The Company constantly undertakes technology and digitalization
initiatives and works with employees, partners and customers to offer
592 - 595

simple and robust technology solutions towards reducing the Company’s

carbon footprint.

107
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Foreign exchange earnings and outgo (b) No penalties or strictures have been imposed on the Company by
Details of foreign exchange earnings and outgo required under section the Stock Exchanges, the Securities & Exchange Board of India
134(3)(m) of the CA2013 read with rule 8(3) of the Companies (Accounts) (SEBI), Insurance Regulatory and Development Authority of India
Rules, 2014 are as under: (IRDAI) or any other statutory authority, for any non-compliance on
(` billion) any matter, during the last three years.
Particulars FY2021 FY2022
(c) In terms of the Whistle Blower Policy of the Company, no employee
Foreign exchange earnings and outgo of the Company has been denied access to the Audit Committee.
- Earnings 0.12 1.00
- Outgo 0.36 0.17 Adoption of mandatory and non-mandatory requirements
The Company has complied with all mandatory requirements specified in
Commodity price risk or foreign exchange risk and hedging Regulations 17 to 27 and clauses (b) to (i) of sub regulation 2 of Regulation
activities 46 and some of the non-mandatory requirements pertaining to Corporate
None of the above is applicable to the Company as the Company neither Governance stipulated under the Listing Regulations. The Company has
undertake any commodities business nor has any exposure to foreign adopted non-mandatory requirement regarding the reporting requirement
currencies that may require implementing any hedging strategies.
of the internal auditor, which in the Company’s instance, reports directly to
the Board Audit Committee.
Plant Locations
The Company has various branches across the country, however, there are
Green Initiatives in Corporate Governance
no plants as the Company is not a manufacturing entity.
In line with the ‘Green Initiative’, the Company has effected electronic
Details of unclaimed suspense account as provided by our RTA delivery of notice of Annual General Meeting and Annual Report to
i.e. KFin Technologies Limited pursuant to Regulation 39 read those Members whose e-mail ids were registered with the respective
with Part F of Schedule V of Securities and Exchange Board Depository Participants and downloaded from the depositories viz.
of India (Listing Obligations and Disclosure Requirements) National Securities Depository Limited/Central Depository Services
Regulations, 2015. (India) Limited. The CA2013 and the underlying rules as well as
No shares were lying in the unclaimed suspense account as of March Regulation 36 of the Listing Regulations, permit the dissemination
31, 2022. of financial statements and annual report in electronic mode to the
Members. The Directors are thankful to the Members for actively
Events after Balance Sheet date
participating in the Green Initiative and seek their continued support
There have been no material changes and commitments, affecting the
financial position of the Company, which have occurred between the end for effectively implementing the Green Initiative cause.
of the financial year of the Company to which the Balance Sheet relates
In order to support the cause, we have been regularly requesting Members
and the date of this Report.
to register/update their email ids with their Depository Participants so as
Disclosures to enable the Company to send various communication through electronic
(a) There are no materially significant related party transactions that mode. We believe and endorse the ‘Green Initiative’ as it would not only
may have potential conflict of interest with the overall business rationalise the use of paper but also ensure prompt communication, avoid
operations of the Company. loss in transit and have reference value of the communication.

DETAILS PERTAINING TO SHAREHOLDING

Listing of equity shares on Stock Exchange
The Company has listed its equity shares on the following stock exchanges:

Stock Exchange Code for ICICI Prudential Life Insurance Company Limited

BSE Limited (BSE) (Equity) 540133

Phiroze Jeejeebhoy Tower
Dalal Street
Mumbai 400 001

National Stock Exchange of India Limited (NSE) (Equity) ICICIPRULI

‘Exchange Plaza’
Bandra-Kurla Complex
Bandra (East), Mumbai 400 051

The Company has paid the annual listing fees for the relevant periods to BSE and NSE where its equity shares are listed.

108 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Market price Information

OVERVIEW
CORPORATE
The reported high and low closing prices and volume of equity shares of the Company traded during fiscal 2022 on BSE and NSE are set out in the following table:
Month BSE NSE Total volume of BSE
High (`) Low (`) Volume (million) High (`) Low (`) Volume (million) and NSE (million)
April-2021 543.75 437.05 4.56 543.90 436.70 84.93 89.48
May-2021 572.25 525.90 2.23 572.60 525.90 61.62 63.85
June-2021 619.15 552.30 2.12 619.60 552.00 41.74 43.86
July-2021 653.20 604.85 1.54 653.80 604.80 32.04 33.58

01 - 78 REPORTS
August-2021 681.35 633.75 1.82 681.45 633.85 41.94 43.75
September-2021 716.85 659.30 1.73 717.15 658.45 38.96 40.70

STATUTORY
October-2021 682.50 618.05 2.18 681.65 617.50 26.45 28.63
November-2021 672.95 587.00 1.16 672.60 587.25 26.20 27.36
December-2021 608.75 541.45 0.82 608.70 541.45 22.14 22.95
January-2022 615.00 544.10 0.95 615.65 543.35 26.67 27.62
February-2022 556.40 467.35 1.86 556.55 467.15 39.28 41.14
March-2022 500.35 446.95 1.13 500.90 446.80 34.83 35.96
FY2022 716.85 437.05 22.09 717.15 436.70 476.79 498.89

79 - 148 FINANCIAL STATEMENTS

Share performance:

STANDALONE
180
160
140
120
100

149 - 521 FINANCIAL STATEMENTS

80
60

CONSOLIDATED
40
20
0
1 1 1 1 1 2 22 2
r-2 -21 -21 l-2 g-2 -21 t-2 -21 c-2 n-2 b- h-2
Ap ay Ju
n Ju Au Se
p Oc No
v
De Ja Fe ar
c
M M

522 - 584 VALUE RESULTS

NIFTY NEXT 50 ICICI Prudential Life Insurance

Share price/index are rebased to 100 for closing value on March 31, 2022

EMBEDDED
Company’s Registrar and Share Transfer Agent Debenture Trustees
The Company’s Registrar and Share Transfer Agent (RTA) is KFin Axis Trustee Services Limited
Technologies Limited (formerly known as KFin Technologies Private Registered Office: Axis House, Bombay Dyeing Mills Compound,
Limited). The address of the RTA is as follows: Pandhurang Budhkar Marg, Worli Mumbai - 400 025
585 - 591 INFORMATION

Telephone Number: 022-62300451

KFin Technologies Limited. Fax Number: 022-6230 0700
ADDITIONAL

Selenium Tower B, Plot 31-32, Email id: [email protected]

Financial District, Nanakramguda, Serilingampally Mandal, Website: www.axistrustee.com
Hyderabad – 500 032
Email id: [email protected]
Tel No. : 1- 800-309-4001
592 - 595

109
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Information on shareholding
Shareholding pattern of the Company as at March 31, 2022

Sr. Category/Name of the Shareholder Number of shares on March % Total

No. 31, 2022 (in million)
1 ICICI Bank Limited (Promoter) 737.61 51.32%
2 Prudential Corporation Holdings Limited (Promoter) 317.52 22.09%
3 Foreign Institutional Investors /Foreign Portfolio Investors/Foreign Bodies/ 266.48 18.54%
Non-resident individuals
4 Domestic Mutual Funds 58.09 4.04%
5. Domestic Insurance Company 8.12 0.57%
6. Domestic Body corporates, Institutions, Trust & NBFC 8.28 0.58%
7. Domestic Banks 1.62 0.11%
8. Alternative Investment Fund 0.35 0.02%
9. Retail Investors & Others 39.24 2.73%
Total 1437.31 100.00%

Shareholders of the Company with more than 1% holding as at March 31, 2022 (other than promoters of the Company)

Sr. Category/Name of the Shareholder Number of shares % to total

No. (in million)
1 SBI Funds Management Private Limited (For SBI mutual funds) 30.24 2.10%
2 Compassvale Investments Pte. Ltd. 28.72 2.00%

Distribution of shareholding of the Company as at March 31, 2022

Distribution schedule at March 31, 2022 (Total)
Sr. No Category No. of holders % of holders Number of shares % of equity
1 1 - 5,000 384,902 99.66 31,039,823 2.16
2 5,001 - 10,000 427 0.11 3,114,396 0.22
3 10,001 - 20,000 235 0.06 3,317,060 0.23
4 20,001 - 30,000 116 0.03 2,873,865 0.20
5 30,001 - 40,000 76 0.02 2,619,372 0.18
6 40,001 - 50,000 47 0.01 2,094,557 0.15
7 50,001 - 100,000 94 0.02 6,738,504 0.47
8 100,001 and above 318 0.08 1,385,508,524 96.40
TOTAL: 386,215 100.00 1,437,306,101 100.00

The Company’s equity shares are traded mainly in dematerialised form. Queries related to the operational and financial performance of
At March 31, 2022, 99.99% of paid-up equity share capital is held in the Company may be addressed to:
dematerialised form. Mr. Satyan Jambunathan/Mr. Dhiren Salian
Investor Relations
Increase in share capital Registered office:
The paid-up capital of the Company increased by ` 13.32 million from the ICICI Prudential Life Insurance Co. Ltd.
previous financial year, consequent to allotment of shares resulting due 1089 Appasaheb Marathe Marg,
to the exercise of stock options granted under the Company’s Employee Prabhadevi, Mumbai 400025
Stock Option Scheme, and the paid-up capital was ` 14.37 billion at March Telephone: (91 22) 50391600
31, 2022. Fax: (91 22) 2422 4484
Details of equity shares held by the non-executive Directors of the Email id: [email protected]
Company at March 31, 2022 is as set out in the table below:
Sr. No. Name of the Director Number of shares held
1. Mr. M. S. Ramachandran 1,857
2. Mr. Dileep Choksi 241
3. Mr. Anup Bagchi 8,500

110 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Address for Correspondence 3. that they have taken proper and sufficient care for the maintenance

OVERVIEW
CORPORATE
Ms. Sonali Chandak of adequate accounting records in accordance with the provisions
Company Secretary of this Act for safeguarding the assets of the Company and for
ICICI Prudential Life Insurance Company Limited preventing and detecting fraud and other irregularities;
1089, Appasaheb Marathe Marg,
4. that they have prepared the annual accounts on a going concern
Prabhadevi, Mumbai - 400025
basis;
Telephone: (91 22) 5039 1600
Fax: (91 22) 2422 4484 5. that they have laid down internal financial controls to be followed by

01 - 78 REPORTS
Email id: [email protected] the Company and that such internal financial controls are adequate
and were operating effectively; and

STATUTORY
COMPLIANCE CERTIFICATE OF THE AUDITORS
6. that they have devised proper systems to ensure compliance with
The Company has annexed to this Report (Annexure D), a certificate the provisions of all applicable laws and that such systems were
obtained from the statutory auditors, B S R & Co. LLP, Chartered adequate and operating effectively.
Accountants and Walker Chandiok & Co LLP, Chartered Accountants,
regarding compliance of conditions of Corporate Governance as stipulated ACKNOWLEDGEMENTS
in the Listing Regulations. The Company is grateful to the Insurance Regulatory & Development

79 - 148 FINANCIAL STATEMENTS

Authority of India, Securities and Exchange Board of India, Reserve Bank
CERTIFICATE FROM A PRACTICING COMPANY SECRETARY
of India and Government of India for their continued co-operation, support
The Board of Directors have confirmed that they have not been debarred or and advice.

STANDALONE
disqualified from being appointed or continuing as Directors of companies
by the Securities and Exchange Board of India (SEBI), Ministry of Corporate The Board of Directors and the Company would also like to take this
Affairs or any such statutory authority. Additionally, an independent opportunity to express sincere thanks to our valued customers for their
certificate has been received from Mr. Tushar Shridharani, a Practicing continued patronage and the investors for reposing confidence in the
Company Secretary, confirming the aforesaid declaration by the Directors Company.
of the Company.
The Directors express their gratitude for the valuable advice and guidance

149 - 521 FINANCIAL STATEMENTS

MANAGEMENT DISCUSSION AND ANALYSIS received from time to time, from the auditors, the statutory authorities,
The Management Discussion and Analysis report for FY2022 forms part of Stock Exchanges and Depositories. The Directors express their sincere

CONSOLIDATED
the Annual Report. appreciation to all employees and distributors, who continue to display
outstanding professionalism and commitment, enabling the organisation
DIRECTORS’ RESPONSIBILITY STATEMENT to deliver and extend quality services. The Directors also wish to express
In accordance with the requirements of Section 134(3)(c) of the CA2013 their gratitude to ICICI Bank Limited and Prudential Corporation Holdings
and the Corporate Governance Guidelines, the Board of Directors confirm: Limited for their continued trust and support.

1. in the preparation of the annual accounts, the applicable accounting

For and on behalf of the Board

522 - 584 VALUE RESULTS

standards had been followed along with proper explanation relating
to material departures; M. S. RAMACHANDRAN

EMBEDDED
2. that they have selected such accounting policies and applied them May 17, 2022 Chairman
consistently and made judgments and estimates that are reasonable Chennai DIN: 00943629
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit and
loss of the Company for that period;
585 - 591 INFORMATION
ADDITIONAL
592 - 595

111
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

COMPLIANCE WITH THE CODE OF BUSINESS CONDUCT AND ETHICS

I confirm that all Directors and members of the senior management have affirmed compliance with Code of Business Conduct and Ethics for the year
ended March 31, 2022.

N. S. KANNAN
May 17, 2022 Managing Director & CEO
Bangalore DIN: 00066009

CERTIFICATION FOR COMPLIANCE OF THE CORPORATE GOVERNANCE GUIDELINES

I, Sonali Chandak, hereby certify that the Company has, for the financial year ended March 31, 2022, complied with the requirements stipulated under
the corporate governance guidelines of Insurance Regulatory and Development Authority of India as amended from time to time and nothing has been
concealed or suppressed.

SONALI CHANDAK
May 17, 2022 Company Secretary
Mumbai ACS 18108

112 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Annexure A

OVERVIEW
CORPORATE
FORM NO. AOC – 2
Related party transactions
There were no contracts or arrangements or transactions with related parties to be reported under section 188 (1) of the Companies Act, 2013 in form
AOC-2, pursuant to Rule 8(2) of the Companies (Accounts) Rules, 2014.

01 - 78 REPORTS
Details of related party transactions pursuant to Accounting Standard (AS)- 18: Related Party Disclosures, are covered under Schedule 16 - Significant

STATUTORY
accounting policy and notes forming a part of the financial statements.

For and on behalf of the Board

M. S. RAMACHANDRAN

79 - 148 FINANCIAL STATEMENTS

May 17, 2022 Chairman
Place: Chennai DIN: 00943629

STANDALONE
149 - 521 FINANCIAL STATEMENTS
CONSOLIDATED
522 - 584 VALUE RESULTS
EMBEDDED
585 - 591 INFORMATION
ADDITIONAL
592 - 595

113
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexure B
FORM NO. MR.3
SECRETARIAL AUDIT REPORT
For the financial year ended March 31, 2022
[Pursuant to section 204(1) of the Companies Act, 2013 and rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To (ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the
The Members, rules made there under;
ICICI Prudential Life Insurance Company Limited,
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws
ICICI Prulife Towers 1089
framed there under;
Appasaheb Marathe Marg Prabhadevi
Mumbai - 400025 (iv) Foreign Exchange Management Act, 1999 and the rules and
regulations made thereunder to the extent of Foreign Direct
We have conducted the secretarial audit of the compliance of applicable Investment; (Overseas Direct Investment and External
statutory provisions and the adherence to good corporate practices by Commercial Borrowings Not Applicable to the Company
ICICI Prudential Life Insurance Company Limited (hereinafter called during the Audit Period)
“the Company”). Secretarial Audit was conducted in a manner that
provided us a reasonable basis for evaluating the corporate conducts/ (v) The following Regulations and Guidelines prescribed under the
statutory compliances and expressing our opinion thereon. Securities and Exchange Board of India Act, 1992 (‘SEBI Act’): -
(a) The Securities and Exchange Board of India (Substantial
AUDITOR’S RESPONSIBILITY: Acquisition of Shares and Takeovers) Regulations, 2011;
Our responsibility is to express an opinion on the compliance of the applicable
(b) The Securities and Exchange Board of India (Prohibition of
laws and maintenance of records based on audit. We have conducted the
Insider Trading) Regulations, 2015;
audit in accordance with the applicable Auditing Standards issued by The
Institute of Company Secretaries of India. The Auditing Standards requires (c) The Securities and Exchange Board of India (Issue of Capital
that the Auditor shall comply with statutory and regulatory requirements and Disclosure Requirements) Regulations, 2018; (Not
and plan and perform the audit to obtain reasonable assurance about Applicable to the Company during the Audit Period)
compliance with applicable laws and maintenance of records. (d) The Securities and Exchange Board of India (Share Based
Due to the inherent limitations of audit including internal, financial and Employee Benefits) Regulations, 2014 and the Securities and
operating controls, there is an unavoidable risk that some material Exchange Board of India (Share Based Employee Benefits and
misstatements or material non-compliances may not be detected, even Sweat Equity) Regulations, 2021;
though the audit is properly planned and performed in accordance with (e) The Securities and Exchange Board of India (Issue and
the Standards. Listing of Debt Securities) Regulations, 2008, the Securities
and Exchange Board of India (Issue and Listing of Non-
Unmodified Opinion: Convertible Redeemable Preference Shares) Regulations,
Based on our verification of the Company’s books, papers, minute books, 2013 and the Securities and Exchange Board of India (Issue
forms and returns filed and other records maintained by the Company and and Listing of Non-Convertible Securities) Regulations, 2021;
also the information provided by the Company, its officers, agents and (Not Applicable to the Company during the Audit Period)
authorized representatives during the conduct of secretarial audit, we
hereby report that in our opinion, the Company has, during the audit period (f) The Securities and Exchange Board of India (Registrars to an
covering the financial year ended on March 31, 2022 (hereinafter called Issue and Share Transfer Agents) Regulations, 1993 regarding
the ‘Audit Period’) complied with the statutory provisions listed hereunder the Companies Act and dealing with client;
and also that the Company has proper Board processes and compliance (g) The Securities and Exchange Board of India (Delisting of Equity
mechanism in place to the extent, in the manner and subject to the Shares) Regulations, 2009 and the Securities and Exchange
reporting made hereinafter: Board of India (Delisting of Equity Shares) Regulations,
2021 (Not Applicable to the Company during the Audit
We have examined the books, papers, minute books, forms and returns
Period); and
filed and other records maintained by the Company for the financial year
ended on March 31, 2022 according to the provisions of:
(h) The Securities and Exchange Board of India (Buyback of
(i) The Companies Act, 2013 (‘the Act’) and the rules made there Securities) Regulations, 2018 (Not Applicable to the
under; Company during the Audit Period).

114 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

We have also examined compliance with the applicable clauses of the Adequate notice is given to all directors to schedule the Board Meetings,

OVERVIEW
CORPORATE
following: agenda and detailed notes on agenda were sent at least seven days in
advance and a system exists for seeking and obtaining further information
(i) Secretarial Standards issued by The Institute of Company Secretaries
and clarifications on the agenda items before the meeting and for
of India.
meaningful participation at the meeting.
(ii) The Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and amendments All decisions at Board Meetings and Committee Meetings are carried out
made thereunder. unanimously as recorded in the minutes of the meetings of the Board of

01 - 78 REPORTS
Directors or Committee of the Board, as the case may be.
We further report that, having regard to the compliance system

STATUTORY
prevailing in the Company and on the examination of the relevant We further report that there are adequate systems and processes in
documents and records in pursuance thereof, on test -check basis the the Company commensurate with the size and operations of the Company
Company has complied with the following specific law to the extent to monitor and ensure compliance with applicable laws, rules, regulations
applicable to the Company: and guidelines.
• Insurance Act, 1938 and Insurance Rules, 1939
We further report that during the audit period, the Company has allotted
• Insurance Regulatory and Development Authority Act, 1999 and 13,31,870 Equity Shares under the Employee Stock Option Scheme of the

79 - 148 FINANCIAL STATEMENTS

Rules and Regulation, Circular and Notification issued thereunder. Company.

STANDALONE
During the period under review, the Company has complied with the For Makarand M. Joshi & Co.
provisions of the Act, Rules, Regulations, Guidelines and Standards made Practicing Company Secretaries
there under for all the above laws to the extent possible.
Makarand Joshi
Partner
We further report that
FCS No. 5533
The Board of Directors of the Company is duly constituted with proper
CP No. 3662 UDIN: F005533D000332420
balance of Executive Directors, Non-Executive Directors and Independent
Peer Review No: 640/2019

149 - 521 FINANCIAL STATEMENTS

Directors. The changes in the composition of the Board of Directors that
Place: Mumbai
took place during the period under review were carried out in compliance
with the provisions of the Act and Listing Regulations.

CONSOLIDATED
Date: May 17, 2022

*This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.

ANNEXURE A’ 4. Where ever required, we have obtained the Management

To representation about the compliance of laws, rules and regulations
and happening of events etc.

522 - 584 VALUE RESULTS

The Members,
ICICI Prudential Life Insurance Company Limited 5. The compliance of the provisions of Corporate and other applicable
ICICI Prulife Towers 1089

EMBEDDED
laws, rules, regulations, standards is the responsibility of
Appasaheb Marathe Marg Prabhadevi management. Our examination was limited to the verification of
Mumbai - 400025 procedures on test basis.

Our Secretarial Audit Report for the financial year ended March 31, 2022 6. The Secretarial Audit report is neither an assurance as to the future
of even date is to be read along with this letter. viability of the Company nor of the efficacy or effectiveness with
which the management has conducted the affairs of the Company.
1. Maintenance of secretarial record is the responsibility of the
585 - 591 INFORMATION

management of the Company. Our responsibility is to express an For Makarand M. Joshi & Co.
opinion on these secretarial records based on our audit. Practicing Company Secretaries
ADDITIONAL

2. We have followed the audit practices and processes as were Makarand Joshi
appropriate to obtain reasonable assurance about the correctness Partner
of the contents of the Secretarial records. The verification was done
FCS No. 5533
on test basis to ensure that correct facts are reflected in secretarial
CP No. 3662 UDIN: F005533D000332420
records. We believe that the processes and practices, we followed
Peer Review No: 640/2019
provide a reasonable basis for our opinion.
Place: Mumbai
592 - 595

3. We have not verified the correctness and appropriateness of

financial records and Books of Accounts of the Company. Date: May 17, 2022

115
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexure C
Annual Report on CSR activities (Applicable for the financial year commencing on or after April 1, 2021)

1. Brief outline on CSR Policy of the Company. 2. Composition of CSR Committee:

Corporate Social Responsibility (CSR) has been a long-standing Sr. Name of Designation/ nature Number of meetings
commitment at the ICICI Group and forms an integral part of the No. Director of directorship of CSR Committee
Company’s activities. The Group’s Contribution to social sector held during the year
development includes several pioneering interventions, and is 1. Mr. Dilip Karnik Chairman and Two
implemented through the involvement of stakeholders within the Independent Director
Company, the Group and the broader community. ICICI Foundation 2. Mr. Dileep Choksi Independent Director Two
3. Mr. Wilfred John Non- Executive Two
for Inclusive Growth (ICICI Foundation) was established in 2008
Blackburn Director nominated by
by ICICI Bank with a view to significantly expand the ICICI Group’s Prudential Corporation
activities in the area of CSR. Over the past few years ICICI Holdings Limited
Foundation has developed significant projects in specific areas, and
3. Provide the web-link where Composition of CSR committee,
has built capabilities for direct project implementation as opposed to CSR Policy and CSR projects approved by the board are
extending financial support to other organizations. disclosed on the website of the Company.
The Company’s objective is to proactively support meaningful socio- Composition of CSR Committee: https://www.iciciprulife.
economic development in India and enable a larger number of people com/about-us/company-overview/board-committees.
to participate in and benefit from India’s economic progress. This html?ID=about-com
is based on the belief that growth and development are effective CSR Policy: https://www.iciciprulife.com/about-us/corporate-
only when they result in wider access to opportunities and benefit a policies.html
broader section of society. CSR Projects link: https://www.iciciprulife.com/about-us/company-
The CSR Policy of the Company sets the framework guiding the overview/corporate-social-responsibility.html?ID=about-csr
Company’s CSR activities. It outlines the governance structure, 4. Provide the details of Impact assessment of CSR projects
operating framework, monitoring mechanism, and CSR activities that carried out in pursuance of sub-rule (3) of rule 8 of the
would be undertaken. The Board CSR Committee is the governing Companies (Corporate Social Responsibility Policy) Rules,
body that articulates the scope of CSR activities and ensures 2014, if applicable (attach the report).
compliance with the CSR Policy. The Company’s CSR activities are Impact assessment report: Skill Development program with ICICI
largely focused in the areas of education, skill development and Foundation
sustainable livelihoods, healthcare, financial inclusion and other https://www.iciciprulife.com/content/dam/icicipru/about-us/
activities as the Company may choose to select in fulfilling its CSR corporate_policies/Impact_Assessment_from_IFIG.pdf
objectives. The Company supports programs and initiatives keeping
“protection” as the core proposition and cornerstone of all its CSR 5. Details of the amount available for set off in pursuance of
initiatives as “protection” is core to the Company’s business. sub-rule (3) of rule 7 of the Companies (Corporate Social
responsibility Policy) Rules, 2014 and amount required for
The Committee at its meeting held on October 17, 2014 had
set off for the financial year, if any–
recommended the Corporate Social Responsibility Policy (CSR Policy)
SI. Financial Year Amount available Amount required
to the Board of the Company. The Policy indicates the activities to be
No. for set off from to be set off for the
undertaken by the Company, towards fulfilling its CSR objectives, in preceding financial financial year, if any
compliance with section 135 of the Companies Act, 2013. years in `) (in `)

Further, the Committee reviews the CSR Policy as required. The first 1. 2021-2022 1.0 million 0.9 million
amendment to the CSR policy as approved by the CSR Committee 6. Average net profit of the company as per section 135(5):
was on October 23, 2018 and subsequently at its meeting held on ` 3,427.2 million
April 15, 2021. The CSR policy was last reviewed during its April 14,
7. a. Two percent of average net profit of the company as
2022 CSR meet and has been uploaded on the Company website.
per section 135(5): ` 68.5 million
b. Surplus arising out of the CSR projects or programs or
activities of the previous financial years : NIL
c. Amount required to be set off for the financial year, if
any: ` 0.9 million
d. Total CSR obligation for the financial year (7a+7b- 7c):
` 67.6 million

116 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

8. (a) CSR amount spent or unspent for the financial year:

OVERVIEW
CORPORATE
Amount Unspent (in `)
Total amount spent for Total amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII as per
the financial year (in `) account as per sec 135(6) second proviso to section 135(5).
Amount Date of transfer Name of the Fund Amount Date of transfer
68.2 million NIL NA NA NIL NA

(b) Details of CSR amount spent against ongoing projects for the financial year:

01 - 78 REPORTS
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Amount

STATUTORY
Item from
Amount Amount transferred to
the list of Local
Name allocated spent in the Unspent Mode of Mode of implementation
activities in area Location of the Project
Sr. no. of the for the the current CSR account Implementation through Implementing
Schedule (Yes/ project duration
project project financial for the project Direct (Yes/No) agency
VII to the No)
(in `) year (in `) as per Sec
Act
135(6) (in `)
CSR
State District Name Registration
number

79 - 148 FINANCIAL STATEMENTS

Nil

STANDALONE
(c) Details of CSR amount spent against “other than ongoing projects” for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)
Sr. Name of the project Item from the list of Local Location of the project Amount Mode of Mode of implementation
No. activities in schedule VII to Area State District spent for implementation Name CSR
the Act (yes/No) the project Direct (Yes/No) Registration
(in `) #

1. Promoting skill development for Promoting education, Yes PAN India - 21.5 million No ICICI CSR00001979
a sustainable livelihood through including special education Foundation

149 - 521 FINANCIAL STATEMENTS

ICICI Academy for Skills and employment enhancing for Inclusive
vocation skills especially among Growth
children, women, elderly,

CONSOLIDATED
and the differently abled Maharashtra 25.8 million
and livelihood enhancement
COVID-19 vaccination drive for projects
children and adults
Promoting health care including
preventive health care
2. Consumer awareness and Promoting education, including Yes Maharashtra Mumbai 7.1 million Yes Direct -
education
3. Program Asha - Improve holistic Promoting education, including Yes Madhya Indore, 2.0 million No Catalysts for CSR00002803
and rehabilitation outcomes of special education Pradesh Khandwa Social Action

522 - 584 VALUE RESULTS

underprivileged children staying
in child care homes of Madhya
Pradesh

EMBEDDED
4. Sustainable livelihood for local Promoting education, Yes Jammu and Pir Panjal, 6.0 million No
communities in Himalayan including special education Kashmir; Ladakh
rangelands and employment enhancing Ladakh
vocation skills especially among
children, women, elderly,
and the differently abled
and livelihood enhancement
projects; World Wide
Fund for Nature CSR00000257
5. Immediate financial support to Ensuring environmental Yes Assam, Brahmaputra, 4.0 million No India
585 - 591 INFORMATION

villagers for loss of livelihood sustainability, ecological Tamil Nadu, Western

balance Kerala, Ghats Nilgiris,
Karnataka, Terai Arc
Uttar landscapes
ADDITIONAL

Pradesh,
Uttarakhand
and Bihar
6. Support medical treatment of Promoting healthcare Yes Maharashtra Mumbai 0.5 million No Tata Memorial CSR00001287
underprivileged children/youth Centre
diagnosed with cancer
7. Other projects Promoting education, including Yes Karnataka Bangalore 1.3* million No GiveIndia CSR00000389
special education and Direct
healthcare
592 - 595

Total 68.2 million

*Includes ineligible GST

117
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

d. Amount spent on administrative overheads - NIL

e. Amount spent on Impact assessment, if applicable - NIL
f. Total amount spent for the financial year (8b+8c+8d+8e): ` 68.2 million
g. Excess amount for set off, if any: NIL

Sr. No. Particular Amount (in `)

(i) Two percent of average net profit of the company as per section 135(5) 68.5 million
(ii) Total amount spent for the Financial Year* 68.2 million
(iii) Excess amount spent for the financial year [(ii)-(i)] Nil
(iv) Excess amount spent not carried forward in succeeding financial year Nil
(v) Surplus arising out of the CSR projects or programs or activities of the previous financial years, if any Nil
(vi) Amount available for set off in succeeding financial years[(iii)-(iv)-(v)] Nil
* Does not include ` 1.0 million, the amount available for set off from the preceding financial year

9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sr. Preceding Amount Amount spent Amount transferred to any Fund specified under Schedule Amount remaining
No. Financial Year transferred to in the reporting VII as per sec 135(6), if any to be spent in
Unspent CSR financial year Name of the Amount (in `) Date of succeeding
account under (in `) Fund transfer financial years
sec 136(6) (in `) (in `)
Total NIL

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sr. no. Project ID Name Financial year in Project Total amount Amount Cumulative Status of
of the which the project duration allocated for spent for the amount spent the project
project was commenced the project project in at the end of – ongoing /
(in `) the reporting the reporting completed
financial year financial year
(in `) (in `)
Total NIL

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent
in the financial year –
(Asset-wise details)
a. Date of creation or acquisition of the capital asset(s). – Not applicable
b. Amount of CSR spent for creation or acquisition of capital asset – Not applicable
c. Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc. – Not applicable
d. Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset). – Not applicable

11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5).
Not applicable

For and on behalf of the Board

DILIP KARNIK
Chairman, Board Corporate
May 17, 2022 Social Responsibility Committee
Place: Mumbai DIN: 06419513

M. S. RAMACHANDRAN
May 17, 2022 Chairman
Place: Chennai DIN: 00943629

118 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Annexure D

OVERVIEW
CORPORATE
Independent Auditor’s Certificate on Compliance with the Corporate Governance Requirements under Securities Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

TO THE MEMBERS OF 7. We have complied with the relevant applicable requirements of the

01 - 78 REPORTS
ICICI Prudential Life Insurance Company Limited Standard on Quality Control (SQC) 1, Quality Control for Firms that
Perform Audits and Reviews of Historical Financial Information, and

STATUTORY
1. This certificate is issued in accordance with the terms of our Other Assurance and Related Services Engagements.
engagement letter dated 20 July 2021.
Opinion
2. We have examined the compliance of conditions of Corporate 8. In our opinion and to the best of our information and according to the
Governance by ICICI Prudential Life Insurance Company Limited explanations given to us, we certify that the Company has complied
(“the Company”), for the year ended 31 March 2022, as stipulated with the conditions of Corporate Governance as stipulated in the
in regulations 17 to 27, clauses (b) to (i) of regulation 46(2) and above-mentioned Listing Regulations.

79 - 148 FINANCIAL STATEMENTS

paragraphs C, D and E of Schedule V of the Securities Exchange
Board of India (Listing Obligations and Disclosure Requirements) 9. We state that such compliance is neither an assurance as to the

STANDALONE
Regulations, 2015 as amended from time to time (“Listing future viability of the Company nor the efficiency or effectiveness
Regulations”) pursuant to the Listing Agreement of the Company with which the management has conducted the affairs of the
with Stock Exchanges. Company.

Management’s Responsibility Restriction on use

3. The compliance of conditions of Corporate Governance as stipulated 10. The certificate is addressed and provided to the Members of the
under the listing regulations is the responsibility of the Company’s Company solely for the purpose of enabling the Company to comply

149 - 521 FINANCIAL STATEMENTS

Management including the preparation and maintenance of all with the requirement of the Listing Regulations and should not be
the relevant records and documents. This responsibility includes used by any other person or for any other purpose. Accordingly, we

CONSOLIDATED
the design, implementation and maintenance of internal control do not accept or assume any liability or any duty of care for any other
and procedures to ensure the compliance with the conditions of purpose or to any other person to whom this certificate is shown or
Corporate Governance stipulated in the Listing Regulations. into whose hands it may come without our prior consent in writing.

Auditors’ Responsibility For B S R & Co. LLP For Walker Chandiok & Co LLP
4. Pursuant to the requirements of the Listing Regulations, it is Chartered Accountants Chartered Accountants
our responsibility to provide a reasonable assurance whether ICAI Firm’s Registration ICAI Firm Registration

522 - 584 VALUE RESULTS

the Company has complied with the conditions of Corporate No: 101248W/W-100022 No: 001076N/N500013
Governance as stipulated in Listing Regulations for the year

EMBEDDED
ended 31 March 2022.
Sagar Lakhani Khushroo B. Panthaky
5. Our examination was limited to procedures and implementation Partner Partner
thereof, adopted by the Company for ensuring the compliance of the Membership No: 111855 Membership No: 042423
conditions of the Corporate Governance. It is neither an audit nor an UDIN: 22111855AJBYLB6909 UDIN: 22042423AJCFFD8172
expression of opinion on the financial statements of the Company.
Place: Mumbai Place: Mumbai
585 - 591 INFORMATION

6. We conducted our examination of the above corporate governance Date: May 17, 2022 Date: May 17, 2022
compliance by the Company in accordance with the Guidance Note
ADDITIONAL

on Reports or Certificates for Special Purposes (Revised 2016) and

Guidance Note on Certification of Corporate Governance, both issued
by the Institute of the Chartered Accountants of India (the “ICAI”), in
so far as applicable for the purpose of this certificate. The Guidance
Note requires that we comply with the ethical requirements of the
Code of Ethics issued by the ICAI.
592 - 595

119
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Corporate Governance
DISCLOSURE REQUIREMENTS AS PRESCRIBED BY THE IRDAI GUIDELINES ON CORPORATE GOVERNANCE FOR
INSURANCE SECTOR
The Company is in compliance with the disclosure requirements as Refer Schedule 16: Significant accounting policies and notes forming
specified in Regulation 34 and Schedule V of the Securities and Exchange part of the financial statements.
Board of India (SEBI) (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The same has been furnished as a part of the Directors’ 3. Quantitative and qualitative information on the
Report forming part of the Annual Report. Company‘s financial and operating ratios namely,
incurred claim, commission and expenses ratios
It may be further noted that the Company is also in compliance with the Information, both quantitative and qualitative on the insurer’s
Corporate Governance Guidelines amended by Insurance Regulatory and financial and operating ratios have been furnished in the Management
Development Authority of India (IRDAI) on May 18, 2016. Discussion & Analysis section forming part of the Annual Report and
in the financial statements – Refer ‘Accounting ratios’ section of
1. Disclosures regarding the Board Governance Structure Schedule 16: Significant accounting policies and notes forming part
These include: of the financial statements.
a. Number of Board and Board committee meetings held in the
financial year. 4. Actual solvency margin details against the required
b. Details of composition of the Board and the Committees
margin
mandated including the names of the Directors, their fields of The details of the solvency ratio are as below:
specialisation, status of directorship held, etc. Particulars FY2022 FY2021
c. Number of meetings held by the Directors and the members Actual solvency ratio 204.5% 216.8%
of the Committee. Required solvency ratio 150.0% 150.0%
d. Details of remuneration paid, if any to the independent
directors. 5. Persistency ratio
Persistency ratio is furnished as a part of the financial statements
e. Attendance details of Chief Risk & Compliance officer in the
- Refer ‘Accounting ratios’ section of Schedule 16: Significant
meetings of the Board Risk Management Committee.
accounting policies and notes forming part of the financial statements.
f. Name of the customer representative along with his/her
attendance in the Policyholders’ Protection Committee. 6. Financial performance including growth rate and
The above data has been furnished as a part of the Directors’ Report current financial position of the insurer
forming part of the Annual Report. Financial performance of the Company including growth rate and
current financial position has been furnished in the Management
2. Basis, methods and assumptions on which the financial Discussion & Analysis section forming part of the Annual Report.
information is prepared and impact of changes, if any
The basis, methods and assumptions using which the 7. Description of the risk management architecture
financial statements are prepared and impact of changes, if The risk management architecture of the Company has been
any, have been detailed as part of the financial statements - detailed under Directors’ Report forming part of the Annual Report.

8. Details of number of claims intimated, disposed of and pending with details of duration
a. Details of number of claims intimated, disposed of & pending:
The following table sets forth the movement of claims for FY2022:

Sr. Death Maturity Survival Annuities/ Surrender Health Other

Particulars
No. claims claims benefits Pensions claims claims benefits

1. Claims outstanding at March 31, 2021 3,650 3,071 799 7,575 2,966 604 2
2. Claims reported during the period 262,135 121,975 160,491 252,096 437,786 20,722 71
3. Claims settled during the period 259,803 119,632 158,002 246,110 435,920 18,664 63
4. Terms and condition rejections 42 - - - - 1,736 2
5. Claims repudiated during the period 642 - - - - 28 -
6 Unclaimed 128 1,423 53 4,761 313 - -
7. Claims outstanding at March 31, 2022 5,170 3,991 3,235 8,800 4,519 898 8

120 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

The following table sets forth the movement of claims for FY2021:

OVERVIEW
CORPORATE
Sr. Death Maturity Survival Annuities/ Surrender Health Other
Particulars
No. claims claims benefits Pensions claims claims benefits
1. Claims outstanding at March 31, 2020 4,925 14,107 3,347 8,327 3,531 327 1
2. Claims intimated during the period 189,002 139,921 121,265 194,496 525,493 17,567 92
3. Claims settled during the period 189,905 148,479 123,524 191,436 525,480 15,258 91
4. Terms and condition rejections 8 - - - - 1,997 -

01 - 78 REPORTS
5. Claims repudiated during the period 356 - - - - 35 -
6. Unclaimed 8 2,478 289 3,812 578 - -

STATUTORY
7. Claims outstanding at March 31, 2021 3,650 3,071 799 7,575 2,966 604 2
Note: Details of claims for FY2021 have been restated basis revised format received from IRDAI in October 01, 2021 for reporting of unclaimed volume in public
disclosures.

b. Ageing of number of claims settled:

The following table sets forth the ageing of claims settled during the year ended March 31, 2022:

79 - 148 FINANCIAL STATEMENTS

Death Maturity Survival Annuities/ Surrender Health Other
Particulars
claims claims benefits Pensions claims claims benefits

STANDALONE
On or before Maturity - 97,209 68,300 77,388 - - -
Less than 1 month 250,190 15,594 41,010 9,711 431,236 18,439 51
1 month to 3 months 6,668 5,089 48,388 152,766 4,301 225 8
3 months to 6 months 2,589 1,067 197 1,565 202 - 3
6 months to 1 year 317 466 80 1,534 133 - 1
1 year and above 39 207 27 3,146 48 - -
Total claims settled during the year ended

149 - 521 FINANCIAL STATEMENTS

March 31, 2022 259,803 119,632 158,002 246,110 435,920 18,664 63

CONSOLIDATED
The following table sets forth the ageing of claims settled during the year ended March 31, 2021:

Death Maturity Survival Annuities/ Surrender Health Other

Particulars
claims claims benefits Pensions claims claims benefits
On or before Maturity - 90,233 64,106 65,663 - - -
Less than 1 month 186,453 25,210 22,110 12,578 509,487 14,364 62
1 month to 3 months 2,090 18,745 31,846 106,553 10,397 887 26

522 - 584 VALUE RESULTS

3 months to 6 months 1,036 10,800 4,419 2,219 5,022 5 3
6 months to 1 year 319 3,031 719 1,096 536 2 -

EMBEDDED
1 year and above 7 460 324 3,327 38 - -
Total claims settled during the year ended
March 31, 2021 189,905 148,479 123,524 191,436 525,480 15,258 91
Note: Details of claims for FY2021 have been restated basis revised format received from IRDAI in October 01, 2021 for reporting of unclaimed volume in public
disclosures.

c. Ageing of number of claims outstanding:

The following table sets forth the ageing of claims outstanding at March 31, 2022:
585 - 591 INFORMATION

Death Maturity Survival Annuities/ Surrender Health Other

Particulars
ADDITIONAL

claims claims benefits Pensions claims claims benefits

Less than 3 months 2,961 3,590 3,168 3,986 4,419 790 6
3 months to 6 months 1,011 384 19 1,202 97 51 1
6 months to 1 year 865 11 24 368 2 41 -
1 year and above 333 6 24 3,244 1 16 1
Total claims outstanding at March 31, 2022 5,170 3,991 3,235 8,800 4,519 898 8
592 - 595

121
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

The following table sets forth the ageing of claims outstanding at March 31, 2021:

Death Maturity Survival Annuities/ Surrender Health Other

Particulars
claims claims benefits Pensions claims claims benefits
Less than 3 months 2,538 2,719 765 3,061 2,870 553 1
3 months to 6 months 606 316 7 1,170 86 38 -
6 months to 1 year 388 27 22 450 6 12 -
1 year and above 118 9 5 2,894 4 1 1
Total claims outstanding at March 31, 2021 3,650 3,071 799 7,575 2,966 604 2
Note: Details of claims for FY2021 have been restated basis revised format received from IRDAI in October 01, 2021 for reporting of unclaimed volume in public
disclosures.
Claims long outstanding are on account of:
1. Non-submission of necessary documents by the master policyholders.
2. Non exercise of the annuity option in case of maturity claims by the annuitant.

9. All pecuniary relationships or transactions of non-executive directors

The Company’s Non-Executive and Independent Directors do not have any pecuniary relationships or transactions with the Company, except to the
extent of insurance policies taken by them in the ordinary course of business and the sitting fees and reimbursements paid to them for attending
Board and Committee Meetings, profit related commission and dividend paid to them during the year in the capacity as a shareholder. Details of
sitting fees, reimbursements and profit related commission are disclosed in Directors’ Report and under ‘Managerial Remuneration’ section of
Schedule 16 – Significant accounting policy and notes forming a part of the financial statements.

The premium income received by the Company from insurance policies issued to the non-executive directors of the Company is as follows:
(` ‘000)
Particulars FY2022 FY2021
Sandeep Batra 80 240
Anup Bagchi - 20,000
Total 80 20,240

The benefits paid by the Company for insurance policies issued to non-executive directors of the Company is as follows:
(` ‘000)
Particulars FY2022 FY2021
Sandeep Batra - 4,618
Total - 4,618

The dividend paid by the Company to the non-executive directors of the Company is as follows:
(` ‘000)
Particulars FY2022 FY2021
Dileep Choksi* 0 -
Total 0 -
* Dividend paid to Mr Dileep Choksi is less than ` 1,000 in FY2022.

Mr. Sandeep Batra was the wholetime director of the Company from January 1, 2014 till July 11, 2018. In accordance with the terms of the
engagement with Mr. Batra, then, as a wholetime Director, he was eligible to receive long term variable pay and was also granted options pursuant
to the Company’s employee stock option scheme. Accordingly, he was paid ` 2,073 thousand as deferred variable pay during the year ended March
31, 2022. (Year ended March 31, 2021: ` 4,101 thousand).

Further, payments made to parties in which directors are interested are disclosed in the Management Report forming part of the Annual Report.

122 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

10. Elements of remuneration package (including incentives) of Managing Director & CEO and all other directors and Key

OVERVIEW
CORPORATE
Management Persons (KMP)
The details of remuneration/payment to Managing Director & CEO and all other directors are disclosed in the Directors’ Report and under ‘Managerial
Remuneration’ section of Schedule 16 – Significant accounting policy and notes forming a part of the financial statements.

Further, the details of remuneration paid to the KMP’s (as specified by IRDAI) are as below:
(` ‘000)
Particulars FY2022 FY2021

01 - 78 REPORTS
Basic 48,197 43,557

STATUTORY
Retirals (Only provident fund) 5,784 5,227
Allowances1 78,826 66,790
Variable pay 32,232 23,429
Perquisites2 13,936 8,603
LTRS 1,120 4,080
Total 180,095 151,686
Shares linked instruments (Employee Stock Options)3 895,600 916,200

79 - 148 FINANCIAL STATEMENTS

1
Allowances include NPS, Superannuation and Leave encashment as per policy.
2
Perquisite excludes perquisites on exercise of stock option.

STANDALONE
3
Includes options granted by ICICI Prudential Life Insurance Co Ltd.

Provisions towards gratuity, leave encashment and long term performance pay are determined actuarially on an overall basis and accordingly have
not been considered for the above disclosure.

11. Payment made to group entities from the Policyholders Funds

Details of payment made to group entities (related party transactions) by the Company are included as a part of the financial statements – Refer

149 - 521 FINANCIAL STATEMENTS

‘Details of related parties and transactions with related parties section of Schedule 16: Significant accounting policies and notes forming part of the
financial statements.

CONSOLIDATED
12. Disclosure requirements of the Participating and Unit Linked Policyholders’
Disclosure requirements of the Participating and Unit Linked Policyholders’ has been furnished as a part of the financial statements.

For specific disclosure requirements in respect of Unit Linked Policyholder’s - Refer Annexures 1: Fund Balance Sheet, Annexures 2: Fund Revenue
Account and Annexure 3: Annexure to Revenue Account and Additional ULIP Disclosures annexed to Schedule 16: Significant accounting policies
and notes forming part of the financial statements.

522 - 584 VALUE RESULTS

13. Any other matters which have material impact on the financial position
There are no matters which have material impact on the financial position except those disclosed in the financial statements.

EMBEDDED
585 - 591 INFORMATION
ADDITIONAL
592 - 595

123
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Management Discussion and Analysis

I. INDUSTRY AND BUSINESS REPORT Q1-FY2022, resulting in a GDP growth of 20.1% year-on-year in Q1-FY2022
Macroeconomic environment and outlook versus a decline of 24.4% in Q1-FY20215. Thereafter, increase in economic
Growth and Inflation activities arising out of withdrawal of restrictions as well as strong demand
The financial year 2022 began with a sharp increase in COVID-19 cases helped Q2-FY2022 GDP grow at 8.4% year-on-year versus a decline of
and high fatality rates, due to the spread of the Delta variant of the virus 7.4% during the same period in the previous year and Q3-FY2022 GDP
in April-May 2021. This wave resulted in the country reporting over 18 grew at 5.4% year-on-year from 0.4% in Q3-FY2021. Q4-FY2022 saw the
million COVID-19 cases and 236,532 deaths in Q1-FY20221. The Central impact of third wave in India. However, the economic cost of the same
government hastened the pace of vaccination and the vaccine providers was limited. The Central Statistical Office (CSO) expects FY2022 GDP
administered 336 million doses by June 20212. However, COVID-19 cases to grow by 8.9% versus a decline of 6.6% in FY2021. Meanwhile, equity
rose again due to the Omicron variant during January-February 2022, markets also crossed their previous all-time highs in October 2021. Global
with India reporting over 8 million cases. Fortunately, only 32,763 deaths GDP too witnessed a sharp recovery at 5.9% in 20216. US GDP increased
were reported during this period. The continued pace of vaccinations has by 5.6% while China grew at 8.1%6.
resulted in a total administration of 1.90 billion vaccine doses as on May Retail inflation (Average) in India, based on customer price index (CPI),
7, 2022, with close to 870 million Indians (aged 12 and above) getting moderated from 6.2% in FY2021 to 5.5% in FY2022. This moderation in
double vaccination and about 30 million people getting the precautionary inflation was largely driven by food inflation which fell from 7.8% in FY2021
dose as well. to 6.1% in FY20227.
FY2022 ended with multiple events in geo-politics, with Russia invading
Ukraine in February 2022, Sri Lanka declaring financial emergency after a Financial markets
major economic crisis and multiple debt defaults. Another development In a bid to provide adequate support to the economy, the RBI kept the repo
that started kicking in towards the end of the year was interest rate rate unchanged at 4.00% and the reverse repo rate at 3.35%. These actions
increase and liquidity reversal by major central banks across the world. were intended to dis-incentivise banks from depositing surplus cash with
Many countries imposed sanctions on Russia that limited its exports, the RBI and instead lend to various sectors of the economy. Cash reserve
which resulted in sharp increase in prices of various global commodities. ratio (CRR), which was cut by 100 basis points (bps) in FY2021, was also
Of note, prices of crude oil increased from USD 77/barrel (bbl) in December kept unchanged in FY2022. Meanwhile, the RBI continued to conduct
2021 to USD 99/bbl in March 20223. various forms of Long Term Repo Operations (LTROs) with an objective to
ensure adequate liquidity in the banking system and the flow of credit to
The Indian Government supported the domestic economy in FY2021 with
the corporate sector.
a special economic package of ` 20 trillion taking the total expenditure in
the year to ` 35 trillion (31% increase year-on-year). Total expenditure for Inflation pressure persisted across the globe due to elevated and volatile
FY2022 based on the revised estimates (RE) was at ` 38 trillion, registering commodity and energy prices linked to the Ukraine-Russia conflict.
a 7% annual growth4. FY2022 saw a sharp 47% year-on-year reduction Central banks have started with rate hikes with a focus on containing
in food subsidies while fertilizer subsidy increased by 10% year-on-year. inflation. US Fed has consecutively hiked rates for the second time in
The pace of capital expenditure improved in FY2022 with a 41% year-on- the last two meeting by 25bps / 50bps each and announced quantitative
year growth versus 27% in FY2021. Meanwhile, a sharp increase in tax tightening starting June 1, 2022. US Fed has also indicated further 50bps
revenue collections (24% year-on-year) helped the Government reduce hikes to follow in upcoming meetings. European Central Bank (ECB)
its fiscal deficit from 9.2% in FY2021 to 6.9% in FY2022RE. The Reserve already announced a faster reduction in asset purchases and is awaiting
Bank of India (RBI) continued to provide adequate monetary support by the incoming data before its meeting in June. RBI surprised the markets
keeping policy rates unchanged and by keeping liquidity at a large surplus with an un-scheduled meeting of the Monetary Policy Committee (MPC)
in FY2022. Continued credit support through Emergency Credit Line and a 40 bps hike in policy rates. Central banks in Australia, Brazil, Chile,
Guarantee Scheme (ECLGS) helped Micro, Small and Medium Enterprises Mexico, Russia, South Korea and UK also hiked rates in 2022 to stabilize
(MSME) to stave off the worst economic consequences. Various state price pressures.
governments such as Maharashtra, Karnataka, etc. reduced the stamp
Even though the inflation has remained broadly under control in India in
duty on purchase of residential properties, resulting in improved activity in
FY2022, elevated borrowing requirement of the Government for FY2023
the real estate sector.
and slow fiscal consolidation roadmap resulted in a steady increase in the
A combination of partial and less stringent lockdowns during the second bond yields. As a result the 10-year government bond yield witnessed
wave of COVID-19, a calibrated opening up of the country from June 2021 steady increase from 6.2% in March 2021 to 6.8% in March 20228. Post
and a steady pace of vaccination allowed economic activity to improve in the 40 bps hike in the repo rates, the 10-year government bond yield
jumped more than 25 bps in a single day to 7.38% on May 4, 2022.
1
Source: PRSindia.org 5
Source: National Statistics Office
2
Source: Ministry of Health and Family Welfare 6
Source: International Monetary Fund (January 2022)
3
Source: Bloomberg 7
Source: National Statistics Office
4
Source: Union Budget FY2022 8
Source: Bloomberg

124 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Equity markets globally witnessed a sustained recovery following the trajectory fuelled by favourable demographics, rising per capita income,

OVERVIEW
CORPORATE
large volatility seen in FY2021. The Indian equity market (Nifty-50 Index) digitalisation, moderate inflation, higher savings rates, various Government
was amongst the better performers with a return of 19% in FY2022. The initiatives and a calibrated approach by RBI.
period saw net Foreign Institutional Investors (FII) outflows of around
` 2.8 trillion from the Indian equity market, which was counter-balanced by Insurance industry structure and developments
inflows (slightly lower than outflows) of around ` 2.2 trillion by Domestic The size of the Indian life insurance sector was ` 6.3 trillion11 on a total
Institutional Investors (DIIs). This was a reversal of the investment position premium basis in FY2021, making it the tenth largest life insurance market in
of FY2021 where FIIs inflows were ` 1.9 trillion as compared to DIIs the world and the fifth largest in Asia12. The total premium in the Indian life

01 - 78 REPORTS
outflows of ` 1.2 trillion. Net FDI into India in FY2022 till February end insurance sector grew at a CAGR of approximately 14% between FY2002
was at ` 2.7 trillion versus ` 3.2 trillion during the same period in FY2021 . and FY2021 outpacing the GDP CAGR of 12% during the same period. Based

STATUTORY
on retail weighted received premium (RWRP), new business premium of the
The Indian Rupee, on an average basis, depreciated by 0.3% against the industry has grown at a CAGR of 11% during FY2002 to FY2022.
USD in FY2022 (compared to a depreciation of 4.8% in FY2021)9.
Financial savings The Indian Life Insurance industry has 24 companies including the Life
The share of overall domestic savings in the household sector (about Insurance Corporation of India (LIC). The top five private sector companies
70%) rose sharply in FY2021. Gross financial savings as a percentage of contribute to 43% of the market.
household savings was 70.8% in FY20219,10.

79 - 148 FINANCIAL STATEMENTS

Market Share
Particulars9,10 FY2019 FY2020 FY2021
17.5% 18.8% 20.4%

STANDALONE
Nominal GDP (` trillion) 189.00 200.75 198.01
39.7% 40.9% 42.5%
Household savings as % of GDP 20.3% 19.6% 22.2%
Gross financial savings as % of 58.9% 61.1% 70.8%
Household saving
Insurance share of financial assets 42.8% 40.3%
(including currency) 17.1% 15.0% 16.8% 37.1%

Macroeconomic outlook
Even with the headwinds on account of the higher oil prices, from a

149 - 521 FINANCIAL STATEMENTS

longer term perspective, India seems poised towards a sustained growth FY2020 FY2021 FY2022
trajectory fuelled by favourable demographics, rising per capita income,

CONSOLIDATED
LIC Top 5 Private sector companies Others
digitalisation, moderate inflation and higher savings rates.
Based on RWRP, Source: IRDAI

Macroeconomic outlook Based on RWRP, new business premium of the industry increased by
Even with the headwinds on account of the higher oil prices, from a 15.7% in FY2022. LIC and the private sector grew by 6.7% and 21.9%
longer term perspective, India seems poised towards a sustained growth respectively in FY2022.

Product Mix:

522 - 584 VALUE RESULTS

There has been a significant change in the product mix of the private sector for FY2021 as compared to FY2020. The share of non-linked products has
increased from 56% to 61% for the private sector and for the industry has decreased from 82% to 80%.

EMBEDDED
Industry Private sector
26% 18% 20% 51% 44% 39%

82% 80%
74%
61%
56%
49%
585 - 591 INFORMATION
ADDITIONAL

FY2019 FY2020 FY2021 FY2019 FY2020 FY2021

Non-Linked Linked Non-Linked Linked

Based on new business weighted premium; Source: Life Insurance Council
9
Source: CEIC/Reserve Bank of India
10
Source: National Statistics Office
592 - 595

11
Source: IRDAI, Annual Report 2020-21
12
Source: Swiss Re sigma No 3/2021

125
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Distribution Trends:
The agency channel continues to be the predominant channel for the industry, mainly driven by LIC. There has been no significant change in the channel
mix of the industry as well as the private sector from FY2020 to FY2021. Increasingly, direct sales through proprietary sales force and the internet are
becoming more relevant.

Industry Private sector

11% 12% 13% 21% 22% 22%
27% 28% 29%
54% 53% 55%

62% 60% 58%

25% 25% 23%

FY2019 FY2020 FY2021 FY2019 FY2020 FY2021

Agency Bancassurance Others Agency Bancassurance Others

Based on retail new business premium; Source: Life Insurance Council

Contribution of the life insurance industry Regulatory updates and developments

Within Indian financial services, the life insurance industry is uniquely The key regulatory updates during FY2022 are as detailed below:
positioned to cover a range of customer needs. The industry offers a
1. Indian Insurance Companies (Foreign Investment)
variety of savings products across fixed income and equity platforms. Amendment Rules, 2021
It also offers annuity, term plans and defined benefit health plans. The The limit for total foreign investment in Indian insurance companies
life insurance industry acts as a risk manager by providing cover against was increased from 49% to 74%. For insurance companies
mortality and morbidity risks. Life insurance products ensure that the with foreign investment, the requirement for ‘Indian owned and
financial goals of an individual are met, irrespective of the occurrence of controlled’ was substituted with the requirement that “a majority of
mortality or morbidity events.
the directors, a majority of its Key Management Personnel (KMPs),
The industry had covered 257 million lives through individual policies and and at least one among the Chairperson, Managing Director and
336 million lives through group policies, providing a total insurance cover Chief Executive Officer shall be Resident Indian citizens”.
(sum assured) of ` 236 trillion at March 2021. The total death benefit paid
For a company with foreign investment exceeding 49%, it has been
to policyholders in FY2021 was ` 405.03 billion for the industry.
prescribed that:
The Indian life insurance industry plays a key role in channelising household
• For the financial year, if dividend is paid on equity shares and
savings to the financial markets. The industry has been able to leverage its
the solvency margin is below 1.2 times the control level of
extensive distribution network throughout the country to provide long term
solvency, the insurer shall retain in its general reserve not less
funds to both debt and equity markets. The life insurance industry also
than fifty percent of the net profit.
provides long term capital that is needed for infrastructure projects. The
details of investments made in the infrastructure sector by the industry • Not less than fifty percent of its directors shall be independent
are as below: directors. In case the Chairperson of the Board is independent,
then 1/3rd of the Board shall comprise independent directors.
` billion 31-Mar-19 31-Mar-20 31-Mar-21
Infrastructure / Housing investments 3,842.62 4,278.70 4,514.75 2. Regulatory guidance during COVID-19
Source: Life Insurance Council IRDAI had instructed insurers to ensure safety and well-being of
employees and policyholders. IRDAI further instructed insurers to
The insurance industry in India is also a significant source of part-time and ensure that policyholders were well-informed about the functioning
full-time employment to professionals with varied skill levels. of offices and of the alternate channels available for their servicing
needs. Insurers were asked to ensure that COVID-19 claims were
Numbers in ‘000s 31-Mar-19 31-Mar-20 31-Mar-21
settled expeditiously. IRDAI further directed insurance companies to
No. of agents (individual) 2,195 2,279 2,455 ensure that COVID-19 vaccination is not made a mandatory criteria
No. of direct employees 285 293 318
for policy issuance. Further, IRDAI extended the timelines for filing
Total 2,480 2,572 2,773
regulatory returns and public disclosure forms for the period ended
Source: Life Insurance Council March 31, 2021 by a period of 30 days.

126 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

3. IRDAI guidance on revised public disclosures Median Age (2020)1 (in years)

OVERVIEW
CORPORATE
IRDAI amended the public disclosure formats pertaining to website 48
and newspaper disclosures for insurance companies. Insurers 44
were advised to publish these disclosures from the period ending 40 38 38
September 30, 2021. The key changes pertained to persistency 34
30 28
and financial statements related disclosures. Further, the listed life
insurers were asked to disclose the Embedded Value (EV) as a part
of their annual public disclosure.

01 - 78 REPORTS
Opportunities and Threats

STATUTORY
Japan S. Korea Russia USA China Brazil Indonesia India
• Insurance under-penetration Source: United Nations population division estimates
1

India’s life insurance penetration13 (premium as % of GDP) increased

from 2.8% in FY2020 to 3.2% in FY2021. At USD 59 in FY2021, the • Increasing urbanisation
insurance density13 (premium per capita) in India remains very low According to United Nations Population division estimates, India’s
as compared to global average of USD 360. The macroeconomic urban population is expected to increase by 26% by the year 2030.
factors such as growth in GDP and rise in per capita income, coupled Increased urbanisation can lead to an improvement in the standard of

79 - 148 FINANCIAL STATEMENTS

with India’s young and working population, higher financial saving living and better access to financial products such as life insurance.
as a percentage of GDP, increasing urbanisation and increase in
Urban population in India (in mn)1

STANDALONE
digitalisation would continue to aid the growth of the Indian life
insurance sector. 607

Premium as percentage of GDP (FY2021)1 483

11.2%
26%
8.8%
7.6%

149 - 521 FINANCIAL STATEMENTS

6.4%
5.8%

CONSOLIDATED
3.4% 3.2% FY2020 FY2030
3.0%
1
Source: United Nations population division estimates

S. Africa United Singapore S. Korea Japan Thailand India US • Financial savings

Kingdom
India has a large pool of household savings and in FY2021, the
Source: Swiss Re sigma No 3/2021
1
ratio of household savings to GDP was 22.2%. The share of gross
financial savings as a proportion of household savings was 70.8%

522 - 584 VALUE RESULTS

• Favorable demographics in FY2021. The share of life insurance as a proportion of financial
According to United Nations estimates, the working population is savings (including currency) in India was 16.8% in FY2021, aided by
expected to increase by 15% by the year 2030. With a median age

EMBEDDED
the improving customer value proposition of insurance products.
of 28 years, India has a very young population. Both these factors
are likely to increase demand for life insurance products. • High protection gap
Population of age 25-59 years (in mn) 1 According to Swiss Re, Mortality Protection Gap for India is at
USD 16.50 trillion which is high compared to the rest of the world.
727
Protection coverage ratio which is the ratio between protection gap
and protection needs is also very high for India. Sum assured to
585 - 591 INFORMATION

GDP ratio is significantly lower in India compared to the rest of the

world. This provides a significant opportunity for Indian life insurance
companies to expand their protection business.
ADDITIONAL

15%
631
Retail credit has been growing at a CAGR of 12% from FY2014 to
FY2021. This provides an additional opportunity for the industry for
FY2020 FY2030 the credit cover business. This product provides mortality/morbidity
cover to borrowers.
Source: United Nations population division estimates
1
592 - 595

13
Source: Swiss Re sigma No 3/2021

127
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Protection gap (%)1,2 Pension Assets/GDP ratio (2021)1

213.3%
83% 61% 55% 54% 76% 71% 74% 55%
172.4%
152.6%

16.50 USD trillion

72.2%
59.8%
5.8%
8.40

India

Hong Kong

Japan

USA

Australia

Netherlands
3.90
2.80
2.00
0.90 0.70 0.60 1
Global Pension Assets Study, 2022
India

Japan

S. Korea

Australia

Indonesia

Thailand

Malaysia

Singapore
Average post retirement period1
22 22
20
Protection gap (%): Ratio of protection lacking/protection needed 18 19
1
18
17
2
Source: Swiss Re, Closing Asia’s mortality protection gap, July 2020 16

Sum Assured as a percentage of GDP1,2

332%

252% 251%

1995-2000 2000-05 2011-12 2030E

153% 143%
127% Male Female
85%
1
Ministry of Statistics and Programme implementation, Crisil, PFRDA, Census of
India, UN Population Estimate
Singapore

Japan

US

Malaysia

Thailand

S. Korea

India

Strategy and performance of the Company

In the context of this overall opportunity, the Company’s primary focus
1
As of FY2020 (for USA & Japan as of FY2018) continues to be to grow the absolute Value of New Business (VNB)
2
Source: McKinsey estimates through the 4P strategy of Premium growth, Protection business growth,
Persistency improvement and Productivity enhancement, while ensuring
• Pension opportunity
focus on customer-centricity and imbibing sustainable practices within our
India has one of the lowest pension assets to GDP ratio, estimated
business processes. We believe that this 4P strategy is appropriate in the
at 5.8% at 2021, as compared to various other countries. Also,
context of the large insurance opportunity in the country, coupled with our
India has one of the largest working population in the world, but
objective to grow the VNB.
only about 10% of the work force is covered under various pension
schemes. As per UN population estimate, India’s average household Premium growth: We would endeavor to grow premium through our
size has decreased from 4.6 in 2001 to 3.9 in 2018. With increase customer centric product portfolio and simplified on-boarding process.
in life expectancy, the post retirement period has increased from We would continue to focus on broadening the customer base through
17 years during 2000-2005 to 19 years in 2011-2012 and is further initiatives spanning both distribution and products. From a distribution
expected to increase to 20 years in 2030 for males. A similar trend perspective, we are focused on expanding the network and strengthening
in life expectancy for females is seen as well. Given that the annuity our reach through a closer mapping of distribution segments with
product can be offered only by life insurance companies, it offers a customer segments and products. During the year, we have added 24,607
significant opportunity to the industry. individual agents and 112 partnerships. Given the emerging opportunities
in the environment, we launched an income plan, ‘GIFT Long Term’ which
provides customers a guaranteed income for up to 30 years along with life
cover. We also launched a return of premium term plan with innovative
features such as auto-adjustable insurance cover and one of the most
comprehensive and widest financial cover against critical illnesses.

128 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Our New Business premium increased by 15.4% from ` 130.32 billion in 61st month further improved to 54.7%. We saw some decline in the

OVERVIEW
CORPORATE
FY2021 to ` 150.36 billion in FY2022. Our Annualised Premium Equivalent persistency ratios of other cohorts and we continue to encourage
(APE) increased by 19.7% from ` 64.62 billion in FY2021 to ` 77.33 billion the customers in those cohorts to stay invested till maturity.
in FY2022. Within product segments, annuity grew by 31.0%, protection
APE grew by 25.5%, unit linked business grew by 21.0% and non-linked Particulars FY2020 FY2021 FY2022
savings APE grew by 19.2%. 13th month 85.0% 84.9% 84.6%
25th month 75.9% 72.9% 77.3%
` billion FY2020 FY2021 FY2022
37th month 67.8% 65.8% 66.9%

01 - 78 REPORTS
New business premium 123.48 130.32 150.36 49th month 66.2% 63.5% 63.4%
61st month 55.3% 48.9% 54.7%

STATUTORY
Annualised Premium Equivalent FY2020 FY2021 FY2022 Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/
(APE) (` billion) GEN/21/02/2010 dated February 11, 2010
Savings 62.65 54.16 64.20
Linked 47.72 30.90 37.38 • Productivity improvement: In FY2021, in light of the COVID-19
Non–linked 11.41 17.79 21.21 pandemic, we had curtailed some of our discretionary spends.
Annuity 1.05 2.29 3.00 However, given the relative improvement in the economic activities
Group 2.47 3.18 2.61 in FY2022, we have focused on increasing our distribution presence

79 - 148 FINANCIAL STATEMENTS

Protection 11.16 10.46 13.13 and strengthening our brand. Our new business premium grew by
Total 73.81 64.62 77.33 21.8% in FY2022 over FY2020, as compared to expense growth

STANDALONE
of 20.1% in the same period. Improvement in productivity is
• Protection business growth: We are focused on expanding the demonstrated by 11.1% increase in APE per employee in FY2022
health & protection business across both retail and group lines of over FY2021.
business. This would be done by offering protection products
across channels, penetrating the online term insurance market Particulars FY2020 FY2021 FY2022
and partnering with loan providers to offer coverage against loans.
Cost / Total Weighted Received
During the year, we saw a further increase in pricing of up to 10%
Premium (TWRP) 15.9% 14.8% 18.6%

149 - 521 FINANCIAL STATEMENTS

in the retail term products, on the back of increased reinsurance
rates. Also given the pandemic, supply side constraints (including Cost / Average Assets Under
general reluctance to visit medical centres and revised underwriting Management (AUM) 2.9% 2.3% 2.4%

CONSOLIDATED
guidelines) impacted the retail protection business. However, we Cost / TWRP
saw an increased demand in the group and credit life segment. (Savings Line of Business) 10.4% 9.6% 12.8%
As a result, the protection APE increased by 25.5% from ` 10.46
billion in FY2021 to ` 13.13 billion in FY2022. With our focus on Value of New Business (VNB)
increasing the customer value proposition by adding critical illness Our VNB increased from ` 16.21 billion in FY2021 to ` 21.63 billion in
and accidental death benefit riders in both retail protection as well FY2022 showing a growth of 33.4%. VNB margin improved from 25.1%
as savings plans, our new business sum assured grew by 25.4% in FY2021 to 28.0% in FY2022. The shares of VNB for protection, non-

522 - 584 VALUE RESULTS

from ` 6.17 trillion in FY2021 to ` 7.73 trillion in FY2022. We were linked savings and linked savings businesses were 42.7%, 41.0% and
the private sector market leader in new business sum assured with
16.3% respectively in FY2022 as compared to 53.4%, 24.2% and 22.3%
our overall market share increasing from 12.5% in FY2021 to 13.4%

EMBEDDED
respectively in FY2021.
in FY2022.
VNB (` billion) and VNB margin (%)
Annualised Premium Equivalent FY2020 FY2021 FY2022
(APE) (` billion) FY2021 FY2022
VNB (` billion) 16.21 VNB (` billion) 21.63
Retail protection 7.68 5.72 3.94
VNB Margin 25.1% VNB Margin 28.0%
Credit Life 2.35 2.41 3.52
585 - 591 INFORMATION

Group term 1.13 2.33 5.67 3.52

Total 11.16 10.46 13.13 3.62 (16.3%)
(22.3%)
New Business Sum Assured1 5,711.84 6,166.84 7,731.46
ADDITIONAL

Market Share (%)1 11.8% 12.5% 13.4% Total VNB 8.66 Total VNB
9.24
` 16.21 bn (53.4%) ` 21.63 bn (42.7%)
1
Source: Life Insurance Council 3.93
(24.2%) 8.87
• Persistency improvement: Maintaining a high level of persistency (41.0%)
is critical to drive value for both customers as well as shareholders.
We seek to achieve persistency improvements across all cohorts
Protection Savings: Non-Linked Savings: Linked
592 - 595

by encouraging long term customer behaviour. For FY2022, our

Figures in brackets represent share of VNB mix
persistency ratios for 13th month remained stable at 84.6% and our

129
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Embedded Value (` billion)

Embedded Value
The Embedded Value (EV) is a measure of the consolidated value of the 316.25
291.06 83.60
shareholders’ interest in the life insurance business. It is calculated as the
95.22
sum of the Company’s adjusted net worth (ANW) and the value of in-
force business (VIF). The VIF includes the present value of future profits 232.66
attributable to shareholders from the in-force business of the Company 195.84
(which includes the new business written during the previous year). The
calculation of VIF also reflects adjustments for various risks within the
business. Our EV increased from ` 291.06 billion at March 31, 2021 to
` 316.25 billion at March 31, 2022, representing a growth of 8.7%. VIF
grew by 18.8% from ` 195.84 billion at March 31, 2021 to ` 232.66 billion At March 31, At March 31,
2021 2022
at March 31, 2022.
Value of inforce (VIF) Adjusted net worth (ANW)

Analysis of movement for the year ended March 31, 2022 (` billion)

21.63 1.51 (11.87)

0.07 0.64 (4.37) (2.36)
20.85 (0.91) 316.25
291.06 ANW
EVOP1=31.92 83.60
ROEV2=11.0%
ANW ROEV (ex. mortality and morbidity variance)=15.0%
95.22

VIF
232.66
VIF
195.84

EV (Mar 31, Unwind Operating VNB Persistency Mortality and Expense Other Economic Net Capital EV (Mar 31,
2021) Assumption Variance Morbidity Variance Variance Assumption Injection 2022)
Changes Variance Change and
Investment
Variance
1.
EVOP is the embedded value operating profit net of tax
2.
ROEV is the return on embedded value net of tax
EV Results prepared as per APS 10 and reviwed by Milliman Advisors LLP
Components may not add up the total due to rounding off

Embedded Value Operating Profit (EVOP) for the year was ` 31.92 billion as Besides EVOP, there was a ` (4.37) billion impact on EV through economic
compared to ` 35.05 billion in FY2021. The operating assumption change assumption change and investment variance, primarily due to the mark-to-
impact was ` (0.91) billion primarily due to strengthening of the mortality market impact on debt instruments held in the shareholder’s funds arising
basis for certain segments. Persistency variance improved from ` 1.10 out of a shift in the yield curve.
billion for FY2021 to ` 1.51 billon for FY2022 on the back an improved
persistency across most cohorts. Mortality variance for FY2022 was Solvency
` (11.87) billion. Mortality variance includes an impact of ` 10.17 billion Our solvency ratio at March 31, 2022 was at 204.5%, well above the
from COVID-19 claims on the non-micro insurance portfolio. Further, regulatory minimum required level of 150%.
we observed a spike in non-COVID-19 claims during second wave of
COVID-19 in Q1-FY2023. The above spike was a meaningful proportion Company outlook
of the aggregate non-COVID-19 claims, especially in the Group Protection We expect favourable demographics, rise in the working population,
portfolio. The true underlying mortality patterns are expected to emerge improving per capita income, increasing urbanization, increasing
over FY2023, provided there is no further spike in COVID-19 cases. digitilisation and shift towards household financial savings to continue to
Excluding mortality variance, the Return on Embedded Value (ROEV) was provide strong potential for growth in premium.
15.0% for FY2022.

130 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

The large protection gap in India coupled with a low sum assured to GDP 1) Slowdown in the GDP and GDP per capita growth rates

OVERVIEW
CORPORATE
ratio suggests significant opportunities for the protection business. Retail
2) Geo-political conflict worsening the global economic and financial
credit growth provides further opportunity for the credit protect business.
environment, exacerbating inflationary pressures globally
We expect to be able to leverage both these trends to grow our protection
business at a rate higher than our savings business growth rate over a 3) Global slowdown of the financial market and economies contributing
medium term to long term. to weakness in the Indian financial and economic environment

Through various customer awareness initiatives, we expect to drive 4) Weak credit environment and economic challenges leading to
continued improvement in persistency and quality parameters that will increased credit risk within fixed income portfolio

01 - 78 REPORTS
ultimately help customers get the intended benefits from their policies.
5) Impact of ongoing COVID-19 pandemic on household income and

STATUTORY
We will continue to leverage technology for process re-engineering and to long term savings
provide best in class service to our customers. We expect these initiatives
6) Superior return on physical savings
to result in improving productivity.
7) Inferior fund performance in comparison to other savings instruments
Risks and concerns
8) Impact of COVID-19 pandemic on mortality/morbidity claim
Indian life insurance industry is highly competitive with 24 companies
experience as well as on New business in case of a prolonged
operating in the market. Indian customer demands are changing
continuation of the pandemic

79 - 148 FINANCIAL STATEMENTS

continuously which requires companies to modify their offerings in
alignment with customer needs. This poses an opportunity as well as risk 9) Changes in tax rate structure for the industry and its products

STANDALONE
to the industry as inability to meet the customer demand would hamper
the growth. The Company recognizes that risk is an integral element of the business
and managed acceptance of risk is essential for generation of shareholder
Some of the macroeconomic and policy factors which could be risks for
value. The Company has instituted an enterprise risk management
the industry are:
framework which details the governance and management of all aspects
of risks.

149 - 521 FINANCIAL STATEMENTS

II. DISCUSSION ON FINANCIAL PERFORMANCE AND ANALYSIS OF FINANCIAL STATEMENTS

CONSOLIDATED
A. Overview of Lines of Business (LOB)
The Company operates in various lines of business in retail and group segment. A brief description of the products under each line of business is
given below:

Non-Participating
Participating Non-Participating
Non-Linked
(Par) Linked (Linked)

522 - 584 VALUE RESULTS

(Non-Par)
Non-Par

EMBEDDED
Savings
Par Life Non-Par Life Linked Life
Non-Par
Protection
Par Pension Non-Par Pension Linked Pension
585 - 591 INFORMATION

Non-Par Variable
Linked Health
ADDITIONAL

(Life & Pension)

Health Linked Group Life

Linked Group
592 - 595

Annuity
Pension

131
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

1. Participating (Par) products - These are products where specified period of time such as number of years or for life. An
the policyholder is entitled to at least 90% share of the surplus immediate annuity is a contract to pay out regular amounts
emerging in the participating funds and the remaining belongs to the of benefit wherein the contract commences payments,
shareholders. The participating fund is managed by the Company immediately after the contract is commenced.
and the surplus emerging in the fund is added back to the policies
in the form of bonuses. The shareholders’ profits arising on the e. Health - It provides fixed benefit on specified health events
participating business depend on the total bonuses declared to like diagnosis of specified illness.
policyholders on an annual basis. Currently, shareholders’ share of
profit is one-ninth of the bonus declared to the policyholders. The Of the above, protection business includes term assurance and
level of bonuses declared to policyholders is influenced by the actual health line of business for both retail and group.
returns on investments and the expectation of future rates of return.
The Company has par life and par pension lines of business. 3. Non-participating (non-par) linked products - These products
provide returns which are directly linked to the performance of an
2. Non-participating (non-par) non-linked products - These approved index or value of the underlying assets. The investment
products offer the pre-defined benefit at inception for specified risk in these products is borne by the policyholder. The products
events. Further, the policyholder is not entitled to any share in have a transparent charge structure, including the charge for either
surplus arising from the investment fund. Surplus arising in case of life cover or health cover. Surplus arising in case of non-participating
non-participating business is transferred to shareholders’ accounts linked business is transferred to shareholders’ accounts based on
based on the recommendation of the Appointed Actuary. Non-par the recommendation of the Appointed Actuary. The Company has
non-linked products include non-par life, non-par pension, non-par linked life, pension, health, and group line of business.
variable (life and pension), annuity, protection, health, etc.
B. Standalone financial statements
a. Results from operations:
a. Non-par life:
The Company’s financial statements include the Revenue account
Non-par savings - An endowment assurance is a contract
(also known as policyholders’ account) and Profit and loss account
to pay a benefit on the life assured surviving the stipulated
(also known as shareholders’ account). The Revenue account
date or on the death of the life assured before maturity. These
contains income and expenses relating to policyholders, and the
plans meet the long-term savings needs of customers and the
surplus generated in this account is appropriated to the Profit and
life cover component ensures that the customer’s family is
loss account based on the recommendation of the Appointed
financially secured.
Actuary. A deficit in any line of business in the Revenue account is
funded from the Profit and loss account other than the transfers to
Non-par protection - A contract to pay an assured amount
and from the Revenue account, the Profit and loss account contains
on occurrence of certain events viz. death, disability or critical
the income and expenses pertaining to shareholders. Surplus as per
illness of the insured during the term of the policy. These
the Revenue account, not appropriated to Profit and loss account,
cost-effective protection plans provide a 360-degree financial
is held as Funds for future appropriations (FFA) which is shown in
safety net to customers and their families. These plans pay a
the Balance Sheet. Funds for Future Appropriation comprise funds
lump sum amount in the case of occurrence of an event which
which have not been explicitly allocated either to policyholders or to
is covered under the product.
shareholders at the balance sheet date.
b. Non-par pension – Products that help to build a retirement
The various lines of business disclosed in the Revenue account are
corpus which pay an assured benefit or interest as specified
as per the requirements of IRDAI regulations. However, for analysis
from time to time.
of our Revenue account, it can be viewed from three broad lines
of business as given above i.e., participating, non-participating
c. Non-par variable (Life & Pension) - Products where the
(including non-par life, non-par pension, non-par variable (life and
benefits are partially or wholly dependent on the performance
pension), annuity, protection, health), and linked. Shareholders’
of an approved external index/benchmark.
profits in participating lines of business depend on the total bonuses
declared to policyholders on an annual basis. Currently, one-ninth of
d. Annuity - Annuities provide for a series of guaranteed payout
the bonus declared to policyholders is transferred to shareholders. In
to the annuitant at regular intervals in return for a certain sum
case of the non-participating line of business, profit arises primarily
paid upfront or option to pay premium for certain period. A
from premium and investment income net of expenses, claims, and
deferred annuity is a contract to pay out regular amounts of
policyholders liabilities whereas in case of linked business, profit
benefit to the annuity holder at the end of the deferred period
primarily arises from charges levied on the policyholders’ fund net of
(the vesting date) when annuity payment commences for a
expenses, claims, and policyholders liabilities.

132 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Segment-wise performance of Company’s Revenue and Profit and loss account:

OVERVIEW
CORPORATE
Revenue account (Policyholders account)

(` billion)
FY2021 FY2022
Particulars
Par Non-par1 Linked Total Par Non-par1 Linked Total
Income
Gross premium (net of Goods and service tax) 45.97 84.70 226.66 357.33 47.55 124.72 202.31 374.58

01 - 78 REPORTS
Reinsurance ceded (0.05) (6.80) (0.75) (7.60) (0.05) (10.50) (0.82) (11.37)

STATUTORY
Reinsurance accepted2 - - - - - - - -
Net earned premium 45.92 77.90 225.91 349.73 47.50 114.22 201.49 363.21
Income from investments3 22.49 29.36 422.32 474.17 20.79 29.99 198.68 249.46
Other income (including fees and charges) 0.25 0.25 0.43 0.93 0.36 0.33 0.44 1.13
Contribution from the shareholders’ account (A) 0.49 15.26 - 15.75 - 21.10 0.51 21.61
Total income (B) 69.15 122.77 648.66 840.58 68.65 165.64 401.12 635.41

79 - 148 FINANCIAL STATEMENTS

Outgo
Commission4 3.28 5.38 6.34 15.00 3.04 7.07 6.62 16.73

STANDALONE
Operating expenses relating to insurance business5 3.51 16.33 7.06 26.90 3.69 23.27 9.82 36.78
Goods and service tax charge on linked charges - - 6.55 6.55 - - 6.91 6.91
Benefits paid (net) and interim bonus paid 13.98 15.42 197.01 226.41 20.99 32.86 239.74 293.59
Change in valuation of policy liabilities 44.95 84.26 414.03 543.24 37.96 97.95 121.93 257.84
Total outgo (C) 65.72 121.39 630.99 818.10 65.68 161.15 385.02 611.85
Surplus/(deficit) before Tax (D=B-C) 3.43 1.38 17.67 22.48 2.97 4.49 61.10 23.56

149 - 521 FINANCIAL STATEMENTS

Provision for taxation (E) 1.42 - - 1.42 1.66 - - 1.66

CONSOLIDATED
Surplus after tax(F=D-E) 2.01 1.38 17.67 21.06 1.31 4.49 16.10 21.90
Transfer to shareholders’ account (F) 0.80 1.38 17.67 19.85 1.01 4.49 16.10 21.60
Balance being funds for future appropriations 1.21 - - 1.21 0.30 - - 0.30
Net transfer to shareholders’ account (G=F-A) 0.31 (13.88) 17.67 4.10 1.01 (16.61) 15.59 (0.01)
1
Includes balance of variable insurance products.
2
Reinsurance premium received in non-par line of business amounting to ` 634 thousand during the year ended March 31, 2022(` 584 thousand for the year ended March 31, 2021)
3
Netted for any impairment in investments, which is shown as provision for diminution in the value of investments in the Revenue account.

522 - 584 VALUE RESULTS

4
Commission also includes rewards and/or remuneration to agents, brokers or other intermediaries
5
Including provision for doubtful debt and bad debts written off.

EMBEDDED
Profit and Loss account (Shareholders’ account)
(` billion)
Particulars FY2021 FY2022
Amounts transferred from Policyholders’ account (Net of contribution from shareholders) 4.10 (0.01)
Investment income1 7.40 8.83
Other income 0.00 0.02
585 - 591 INFORMATION

Expenses other than those directly related to insurance business2 (0.69) (0.94)
Profit before tax (A) 10.81 7.90
ADDITIONAL

Provision for taxation (B) 1.21 0.36

Profit after tax (C=A-B) 9.60 7.54
1
Netted for any impairment in investments, which is shown as provision for diminution in the value of investments in Profit and loss account. and including other income.
2
Including Managerial Remuneration in excess of the allowable limits – refer note 3.21 of Schedule 16: significant accounting policies and notes forming part of the financial
statements.
592 - 595

133
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Element-wise analysis of the Revenue account and Profit and loss account is given below:
1. Gross premium (Revenue account)
The following table sets forth, for the periods indicated, the summary of gross premium income:
(` billion)
FY2021 FY2022
Line of business
First year Renewal Single Total First year Renewal Single Total
Retail
Par 8.93 34.51 - 43.44 6.66 37.28 - 43.94
Non–par 14.33 18.31 22.93 55.57 17.75 29.70 29.98 77.43
Linked 28.61 166.75 3.55 198.91 35.25 147.38 3.32 185.95
Total retail 51.87 219.57 26.48 297.92 59.66 214.36 33.30 307.32
Group1 - 5.50 53.91 59.41 - 5.20 62.06 67.26
Gross total premium 51.87 225.07 80.39 357.33 59.66 219.56 95.36 374.58
1
Group includes policy sourced to group customers under par, non-par, and linked line of business.

The gross premium increased by 4.8% from ` 357.33 billion in FY2021 to ` 374.58 billion in FY2022 primarily on account of an increase in retail initial
and single premium and group single premium.
The total retail premium increased from ` 297.92 billion in FY2021 to ` 307.32 billion in FY2022 primarily on account of an increase in non-par
business.
The total group premium increased from ` 59.41 billion in FY2021 to ` 67.26 billion in FY2022 primarily on account of an increase in group term &
credit life businesses.
2. Reinsurance (Revenue account)
Reinsurance premium ceded increased by 49.7% from ` 7.60 billion in FY2021 to ` 11.37 billion in FY2022 primarily on account of an increase
in protection business from group segment and increase in reinsurance rates. Reinsurance inward business had commenced in FY2021. The
reinsurance premium accepted in FY2021 was ` 0.6 million and ` 0.6 million in FY2022.
3. Investment income (Revenue account)
The following table sets forth, for the periods indicated, summary of income from investments:
(` billion)
FY2021 FY2022
Particulars Non– Non–
Linked Total Linked Total
linked1 linked1
Interest, dividend and rent 33.41 33.82 67.23 41.29 37.55 78.84
Profit/(loss) on sale of investments 18.69 56.50 75.19 9.97 135.09 145.06
Accretion of discount/ (amortisation of premium) 0.03 4.96 4.99 0.67 3.15 3.82
Unrealised gains/(loss) (0.08) 327.04 326.96 (0.92) 22.89 21.97
Provision for diminution in the value of investments (0.20) - (0.20) (0.23) - (0.23)
Investment income (net) 51.85 422.32 474.17 50.78 198.68 249.46
1
Includes par and non-par line of business

Non-linked: The investment income of the non-linked line of business decreased from ` 51.85 billion in FY2021 to ` 50.78 billion in FY2022 primarily
on account of a decrease in the net profit on sale of investments partly offset by an increase in the interest income corresponding to an increase in
interest–earning assets.

Linked: The investment income of the linked line of business decreased from ` 422.32 billion in FY2021 to ` 198.68 billion in FY2022. The
investment income for the linked line of business includes income on the unit–linked portfolio which has decreased from ` 421.43 billion in FY2021
to ` 197.82 billion in FY2022 and is directly passed on to the policyholders with the corresponding changes in the fund reserve. The decrease in the
investment income of the unit–linked portfolio is primarily on account of decrease in the unrealised gains/ (losses) resulting from mark-to-market
valuation of assets held. The growth in S&P BSE 100 in FY2022 was 19.2% as compared to 71.5% in FY2021. The unrealised gain of the linked line
of business decreased from ` 327.04 billion in FY2021 to ` 22.89 billion in FY2022.

134 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

4. Other Income (Revenue account) 7. Operating expense relating to insurance business (Revenue

OVERVIEW
CORPORATE
Other income includes fees and charges and other miscellaneous account)
income. The other income increased from ` 0.93 billion in FY2021 The following table sets forth, for the periods indicated, summary of
to ` 1.13 billion in FY2022 primarily on account of an increase in operating expenses relating to insurance business:
interest on policy loans in line with the increase in the loans given to (` billion)
policyholders against policies. Particulars FY2021 FY2022
Employee related expenses 9.92 11.97
5. Contribution from shareholders’ account (Revenue account):
Advertisement & sales related expenses 9.03 14.46

01 - 78 REPORTS
Contribution from Shareholders’ account represents the funding
Other expenses 7.95 10.35
from the Profit and loss account (Shareholders’ account)

STATUTORY
Total operating expenses 26.90 36.78
to various lines of business in case of a deficit in any line of
business and also excess of Expense of Management (Refer note The total operating expenses relating to insurance business increased
3.50 of schedule 16). from ` 26.90 billion in FY2021 to ` 36.78 billion in FY2022.

Contributions from Shareholders’ account increased from ` 15.75 The employee–related expense increased from ` 9.92 billion in FY2021
billion in FY2021 to ` 21.61 billion in FY2022 primarily on account of to ` 11.97 billion in FY2022. The employee headcount increased from
higher new business strain14 in the non-par segment. 14,413 at March 31, 2021 to 15,530 at March 31, 2022.

79 - 148 FINANCIAL STATEMENTS

The advertisement & sales related expenses increased from ` 9.03
6. Commission expense (Revenue account)
billion in FY2021 to ` 14.46 billion in FY2022 primarily on account of
The following table sets forth, for the periods indicated, summary of

STANDALONE
an increase in the advertisement related expenses in FY2022.
commission expense:
(` billion) The other expenses increased from ` 7.95 billion in FY2021 to ` 10.35
Particulars FY2021 FY2022 billion in FY2022 primarily on account of an increase in expenses
towards professional charges to support operations and expenses
First year commission 9.31 10.34
relating to information technology.
Single commission 1.01 1.45
New business commission 10.32 11.79 8. Goods and service tax charge on linked charges (Revenue

149 - 521 FINANCIAL STATEMENTS

Renewal commission 3.98 4.12 account)
Total commission 14.30 15.91 Goods and service tax charge on linked charges represents the tax

CONSOLIDATED
Rewards1 0.70 0.82 payable on the charges collected on linked products, and the tax is
Total Commission including Rewards 15.00 16.73 collected from policyholders. Goods and service tax charge on linked
Commission rate2 5.0% 5.5% charges increased by 5.5% from ` 6.55 billion in FY2021 to ` 6.91
1
Represents rewards as defined under IRDAI (Payment of commission or billion in FY2022.
remuneration or reward to Insurance agents and Insurance intermediaries)
regulations, 2016. 9. Benefits paid (net) and interim bonus paid (Revenue account)
2
Commission/(total premium- 90% of single premium). The following table sets forth, for the periods indicated, summary of

522 - 584 VALUE RESULTS

benefits paid:
The total commission including rewards expense increased from
(` billion)

EMBEDDED
` 15.00 billion in FY2021 to ` 16.73 billion in FY2022. There was an
increase in commission rates from 5.0% in FY2021 to 5.5% in FY2022. Particulars FY2021 FY2022

The new business commission increased from ` 10.32 billion in FY2021 Surrender claims 162.13 204.07
to ` 11.79 billion in FY2022 primarily on account of an increase in first Maturity and annuity claims 40.11 45.70
year and single premium. Renewal commission marginally increased Mortality (death) claims 27.29 56.21
from ` 3.98 billion in FY2021 to ` 4.12 billion in FY2022 primarily on Survival benefits and other claims1 6.44 8.53
account of an increase in the retail renewal premium of traditional Amount recovered from reinsurer (9.56) (20.92)
585 - 591 INFORMATION

savings products. Total 226.41 293.59

1
Includes interim bonus paid.
ADDITIONAL

Benefits paid (net of reinsurance) and interim bonus paid increased

from ` 226.41 billion in FY2021 to ` 293.59 billion in FY2022. The
increase was primarily on account of an increase in surrender claims
from ` 162.13 billion in FY2021 to ` 204.07 billion in FY2022 and
increase in mortality (death) claims from ` 27.29 billion in FY2021 to
` 56.21 billion in FY2022. The COVID-19 related death claims (net of
New business strain arises when the premium paid at the commencement of a
14
592 - 595

contract is not sufficient to cover the initial expenses including acquisition costs and reinsurance) in FY2022 was ` 10.17 billion as against ` 1.98 billion
any mathematical reserve that our Company needs to set up at that point. in FY2021.

135
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

10. Change in valuation of policy liabilities (Revenue account) Segment-wise net transfer to shareholders’ account is as under:
The following table sets forth, for the periods indicated, summary of (` billion)
the changes in valuation of liabilities: Particulars FY2021 FY2022
(` billion) Participating business 0.31 1.01
Particulars FY2021 FY2022 Non-participating business (13.88) (16.61)
Linked business 17.67 15.59
Gross: Policy liabilities (non-unit/ 148.18 97.04 Net transfer to shareholders’
mathematical reserves) account 4.10 (0.01)
Amount ceded in reinsurance (19.59) 37.63
Amount accepted in reinsurance1 - - Participating business: The surplus in the Revenue account for
Change in non-unit/mathematical participating line of business is net of bonus and interim bonus.
reserves (net) (A) 128.59 134.67 The surplus (grossed up for bonus) increased from ` 9.25 billion
Fund reserve 397.34 127.71 in FY2021 to ` 10.27 billion in FY2022. The shareholders’ profits
Funds for discontinued policies 17.31 (4.54) in participating business depend on the total bonuses declared
to the policyholders. Currently, one-ninth of the bonus declared
Change in fund reserve (B) 414.65 123.17
to policyholders is transferred to shareholders. The transfer to
Total change in the valuation of
policy liabilities (A+B) 543.24 257.84 shareholders for the participating line of business increased from
` 0.80 billion in FY2021 to ` 1.01 billion in FY2022 primarily on
1
Change in valuation of policy liabilities in respect of reinsurance accepted in
account of an increase in bonus declared to the policyholders. In
non-par line of business amounts to ` 43 thousand for the year ended March
31, 2022 (nil for FY2021)
FY2021, the transfer to shareholders was netted by one time
transfer of ` 0.49 billion to par policyholder.
Change in non-unit/mathematical reserves (net of amount ceded in
Non-participating business: The surplus in the Revenue account
reinsurance) increased from ` 128.59 billion in FY2021 to ` 134.67
for non-par line of business arises primarily from premium and
billion in FY2022 reflecting the new business written and change in investment income net of expenses, claims, and policyholders
valuation assumptions. liabilities. The deficit in the non-par line of business before
contribution from shareholders increased from ` 13.88 billion in
Change in fund reserve (including discontinued policies), which FY2021 to ` 16.61 billion in FY2022 primarily on account of higher
represents liability carried on account of units held by unit-linked new business strain resulting from the new business growth of non-
policyholders, decreased from ` 414.65 billion in FY2021 to par segment.
` 123.17 billion in FY2022 primarily due to lower investment income.
Linked business: The surplus in the Revenue account for the linked
11. Provision for taxation (Revenue account) lines of business arises primarily arises from charges levied on
The provision for taxation shown in the Revenue accounts represents the policyholders’ fund net of expenses, claims and policyholders’
tax charged on the total surplus (grossed up for bonus) of the liabilities. The surplus in linked line of business before contribution
participating line of business in the Revenue account, in line with from shareholders decreased from ` 17.67 billion in FY2021 to
the Company’s accounting policy and the directions issued by IRDAI. ` 15.59 billion in FY2022 primarily on account of decrease in
The provision for taxation increased from ` 1.42 billion in FY2021 to investment income and higher claims partly offset by decrease in
` 1.66 billion in FY2022 primarily on account of an increase in the policyholders’ liabilities.
allocation of bonus to participating policyholders.
13. Investment and other income (Profit and loss account)
12. Surplus after tax (Revenue account) and Net transfer to The following table sets forth, for the periods indicated, summary of
shareholders’ account income from investments:
As a result of the above changes in income and expenses, surplus (` billion)
after tax in the Revenue account increased from ` 21.06 billion in Particulars FY2021 FY2022
FY2021 to ` 21.90 billion in FY2022.
Interest, dividend and rent 4.82 5.04
Profit/(loss) on sale of investments 2.92 5.21
The surplus generated in the Revenue account after setting
Accretion of discount/ (amortisation of
aside fund for future appropriation is transferred to Profit and loss premium) (0.05) (0.14)
account (Shareholders account) based on the recommendation of Provision for diminution in the value of
the Appointed Actuary. The net transfer to shareholders’ account investments (0.29) (1.28)
decreased from ` 4.10 billion in FY2021 to ` (0.01) billion in FY2022. Investment income (net) 7.40 8.83
The remaining surplus of ` 0.30 billion in FY2022 was retained as a Other income - 0.02
fund for future appropriation. Total income 7.40 8.85

136 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Investment income (net) increased from ` 7.40 billion in FY2021 (` billion)

OVERVIEW
CORPORATE
to ` 8.85 billion in FY2022 primarily on account of profit/ (loss) on Particulars March 31, March 31,
sale of investments. Interest, dividend and rent increased from 2021 2022
` 4.82 billion in FY2021 to ` 5.04 billion in FY2022 primarily on
Application of funds
account of an increase in interest income due to an increase in
Investments 2,122.12 2,381.08
the interest-earning assets. Profits and losses are realised as the
Loans 6.63 9.40
portfolio is realigned based on the market conditions and expected
Fixed assets 4.57 4.87
attractiveness of securities and sectors. During FY2022, profit on Current assets (A) 38.96 49.05

01 - 78 REPORTS
sale on investments (net of loss on the sale of investments & net Current liabilities and provisions (B) 37.29 52.50
of provision for diminution in value of investments) increased from Net current assets (A-B) 1.67 (3.45)

STATUTORY
` 2.63 billion in FY2021 to ` 3.93 billion in FY2022. Total 2,134.99 2,391.90
Other income increased from ` nil in FY2021 to ` 0.02 billion in Contingent liabilities 13.12 9.83
FY2022.
1. Shareholders fund & capital position
14. Expenses other than those directly related to insurance The following table sets forth, for the periods indicated, the details
business (Profit and loss account) of shareholders’ fund of the Company:

79 - 148 FINANCIAL STATEMENTS

Expenses other than those directly related to the insurance business (` billion)
increased from ` 0.69 billion in FY2021 to ` 0.94 billion in FY2022 Particulars March 31, March 31,
primarily on account of interest expenses amounting to ` 0.82 billion 2021 2022

STANDALONE
on issuance of non-convertible debentures during the year and partly Equity share capital 14.36 14.37
offset by decrease in provision of doubtful debts. Corporate social Share premium 34.33 34.83
responsibility expenses (CSR expenses) are charged to Profit and Balance of profit in profit and loss
loss account and have decreased from ` 0.11 billion in FY2021 to account 36.11 40.78
` 0.07 billion in FY2022. Fair value change account 6.16 1.34
Revaluation reserve 0.23 0.31

149 - 521 FINANCIAL STATEMENTS

15. Provision for tax (Profit and loss account)
Shareholders' fund (net-worth) 91.19 91.63
Tax on other than participating line of business and shareholders
Solvency ratio 216.8% 204.5%
income is shown in Profit and loss account. Provision for tax has

CONSOLIDATED
decreased from ` 1.21 billion in FY2021 to ` 0.36 billion in FY2022
During FY2022, there was no capital infusion except from the
on account of decrease in taxable surplus computed as per Income
exercise of stock options to employees under Employee Stock
tax Act, 1961.
Option Scheme.
16. Profit after tax (Profit and loss account) The net worth of the Company increased from ` 91.19 billion at
Profit after tax decreased from ` 9.60 billion in FY2021 to ` 7.54 March 31, 2021 to ` 91.63 billion at March 31, 2022 primarily on
billion in FY2022 primarily due to COVID-19 related death claims (net

522 - 584 VALUE RESULTS

account of an increase in the balance of profit in profit and loss
of reinsurance and COVID-19 provisions reversals) of ` 6.64 billion, account and offset by decrease in the fair value change account.
offset, in part, by increase in shareholder’s surplus.

EMBEDDED
The balance of profit in profit & loss account increased from ` 36.11
b. Financial position billion in FY2021 to ` 40.78 billion in FY2022 on account of profit for
The following table sets forth, for the periods indicated, the financial the year.
position of the Company: The Company had performed an independent valuation of its
(` billion) investment property and consequently revaluation reserve increased
Particulars March 31, March 31, from ` 0.23 billion (Historical cost: ` 3.65 billion; revalued amount:
2021 2022
585 - 591 INFORMATION

` 3.88 billion) at March 31, 2021 to ` 0.31 billion (Historical cost:

Sources of funds ` 3.65 billion; revalued amount: ` 3.97 billion) at March 31, 2022.
Shareholders’ funds 91.19 91.63
ADDITIONAL

Fair value change account represents the unrealised gains/loss on

Borrowings 12.00 12.00
equity securities and mutual fund and it decreased from ` 6.16 billion
Policyholders’ funds
at March 31, 2021 to ` 1.34 billion at March 31, 2022. Movement
Fair value change account and
in fair value change account is a function of the performance of
revaluation reserve - investment
property 30.62 28.95 the equity markets and the mix of equity and mutual funds in the
Policy liabilities 1,987.65 2,245.48 portfolio.
592 - 595

Funds for future appropriations 13.53 13.84 The Company had a solvency ratio of 204.5% at March 31, 2022,
Total 2,134.99 2,391.90 compared to the regulatory minimum required level of 150%.

137
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

2. Borrowings FFA increased from ` 13.53 billion in FY2021 to ` 13.84 billion in

The Company had issued non-convertible debentures of ` 12.00 FY2022 on account of an increase in the undistributed surplus of
billion in FY2021 with coupon rate of 6.85% per annum payable participating line of business.
annually. The outstanding balance at March 31, 2022 was
` 12.00 billion. Further, the Company has been identified as a 4. Investments
Large Corporate as per the criteria under the SEBI circular SEBI/ The following table sets forth, for the periods indicated, summary of
HO/DDHS/CIR/P/2018/144, whereby the Company shall raise not investments:
less than 25% of its incremental borrowings by way of issuance (` billion)
of debt securities. There were no incremental borrowings during Particulars March 31, March 31,
the year. (Refer note 3.23 of schedule 16) 2021 2022
3. Policyholders’ fund Shareholders' investments 100.90 98.54
Fair value change account and revaluation reserve -
Policyholders' investments (non–linked) 635.73 773.88
investment property
Fair value change account decreased from ` 29.93 billion at Asset held to cover linked liabilities 1,385.49 1,508.66
March 31, 2021 to ` 28.27 billion at March 31, 2022. Movement Total Investments 2,122.12 2,381.08
in fair value change account is a function of the performance of
the equity markets and the mix of equity and mutual funds in the Total investments increased from ` 2,122.12 billion at March 31,
portfolio. 2021 to ` 2,381.08 billion at March 31, 2022. The decrease in
shareholders’ investments is primarily attributable to payment of
The Company had performed an independent valuation of the
dividend on equity shares in FY2022.
investment property and consequently revaluation reserve
decreased from ` 0.69 billion (Historical cost: ` 0.19 billion; The increase in policyholders’ non-linked investments is largely
revalued amount: ` 0.87 billion) at March 31, 2021 to ` 0.68 attributable to net inflows into the fund. In case of the Asset held
billion (Historical cost: ` 0.19 billion; revalued amount: ` 0.86 to cover linked liabilities, the increase is primarily attributable
billion) at March 31, 2022. to realised and unrealised gains due to improved equity market
Policy liabilities performance and partly offset by the net outflows during the year.
The following table sets forth, for the periods indicated, summary The investment held in unit linked funds (Asset held to cover linked
of policy liabilities: liabilities) at March 31, 2022 was 63.4% of the total investment assets
(` billion) as against 65.3% at March 31, 2021. Further, of the total investment
Particulars March 31, March 31, assets at March 31, 2021, 47.4% of the assets were held as equity at
2021 2022 March 31, 2022 as against 45.5% at March 31, 2021.
Non-unit liabilities (mathematical
5. Loans
reserves) 602.16 736.82
The Company has seen a growth in loan against policies from
Provision for linked liabilities (fund
reserves) 1,277.70 1,405.41 ` 6.63 billion at March 31, 2021 to ` 9.40 billion at March 31, 2022
Funds for discontinued policies 107.79 103.25 primarily on account of the higher number of policyholders availing
Policy liabilities 1,987.65 2,245.48 this facility. The Company has performed an impairment assessment
and based on this assessment, no impairment has been recognised.
The movement in policy liabilities is explained in the element-wise
analysis of the Revenue account. 6. Fixed assets
Fixed assets increased from ` 4.57 billion at March 31, 2021 to
Funds for future appropriation (FFA)
` 4.87 billion at March 31, 2022.
The following table sets forth, for the periods indicated, summary of
funds for future appropriation:
(` billion)
Particulars March 31, March 31,
2021 2022
Non-linked 13.53 13.84
Total 13.53 13.84

138 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

7. Net current assets GST unutilised credit represents GST input tax credit which will be

OVERVIEW
CORPORATE
(i) Details of current assets utilised in the future for set-off against payment of GST liabilities. It
The following table sets forth, for the periods indicated, summary of increased from ` 1.90 billion at March 31, 2021 to ` 2.86 billion at
current assets: March 31, 2022.
(` billion)
Advance taxes and tax deducted at source increased from
Particulars March 31, March 31,
2021 2022 ` 1.16 billion at March 31, 2021 to ` 1.48 billion at March 31, 2022
primarily due to income tax payments made during FY2022.
Income accrued on investments 12.11 14.90

01 - 78 REPORTS
Assets held for unclaimed amount of Sundry debtors (investments) represents the sales proceeds
policyholders1 8.09 10.60 pending to be received (but not overdue) on sale of investment

STATUTORY
Cash and bank balances 5.57 6.7 securities. It decreased from ` 2.75 billion at March 31, 2021 to
Balance due from reinsurers 2.83 5.11 ` 1.06 billion at March 31, 2022.
Outstanding premium 1.70 2.86
GST unutilised credit 1.90 2.86 (ii) Details of current liabilities
Advance taxes and tax deducted at The following table sets forth, for the periods indicated, summary of
source 1.16 1.48 current liabilities:
Sundry debtors (investments)2 2.75 1.06 (` billion)

79 - 148 FINANCIAL STATEMENTS

Prepayments 0.30 0.46 Particulars March 31, March 31,
Deposits 0.36 0.38 2021 2022

STANDALONE
Other advances and receivables3 2.19 2.64 Policyholders’ claims payable 7.65 12.85
Total 38.96 49.05 Sundry creditors1 8.14 11.04
1
Including income on unclaimed amount of policyholders. Unclaimed amount of policyholders2 8.09 10.60
2
Represents receivables towards investments sold. Unallocated premium (including
3
Includes other advances net of provision for doubtful advance, other premium received in advance) 5.19 8.02
receivables net of provision for doubtful receivables, agents balance net of Goods and Service tax/Service tax
provision for doubtful agent balances, due from subsidiary and advances to payable 2.96 3.44

149 - 521 FINANCIAL STATEMENTS

employees.
Payable to unit fund3 2.38 1.87
The explanation for key elements is as mentioned below: Payable to agents (agents balances) 1.42 1.83

CONSOLIDATED
Provision for leave encashment and 0.23 0.26
Income accrued on investments increased from ` 12.11 billion gratuity
at March 31, 2021 to ` 14.90 billion at March 31, 2022. Balance due to other reinsurers 0.06 0.13
Pursuant to IRDAI circular on “Handling of unclaimed amounts Other liabilities3 1.17 2.46
pertaining to policyholders”, the Company has created a single Total 37.29 52.5
segregated fund to manage all the unclaimed monies. Assets held
1
Including due to holding company, expenses payable and payable towards
investments purchased.
for the unclaimed amount of policyholders increased from ` 8.09

522 - 584 VALUE RESULTS

2
Including interest on unclaimed amount of policyholders.
billion at March 31, 2021 to ` 10.60 billion at March 31, 2022. 3
Including TDS payable and other deposits.
Cash and bank balances increased from ` 5.57 billion at March

EMBEDDED
31, 2021 to ` 6.70 billion at March 31, 2022. The explanation for key elements is as mentioned below:

Balance due from reinsurers represents amount receivable Policyholders’ claims payable represent amounts payable to
from reinsurers on account of claims, net of reinsurance premium the policyholders for all claims (death, maturity, survival, surrender,
payable for reinsurance ceded. It also includes reinsurance premium foreclosure, annuity, etc.) that are intimated to the Company and
receivable net of claims under reinsurance accepted business. are outstanding due to pending investigation as a part of the normal
The balance due from reinsurers increased from ` 2.83 billion at claims process or pending due to incomplete documentation from
585 - 591 INFORMATION

March 31, 2021 to ` 5.11 billion at March 31, 2022, on account the policyholders. The increase in claims payable from ` 7.65 billion
of reinsurance ceded business, primarily due to an increase in at March 31, 2021 to ` 12.85 billion at March 31, 2022 is primarily
ADDITIONAL

claims receivable from the reinsurer, offset in part by an increase in on account of an increase in death and surrender related claims
reinsurance premium payable. payable.
Outstanding premium represents the premium due but not
received on participating & non-participating, non-linked products at Sundry creditors representing creditors for expenses and
March 31 and which are within the grace period. It increased from investment increased from ` 8.14 billion at March 31, 2021 to
` 1.70 billion at March 31, 2021 to ` 2.86 billion at March 31, 2022. ` 11.04 billion at March 31, 2022.
592 - 595

139
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

The details of unclaimed amounts of policyholders including in FY2021 to ` 306.73 billion in FY2022 offset in part by an increase
breakup and ageing at March 31, 2022, and March 31, 2021 is in premium and other receipts from ` 394.92 billion in FY2021 to
given in note 3.6 and 3.7 of Schedule 16: Significant accounting ` 417.01 billion in FY2022.
policies and notes forming part of the financial statements for the
Cash flows from investing activities:
year ended March 31, 2022.
Net cash flows used in investing activities decreased from ` 50.90
billion in FY2021 to ` 8.15 billion in FY2022 on account of decrease
Unallocated premium including premium received in advance
in the purchase of investments offset in part by sale of investments.
primarily represents premium received from customers where policy
issuance is in progress or pending due to requirements awaited from Cash flows from financing activities:
customers. It increased from ` 5.19 billion at March 31, 2021 to Net cash flows used in financing activities for FY2022 was ` 3.19
` 8.02 billion at March 31, 2022. billion primarily due to final dividend and interest on sub debt paid
during the year. The net cash flow from financing activities was
Goods and Service tax/Service tax payable primarily represents ` 12.05 billion in FY2021 and included ` 12.00 billion received from
goods and service tax payable in respect of services rendered by the issuance of non-convertible debentures.
Company.
d. Key financial ratios
Payable to unit fund decreased from ` 2.38 billion at March 31, The following table sets forth, for the periods indicated, the key
2021 to ` 1.87 billion at March 31, 2022. The amount represents financial ratios excluding the ratios that are mentioned in the above
payable to unit-linked policyholders account from shareholders sections:
account, which is transferred to the unit-linked policyholders
account immediately on the next banking day and hence held as a Particulars FY2021 FY2022
current liability.
Persistency ratio1
- 13th month 84.9% 84.6%
Payable to agents represents the amount payable to insurance
agents, brokers, insurance marketing firms and web aggregators - 61 month
st
48.9% 54.7%
towards commission. The amount outstanding is primarily Expense ratio2 14.8% 18.6%
attributable to the business sourced during the last month of the Solvency ratio 216.8% 204.5%
financial year. 1
Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/
GEN/21/02/2010 dated February 11, 2010
8. Contingent liability
2
Total cost including commission excluding interest on sub debt/ (total
premium-90% of Single premium).
The contingent liability decreased from ` 13.12 billion at March 31,
2021 to ` 9.83 billion at March 31, 2022. The contingent liability Persistency ratio: The Company has a strong focus on improving
decreased primarily on account of decrease in uncalled portion of the quality of business and customer retention, which is reflected
partly paid securities due to payments made during the year. The in our best in class 13th month persistency ratios. Our 13th month
uncalled portion of the securities decreased from ` 10.61 billion at persistency stood at 84.6% for FY2022. The 61st month persistency
March 31, 2021 to ` 7.00 billion at March 31, 2022. stood at 54.7%.
Expense ratio: The cost to total weighted received premium
c. Cash flow statement
(TWRP) ratio stood at 18.6% in FY2022 compared to 14.8% in
The following table sets forth, for the periods indicated, a summary
FY2021. The increase is primarily attributable to higher discretionary
of the cash flows:
expenses in light of the easing of the pandemic as well as investment
(` billion) in capacity for future growth.
Particulars FY2021 FY2022
Solvency ratio: The Company had a solvency ratio of 204.5% at
Net cash generated from/(used in) March 31, 2022, compared to the regulatory minimum required level
operating activities 73.20 18.31 of 150%.
Net cash generated from/(used in)
investing activities (50.90) (8.15) C. Consolidated financial results and subsidiary
Net cash generated from/(used in) performance
financing activities 12.05 (3.19) The Company has a wholly-owned subsidiary, ICICI Prudential
Pension Funds Management Company Limited (PFM). The PFM
Cash flows from operating activities: is licensed by the Pension Funds Regulatory and Development
Net cash flows generated from operating activities decreased from Authority as a Pension Fund Manager under the National Pension
` 73.20 billion in FY2021 to ` 18.31 billion in FY2022 primarily on System (NPS). The PFM had also obtained registration as a Point of
account of an increase in policy benefits paid from ` 235.57 billion Presence (PoP) for NPS distribution and servicing.

140 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Pension fund industry III. INTERNAL CONTROL SYSTEMS AND THEIR

OVERVIEW
CORPORATE
The total assets under management (AUM) of the pension fund ADEQUACY
industry has grown from ` 5,780.26 billion at March 31, 2021 to The internal controls of the Company are commensurate with the business
` 7,365.93 billion at March 31, 2022, a growth of 27.4% in FY2022. requirements, its scale of operation and applicable statutes to ensure
Inflows largely comprises funds from the government sector, orderly and efficient conduct of business. These controls have been
however, private sector grew at a faster pace as compared to overall designed to provide a reasonable assurance with regard to maintaining
industry. The AUM from the government sector, private sector, Atal proper accounting controls, safeguarding of assets, prevention, and
Pension Yojana and National Pension System lite segments was detection of frauds and errors, ensuring operating effectiveness, reliability

01 - 78 REPORTS
` 6,339.76 billion, ` 770.08 billion, ` 209.23 billion and ` 46.87 of financial reporting, and compliance with applicable regulations.
billion respectively.

STATUTORY
In most aspects of operations and processes, the Company has deployed
Business automation for control and efficiency. The Company operates in a robust
The subscribers’ funds managed by the PFM increased from ` 75.59 IT control environment with adequate controls focused on reconciliation
billion at March 31, 2021 to ` 116.14 billion at March 31, 2022, an between systems, auto checks to avoid any duplicate data upload,
increase of 53.6% during the year. reconciliation of all jobs run at the beginning and end of day, matching
of trial balance and ensuring no unposted entries in the system monthly.
The PFM has a market share of 15.1% in the private sector AUM at
The IT change management work flow is tracked in an application and
March 31, 2022.

79 - 148 FINANCIAL STATEMENTS

changes moved to production only after user acceptance testing sign
The net worth of PFM at March 31, 2022 is ` 0.55 billion (at March off by business teams. The Company has an automated control over

STANDALONE
31, 2021 ` 0.29 billion). The net worth increased on account of capital access management with addition/deletion/modification of access to IT
infusion of ` 0.21 billion by the Company to comply with the statutory environment as per defined authorisation matrix. The reconciliation of
requirement of PFRDA as well as due to profit during the year. user rights in applications is conducted every quarter as part of access
management. In conjunction with the IT controls, all financial transactions
For the year ended March 31, 2022, the PFM registered a profit of
also have a compensating detective controls (system exception reports,
` 0.05 billion as against a loss of ` 0.04 billion last year. The profit
was primarily on account of change in investment management maker checker, etc.) at the process level. These controls are covered
fee rate from 0.01% to 0.09%, POP business growth and growth under the IFC framework which is aligned with Internal Control Framework

149 - 521 FINANCIAL STATEMENTS

in inflows. The overall contribution of the subsidiary to the financial 2013 given by the Committee of Sponsoring Organisations (COSO) of
results of the Company is not significant currently, however it has the Treadway Commission and tested at regular intervals for design and

CONSOLIDATED
started showing positive signs. The subsidiary is committed towards operating effectiveness.
increasing its presence in the industry and is focused on scaling up Due to COVID-19 pandemic, the facility to work from home (WFH) was
the business and revenue. provided to the employees of the Company through IT systems. The
systems were hardened and configured with requisite data security
Basis of consolidation controls. The day to day operations of the Company were carried out
The consolidated financial statements are prepared in accordance through remote location/WFH via secured servers. There had been no
with the accounting standards notified under section 133 of material changes in the process level controls or activities conducted in

522 - 584 VALUE RESULTS

the Companies Act 2013, read together with paragraph 7 of the financial statement closing process of the Company. The Company had
the Companies (Accounts) Rules 2014, section 129(4) of the tested all material controls over financial reporting at March 31, 2022 and

EMBEDDED
Companies Act, 2013. The financials are consolidated on a line- found them to be operating effectively.
by-line basis in accordance with AS 21 on ‘Consolidated Financial
Statements’. These consolidated financial statements for the Group In addition, internal audits are undertaken to reviews significant operational
are prepared in accordance with the principles and procedures for areas regularly. The Audit Reports, submitted by the Internal Auditors,
preparation and presentation of consolidated financial statements are reviewed by the Audit Committee and corrective action is initiated
as laid down under the Accounting Standard (AS) 21, “Consolidated to strengthen the controls and enhance the effectiveness of the existing
Financial Statements” and are presented in the same format as that systems. Statutory and Internal Auditors are also invited to the Audit
Committee meetings to ascertain their views on the adequacy of internal
585 - 591 INFORMATION

of the Holding Company. The financial statements of the Holding

Company and its subsidiary have been combined on a line-by-line control systems. The management believes that strengthening internal
basis by adding together similar items of assets, liabilities, income controls is a continuous process and it will, therefore, continue its efforts
ADDITIONAL

and expenses in respective components of financial statements to keep pace with changing business needs and environment.
after eliminating intra-group balances, transactions and resulting
unrealised profits/ losses. The Policyholders’ account specifically
dealing with direct insurance business governed by IRDAI regulations
has retained its distinct independent form in these consolidated
financial statements.
592 - 595

The consolidated profit after tax for the Company decreased from
` 9.56 billion in FY2021 to ` 7.59 billion in FY2022.

141
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Enterprise Risk Management

The Company recognises that risk is an integral element of the business trigger for inflation (which could impact credit quality of counterparties,
and managed acceptance of risk is essential for generation of shareholder as well as reduce real wages thereby impacting discretionary savings,
value. The Company’s acceptance of risk is dependent on the return on insurance new business and persistency risk).
risk-adjusted capital and consistency with its strategic objectives. Having
There are also emerging risks related to ESG (environmental, social and
accepted a risk, the Company may cede or hedge it where this is cost
governance) issues. For the Company, governance, ethics and sustainability
effective. In general therefore, the Company’s control procedures and
are the overall responsibility of the Board, with its Committees playing key
systems are designed to manage risk, rather than eliminate it. However, at
roles in identifying, mitigating and managing ESG risks and other material
certain times, there may also exist some risks for which the Company has
issues. One of the most prominent ESG risks is that of climate change
no tolerance and which are actively avoided. which could potentially have wide ranging implications including (but not
limited to) adverse impact on economic growth and investment markets
The Company has in place a risk management framework with the
and higher than expected claims due to increased risk of future weather
following aims: related catastrophes, pandemics as well as possible changes in long-
• Determining the risk profile of the Company i.e. the aggregate level term mortality/morbidity rates. The Company continues to work towards
of risks that the Company has undertaken in pursuit of profitable developing its understanding of ESG risks, including climate change and
business. remaining aware of industry best practice as it develops. The emerging
industry consensus, as conveyed by the Climate Financial Risk Forum as
• Identification, measurement, monitoring and control of risk for the well as the CRO Forum, is for insurers to treat climate risk as a cross-
purpose of protecting the interests of key stakeholders. cutting amplifier of the existing standalone risk types. Accordingly, the
• Enhancing the Company’s ability to identify and pursue opportunities Company has updated the Board risk policy during the year by integrating
that offer attractive risk-adjusted returns by providing transparent, sustainability risks in the risk management framework and climate-related
accurate and timely risk information. risks are also considered within the Company’s existing risk management
framework. For the impact of ESG risks on the asset side, the Company
• Embedding risk-based decision making in key management has implemented a framework for investment decisions that will support
processes and fostering a culture of risk awareness. mitigation of risks due to climate changes as well as other environmental,
• Limiting the Company’s exposure to adverse outcomes through risk social and governance risks by factoring these in its investment decisions.
limits. While climate change can also impact morbidity, mortality and persistency
and thus, the Company’s liabilities, it is expected that the impacts will
• Ensuring compliance with regulatory requirements. emerge gradually, and through a change in future assumptions earlier than
• Focusing on ensuring that it possesses the appropriate capabilities through actual incidences. The longer-term impact to the Company should
and experience in managing and transferring risks. be managed by its ability to reprice contracts and develop new products
if required. Apart from climate change, there are other emerging risks
• Minimising reputational risk. associated with public health trends such as increase in obesity related
disorders and demographic changes such as population urbanisation
RISK GOVERNANCE FRAMEWORK and ageing. Another increasingly important ESG aspect is that of data
The risk governance structure of the Company consists of the Board, privacy which could potentially have a material impact on the Company’s
the Board Risk Management Committee (BRMC), the Executive Risk reputation. The risk management framework of the Company seeks to
Committee (ERC) and its supporting committees. identify, measure and control its exposures to all these risks within its
overall risk appetite.
The risks faced by the Company are classified into market, credit, liquidity,
The risk philosophy of the Company is outlined in the Board approved
insurance, operational and reputation. In addition to these risks, the life
risk policy (‘the Policy’) which is reviewed by the Board at least annually.
insurance industry faces a number of emerging risks. There remains
The Policy details identification, measurement, monitoring and control
uncertainty around the outlook for COVID-19. While COVID-19 infections
standards relating to the various individual risks. The Policy covers aspects
and deaths have receded in India, there remains the possibility of a
related to:
fresh resurgence. Also, the long-term impact on mortality and morbidity
is dependent on the extent natural immunity develops in the general i) Financial Risk Management or Asset Liability Management (‘ALM’):
population, the efficacy of new healthcare treatments, possible future covering market risk, credit risk, liquidity risk and insurance risk
strains that may emerge and the implications from other factors such
ii) Operational Risk Management: covering fraud risk, compliance risk,
as long-term post-COVID-19 symptoms (although there is currently no
legal risk, outsourcing risk, customer risk and measurement and
consensus on the longer-term impact on mortality/morbidity). Rising geo-
control of operational loss
political tensions and the potential for disruption to energy supplies are an
additional source of uncertainty for financial and commodity markets and iii) Reputation Risk Management

142 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

In addition to the above, the Board has approved the following policies that • Fraud Risk Management Policy

OVERVIEW
CORPORATE
assist in managing some of the above risks:
• Information & Cyber Security Policy
• Reinsurance Policy
• Business Continuity Management Policy
• Underwriting Policy
• Outsourcing Policy

This framework in conjunction with the three lines of defence helps the Company manage risk. The key responsibilities of each line are laid out below:

01 - 78 REPORTS
STATUTORY
01 02 03
First line of Defence Second line of Defence Third line of Defence
• Business functions that manage • Risk management function that facilitates • Internal and external audit
risk and monitors the implementation of provides the Board with
effective risk management practices by comprehensive assurance based

79 - 148 FINANCIAL STATEMENTS

• Responsible for identifying risks
business teams on independence and objectivity
and maintaining effective internal

STANDALONE
controls • Red team that validates the • To ensure adequacy of risk
effectiveness of cyber security controls controls and appropriate risk
• Executing risk and control
governance
procedures on a day-to-day basis • Defining target risk exposure, reporting
adequate risk-related information
throughout the organisation

149 - 521 FINANCIAL STATEMENTS

The risk management model of the Company comprises a four-stage 3) Business planning process by way of analysis of the sensitivity

CONSOLIDATED
continuous cycle, namely the identification and assessment, measurement, of the projected solvency and emergence of profit to market
monitoring and control of risks. and insurance risks.
4) Tracking of key liquidity risk indicators.
1. Risk Identification
The Company identifies its risk exposure through a variety of 5) The Board of the Company periodically reviews the potential
techniques and processes, including: impact of strategic risks such as changes in macro-economic

522 - 584 VALUE RESULTS

factors, government policies, regulatory environment and
1) Stress testing of the current financial condition of the
tax regime on the business plan of the Company. The
Company. The Company periodically carries out stress
Company has a framework in place for identifying business

EMBEDDED
testing of its assets and liabilities to identify impact on the
concentration risk and it actively engages in diversification of
regulatory and economic solvency position. Such testing
business across various drivers including distribution partners
is used as an aid in analyzing the Company’s resilience,
and product segments.
assessing the effectiveness of risk controls and identifying
significant existing or emerging risks to its financial position, 6) Risk and Control Self-Assessment (RCSA) to identify and
such as severe economic shocks and catastrophic events assess operational risks in terms of their likelihood and impact
like pandemics, which could materialize as a consequence by each business unit within the Company. The RCSA activity
585 - 591 INFORMATION

of several risk factors including climate change and other is done with due cognisance to any loss events or audit
emerging risks. findings.
ADDITIONAL

2) Product development process by way of analysis of the 7) The Company evaluates legal and regulatory risk by monitoring
sensitivity of profit margins and of profit patterns to market the implementation of relevant requirements and monitoring
and insurance risks. Any liquidity or operational risk arising out for any deviations.
of the new product or modification of an existing product is
8) Reputation risk is monitored based on trends in regulatory
assessed prior to product launch.
orders (if any), media mentions, customer complaints and
legal cases.
592 - 595

143
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

2. Risk Measurement The nature of the controls implemented and the level of control
The Company uses the following approaches to measure its risk exercised are based upon the:
exposure. • Potential severity of the risk;
1) Economic capital requirement (ECR): ECR is an appropriate • Frequency of the risk occurring;
measure of risk exposure for market, credit and insurance • Cost of implementing controls relative to the significance of
risks. ECR is measured by calculating the reduction in the risk;
available economic capital (market value of assets less
• Risk appetite.
realistic liabilities) under extreme economic and non-
economic scenarios. The stresses are benchmarked to a. Market risk:
European Insurance and Occupational Pensions Authority 1. Launching new products can significantly alter the risk profile
(EIOPA) standards as they develop, subject to appropriate of the Company’s balance sheet. Market risks inherent in the
adjustments for local conditions and the Company’s stage of new products or significant modifications to existing products
development. are identified at the product design stage and a risk report
2) Risk to the growth of the EV: The Company considers risks placed before the ERC. The products are launched only after
that impede future growth of the EV like insufficient new approval by the ERC.
business profit growth and over-run in acquisition or renewal 2. Asset Liability Management (ALM): Asset-liability
expenses, caused by adverse deviation of actual unit costs management involves minimising the risk due to mismatches
from planned unit costs. in assets and liabilities. Mismatches could arise either due to
3) Risk to the statutory position: The Company considers the asymmetric changes in the value of assets and liabilities as
impact of market risk on its statutory position and assesses a consequence of changes in macroeconomic factors such
the quality of its ALM by performing a resilience test as interest rates, or due to asynchronous cash inflows and
periodically on the quasi-regulatory balance sheet. The quasi outflows. The Company has developed detailed investment
regulatory balance sheet is obtained by marking to market specifications that govern the investment strategy and limits
the assets on the regulatory balance sheet. The liabilities are for each fund depending on the profile of the liability backed by
determined with reference to the market value of assets and those assets. For each category of products, the investment
by preserving the margins for adverse deviation in accordance specifications specify limits to permissible exposures to
with applicable regulation and professional guidance. The various asset classes along with duration guidelines for
quasi-regulatory balance sheet is subjected to economic fixed income instruments. The investment specifications are
shocks and the solvency ratios and free assets under the designed to achieve the risk versus return objectives and
stress scenarios monitored. policyholders’ reasonable expectations while maintaining
the risk within the Company’s risk appetite and with due
4) Liquidity ratio of highly liquid assets to near-term liabilities is consideration of regulatory requirements. The mitigation
tracked in order to assess the liquidity position. strategies for different portfolios are as follows:
5) Operational and fraud losses are measured as a proportion
of profit before tax to identify the extent of deviation from i. Category 1: Non-linked business where the benefits
the agreed tolerance limit. In addition, key operational risk to policyholders are based on performance of the
underlying investments
indicators are tracked.
For these funds the Company’s asset allocation strategy,
6) Reputation risk score is calculated based on a methodology which includes investments in equities, is designed to
of rating various parameters impacting the risk such as achieve the twin objectives of managing risks arising from
regulatory concerns, media mentions, customer complaints guarantees and optimising policyholder returns, subject to
and legal cases. regulatory constraints. Asset Liability Management (ALM) is
done through regular monitoring of the equity backing ratio
3. Risk Monitoring and debt duration against limits as applicable. The bonus
The ERC reviews all the risks and presents a risk report to the BRMC declaration mechanism for participating products also helps
on a quarterly basis. The BRMC informs the Board of the key findings. in the smoothing of the volatility of the investment returns.

4. Risk Control ii. Category 2: Non-linked business where the benefits

Identified risks are managed by one or more of the following and premiums are fixed at the start of the contract
techniques The liabilities for these lines of business are obligations to
• Retention (acceptance); policyholders or to meet expenses and have to be met either
• Avoidance; at a fixed time or on the occurrence of a contingency. The
Company manages the risk on such products by investing
• Transfer or;
only in fixed income instruments. Further, a combination of
• Reduction (mitigation).

144 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

duration matching and cash flow matching approaches is 3. New products are launched only after approval by the ERC.

OVERVIEW
CORPORATE
used to mitigate asset liability mismatches. The Company
The ERC also evaluates the impact of market liquidity on any
uses interest rate derivatives to hedge interest rate risk.
hedging or asset allocation strategy required by the product.
In particular, a forward rate agreement (FRA), which is a
particular type of interest rate derivative, allows the Company d. Mortality, Morbidity and Longevity risks:
to lock in now the interest rates at which the future premiums The Company uses the following approaches to manage its
would be invested. mortality and morbidity risk:

01 - 78 REPORTS
iii. Category 3: Linked products with guarantees
1. Developing new products: The Company designs exclusions
The Company uses a mix of stochastic and deterministic
and terms and conditions in consultation with reinsurers and

STATUTORY
approaches to calculate the cost for providing the guarantee
with due regards to market practices to manage the mortality,
and holds a reserve on this account. The Company manages
morbidity and longevity risks. In order to deal with a changing
the investment risk arising from these products by setting
insurance landscape or emerging risks, new products could
limits on the equity backing ratio and debt duration.
be developed with more suitable product features, policy
wordings, exclusions and terms and conditions.
iv. Category 4: Linked products without guarantees
The linked portfolio without guarantees has minimal
2. Product approval process: Launching new products can

79 - 148 FINANCIAL STATEMENTS

investment risk to the solvency of the Company. These funds
significantly alter the risk profile of the Company’s balance
are managed with respect to an appropriate benchmark index
sheet. Insurance risks inherent in the new products or

STANDALONE
and do not require any active ALM.
significant modifications to existing products are identified at
b. Credit risk: the product design stage and products are launched only after
The Company manages the credit risk of its investments through the approval by the ERC.
following measures:
3. Reinsurance: The Company uses appropriate reinsurance
1. Exposure limits for companies, groups and industries in arrangements, including catastrophe reinsurance, to manage
accordance with IRDAI norms and limits as per its own insurance risk. Such reinsurance arrangements can support

149 - 521 FINANCIAL STATEMENTS

Investment Policy; in risk transfer of emerging risks as well. The Company’s
2. Restricting investments primarily to securities rated AA and reinsurance exposures are considered and approved by the

CONSOLIDATED
above; ERC periodically.
3. Engagement with select and financially sound reinsurers
as per internal guidelines for reinsurance. The credit risk on 4. Re-pricing: The Company also reserves the right to re-price
reinsurance contracts are reviewed when the Company plans future new business with IRDAI approval in case of adverse
to enter into a relationship with a new reinsurer, or in case experience, which could materialize due to various factors
of significant events like credit rating downgrades of existing including sustainability risks.
reinsurers;

522 - 584 VALUE RESULTS

5. Underwriting and claims controls: Underwriting
4. Approved counter-parties are used to minimize settlement
procedures and processes are in place to identify risk at
risk

EMBEDDED
the time of acceptance of the contract for different classes
c. Liquidity risk: of business. A review of the underwriting strategy is carried
The Company faces limited liquidity risk due to the nature of its out periodically. The underwriting strategy can be adjusted
liabilities. The Company has put the following mitigants in place: to allow for any changes in the insurance risk landscape or
emerging risks. Claims procedures are also in place to assess
1. The Investment Specifications as a part of the asset liability and manage the risks at the claims stage, which are reviewed
management framework provide guidelines to manage periodically.
585 - 591 INFORMATION

liquidity risk by specifying the minimum investment in highly

liquid assets, taking account of constraints on the fungibility 6. Experience analysis: The Company periodically reviews
of assets among funds, and by specifying cash flow matching
ADDITIONAL

the actual experience relative to the expected experience for

for certain funds. mortality, morbidity and longevity. Such a review will provide
2. The Company has a liquidity contingency plan, which the Company insights on emerging risks if the Company
addresses the following faces any. In the current situation of COVID-19 pandemic, the
Company has been closely monitoring the overall mortality
a) Identifying mitigants to liquidity stress arising out of
experience including the deaths on account of COVID-19.
contingencies;
The Company has been holding additional provisions towards
592 - 595

b) Communication and action protocol; potential COVID-19 claims and adequacy of this reserve has
c) Restoring normality in the event of any contingency; been continually assessed, in line with the claims experience.

145
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

7. Review of bases: The Company conducts a review at least f. Expense risk:

annually of the bases of assumptions, which are used for The Company uses the following approaches to manage the risk:
various purposes such as valuation, pricing etc. to assess
1. Experience analysis: The Company actively monitors its
any change in risk profile. A widespread increase in mortality
expense levels, which are then fed back into new product
or morbidity, for example as a result of climate changes or
pricing, calculation of reserves and management reporting. In
emergence of new diseases, may require the Company to re- case of any adverse deviations between actual unit costs and
evaluate its assumptions. planned unit costs, mitigation measures are taken.

e. Persistency risk:
2. Aligning key performance indicators: The Company uses
The Company uses the following approaches to manage the risk:
different key performance indicators to align interests and
1. Experience analysis: The Company conducts its experience ensure adequate focus on expense.
analysis regularly to ensure that corrective action can be
g. Operational risk: The Company uses the following
initiated at the earliest opportunity and that assumptions used
approaches to manage the risk:
in product pricing and embedded value reporting are in line
with experience.
i. Mitigation plans are developed for high risk items identified
2. Product features: The Company uses features like loyalty and monitored by the risk committees
bonuses and additional allocation of units to encourage
ii. The Company actively promotes a risk awareness culture
policyholders to continue with the policy.
by improving understanding through communication and
3. Service initiatives: The Company uses a combination of education among management, employees, contractors
proactive and reactive interventions to manage persistency. and vendors. Appropriate training material is developed
The interventions could include attaching direct debit or ECS and cascaded to improve knowledge and promote a strong
operational risk practice. Further, risk champions have been
mandates at new business stage, sending communication via
nominated across various functions who support the risk
different media such as emails to customers and distributors
management teams to identify risks proactively and create an
and reminders and telephonic interviews with customers.
awareness culture within such functions.
4. Aligning key performance indicators: The Company uses
iii. The Company also has in place policies to manage operational
different key performance indicators for different levels of
risk like Whistle-blower policy, Code of Conduct for employees,
hierarchy in sales and operations to align interests and ensure
Code of Conduct for Prevention of Insider trading, Anti Money
adequate focus on persistency.
Laundering and Counter financing of Terrorism policy and Anti-
Bribery and Anti-Corruption Policy.

iv. Fraud Risk Management: The Company ensures adherence to fraud prevention framework laid down by the regulator and directives under
Companies Act 2013. The following approach has been adopted to prevent fraud:

Proactive Fraud • Triggers to identify suspected frauds from internal data and external environment
Management • Sample checks prior to key transactions

Incident • Incidents are investigated for identification of process/system failures and/or identification of responsible
Management internal/external parties

• Financial recovery process initiated

Punitive • Implementation of controls to prevent repeat incidents
Actions • Disciplinary action in accordance to Malpractice Matrix
• Action initiated through law enforcement authorities based on the severity of incident

• Build awareness and provide training to employees and encourage incident reporting
Awareness • Engagement with law enforcement agencies to create awareness on various insurance frauds and
emerging issues

146 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

v. Outsourcing risk: Processes of the Company are outsourced, where it is convinced of the advantages by entering in such arrangements, as

OVERVIEW
CORPORATE
permitted under IRDAI (Outsourcing of Activities by Indian Insurers) Regulations 2017 (“the regulation”). The Company has an Outsourcing policy and
it follows the below operating framework for the required due-diligence for any new activity or vendor empanelment. The Company has constituted
an Outsourcing Committee which oversees the compliance to the regulation.

OUTSOURCING

01 - 78 REPORTS
STATUTORY
Customer satisfaction Business Data Process

79 - 148 FINANCIAL STATEMENTS

& reputation continuity security delivery
• Adequate training of • Minimal reliance on single • Risk assessment done on an • Indemnity against any

STANDALONE
outsourced staff vendor on-going basis malpractice
• Tracking of grievances & • Periodic drills conducted to • Secured transmission and • Monitoring consistent
blacklisting ensure no disruption encryption of data to vendors deficiency in service delivery
• Anti-Bribery and Anti- • Penalty levied in case of breach
Corruption checks conducted
for high risk vendors

149 - 521 FINANCIAL STATEMENTS

vi. Business Continuity Management (BCM): The Company has a Business Continuity Management (BCM) framework and policy to ensure
resilience and continuity of key products and services at minimum acceptable level to achieve business as usual presence in the market place and

CONSOLIDATED
safety of human resources. The Company regularly tests its disaster recovery plans and updates its business continuity plans to better integrate
evolving risks and the findings of its testing programs. As part of the BCM framework, business impact analysis and risk assessment is conducted
to assess the likely impact on the Company’s business processes due to adverse events like, natural disaster, pandemic, technical disruption like
cyber-attack, administrative decisions like lockdown, etc. The Company has been accredited with the ISO 22301:2019 certification for the business
continuity management systems. The key BCM objectives and the framework are depicted below.

522 - 584 VALUE RESULTS

Safety of Availability of Continuity of critical Crisis

EMBEDDED
personnel information processes communication
• Disaster management • Back-up for all critical • Identify critical functions • Employee level
protocol information • Minimum resource defined communication
• Employee training and • Disaster recovery plan • Business continuity plan • Alternative locations/
awareness • Periodic testing testing transcript for customers
• Assessment and testing • Inform regulator/
585 - 591 INFORMATION

management
ADDITIONAL
592 - 595

147
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

vii. Information and Cyber Security: The Company has an information and cyber security framework and policy that ensures all information assets are
safeguarded by establishing comprehensive management processes throughout the organisation and business information is protected adequately
through appropriate controls and proactive measures. The Company aims to reduce risks of unauthorized access, modification, sharing or destruction
of data, service disruption. Access rights are role-based and a system-based authority matrix is used to govern the same. All IT applications are
periodically assessed for security vulnerabilities. The Company has mechanism in place to monitor cyber security events to detect and respond to
any threats to its network, application and infrastructure.

The Company’s Privacy policy is in accordance with Information technology (Reasonable security practices and procedures and sensitive personal
data or information) Rules, 2011. The policy provides the Company’s commitment to privacy throughout the life-cycle of the information from,
collection, processing, sharing, retention and destruction, by taking reasonable steps to protect the confidentiality of the Personal Information
provided and protect it from unauthorised access or unauthorised alteration, disclosure or destruction. Further, the Company conducts regular risk
assessments and audits to validate controls.

INFORMATION AND CYBER SECURITY RISK

IT infrastructure Application Access End point Information Vendor Physical

security security control protection delivery security access

Regular risk assessment and audits conducted to validate controls

h. Reputation risk: Reputation risk can be defined as the risk of negative opinion about the financial stability, service levels, integrity, transparency or
any other aspect, in the minds of the stakeholders, resulting in a decline in business volumes and eventually impacting continuity of business.

The Company has defined a reputation risk framework and periodically monitors various parameters that could impact the reputation of the Company.
The Company uses various approaches to manage reputation risk such as faster resolution of customer grievances, root cause analysis of complaints
and identification of issues through proactive management of adverse feedbacks in the media.

148 79 Directors’ Report 120 Corporate Governance 124 Management Discussion and Analysis 142 Enterprise Risk Management
 Powering Sustainable Growth

Management Report

OVERVIEW
CORPORATE
for the year ended March 31, 2022

In accordance with the Insurance Regulatory and Development Authority 6. VALUATION OF ASSETS IN THE BALANCE SHEET
(IRDA) (Preparation of Financial Statements and Auditors’ Report of We certify that the values of all assets have been reviewed on
Insurance Companies) Regulations, 2002, and circulars/ guidelines issued the date of the Balance Sheet and to best of our knowledge and
by IRDAI thereafter the following Management Report is submitted for the belief the assets set forth in the Balance Sheets are shown in the

01 - 78 REPORTS
financial year ended March 31, 2022: aggregate at amounts not exceeding their realisable or market
value under several headings – “Loans”, “Investments”, “Agents

STATUTORY
1. CERTIFICATE OF REGISTRATION
Balances”, “Outstanding Premiums”, “Interest, Dividend and
The certificate of registration under Section 3 of the Insurance Act, Rents outstanding”, “Interest, Dividends and Rents accruing but
1938 granted by IRDAI on November 24, 2000 is valid at March 31, not due”, “Amounts due from other persons or bodies carrying on
2022 and as on the date of this report. insurance business”, “Sundry Debtors”, “Cash” and items specified
under “Other Assets” except debt securities held in non-linked and
2. STATUTORY LIABILITIES/DUES shareholder funds.
We hereby certify that all dues payable to the statutory authorities

79 - 148 FINANCIAL STATEMENTS

have been duly paid except those under dispute or disclosed under As required by IRDAI (Preparation of Financial Statements and
contingent liabilities in the notes to accounts forming part of the Auditor’s Report of Insurance Companies) Regulations 2002, all

STANDALONE
financial statements. debt securities and redeemable preference shares made from
Policyholders’ non-linked funds and Shareholders’ funds are
3. SHAREHOLDING PATTERN considered as ‘held to maturity’ and accordingly measured at
We hereby confirm that the shareholding pattern of the Company historical cost, subject to amortisation of premium or accretion of
has been in accordance with the statutory requirements. Further, discount.
there has been no transfer of shares by the promoters of the
Company during the year. The book value and the market value of these investments is as

149 - 521 FINANCIAL STATEMENTS

follows:
There was no capital infusion by the promoters during the year. (` ‘000)

CONSOLIDATED
March 31, 2022 March 31, 2021
The shareholding pattern is available in Schedule 5A which forms Particulars Balance Market Balance Market
Sheet value Value Sheet value value
part of financial statements. Further, the shareholding pattern, in
accordance with the Securities and Exchange Board of India (Listing Debt investments
in non-linked and
Obligations and Disclosure Requirements) Regulations, 2015 is
shareholder funds 753,092,724 748,298,834 627,119,142 646,555,086
disclosed quarterly, within 21 days of the end of quarter on the
Total investments
website of the Company at www.iciciprulife.com and that of the in non-linked and

522 - 584 VALUE RESULTS

stock exchanges, i.e. www.nseindia.com and www.bseindia.com. shareholder funds 872,414,764 867,620,874 736,627,152 756,063,097

EMBEDDED
4. INVESTMENTS OUTSIDE INDIA 7. APPLICATION AND INVESTMENTS OF LIFE
We hereby declare that no investments, directly or indirectly, have INSURANCE FUNDS
been made outside India from the funds of the holders of policies We certify that no part of the life insurance fund has been directly or
issued in India. indirectly applied in contravention of the provisions of the Insurance
Act, 1938 as amended from time to time relating to the application
5. SOLVENCY MARGIN and investments of the life insurance funds and all investments
We hereby confirm that the Company has maintained adequate made are in accordance with IRDAI (Investment) Regulations, 2016
585 - 591 INFORMATION

assets to cover both its liabilities and required solvency margin and orders/ directions issued by IRDAI thereafter.
as prescribed under Section 64VA of the Insurance Act, 1938 and
8. OVERALL RISK EXPOSURE AND STRATEGY ADOPTED
ADDITIONAL

the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance

TO MITIGATE THE SAME
Business) Regulations, 2016.
The Company recognises that risk is an integral element of the
The actual solvency ratio as compared to required minimum business and managed acceptance of risk is essential for generating
solvency ratio of 150% is as below: shareholder value.

Particulars March 31, 2022 March 31, 2021 The risk governance structure of the Company consists of the Board,
592 - 595

Actual solvency ratio 204.5% 216.8% the Board Risk Management Committee (BRMC), the Executive Risk
Committee (ERC) and its sub-committees. The risk philosophy of

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 149
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

the Company is outlined in the Board approved risk policy which is The Company has a framework for information and cyber security as
reviewed by the Board at least annually. The Board risk policy details well as business continuity management to analyse emerging risks
identification, measurement, monitoring and control standards through regular monitoring of the external and internal environment
relating to various individual risks, namely investment (market, credit which has been further augmented in the current situation. The
and liquidity), insurance, operational (including legal, compliance, Company also has a privacy policy to ensure protection of sensitive
outsourcing, customer dissonance, business continuity, information personal data or information collected. During the year, the Company
and cyber security) and reputation. The Board periodically reviews has updated the Board risk policy by integrating sustainability risks in
the potential impact of strategic risks such as changes in macro- the risk management framework. The key aspects of the Company’s
economic factors, government policies, regulatory environment and risk management framework have been outlined below. Further
tax regime on the business plan of the Company. information on the Company’s approach to risk management is
available in the sections on ‘Enterprise Risk Management’ and ‘Risks
In addition to these risks, the life insurance industry faces a number and Opportunities’ of the Annual Report.
of emerging risks. There remains uncertainty around the outlook
for COVID-19. The long-term impact on mortality and morbidity is 8.1. Investment risk
dependent on the extent natural that immunity develops in the general Investment risk is the risk arising out of variations in the level or
population, the efficacy of new healthcare treatments, possible future volatility of market prices of assets and financial instruments,
strains that may emerge and the implications from other factors such including the risk arising from any mismatch between assets
as long-term post-COVID-19 symptoms (although there is currently no and liabilities, due to external market and economic factors. The
consensus on the longer-term impact on mortality/morbidity). While Company faces limited liquidity risk due to the nature of its liabilities.
COVID-19 infections and deaths have receded in India, there remains The key mitigation approaches for this risk are as follows:
the possibility of a fresh resurgence, as being witnessed in certain
(a) Product approval process: Launching new products can
parts of the world. In addition to impacting mortality/morbidity, such
significantly alter the risk profile of the Company’s Balance
a scenario (of resurgence of the pandemic) could potentially retrigger
Sheet. Investment risks inherent in new products or significant
other risk factors as witnessed during the earlier waves such as
modifications to existing products are identified at product design
financial market volatility, decline in business volumes and persistency
stage and products are launched only after approval by the ERC.
due to economic downturn as well as cyber security concerns due
to remote working. Rising geo-political tensions and the potential for (b) Asset Liability Management (ALM): The Company has detailed
disruption to energy supplies are an additional source of uncertainty Investment Specifications that govern the investment strategy
for financial and commodity markets and trigger for inflation (which and limits for each fund depending on the profile of the liability
could impact credit quality of counterparties, as well as reduce real backed by those assets. For each category of products,
wages thereby impacting discretionary savings, insurance new the Investment Specifications define limits to permissible
business and persistency risk). There are also emerging risks related exposures to various asset classes, duration guidelines for fixed
to ESG (environmental, social and governance) issues. One of the income instruments and minimum investment in liquid assets.
most prominent ESG risks is that of climate change which could The Company uses derivatives to hedge interest rate risk.
potentially have wide-ranging implications including (but not limited (c) Exposure limits have been defined for companies, groups and
to) adverse impact on economic growth and investment markets and industries in accordance with regulatory guidelines and the
higher than expected claims due to increased risk of future weather Company’s internal Investment Policy. The Company restricts
related catastrophes, pandemics as well as possible changes in long- investments primarily to securities rated AA and above.
term mortality/morbidity rates. Apart from climate change, there are
emerging risks associated with public health trends such as increase (d) The Company has a liquidity contingency plan in place.
in obesity related disorders and demographic changes such as (e) As part of its ESG philosophy, the Company has implemented
population urbanisation and ageing. Other important ESG elements a framework for investment decisions that will support
include data privacy which has an increasing material impact on mitigation of risks due to climate change as well as other
Company’s reputation. environmental, social and governance risks by factoring these
in its investment decisions.
The risk management framework of the Company seeks to identify,
measure and control its exposures to all these risks within its 8.2. Insurance risk
overall risk appetite. The Company periodically carries out stress Insurance risk is the risk arising because of variance to the best
testing of its assets and liabilities to identify impact on regulatory estimate or because of random fluctuations in the frequency,
and economic solvency, statutory profits and liquidity position. size and timing of insurance liabilities. Insurance risk comprise
Such testing is used as an aid in identifying significant existing the following components: mortality, morbidity, persistency and
or emerging risks to its financial position, including the potential expense risk. These risks are mitigated through the following:
impact of severe economic shocks and catastrophic events like
pandemics, which could materialize as a consequence of several (a) Product approval process: Insurance risks inherent in the new
risk factors including climate change and other sustainability risks. products or significant modifications to existing products are

150 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

identified at product design stage and products are launched 8.3. Operational risk:

OVERVIEW
CORPORATE
only after approval by the ERC. The Company, in its product Operational risk is the risk of loss, resulting from inadequate or failed
design, incorporates product features and uses appropriate internal processes, people and systems, or from external events.
policy wordings to mitigate insurance risk.
The Company uses the following approaches to manage
(b) Reinsurance: The Company uses appropriate reinsurance operational risk:
arrangements, including catastrophe reinsurance, to manage
(a) The Company develops and monitors mitigation plans for
insurance risk. Such reinsurance arrangements may be used
high risk items identified through the Risk and Control Self-
to support risk transfer of sustainability risks as well. The

01 - 78 REPORTS
Assessment (R&CSA) conducted by each business function,
arrangements are with select and financially sound reinsurers. through analysis of, loss events and/review of audit findings.

STATUTORY
The Company’s reinsurance exposures are considered and
approved by the ERC periodically. (b) The Company continuously monitors internal loss events and
ensures adequate mitigation for material impact events to
(c) Underwriting and claims controls: Underwriting and claims avoid recurrence of such instances.
policies and procedures are in place to assess and manage
(c) The Company actively promotes a risk awareness culture by
mortality and morbidity risks. The Company seeks to minimise
improving understanding through communication and education
these risks by diversifying its business portfolio and adhering
amongst management, employees, contractors and vendors.
to appropriate and segmented underwriting norms. The

79 - 148 FINANCIAL STATEMENTS

It further engages with law enforcement agencies to create
Company conducts periodic reviews of both underwriting and
awareness on various insurance frauds and emerging issues.
claims procedures. Adjustments to the underwriting strategy

STANDALONE
may be made to allow for any changes in the insurance risk (d) Fraud Management: The Company has a fraud risk management
landscape or emerging risks. policy that sets out the approach and guidelines for management
of fraud risk. The Company follows both a proactive and reactive
(d) Experience analysis: The Company conducts its experience approach to manage fraud. Proactive management is done by
analysis regularly in order to monitor trends, gain insights using triggers to identify suspected frauds and through random
on emerging risks, if any and to ensure that corrective sample checks. The framework for identifying suspected frauds
actions can be initiated at the earliest opportunity and that have been enhanced to include emerging digital means of

149 - 521 FINANCIAL STATEMENTS

assumptions used in product pricing, reserving and embedded perpetration. Reactive management is done through incident
value reporting are in line with the experience. The Company management. Investigation is carried out for identification of
process or system failures and identification of responsible

CONSOLIDATED
actively monitors its claims experience, persistency levels and
expense ratios. During the course of the ongoing COVID-19 internal or external parties. The Company ensures implementation
pandemic, the Company has been closely monitoring the of controls to prevent recurrence of such incidents, financial
overall mortality experience including the deaths on account recovery whenever applicable and disciplinary action against
of COVID-19. The Company has been holding additional involved employees in accordance with the Company’s Code
provisions towards potential COVID-19 claims and the of Conduct. It also initiates actions through law enforcement
authorities based on severity of incidents.
adequacy of this provision has been continually assessed, in

522 - 584 VALUE RESULTS

line with the claims experience. (e) Outsourcing Risk: The Company has an outsourcing policy
to ensure effective oversight and adequate due diligence
(e) Aligning key performance indicators: The Company uses with regard to outsourcing of activities by the Company. The

EMBEDDED
appropriate key performance indicators for different levels of Company outsources processes which are permitted based
hierarchy in sales and operations to align interests and ensure on the regulatory guidelines. The Company carries out required
adequate focus on insurance risk especially, persistency and due-diligence for any new activity or vendor empanelment
expense. and annual assessment of outsourced vendors.
(f) Product contracts: The Company designs exclusions and (f) Business Continuity Management (BCM): The Company
terms and conditions in consultation with reinsurers and has a BCM policy and framework to ensure resilience and
585 - 591 INFORMATION

with due regard to market practices to manage insurance continuity of key products and services at a minimum
risk, especially mortality and morbidity risk. In order to acceptable level to achieve business-as usual presence in the
market place and safety of human resources. This includes
ADDITIONAL

deal with a changing insurance landscape or emerging

risks, new products may be developed with more suitable systems and processes for management of risk including use
product features, policy wordings, exclusions and of disaster recovery sites and business continuity plans for
terms and conditions. critical processes which are being tested periodically. The
Company has also been periodically reviewing the business
(g) Repricing: The Company reserves the right to re-price continuity plan and updating it based on the learnings from the
future new business with IRDAI approval in case of adverse current situation of the COVID-19 pandemic and geopolitical
experience, which could materialize due to various factors environment. Based on the business continuity practices
592 - 595

including sustainability issues. followed, the Company has been accredited with a certificate
under ISO 22301: 2019 standard.

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 151
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

(g) Information and cyber security: The Company has an information 8.4. Reputation risk:
and cyber security policy and framework that ensures all Reputation risk is defined as the risk of negative opinion about the
information assets are safeguarded by establishing comprehensive financial stability, service levels, integrity, transparency or any other
management processes throughout the organisation. The aspect, as perceived by the stakeholders, resulting in a decline in
Company’s controls include deployment of security solutions like business volumes and eventually impacting continuity of business.
firewalls, intrusion prevention systems, anti-malware solutions The Company has a framework in place for managing reputation risk
and dynamic URL (Uniform Resource Locator) filtering. A program and periodically monitors various parameters that could impact the
for vulnerability assessment of critical information technology reputation of the Company.
applications and infrastructure is also in place. A program for user
awareness on information and cyber security and vendor security 9. OPERATIONS ABROAD
risk management is also in place. Further, controls have been
The Company has one representative office in Dubai, United Arab
implemented for the infrastructure supporting work from home.
Cyber security advisories issued by security consultants due to Emirates. This representative office does not contract liability
the current geopolitical environment are being monitored and overseas and all the policies are underwritten and issued in India.
suitable actions are being initiated.
10. CLAIMS
(h) Privacy policy: The Company has a privacy policy in accordance The average time taken by the Company from the date of submission
with Information technology (Reasonable security practices of the final requirement by the claimant to despatch of claim payment,
and procedures and sensitive personal data or information) in respect of mortality and morbidity claims, was as follows:
Rules, 2011. The policy provides our commitment to privacy
throughout the life-cycle of the information from, collection, Period Average time taken for claim settlement (in days)
processing, sharing, retention and destruction, by taking
FY 2022 5
reasonable steps to protect the confidentiality of the Personal
Information provided and protect it from unauthorised access FY 2021 5
or unauthorised alteration, disclosure or destruction. FY 2020 5
FY 2019 4
(i) The Company has adopted highest business, governance, FY 2018 3
ethical and legal standards. The Whistle blower policy aims to
FY 2017 4
provide a mechanism to ensure that concerns are appropriately
raised, independently investigated and addressed.

The ageing of claims registered and not settled at March 31, 2022 has been detailed herein below:
Linked business:
(` in lacs)
Greater than 30 days Greater than 6 months Greater than 1 year
Up to 30 days Greater than 5 years
and up to 6 months and up to 1 year and up to 5 years
Period
No. of No. of No. of No. of No. of
Amount Amount Amount Amount Amount
claims claims claims claims claims
FY2022 501 558 172 420 19 134 2 11 - 1
FY2021 336 366 77 80 6 1 2 4 - -
FY2020 217 457 58 219 4 13 1 18 1 5
FY2019 251 333 36 131 1 1 2 39 - -
FY2018 213 184 31 89 - - 2 18 - -
FY2017 249 179 46 103 - - - - - -

Non Linked business:

(` in lacs)
Greater than 30 days Greater than 6 months Greater than 1 year
Up to 30 days Greater than 5 years
and up to 6 months and up to 1 year and up to 5 years
Period
No. of No. of No. of No. of No. of
Amount Amount Amount Amount Amount
claims claims claims claims claims
FY2022 1,970 5,933 2,170 10,229 994 5,675 369 1,614 3 154
FY2021 1,414 4,675 1,908 8,933 395 1,145 118 157 3 149
FY2020 3,284 3,474 1,405 4,646 271 797 27 95 4 177
FY2019 643 979 256 2,053 3 23 9 98 2 139
FY2018 44 638 26 1,155 1 26 7 633 - -
FY2017 29 104 23 881 3 26 2 81 - -
Claims which have remained unpaid for greater than 6 months are due to lack of proof of title or pending receipt of necessary documentation from the customer.

152 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

11. VALUATION OF INVESTMENTS Debt securities other than government securities with a residual

OVERVIEW
CORPORATE
11.1.Other than unit linked and Shareholders’ funds maturity over 182 days are valued on a yield to maturity basis,
We hereby certify that as prescribed under the IRDAI (Preparation of by using spreads over the benchmark rate (based on the matrix
Financial Statements and Auditor’s Report of Insurance Companies) released by CRISIL on a daily basis) to arrive at the yield for pricing
Regulations 2002 and orders/ directions issued by IRDAI thereafter, the security.
all debt securities including government securities and redeemable
preference shares made from Policyholders’ non-linked funds and Debt securities with a residual maturity upto 182 days are valued
Shareholders’ funds are considered as ‘held to maturity’ and accordingly at last valuation price plus the difference between the redemption

01 - 78 REPORTS
measured at historical cost, subject to amortisation of premium or value and last valuation price, based on effective interest rate
accretion of discount over the remaining period of maturity/holding method over the remaining term of the instrument (based on the

STATUTORY
based on Yield to Maturity (effective interest rate method). matrix released by CRISIL on daily basis).

Money market instruments are valued at historical cost, subject to Money market instruments are valued at historical cost, subject to
accretion of discount over the remaining period till maturity based on accretion of discount over the period of maturity/holding based on
effective interest rate method. effective interest rate method.
Listed equity shares and equity exchange traded funds (ETF) at the
Listed equity shares, preference shares and equity ETFs are valued
Balance Sheet date are stated at fair value being the last quoted

79 - 148 FINANCIAL STATEMENTS

closing price on the National Stock Exchange of India Limited (‘NSE’) at market value, being the last quoted closing price on the NSE (in
(in case the securities are not listed on NSE, the last quoted closing case of securities not listed on NSE, the last quoted closing price on

STANDALONE
price on the BSE Limited (‘BSE’) is used). Unlisted equity shares the BSE is used). Equity shares lent under the Securities Lending and
are stated at historical cost. Equity shares lent under the Securities Borrowing scheme (SLB) continue to be recognised in the Balance
Lending and Borrowing scheme (SLB) continue to be recognised in Sheet as the Company retains all the associated risks and rewards
the Balance Sheet as the Company retains all the associated risks of these securities.
and rewards of these securities.
Mutual fund units are valued based on previous days’ net asset
Mutual fund units are valued based on previous days’ net asset values. value. Venture fund units are valued at the latest available net asset

149 - 521 FINANCIAL STATEMENTS

Unrealised gains/losses arising due to changes in the fair value of listed value of the respective fund.
equity shares, equity exchange traded funds and mutual fund units are
taken to the “Fair Value Change Account” in the Balance Sheet.

CONSOLIDATED
Securities with call option are valued at the lower of the value as
obtained by valuing the security upto the final maturity date or the
Investment property is held to earn rental income or for capital
call option date. In case there are multiple call options, the security
appreciation and is not occupied by the Company. Investment
is valued at the lowest value obtained by valuing the security at
property is initially valued at cost including any directly attributable
various call dates or upto the final maturity date (based on the
transaction costs. Investment property is revalued at least once in
matrix released by CRISIL on a daily basis).
every three years. The change in carrying amount of investment
property is taken to “Revaluation reserve” in the Balance Sheet.

522 - 584 VALUE RESULTS

Securities with put option are valued at the higher of the value as
Investments in venture fund units are valued at historical cost. obtained by valuing the security upto the final maturity date or the
put option date. In case there are multiple put options, the security

EMBEDDED
Investments in reverse repo and tri-party repo are valued at cost is valued at the highest value obtained by valuing the security at
plus interest accrued on reverse repo rate. various put dates or upto the final maturity date (based on the matrix
released by CRISIL on a daily basis).
Fixed deposits with banks are valued at cost.
Securities with both put and call option on the same day would be
The Forward Rate Agreement (FRA) contract is valued at the
difference between the market value of underlying bond at the deemed to mature on the put/call date and would be valued on a
yield to maturity basis, by using spreads over the benchmark rate
585 - 591 INFORMATION

spot reference yield taken from the SEBI approved rating agency
and present value of the contracted forward price of underlying based on the matrix released by CRISIL on a daily basis.
bond including present value of intermediate coupon inflows from
ADDITIONAL

valuation date till FRA contract settlement date, discounted by the Investments in reverse repo and tri-party repo are valued at cost
INR-Overnight Index Swap (OIS) rate curve. plus interest accrued on reverse repo rate.

11.2.Linked investments Unrealised gains and losses are recognised in the Revenue account
We certify that the investments in linked business are valued on as prescribed by IRDAI (Preparation of Financial Statements and
mark-to-market basis. Auditors’ Report of Insurance Companies) Regulations 2002.
592 - 595

Central and State government securities are valued as per the Fixed deposits with banks are valued at cost.
valuation price provided by CRISIL Limited (‘CRISIL’).

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 153
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

12. REVIEW OF ASSET QUALITY AND PERFORMANCE OF INVESTMENTS

All investments are made in accordance with the regulatory norms, Investment Policy, fund objectives of unit linked funds, asset liability management
guidelines and risk profile of the respective fund.

12.1.Asset composition
The portfolio mix of assets of the Company at March 31, 2022 is as follows:

Non-Linked Shareholders’ Amount

Asset class Linked funds Total
funds funds (` billion)
Equity Securities1 67.6% 11.7% 20.4% 47.2% 1,134.22
Government securities 12.4% 62.1% 42.0% 30.1% 722.78
Debentures and bonds 9.7% 19.5% 18.6% 13.3% 320.69
Money market instruments 9.5% 3.2% 9.3% 7.4% 177.54
Fixed deposits 0.1% 0.5% 3.3% 0.4% 9.49
Loan against policies - 1.2% - 0.4% 9.40
Investment property - 0.1% 4.0% 0.2% 4.83
Mutual Funds - - 1.0% 0.0% 1.03
Net current assets and other investments 0.7% 1.7% 1.3% 1.0% 24.94
Total (` billion) 1,508.66 796.61 99.64 100.0% 2,404.92
Fund mix (%) 62.7% 33.1% 4.1% 100.0%
Note: Total may not tie up with the sum of individual numbers due to rounding off.
1
includes investment in equity exchange traded funds, convertible preference shares and subsidiary.

The Company has a diversified portfolio spread across various asset classes, companies, groups and industries. Investments in equity and related
instruments are made with the objective of long term capital appreciation to deliver superior long-term returns. 72.2% of the investment in equity
shares are held in companies forming part of Nifty 50 and 97.9% in companies forming part of Nifty 500 index.

At March 31, 2022, 97.8% of assets in the fixed income portfolio (including money market instruments) are in highest credit rated securities
(Sovereign/AAA or equivalent) and 99.7% are in securities rated AA and above. 100% of the money market instruments have sovereign/A1+ or
equivalent rating. The Company does not hold any non-performing assets in its debt portfolio.

12.2.Fund performance
Linked funds
The fund performance of linked funds, which have completed three years and with an asset size of over ` 5.00 billion, for one year and trailing three
years is as follows:

Assets held* 1 year return 3 year return (annualised)

Fund name SFIN
(` billion) Fund Benchmark Fund Benchmark
Equity funds
Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105 482.84 17.90% 19.24% 12.62% 14.48%
Multi Cap Growth Fund ULIF 085 24/11/09 LMCapGro 105 184.84 19.28% 20.96% 11.90% 15.50%
Value Enhancer Fund ULIF 139 24/11/17 VEF 105 56.81 18.23% 20.30% 14.13% 13.27%
Bluechip Fund ULIF 087 24/11/09 LBluChip 105 36.00 17.89% 18.88% 14.07% 14.52%
Maximiser Fund ULIF 001 22/10/01 LMaximis1 105 33.92 16.86% 19.24% 11.77% 14.48%
Focus 50 Fund ULIF 142 04/02/19 FocusFifty 105 26.37 17.57% 18.88% 12.77% 14.52%
Opportunities Fund ULIF 086 24/11/09 LOpport 105 19.58 18.19% 19.87% 14.13% 15.37%
Life Growth Fund ULIF 134 19/09/13 LGF 105 11.21 17.56% 19.24% 13.77% 14.48%
Maximiser Fund II ULIF 012 17/05/04 LMaximis2 105 9.83 17.91% 19.24% 12.86% 14.48%
Pension Maximiser Fund II ULIF 013 17/05/04 PMaximis2 105 9.14 17.90% 19.24% 15.41% 14.48%
Flexi Growth Fund II ULIF 027 20/03/07 LFlexiGro2 105 8.67 15.97% 20.96% 9.61% 15.50%
Pension Flexi Growth Fund ULIF 029 20/03/07 PFlexiGro1 105 7.51 15.00% 20.96% 11.20% 15.50%
Maximise India Fund ULIF 136 11/20/14 MIF 105 6.85 17.48% 19.47% 15.53% 14.25%
RICH Fund II ULIF 049 17/03/08 LRICH2 105 6.72 18.28% 19.87% 14.09% 15.37%
Pension Flexi Growth Fund II ULIF 030 20/03/07 PFlexiGro2 105 6.00 16.13% 20.96% 12.31% 15.50%
Flexi Growth Fund ULIF 026 20/03/07 LFlexiGro1 105 5.93 14.64% 20.96% 8.54% 15.50%
Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 5.92 11.15% 15.64% 7.04% 13.38%
Health Flexi Growth Fund ULIF 057 15/01/09 HFlexiGro 105 5.90 15.48% 20.96% 9.62% 15.50%
Pension Maximiser Fund ULIF 004 03/05/02 PMaximis1 105 5.49 16.86% 19.24% 14.34% 14.48%

154 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

1 year return 3 year return (annualised)

OVERVIEW
CORPORATE
Assets held*
Fund name SFIN
(` billion) Fund Benchmark Fund Benchmark
Balanced funds
Active Asset Allocation
Balanced Fund ULIF 138 15/02/17 AAABF 105 41.12 10.86% 11.96% 11.00% 11.98%
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 26.72 5.54% 6.74% 7.84% 9.47%
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 24.10 12.90% 13.60% 10.06% 12.80%

01 - 78 REPORTS
Highest NAV Fund B ULIF 116 15/03/11 LHighNavB 105 10.43 1.37% NA 3.76% NA
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 8.90 5.48% 6.74% 8.20% 9.47%

STATUTORY
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 7.98 7.59% 9.73% 8.64% 10.98%
Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 7.39 5.42% 6.74% 7.94% 9.47%
Group Capital Guarantee
Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 7.19 5.21% 6.74% 7.73% 9.47%
Easy Retirement Balanced
Fund ULIF 132 02/11/12 ERBF 105 5.06 9.17% 11.22% 10.49% 11.66%
Debt funds

79 - 148 FINANCIAL STATEMENTS

Income Fund ULIF 089 24/11/09 LIncome 105 112.41 3.65% 4.48% 7.20% 8.21%
Life Secure Fund ULIF 135 19/09/13 LSF 105 28.89 2.44% 4.48% 6.19% 8.21%

STANDALONE
Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 11.21 3.73% 4.48% 7.43% 8.21%
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 5.09 2.99% 4.48% 6.89% 8.21%
Liquid funds
Discontinued Fund – Life ULIF 100 01/07/10 LDiscont 105 102.61 3.89% NA 4.67% NA
Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105 36.71 3.23% 3.68% 4.75% 4.70%
Note: NA is mentioned against funds where benchmark is not defined.
* Assets held at March 31, 2022

149 - 521 FINANCIAL STATEMENTS

Other than unit linked and Shareholders’ funds

CONSOLIDATED
The fund performance of other than unit linked and Shareholders’ funds are as follows:
Assets held* 1 year return 3 years return (annualised)
Particulars
(` billion) Market Value Book Value Market Value Book Value
Policyholders’ fund
Participating 305.61 5.26% 8.26% 9.44% 8.74%
Non-participating 491.00 3.18% 7.87% 7.77% 8.62%
Shareholders’ fund 99.64 2.19% 10.22% 8.05% 9.09%

522 - 584 VALUE RESULTS

* Assets held at March 31, 2022

EMBEDDED
13. PAYMENTS MADE TO PARTIES IN WHICH DIRECTORS ARE INTERESTED
The details of such payments for the year ended March 31, 2022 are given below:
(` ‘000)
Sr Name of Amount paid
Designation Entity in which Director is interested Interested as
No. Director1 FY2022 FY2021
1 R. K. Nair Non Executive Director, ICICI Bank Limited Director 23,384,755 19,550,560
Independent Director ICICI Securities Primary Dealership Limited Director 17,292,165 22,370,145
585 - 591 INFORMATION

Axis Mutual Fund Trustee Limited Director 46 -

Nextbillion Technology Private Limited* Advisor 0 -
ADDITIONAL

Geojit Financial Services Limited Director 168,210 129,233

2 Dilip Karnik Non Executive Director, ICICI Prudential Asset Management Company Limited Director 31,686 25,719
Independent Director ICICI Securities Primary Dealership Limited Director 17,292,165 22,370,145
3 Vibha Paul Rishi Non Executive Director, ICICI Prudential Asset Management Company Limited
Independent Director (ceased to be a director w.e.f January 23, 2022) Director 31,686 25,719
PIEM Hotels Limited(ceased to be a director w.e.f.
September 10, 2021) Director - 139
ICICI Bank Limited (appointed as director w.e.f
592 - 595

January 23, 2022) Director 23,384,755 19,550,560

The Indian Hotels Company Limited (ceased to be
director w.e.f. September 9, 2021) Director 1,345,257 103,617

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 155
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

(` ‘000)
Sr Name of Amount paid
Designation Entity in which Director is interested Interested as
No. Director1 FY2022 FY2021
4 Anup Bagchi Non Executive Director, ICICI Bank Limited Director 23,384,755 19,550,560
nominated by ICICI Bank ICICI Home Finance Company Limited Director 288,156 160,654
Limited and Executive ICICI Prudential Asset Management Company Limited Director 31,686 25,719
Director of ICICI Bank ICICI Securities Limited Director 642,006 1,114,014
Limited ICICI Foundation for Inclusive Growth Member 47,316 -
5 Sandeep Batra Non Executive Director, ICICI Bank Limited Director 23,384,755 19,550,560
nominated by ICICI Bank ICICI Lombard General Insurance Company Limited Director 337,768 860,885
Limited and Executive ICICI Prudential Asset Management Company Limited Director 31,686 25,719
Director of ICICI Bank ICICI Venture Funds Management Company Limited Director - 4,361
Limited ICICI Foundation for Inclusive Growth Director 47,316 -
6 N. S. Kannan Managing Director & CEO ICICI Foundation for Inclusive Growth Managing Director & CEO 47,316 -
1
The tenure mentioned of the directors are for the period in which they held directorship in ICICI Prudential Life Insurance Company Limited.
Note: Transactions with related entities of the directors are mentioned for the year in which the directors are interested in the entity.
* Amount is less than ` 1,000.

14. MANAGEMENT RESPONSIBILITY STATEMENT

The Management confirms that:
1) In the preparation of financial statements, the applicable accounting standards, principles and policies are followed along with proper
explanations relating to material departures, if any;
2) The management has adopted accounting policies and applied them consistently and made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the operating profit
and of the profit of the Company for the year;
3) The management has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the applicable
provisions of the Insurance Act, 1938 and Companies Act, 2013 to the extent applicable, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
4) The management has prepared the financial statements on a going concern basis;
5) The management has ensured that an internal audit system commensurate with the size and nature of the business exists and is operating
effectively.

For and on behalf of the Board of Directors

____________________ ____________________ ____________________

M. S. Ramachandran R. K. Nair Sandeep Batra
Chairman Director Director
DIN:00943629 DIN: 07225354 DIN:03620913

_____________________ ____________________ ____________________

N. S. Kannan Satyan Jambunathan Souvik Jash
Managing Director & CEO Chief Financial Officer Appointed Actuary
DIN:00066009

Place: Mumbai
Date: April 16, 2022

156 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Independent Auditor’s Report

OVERVIEW
CORPORATE
To the Members of “IRDA Financial Statements Regulations”), orders/ directions/circulars issued by
ICICI Prudential Life Insurance Company Limited the Insurance Regulatory and Development Authority of India (the “IRDAI”) and
the Companies Act, 2013 (the “Act”), to the extent applicable, in the manner so
REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL required and give a true and fair view in conformity with the accounting principles
STATEMENTS

01 - 78 REPORTS
generally accepted in India including the Accounting Standards prescribed under
section 133 of the Act, to the extent applicable, of the state of affairs of the
OPINION

STATUTORY
Company as at 31 March 2022, its net surplus, its profit and its receipts and
We have audited the accompanying standalone financial statements of ICICI payments for the year ended on that date.
Prudential Life Insurance Company Limited (the “Company”), which comprise
the Balance Sheet as at 31 March 2022, the Revenue Account (also called the BASIS FOR OPINION
“Policyholders’ Account” or the “Technical Account”), the Profit and Loss Account We conducted our audit in accordance with the Standards on Auditing (SAs)
(also called the “Shareholders’ Account” or the “Non-Technical Account”) and the specified under section 143(10) of the Act. Our responsibilities under those
Receipts and Payments Account for the year then ended, and notes to standalone SAs are further described in the Auditor’s Responsibilities for the Audit of the
financial statements, including a summary of significant accounting policies and Standalone Financial Statements section of our report. We are independent

79 - 148 FINANCIAL STATEMENTS

other explanatory information. of the Company in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India together with the ethical requirements

STANDALONE
In our opinion, and to the best of our information and according to the explanations that are relevant to our audit of the standalone financial statements under
given to us, the aforesaid standalone financial statements give the information the provisions of the Act and the Rules thereunder, and we have fulfilled
required in accordance with the Insurance Act, 1938 (the “Insurance Act”), the our other ethical responsibilities in accordance with these requirements and
Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the Code of Ethics. We believe that the audit evidence we have obtained is
the Insurance Regulatory and Development Authority (Preparation of Financial sufficient and appropriate to provide a basis for our opinion on the standalone
Statements and Auditors’ Report of Insurance Companies) Regulations, 2002 (the financial statements.

149 - 521 FINANCIAL STATEMENTS

KEY AUDIT MATTERS

CONSOLIDATED
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current
year. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.

We have determined the matters below to be the key audit matters to be communicated in our report.

Information Technology (IT) systems

522 - 584 VALUE RESULTS

Key audit matter How our audit has addressed the key audit matter
The Company is highly dependent on information technology systems and We have involved our IT specialists in our assessment of the IT systems and controls

EMBEDDED
controls to process and record large volume of transactions, such that over financial reporting, which included carrying out the following key audit procedures:
there exists a risk that gaps in the IT control environment could result in the • Understood General IT Controls (GITC) over key financial accounting and reporting
financial accounting and reporting records being materially misstated. systems (referred to as “in-scope systems”) which covered access controls,
Further, IT systems are accessible to employees on a remote basis which program/ system changes, program development and computer operations i.e.
could result in increasing challenges around data protection. job processing, data/ system backup and incident management;
• Understood the IT infrastructure i.e. operating systems and databases and
Due to the pervasive nature, complexity and importance of the impact of
related data security controls in remote working scenario due to COVID-19;
the IT systems and related control environment on the Company’s financial
585 - 591 INFORMATION

statements, we have identified testing of such IT systems and related control • Tested controls over IT infrastructure covering user access including privilege
environment as a key audit matter for the current year audit. users and system changes;
ADDITIONAL

• Evaluated design and operating effectiveness for in-scope systems and

application controls which covered segregation of duties, system interfaces,
completeness and accuracy of data feeds and system reconciliation controls;
• Evaluated policies and strategies adopted by the Company in relation to
operational security of key information infrastructure, data and client information
management and monitoring and crisis management; and
• Assessed whether controls have remained unchanged during the year or were
592 - 595

changed after considering controls around change management process.

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 157
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Valuation and impairment determination of Investments (31 March 2022: INR 2,381,077,786, 31 March 2021: INR 2,122,118,584)
(INR in Thousands)

Refer Schedule 8,8A and 8B of the standalone financial statements and refer schedule 16 note 2.11 on accounting policy
Key audit matter How our audit has addressed the key audit matter
The Company’s investment portfolio consists of Policyholders investments (unit We have carried out the following key audit procedures:
linked and non-linked) and Shareholders investments. Total investment portfolio
• Understood the Company’s process and tested the controls on the
represents 97 percent of the Company’s total assets as at 31 March 2022.
valuation of investments;
Investments are valued in accordance with the provisions of the Insurance Act,
• Tested the design, implementation and operating effectiveness of key
the IRDA Financial Statements Regulations, orders/ directions/ circulars issued
controls over the valuation process, including the Company’s assessment
by IRDAI and / or policies as approved by the Board of Directors of the Company
and approval of assumptions used for valuation, including key authorization
(collectively the “Accounting Policy”).
and data input controls thereof;
Investments in unit linked portfolio of INR 1,508,663,021 thousands are valued
• Assessed valuation methodologies with reference to the Accounting Policy
based on observable inputs as per their accounting policy and gains/losses are
and the Company’s Board approved valuation policy;
recognized in Revenue account. These unit linked portfolio investments do not
represent higher risk of material misstatement however, are considered to be a • For selected samples of listed investments, performed independent price
key audit matter due to their materiality to the standalone financial statements. checks using external quoted prices and by agreeing the inputs which were
used in the Company’s valuation techniques to external data;
Investments in non-linked and shareholders portfolio of INR 872,414,765
thousands are valued as per their accounting policy, based on which: • For selected samples of cost measured investments, we have tested
• the unrealized gains/ losses arising due to changes in fair value of Company’s assessment of impairment and evaluated whether the same
listed equity shares and mutual fund units are recorded in the “Fair was in accordance with the Company’s impairment policy; and
Value Change Account” in the Balance Sheet; and
• Evaluated how the Company has factored the impact of economic stress
• debt securities and unlisted equity shares are valued at historical cost. including COVID-19 disruptions in investment valuation process (including
impairment assessment).
Further, investments in the non-linked and shareholders portfolio are assessed
for impairment as per the Company’s investment policy which involves
significant management judgement. There is increased economic stress on
account of external factors, including the COVID-19 pandemic, which may
impact the determination of impairment of these investments.
Accordingly, valuation of investments (including impairment assessment) was
considered to be one of the areas which required significant auditor attention and
was one of the matter of most significance in the standalone financial statements.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON
The Company’s management and Board of Directors are responsible for the other information. The other information comprises the Management Report (but
does not include the financial statements and our auditor’s report thereon), which we obtained prior to the date of the auditor’s report, and the Directors’ Report,
Corporate Governance, Management Discussion and Analysis and Enterprise Risk Management report, which is expected to be made available to us after that date.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the
other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the Directors’ Report, Corporate Governance, Management Discussion and Analysis and Enterprise Risk Management report, if we conclude that
there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

MANAGEMENT'S AND BOARD OF DIRECTORS RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Company’s Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone
financial statements that give a true and fair view of the state of affairs, net surplus/deficit, profit/loss and receipts and payments of the Company in accordance with
the accounting principles generally accepted in India, including the provisions of the Insurance Act, the IRDA Act, the IRDA Financial Statements Regulations and orders/
directions/circulars issued by the IRDAI in this regard and Accounting Standards specified under section 133 of the Act, to the extent applicable. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the

158 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

accounting records, relevant to the preparation and presentation of the standalone • Evaluate the overall presentation, structure and content of the standalone

OVERVIEW
CORPORATE
financial statements that give a true and fair view and are free from material financial statements, including the disclosures, and whether the standalone
misstatement, whether due to fraud or error. financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
In preparing the standalone financial statements, the Management and Board
We communicate with those charged with governance regarding, among
of Directors are responsible for assessing the Company’s ability to continue as
other matters, the planned scope and timing of the audit and significant
a going concern, disclosing, as applicable, matters related to going concern
audit findings, including any significant deficiencies in internal control that we
and using the going concern basis of accounting unless Board of Directors
identify during our audit.
either intends to liquidate the Company or to cease operations, or has no

01 - 78 REPORTS
realistic alternative but to do so. We also provide those charged with governance with a statement that we have

STATUTORY
complied with relevant ethical requirements regarding independence, and to
The Board of Directors are also responsible for overseeing the Company’s communicate with them all relationships and other matters that may reasonably
financial reporting process. be thought to bear on our independence, and where applicable, related safeguards.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE From the matters communicated with those charged with governance, we
STANDALONE FINANCIAL STATEMENTS determine those matters that were of most significance in the audit of the
Our objectives are to obtain reasonable assurance about whether the standalone standalone financial statements of the current year and are therefore, the key
financial statements as a whole are free from material misstatement, whether audit matters. We describe these matters in our auditor’s report unless law or

79 - 148 FINANCIAL STATEMENTS

due to fraud or error, and to issue an auditor’s report that includes our opinion. regulation precludes public disclosure about the matter or when, in extremely
Reasonable assurance is a high level of assurance, but is not a guarantee rare circumstances, we determine that a matter should not be communicated

STANDALONE
that an audit conducted in accordance with SAs will always detect a material in our report because the adverse consequences of doing so would reasonably
misstatement when it exists. Misstatements can arise from fraud or error be expected to outweigh the public interest benefits of such communication.
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on OTHER MATTER
the basis of these standalone financial statements. The actuarial valuation of liabilities for life policies in force and policies in respect
of which premium has been discontinued but liability exists as at 31 March
As part of an audit in accordance with SAs, we exercise professional judgment and 2022 is the responsibility of the Company’s Appointed Actuary (the "Appointed

149 - 521 FINANCIAL STATEMENTS

maintain professional skepticism throughout the audit. We also: Actuary"). The actuarial valuation of these liabilities for life policies in force and
• Identify and assess the risks of material misstatement of the standalone for policies in respect of which premium has been discontinued but liability exists
financial statements, whether due to fraud or error, design and perform as at 31 March 2022 has been duly certified by the Appointed Actuary and

CONSOLIDATED
audit procedures responsive to those risks, and obtain audit evidence that is in his opinion, the assumptions for such valuation are in accordance with the
sufficient and appropriate to provide a basis for our opinion. The risk of not guidelines and norms issued by the IRDAI and the Institute of Actuaries of India in
detecting a material misstatement resulting from fraud is higher than for concurrence with the Authority. Accordingly, we have relied upon the Appointed
one resulting from error, as fraud may involve collusion, forgery, intentional Actuary’s certificate in this regard for forming our opinion on the valuation of
omissions, misrepresentations, or the override of internal control. liabilities for life policies in force and for policies in respect of which premium has
been discontinued but liability exists in the standalone financial statements of the
• Obtain an understanding of internal control relevant to the audit in order to Company. Our opinion is not modified in this respect of this matter.

522 - 584 VALUE RESULTS

design audit procedures that are appropriate in the circumstances. Under
section 143(3)(i) of the Act, we are also responsible for expressing our
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
opinion on whether the Company has adequate internal financial controls

EMBEDDED
with reference to the financial statements in place and the operating 1. As required by IRDA Financial Statements Regulations, we have issued a
effectiveness of such controls. separate certificate dated 16 April 2022 certifying the matters specified
in paragraphs 3 and 4 of Schedule C to the IRDA Financial Statements
• Evaluate the appropriateness of accounting policies used and the Regulations.
reasonableness of accounting estimates and related disclosures in the
standalone financial statements made by the Management and Board of 2. As required by the IRDA Financial Statements Regulations read with
Directors. Section 143(3) of the Act, we report that:
585 - 591 INFORMATION

• Conclude on the appropriateness of the Management and Board of (i) We have sought and obtained all the information and explanations
Directors use of the going concern basis of accounting and, based on the which to the best of our knowledge and belief were necessary for
the purposes of our audit;
ADDITIONAL

audit evidence obtained, whether a material uncertainty exists related to

events or conditions that may cast significant doubt on the Company’s ability (ii) In our opinion, proper books of account as required by law have
to continue as a going concern. If we conclude that a material uncertainty been kept by the Company so far as it appears from our examination
exists, we are required to draw attention in our auditor’s report to the related of those books;
disclosures in the standalone financial statements or, if such disclosures are (iii) As the Company’s financial accounting system is centralized, no
inadequate, to modify our opinion. Our conclusions are based on the audit returns for the purpose of our audit are prepared at the branches
evidence obtained up to the date of our auditor’s report. However, future and other offices of the Company;
events or conditions may cause the Company to cease to continue as a
592 - 595

(iv) The standalone balance sheet, the standalone revenue account,

going concern. the standalone profit and loss account and the standalone receipts

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 159
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

and payment account dealt with by this Report are in agreement (c) There has been no delay in transferring amounts, required to
with the books of account; be transferred, to the Investor Education and Protection Fund
(v) The actuarial valuation of liabilities for life policies in force and for by the Company;
policies in respect of which premium has been discontinued but (d) (i) The management has represented that, to the best
liability exists as at 31 March 2022 has been duly certified by the of its knowledge and belief, no funds have been
Appointed Actuary. The Appointed Actuary has also certified that, advanced or loaned or invested (either from borrowed
in his opinion, the assumptions for such valuation are in accordance funds or share premium or any other sources or kind
with the guidelines and norms issued by IRDAI and the Institute of of funds) by the Company to or in any other persons or
Actuaries of India in concurrence with the Authority; entities, including foreign entities (“Intermediaries”),
(vi) In our opinion, the aforesaid standalone financial statements with the understanding, whether recorded in writing
comply with the Accounting Standards prescribed under Section or otherwise, that the Intermediary shall:
133 of the Act, to the extent not inconsistent with the accounting • directly or indirectly lend or invest in other
principles prescribed in the IRDA Financial Statements Regulations persons or entities identified in any manner
and orders/ directions/ circulars issued by IRDAI in this regard; whatsoever (“Ultimate Beneficiaries”) by or on
(vii) In our opinion and to the best of our information and according behalf of the Company; or
to the explanations given to us, investments have been valued
• provide any guarantee, security or the like to or
in accordance with the provisions of the Insurance Act, the IRDA
on behalf of the Ultimate Beneficiaries.
Financial Statements Regulations and orders/ directions/ circulars
issued by IRDAI in this regard; (ii) The management has represented, that, to the best
of its knowledge and belief, no funds have been
(viii) In our opinion, the accounting policies selected by the Company are
received by the Company from any persons or entities,
appropriate and are in compliance with the Accounting Standards
including foreign entities (“Funding Parties”), with
specified under Section 133 of the Act, to the extent they are not
the understanding, whether recorded in writing or
inconsistent with the accounting principles as prescribed in the
otherwise, that the Company shall:
IRDA Financial Statements Regulations and orders/directions/
circulars issued by the IRDAI in this regard; • directly or indirectly, lend or invest in other
(ix) On the basis of written representations received from the directors persons or entities identified in any manner
as on 31 March 2022 taken on record by the Board of Directors, whatsoever (“Ultimate Beneficiaries”) by or on
none of the directors is disqualified as on 31 March 2022 from behalf of the Funding Party; or
being appointed as a director in terms of Section 164(2) of the Act; • provide any guarantee, security or the like from
(x) With respect to the adequacy of the internal financial controls with or on behalf of the Ultimate Beneficiaries.
reference to financial statements of the Company and the operating (iii) Based on such audit procedures as considered
effectiveness of such controls, refer to our separate Report in reasonable and appropriate in the circumstances,
“Annexure A”; and nothing has come to the notice that has caused them
(xi) With respect to the other matters to be included in the Auditor’s to believe that the representations under sub-clause
Report in accordance with Rule 11 of the Companies (Audit (d) (i) and (ii) contain any material misstatement.
and Auditors) Rules, 2014, in our opinion and to the best of our (e) The dividend declared or paid during the year by the
information and according to the explanations given to us: Company is in compliance with section 123 of the Act.
(a) The Company has disclosed the impact of pending litigations
on its financial position in its standalone financial statements 3. With respect to the matter to be included in the Auditor’s Report under
– Refer Schedule 16 note 3.2 to the standalone financial section 197(16), in our opinion and according to the explanations given
statements; to us, the remuneration paid by the Company to its directors during the
(b) The Company has made provision, as required under year is in accordance with the provisions of Section 197 of the Act read
the applicable law or accounting standards, for material with Section 34A of the Insurance Act,1938. The remuneration paid to
foreseeable losses, if any, on long-term contracts including any director is not in excess of the limit laid down under Section 197 of
derivative contracts – Refer Schedule 16 note 3.47 to the the Act read with Section 34A of the Insurance Act,1938. The Ministry
standalone financial statements; of Corporate Affairs has not prescribed other details under Section
197(16) which are required to be commented upon by us.

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

Sagar Lakhani Khushroo B. Panthaky

Partner Partner
Membership No: 111855 Membership No: 042423
UDIN: 22111855AHEKOX6186 UDIN: 22042423AHEKNO7311

Place: Mumbai Place: Mumbai

Date: 16 April 2022 Date: 16 April 2022

160 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexure A

OVERVIEW
CORPORATE
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT ON THE STANDALONE FINANCIAL STATEMENTS OF ICICI
PRUDENTIAL LIFE INSURANCE COMPANY LIMITED FOR THE YEAR ENDED 31 MARCH 2022

REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH Our audit involves performing procedures to obtain audit evidence

01 - 78 REPORTS
REFERENCE TO THE AFORESAID STANDALONE FINANCIAL about the adequacy of the internal financial controls with reference to

STATUTORY
STATEMENTS UNDER CLAUSE (i) OF SUB-SECTION 3 OF standalone financial statements and their operating effectiveness. Our
SECTION 143 OF THE COMPANIES ACT, 2013 audit of internal financial controls with reference to standalone financial
(Referred to in paragraph 2(x) under “Report on Other Legal and Regulatory statements included obtaining an understanding of such internal financial
Requirements” section of our report of even date) controls, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control
In conjunction with our audit of the standalone financial statements of ICICI based on the assessed risk. The procedures selected depend on the
Prudential Life Insurance Company Limited (the “Company”) as of and for auditor’s judgement, including the assessment of the risks of material
the year ended 31 March 2022, we have audited the internal financial

79 - 148 FINANCIAL STATEMENTS

misstatement of the standalone financial statements, whether due to
controls with reference to the standalone financial statements of the fraud or error.

STANDALONE
Company as of that date.
We believe that the audit evidence we have obtained is sufficient and
MANAGEMENT'S AND BOARD OF DIRECTORS
appropriate to provide a basis for our audit opinion on the Company’s internal
RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
financial controls with reference to standalone financial statements.
The Company’s management and the Board of Directors are responsible for
establishing and maintaining internal financial controls based on the internal MEANING OF INTERNAL FINANCIAL CONTROLS WITH
financial controls with reference to standalone financial statements criteria REFERENCE TO STANDALONE FINANCIAL STATEMENTS

149 - 521 FINANCIAL STATEMENTS

established by the Company considering the essential components of internal A company's internal financial controls with reference to standalone
control stated in the Guidance Note on Audit of Internal Financial Controls Over financial statements is a process designed to provide reasonable assurance
Financial Reporting issued by the Institute of Chartered Accountants of India (the

CONSOLIDATED
regarding the reliability of financial reporting and the preparation of financial
“Guidance Note”). These responsibilities include the design, implementation statements for external purposes in accordance with generally accepted
and maintenance of adequate internal financial controls that were operating accounting principles.
effectively for ensuring the orderly and efficient conduct of its business,
including adherence to company’s policies, the safeguarding of its assets, the A company's internal financial controls with reference to standalone
prevention and detection of frauds and errors, the accuracy and completeness financial statements include those policies and procedures that (1)
of the accounting records, and the timely preparation of reliable financial pertain to the maintenance of records that, in reasonable detail,

522 - 584 VALUE RESULTS

information, as required under Insurance Act, 1938 (the “Insurance Act”), the accurately and fairly reflect the transactions and dispositions of
Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the assets of the company; (2) provide reasonable assurance that
the Insurance Regulatory and Development Authority (Preparation of Financial

EMBEDDED
transactions are recorded as necessary to permit preparation of financial
Statements and Auditors’ Report of Insurance Companies) Regulations, 2002 statements in accordance with generally accepted accounting principles,
(the “IRDA Financial Statements Regulations”), orders/ directions/circulars and that receipts and expenditures of the company are being made only
issued by the Insurance Regulatory and Development Authority of India (the in accordance with authorisations of management and directors of the
“IRDAI”) and the Companies Act, 2013 (the “Act”), to the extent applicable. company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition of the
AUDITOR’S RESPONSIBILITY company's assets that could have a material effect on the standalone
585 - 591 INFORMATION

Our responsibility is to express an opinion on the Company's internal financial financial statements.
controls with reference to standalone financial statements based on our
INHERENT LIMITATIONS OF INTERNAL FINANCIAL
ADDITIONAL

audit. We conducted our audit in accordance with the Guidance Note and
the Standards on Auditing, prescribed under section 143(10) of the Act, to CONTROLS WITH REFERENCE TO STANDALONE FINANCIAL
the extent applicable to an audit of internal financial controls with reference STATEMENTS
to standalone financial statements. Those Standards and the Guidance Note Because of the inherent limitations of internal financial controls with
require that we comply with ethical requirements and plan and perform reference to standalone financial statements, including the possibility
the audit to obtain reasonable assurance about whether adequate internal of collusion or improper management override of controls, material
financial controls with reference to standalone financial statements were misstatements due to error or fraud may occur and not be detected.
592 - 595

established and maintained and whether such controls operated effectively Also, projections of any evaluation of the internal financial controls
in all material respects. with reference to standalone financial statements to future periods are

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 161
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

subject to the risk that the internal financial controls with reference to OTHER MATTER
standalone financial statements may become inadequate because of The actuarial valuation of liabilities for life policies in force and policies in
changes in conditions, or that the degree of compliance with the policies respect of which premium has been discontinued but liability exists as at
or procedures may deteriorate. 31 March 2022 has been certified by the Appointed Actuary as per the
IRDA Financial Statements Regulations, and has been relied upon by us, as
OPINION
mentioned in paragraphs “Other Matter” of our audit report on the standalone
In our opinion, the Company has, in all material respects, an adequate financial statements for the year ended 31 March 2022. Accordingly, our
internal financial controls system with reference to the standalone financial opinion on the internal financial controls with reference to the standalone
statements and such internal financial controls were operating effectively as financial statements does not include reporting on the design and operating
at 31 March 2022, based on the internal controls with reference to standalone effectiveness of the management’s internal controls over the valuation and
financial statements criteria established by the Company considering the accuracy of the aforesaid actuarial valuation. Our opinion is not modified in
essential components of internal control stated in the Guidance Note. respect of this matter.

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

Sagar Lakhani Khushroo B. Panthaky

Partner Partner
Membership No: 111855 Membership No: 042423
UDIN: 22111855AHEKOX6186 UDIN: 22042423AHEKNO7311

Place: Mumbai Place: Mumbai

Date: 16 April 2022 Date: 16 April 2022

162 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Independent Auditor’s Certificate

OVERVIEW
CORPORATE
Independent Auditor’s Certificate referred to paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’
forming part of the Independent Auditor’s Report dated 16 April 2022
To, OPINION
The Members of, 7. In accordance with information and explanations given to us and to
ICICI Prudential Life Insurance Company Limited the best of our knowledge and belief and based on our joint audit and
1. This certificate is issued in accordance with the terms of our joint examination of the books of account and other records maintained by

01 - 78 REPORTS
engagement letter dated 20 July 2021 with ICICI Prudential Life the Company for the year ended 31 March 2022, we certify that:
Insurance Company Limited (the “Company”).

STATUTORY
a. We have reviewed the Management Report attached to the
2. This certificate is issued to comply with the provisions of paragraphs 3 standalone financial statements for year ended 31 March 2022,
and 4 of Schedule C read with regulation 3 of the Insurance Regulatory and on the basis of our review, there is no apparent mistake or
and Development Authority (Preparation of Financial Statements and material inconsistencies in the Management Report read with
Auditor’s Report of Insurance Companies) Regulations 2002, (the “IRDA the standalone financial statements;
Financial Statements Regulations”).
b. Based on management representations and compliance
MANAGEMENT’S RESPONSIBILITY certificates submitted to the Board of Directors by the officers
of the Company charged with compliance and the same being

79 - 148 FINANCIAL STATEMENTS

3. The Company’s Board of Directors is responsible for complying with
the provisions of The Insurance Act, 1938 (amended by the Insurance noted by the Board, nothing has come to our attention that
Laws (Amendment) Act 2015) (the “Insurance Act”), the Insurance causes us to believe that the Company has not complied with

STANDALONE
Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the terms and conditions of registration as stipulated by the
the IRDA Financial Statements Regulations, orders/directions/circulars IRDAI;
issued by the Insurance Regulatory and Development Authority of India
(the “IRDAI”) which includes the preparation and maintenance of books c. We have verified the cash balances as at 31 March 2022, to
of accounts and Management Report. This includes collecting, collating the extent considered necessary, with the books of accounts
and validating data and designing, implementing and monitoring of by actual inspection or management certificates received. For
internal controls suitable for ensuring the aforesaid and applying an securities relating to the Company’s loans and investments as
appropriate basis of preparation that are reasonable in the circumstances at 31 March 2022, we have verified the confirmations received

149 - 521 FINANCIAL STATEMENTS

and providing all relevant information to the IRDAI. from the Custodian/ Depository Participants appointed by the
Company or from counterparties, with the books of accounts,
as the case may be. As at 31 March 2022, the Company does

CONSOLIDATED
AUDITOR’S RESPONSIBILITY
not have reversions and life interests;
4. Pursuant to the requirements of the IRDA Financial Statements
Regulations, it is our responsibility to obtain reasonable assurance d. The Company is not the trustee of any trust; and
and form an opinion based on our audit and examination of books of
accounts and other records maintained by the Company as to whether e. No part of the assets of the Policyholders’ Funds has been
the Company has complied with the matters contained in paragraphs 3 directly or indirectly applied in contravention to the provisions of
and 4 of Schedule C read with Regulation 3 of IRDA Financial Statements the Insurance Act relating to the application and investments of
Regulations as of and for the year ended 31 March 2022. the Policyholders’ Funds.

522 - 584 VALUE RESULTS

5. We conducted our examination in accordance with the Guidance Note on
Reports or Certificates for Special Purposes (Revised 2016) (the “Guidance RESTRICTION ON USE

EMBEDDED
Note”) issued by the Institute of Chartered Accountants of India (‘ICAI’). 8. This certificate is issued at the request of the Company, solely for
The Guidance Note requires that we comply with the independence and inclusion in the annual accounts of the Company in order to comply with
other ethical requirements of the Code of Ethics issued by the ICAI.
the provisions of paragraphs 3 and 4 of Schedule C read with regulation
6. We have complied with the relevant applicable requirements of the 3 of the IRDA Financial Statements Regulations and is not intended to be
Standard on Quality Control (“SQC”) 1, Quality Control for Firms that and should not be used for any other purpose without our prior consent.
Perform Audits and Reviews of Historical Financial Information, and Accordingly, we do not accept or assume any liability or any duty of care
Other Assurance and Related Services Engagements. for any other purpose.
585 - 591 INFORMATION

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

Chartered Accountants Chartered Accountants
ADDITIONAL

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

Sagar Lakhani Khushroo B. Panthaky

Partner Partner
Membership No: 111855 Membership No: 042423
UDIN: 22111855AHEKOX6186 UDIN: 22042423AHEKNO7311
592 - 595

Place: Mumbai Place: Mumbai

Date: 16 April 2022 Date: 16 April 2022

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 163
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Independent Auditor’s Certificate

Independent Auditor’s Certificate in accordance with Schedule I(B)(11)(d) of the Insurance Regulatory and Development
Authority of India (Investment) Regulations, 2016 dated 1 August 2016.

To 6. We have jointly audited the standalone financial statements of the

The Board of Directors Company as of and for the year ended 31 March 2022 on which
ICICI Prudential Life Insurance Company Limited we issued an unmodified audit opinion vide our report dated 16
ICICI Prulife Towers 1089, Appasaheb Marathe Marg April 2022. Our audit of the standalone financial statements was
Prabhadevi conducted in accordance with the Standards on Auditing specified
Mumbai 400 025
under Section 143(10) of the Companies Act, 2013 and other
applicable authoritative pronouncements issued by the Institute of
1. This certificate is issued in accordance with terms of our
Chartered Accountants of India (the “ICAI”). Those standards require
engagement letter dated 20 July 2021 with ICICI Prudential Life
that we plan and perform the audit to obtain reasonable assurance
Insurance Company Limited (the “Company”).
about whether the standalone financial statements are free of
2. As per the requirements of the Schedule I(B)(11)(d) to the Insurance material misstatement. Our audit was not planned and performed in
Regulatory and Development Authority of India (Investment) connection with any transactions to identify matters that may be of
Regulations, 2016 dated 1 August 2016 (the “Regulations”), potential interest to third parties.
we are required to issue a certificate regarding the application
7. In this connection, we have performed the following procedures:
of the Net Asset Value (“NAV”) for applications received as at
31 March 2022.
a) Obtained the list of applications for New business, Renewal
MANAGEMENT’S RESPONSIBILITY premium, Top up, Surrender, Freelook cancellation, Fund
switches, Withdrawal and Partial withdrawal received in
3. The Management of the Company is responsible for compliance
respect of Unit linked products on 31 March 2022 (together
with the Regulations for application of NAV as at 31 March 2022
referred to as “Application Forms”) from the Company;
which includes preparation and maintenance of all accounting and
other relevant supporting records and documents. This responsibility
b) Selected samples of Application Forms from listing
includes the design, implementation and maintenance of internal
mentioned in paragraph 7(a) above and verified whether:
controls relevant to the application of NAV for applications received
as at 31 March 2022. i) The applications received on 31 March 2022 upto
3.00 p.m. have been appropriately stamped and
4. The Management of the Company is responsible for complying with processed with NAV of 31 March 2022;
conditions stated in the Regulations.
ii) The applications received on 31 March 2022 after
AUDITOR’S RESPONSIBILITY 3.00 p.m. have been appropriately stamped and
processed with NAV of 1 April 2022; and
5. Pursuant to the requirements of this certificate, our responsibility is
to provide reasonable assurance as to whether: iii) The NAV applied for applications received on 31
March 2022 is traced to the respective NAV declared
(a) The applications received on 31 March 2022 upto 3.00
by the Company.
p.m. have been stamped and processed with NAV of 31
March 2022; c) We have read the certificate dated 16 April 2022 of the
Concurrent auditor of the Company, M/s. Chokshi & Chokshi
(b) The applications received on 31 March 2022 after
LLP, Chartered Accountants which has been furnished to us
3.00 p.m. have been stamped and processed with NAV of
certifying compliance with Regulation 5 of Schedule I(B); and
1 April 2022; and

(c) The Company has declared NAV for 31 March 2022 which d) Obtained representation from the Management that the
is a business day, on a basis consistent with its accounting Company has declared 31 March 2022 as a business day for
policy as disclosed in its audited standalone financial accepting Application Forms and that it has declared NAV for
statements for the year ended 31 March 2022. 31 March 2022.

164 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

OVERVIEW
CORPORATE
8. We conducted our examination in accordance with the Guidance (a) The applications received on 31 March 2022 upto 3.00 p.m. have
Note on Reports or Certificates for Special Purposes (Revised 2016) been stamped and processed with NAV of 31 March 2022;
(the “Guidance Note”) issued by the ICAI. The Guidance Note
(b) The applications received on 31 March 2022 after 3.00 p.m. have
requires that we comply with the independence and other ethical been stamped and processed with NAV of 1 April 2022; and

01 - 78 REPORTS
requirements of the Code of Ethics issued by the ICAI.
(c) The Company has declared NAV for 31 March 2022 which is a

STATUTORY
9. We have complied with the relevant applicable requirements of the business day, on a basis consistent with its accounting policy as
Standard on Quality Control (SQC) 1, Quality Control for Firms that disclosed in its audited standalone financial statements of the
Perform Audits and Reviews of Historical Financial Information, and Company for the year ended 31 March 2022.
Other Assurance and Related Services Engagements. RESTRICTION ON USE
11. This certificate is addressed to and provided to Board of Directors
OPINION of the Company, solely for inclusion in the annual accounts of the
10. Based on the procedures performed by us, as mentioned in Company as per Schedule I(B)(11)(d) of the Regulations and is not

79 - 148 FINANCIAL STATEMENTS

paragraph 7 above, according to the information and explanations intended to be and should not be used for any other purpose without
provided to us and representations by the Company’s management,

STANDALONE
our prior consent. Accordingly, we do not accept or assume any
we report that: liability or any duty of care for any other purpose.

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

149 - 521 FINANCIAL STATEMENTS

Sagar Lakhani Khushroo B. Panthaky
Partner Partner

CONSOLIDATED
Membership No: 111855 Membership No: 042423
UDIN: 22111855AHEKOX6186 UDIN: 22042423AHEKNO7311

Place: Mumbai Place: Mumbai

Date: 16 April 2022 Date: 16 April 2022

522 - 584 VALUE RESULTS

EMBEDDED
585 - 591 INFORMATION
ADDITIONAL
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 165
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Revenue Account
for year ended March 31, 2022

FORM A-RA
ICICI Prudential Life Insurance Company Limited
Regn.No. 105 dated 24.11.2000

POLICYHOLDERS’ ACCOUNT (TECHNICAL ACCOUNT)

(` ‘000)
Non Par Linked
Par Non Par Non Par Non Par Annuity Linked Linked Linked
Particulars Schedule Par Life Variable Health Linked Life Group Total
Pension Life Pension Variable Non Par Pension Health Group Life
Pension Pension
Premiums earned (Net of Goods & Service tax)
(a) Premium 1 43,800,467 3,744,667 90,917,389 2,644,055 170,276 1,022,097 29,559,730 403,122 183,283,221 1,985,236 681,120 11,162,411 5,206,144 374,579,935
(b) Reinsurance ceded (Refer note 2.3.2 of schedule 16) (52,339) (33) (10,404,768) - (1) - (244) (92,928) (316,448) (56) (501,097) (1) - (11,367,915)
(c) Reinsurance accepted (Refer note 2.3.3 of schedule 16) - - 634 - - - - - - - - - - 634
Sub-total 43,748,128 3,744,634 80,513,255 2,644,055 170,275 1,022,097 29,559,486 310,194 182,966,773 1,985,180 180,023 11,162,410 5,206,144 363,212,654
Income from Investments
(Refer note 2.3.4 & 3.24 of schedule 16)
(a) Interest, dividend & rent - Gross 14,417,999 1,051,174 19,887,306 89,665 125,645 148,849 5,518,666 47,643 30,676,707 1,976,802 284,429 2,895,647 1,715,689 78,836,221
(b) Profit on sale/redemption of investments 5,787,149 246,729 4,817,462 6,621 84,066 17,263 20,879 - 129,299,404 10,225,380 1,381,168 1,352,127 1,256,922 154,495,170
(c) (Loss) on sale/redemption of investments (298,293) (14,839) (636,207) - (1,132) (436) (53,266) (26) (6,941,280) (623,447) (61,194) (451,664) (340,855) (9,422,639)
(d) Transfer/gain on revaluation/change in fair value* - - (924,906) - - - - - 24,688,617 (865,250) (229,093) (334,289) (366,971) 21,968,108
(e) Accretion of discount/(amortisation of premium) (Net) (246,901) (17,738) 725,564 (4,622) (4,347) (3,579) 223,129 (297) 2,744,649 97,740 20,674 84,349 199,966 3,818,587
Sub-total 19,659,954 1,265,326 23,869,219 91,664 204,232 162,097 5,709,408 47,320 180,468,097 10,811,225 1,395,984 3,546,170 2,464,751 249,695,447
Other income
Contribution from the Shareholders' account
(Refer note 3.50 of schedule 16)
- towards excess of Expense of Management - - 2,133,713 - - - - 11,321 - - - - - 2,145,034
- towards deficit funding and others - - 18,940,303 16,289 - - - 509,476 - - 19,466,068
Income on unclaimed amount of policyholders
(Refer note 2.22 & 3.6 of schedule 16) - - - - - - - - 410,851 - - - - 410,851
Fees and charges (Refer note 2.3.6 of schedule 16) 353,530 191 316,657 - - - 52 149 248 - - - - 670,827
Miscellaneous income 4,881 103 12,044 673 1 78 3,137 42 20,078 231 89 2,511 281 44,149
Sub-total 358,411 294 21,402,717 16,962 1 78 3,189 11,512 431,177 231 509,565 2,511 281 22,736,929
Total (A) 63,766,493 5,010,254 125,785,191 2,752,681 374,508 1,184,272 35,272,083 369,026 363,866,047 12,796,636 2,085,572 14,711,091 7,671,176 635,645,030
Commission 2 3,033,961 1,352 6,545,242 1,000 - - 498,579 22,859 6,612,767 8,580 1,696 2,694 320 16,729,050
Operating expenses related to Insurance business 3 3,661,095 24,924 22,349,787 9,289 1,240 5,405 747,116 143,493 9,516,878 137,035 43,407 61,161 28,745 36,729,575
Provision for doubtful debts (Refer note 2.8 of schedule 16) 3,664 29 6,152 - - - 555 501 2,757 246 144 - - 14,048
Bad debts written off 4,469 4 9,988 - - - 905 72 18,206 80 11 (1) - 33,734
Provisions (other than taxation)
(a) For diminution in the value of investments (Net)
(Refer 3.28 of schedule 16) 137,901 - 95,318 - - - - - - - - - - 233,219
(b) Others - - - - - - - - - - - - - -
Goods & Service Tax charge on linked charges
(Refer note 2.16.2 of Schedule 16) - - - - - - - - 6,267,603 244,782 185,193 124,537 92,204 6,914,319
Total (B) 6,841,090 26,309 29,006,487 10,289 1,240 5,405 1,247,155 166,925 22,418,211 390,723 230,451 188,391 121,269 60,653,945
Benefits paid (Net) 4 17,391,168 1,459,035 25,891,076 61,517 1,359,267 666,277 4,847,741 32,656 207,458,830 13,519,185 625,995 10,188,113 7,952,236 291,453,096
Interim bonus paid 2,127,319 8,021 - - - - - - - - - - - 2,135,340
Change in valuation of policy liabilities
(Refer note 2.10 & 3.3 of schedule 16)
(a) Gross** 34,444,919 3,519,278 31,089,711 2,680,875 (1,097,003) 477,991 27,023,478 149,730 (1,899,550) 19,120 651,902 (22,185) (974) 97,037,292
(b) Amount ceded in reinsurance - - 37,664,161 - - - - (35,594) - - - - - 37,628,567
(c) Amount accepted in reinsurance - - 43 - - - - - - - - - - 43
(d) Fund reserve - - - - - - - - 125,533,048 (2,096,072) 577,224 4,237,064 (541,139) 127,710,125
(e) Funds for discontinued policies - - - - - - - - (4,299,788) (238,747) - - - (4,538,535)
Total (C) 53,963,406 4,986,334 94,644,991 2,742,392 262,264 1,144,268 31,871,219 146,792 326,792,540 11,203,486 1,855,121 14,402,992 7,410,123 551,425,928
Surplus/(deficit) (D) =(A)-(B)-(C) 2,961,997 (2,389) 2,133,713 - 111,004 34,599 2,153,709 55,309 14,655,296 1,202,427 - 119,708 139,784 23,565,157
Provision for taxation (Refer note 2.16.1 & 3.8 of
schedule 16)
(a) Current tax credit/(charge) (1,661,477) - - - - - - - - - - - - (1,661,477)
(b) Deferred tax credit/(charge) - - - - - - - - - - - - - -
Surplus/(deficit) after tax 1,300,520 (2,389) 2,133,713 - 111,004 34,599 2,153,709 55,309 14,655,296 1,202,427 - 119,708 139,784 21,903,680
Appropriations
Transfer to Shareholders' account 938,805 57,891 2,133,713 - 111,004 34,599 2,153,709 55,309 14,655,296 1,202,427 - 119,708 139,784 21,602,245
Transfer to other Reserves - - - - - - - - - - - - - -
Balance being funds for future appropriation 361,715 (60,280) - - - - - - - - - - - 301,435
Total 1,300,520 (2,389) 2,133,713 - 111,004 34,599 2,153,709 55,309 14,655,296 1,202,427 - 119,708 139,784 21,903,680
Details of Surplus after tax
(a) Interim bonuses paid 2,127,319 8,021 - - - - - - - - - - - 2,135,340
(b) Allocation of bonus to policyholders' 6,321,930 513,004 - - - - - - - - - - - 6,834,934
(c) Surplus shown in the Revenue Account 1,300,520 (2,389) 2,133,713 - 111,004 34,599 2,153,709 55,309 14,655,296 1,202,427 - 119,708 139,784 21,903,680
Total Surplus 9,749,769 518,636 2,133,713 - 111,004 34,599 2,153,709 55,309 14,655,296 1,202,427 - 119,708 139,784 30,873,954
Funds for future appropriation
(Refer note 2.11 & 3.4 of schedule 16)
Opening balance as at April 1, 2021 10,346,881 3,184,918 - - - - - - - - - - - 13,531,799
Add: Current period appropriation 361,715 (60,280) - - - - - - - - - - - 301,435
Balance carried forward to Balance Sheet 10,708,596 3,124,638 - - - - - - - - - - - 13,833,234
Significant accounting policies & notes 16
* Represents the deemed realised gain as per norms specified by the Authority
** Represents Mathematical Reserves after allocation of bonus
The schedules and accompanying notes referred to herein form an integral part of the Revenue Account.
As required by erstwhile Section 40-B(4) of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 read with Expense of Management of Insurers transacting life insurance business
Regulations 2016, we certify that all allowable Expenses of Management in respect of life insurance business in India incurred by the Company have been debited to the Policyholders' Revenue Account as expenses.
As per our report of even date attached. For and on behalf of the Board of Directors
For B S R & Co. LLP For Walker Chandiok & Co LLP M. S. Ramachandran R. K. Nair Sandeep Batra N. S. Kannan
Chartered Accountants Chartered Accountants Chairman Director Director Managing Director & CEO
ICAI Firm Reg. No. 101248W/W-100022 ICAI Firm Reg. No. 001076N / N500013 DIN: 00943629 DIN: 07225354 DIN: 03620913 DIN: 00066009
Sagar Lakhani Khushroo B. Panthaky Satyan Jambunathan Souvik Jash Sonali Chandak
Partner Partner Chief Financial Officer Appointed Actuary Company Secretary
Membership No. 111855 Membership No. 042423
Place : Mumbai
Date : April 16, 2022

166 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Revenue Account

OVERVIEW
CORPORATE
for year ended March 31, 2021

FORM A-RA
ICICI Prudential Life Insurance Company Limited
Regn.No. 105 dated 24.11.2000

POLICYHOLDERS’ ACCOUNT (TECHNICAL ACCOUNT)

(` ‘000)

01 - 78 REPORTS
Non Par Linked Linked
Par Non Par Non Par Non Par Annuity Linked Linked Linked
Particulars Schedule Par Life Variable Health Group Group Total
Pension Life Pension Variable Non Par Life Pension Health
Pension Life Pension

STATUTORY
Premiums earned (Net of Goods & Service tax)
(a) Premium 1 43,270,436 2,698,001 60,443,964 279,750 476,974 162,324 22,924,739 416,074 195,915,750 2,255,227 745,622 21,834,340 5,905,044 357,328,245
(b) Reinsurance ceded (Refer note 2.3.2 of schedule 16) (45,737) (38) (6,709,698) - (1) - (209) (85,908) (412,543) (79) (340,886) (9) - (7,595,108)
(c) Reinsurance accepted (Refer note 2.3.3 of schedule 16) - - 584 - - - - - - - - - - 584
Sub-total 43,224,699 2,697,963 53,734,850 279,750 476,973 162,324 22,924,530 330,166 195,503,207 2,255,148 404,736 21,834,331 5,905,044 349,733,721
Income from Investments
Refer note 2.3.4 & 3.24 of schedule 16)
(a) Interest, dividend & rent - Gross 12,392,169 891,205 16,012,491 35,393 166,659 119,971 3,758,962 37,244 26,890,340 2,143,223 284,166 2,697,235 1,801,015 67,230,073
(b) Profit on sale/redemption of investments 11,328,451 671,478 10,671,879 - 9,793 - 1,027,509 7,260 89,915,956 10,061,653 807,614 2,192,332 1,618,264 128,312,189
(c) (Loss) on sale/redemption of investments (2,387,266) (46,373) (2,596,310) - - - (153) - (42,708,336) (3,754,428) (534,376) (596,588) (497,367) (53,121,197)
(d) Transfer/gain on revaluation/change in fair value* - - (76,781) - - - - - 300,937,447 19,615,556 2,636,134 1,902,457 1,949,860 326,964,673
(e) Accretion of discount/(amortisation of premium) (Net) (124,322) (31,455) 198,210 (1,481) (3,746) (1,270) (4,212) (166) 4,469,913 136,187 7,021 72,945 272,395 4,990,019
Sub-total 21,209,032 1,484,855 24,209,489 33,912 172,706 118,701 4,782,106 44,338 379,505,320 28,202,191 3,200,559 6,268,381 5,144,167 474,375,757

79 - 148 FINANCIAL STATEMENTS

Other income
Contribution from the Shareholders' account
(Refer note 3.50 of schedule 16)

STANDALONE
- towards excess of Expense of Management - - 979,474 - - - - - - - - - - 979,474
- towards deficit funding and others 490,087 - 12,748,635 4,872 - 1,524,727 - - - - - 14,768,321
Income on unclaimed amount of policyholders
(Refer note 2.22 & 3.6 of schedule 16) - - - - - - - - 435,391 - - - - 435,391
Fees and charges (Refer note 2.3.6 of schedule 16) 244,688 400 243,357 - - - - 152 310 - - - - 488,907
Miscellaneous income 1,116 15 1,551 36 27 1 581 10 5,554 66 19 663 58 9,697
Sub-total 735,891 415 13,973,017 4,908 27 1 1,525,308 162 441,255 66 19 663 58 16,681,790
Total (A) 65,169,622 4,183,233 91,917,356 318,570 649,706 281,026 29,231,944 374,666 575,449,782 30,457,405 3,605,314 28,103,375 11,049,269 840,791,268
Commission 2 3,277,779 1,653 4,991,920 - - - 349,669 34,391 6,333,540 10,101 2,759 367 - 15,002,179
Operating expenses related to Insurance business 3 3,482,737 22,156 15,768,581 3,925 3,459 3,155 396,746 155,301 6,728,566 133,363 39,882 112,458 32,307 26,882,636
Provision for doubtful debts (Refer note 2.8 of schedule 16) 3,116 42 5,493 - - - 394 497 8,470 338 183 - (62) 18,471
Bad debts written off 4,355 3 3,520 3 - - 301 33 9,852 32 4 9 64 18,176
Provisions (other than taxation)

149 - 521 FINANCIAL STATEMENTS

(a) For diminution in the value of investments (Net)
(Refer 3.28 of schedule 16) 201,234 - - - - - - - - - - - - 201,234
(b) Others - - - - - - - - - - - - - -
Goods & Service Tax charge on linked charges

CONSOLIDATED
(Refer note 2.16.2 of Schedule 16) - - - - - - - - 5,934,060 230,692 183,406 107,923 90,296 6,546,377
Total (B) 6,969,221 23,854 20,769,514 3,928 3,459 3,155 747,110 190,222 19,014,488 374,526 226,234 220,757 122,605 48,669,073
Benefits paid (Net) 4 12,155,683 659,916 11,572,911 2,490 322,703 89,969 3,408,254 26,462 151,692,657 19,903,497 484,074 18,483,675 6,444,332 225,246,623
Interim bonus paid 1,159,281 3,030 - - - - - - - - - - - 1,162,311
Change in valuation of policy liabilities
(Refer note 2.10 & 3.3 of schedule 16)
(a) Gross** 42,039,215 2,914,043 78,571,086 312,152 280,337 158,523 25,076,580 (1,100,862) (358,150) (218,899) (47,135) 5,799 8,648 147,641,337
(b) Amount ceded in reinsurance - - (19,975,629) - - - - 933,644 - - - - - (19,041,985)
(c) Amount accepted in reinsurance - - - - - - - - - - - - - -
(d) Fund reserve - - - - - - - - 371,468,546 9,603,500 2,551,137 9,362,205 4,351,052 397,336,440
(e) Funds for discontinued policies - - - - - - - - 17,871,201 (565,977) - - - 17,305,224
Total (C) 55,354,179 3,576,989 70,168,368 314,642 603,040 248,492 28,484,834 (140,756) 540,674,254 28,722,121 2,988,076 27,851,679 10,804,032 769,649,950
Surplus/(deficit) (D) =(A)-(B)-(C) 2,846,222 582,390 979,474 - 43,207 29,379 - 325,200 15,761,040 1,360,758 391,004 30,939 122,632 22,472,245
Provision for taxation (Refer note 2.16.1 & 3.8 of schedule 16)

522 - 584 VALUE RESULTS

(a) Current tax credit/(charge) (1,418,455) - - - - - - - - - - - - (1,418,455)
(b) Deferred tax credit/(charge) - - - - - - - - - - - - - -
Surplus/(deficit) after tax 1,427,767 582,390 979,474 - 43,207 29,379 - 325,200 15,761,040 1,360,758 391,004 30,939 122,632 21,053,790
Appropriations

EMBEDDED
Transfer to Shareholders' account 766,213 38,750 979,474 - 43,207 29,379 - 325,200 15,761,040 1,360,758 391,004 30,939 122,632 19,848,596
Transfer to other Reserves - - - - - - - - - - - - - -
Balance being funds for future appropriation 661,554 543,640 - - - - - - - - - - - 1,205,194
Total 1,427,767 582,390 979,474 - 43,207 29,379 - 325,200 15,761,040 1,360,758 391,004 30,939 122,632 21,053,790
Details of Surplus after tax
(a) Interim bonuses paid 1,159,281 3,030 - - - - - - - - - - - 1,162,311
(b) Allocation of bonus to policyholders' 5,736,632 345,727 - - - - - - - - - - - 6,082,359
(c) Surplus shown in the Revenue Account 1,427,767 582,390 979,474 - 43,207 29,379 - 325,200 15,761,040 1,360,758 391,004 30,939 122,632 21,053,790
Total Surplus 8,323,680 931,147 979,474 - 43,207 29,379 - 325,200 15,761,040 1,360,758 391,004 30,939 122,632 28,298,460
Funds for future appropriation
(Refer note 2.11 & 3.4 of schedule 16)
Opening balance as at April 1, 2020 9,685,327 2,641,278 - - - - - - - - - - - 12,326,605
Add: Current period appropriation 661,554 543,640 - - - - - - - - - - - 1,205,194
585 - 591 INFORMATION

Balance carried forward to Balance Sheet 10,346,881 3,184,918 - - - - - - - - - - - 13,531,799

Significant accounting policies & notes 16
* Represents the deemed realised gain as per norms specified by the Authority
** Represents Mathematical Reserves after allocation of bonus
ADDITIONAL

The schedules and accompanying notes referred to herein form an integral part of the Revenue Account.
As required by erstwhile Section 40-B(4) of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 read with Expense of Management of Insurers transacting life insurance business
Regulations 2016, we certify that all allowable Expenses of Management in respect of life insurance business in India incurred by the Company have been debited to the Policyholders' Revenue Account as expenses.
As per our report of even date attached. For and on behalf of the Board of Directors
For B S R & Co. LLP For Walker Chandiok & Co LLP M. S. Ramachandran R. K. Nair Sandeep Batra N. S. Kannan
Chartered Accountants Chartered Accountants Chairman Director Director Managing Director & CEO
ICAI Firm Reg. No. 101248W/W-100022 ICAI Firm Reg. No. 001076N / N500013 DIN: 00943629 DIN: 07225354 DIN: 03620913 DIN: 00066009
Sagar Lakhani Khushroo B. Panthaky Satyan Jambunathan Souvik Jash Sonali Chandak
592 - 595

Partner Partner Chief Financial Officer Appointed Actuary Company Secretary

Membership No. 111855 Membership No. 042423
Place : Mumbai
Date : April 16, 2022

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 167
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Profit and Loss Account

for the year ended March 31, 2022

FORM A-PL
ICICI Prudential Life Insurance Company Limited
Regn.No. 105 dated 24.11.2000

SHAREHOLDERS’ ACCOUNT (NON-TECHNICAL ACCOUNT)

(` ‘000)
Particulars Schedule March 31, 2022 March 31, 2021

Amounts transferred from Policyholders' account (Technical account) 21,602,245 19,848,596

Income from investments (Refer note 2.3.4 & 3.24 of schedule 16)
(a) Interest, dividend & rent - Gross 5,038,466 4,815,369
(b) Profit on sale/redemption of investments 5,261,031 4,135,427
(c) (Loss) on sale/redemption of investments (49,619) (1,218,621)
(d) Accretion of discount/(amortisation of premium) (Net) (136,115) (45,379)
Other income 22,458 2,857
Total (A) 31,738,466 27,538,249
Expenses other than those directly related to the insurance business 3A 143,380 177,138
Managerial Remuneration* 58,930 105,611
Interest on Non-convertible Debentures (Refer note 2.7 of schedule 16) 822,000 328,800
Bad debts written-off - -
Provisions (other than taxation)
(a) For diminution in value of investments (Net) (Refer note 3.28 of schedule 16) 1,276,577 285,843
(b) Provision for doubtful debts (Refer note 2.8 of schedule 16) (79,079) 79,079
Contribution to Policyholders' account (Refer note 3.50 of schedule 16)
- towards excess of expense of management 2,145,034 979,474
- towards deficit funding and others 19,466,068 14,768,321
Total (B) 23,832,910 16,724,266
Profit/(loss) before tax 7,905,556 10,813,983
Provision for taxation (Refer note 2.16.1 & 3.8 of schedule 16)
(a) Current tax credit/(charge) (364,246) (1,212,517)
(b) Deferred tax credit/(charge) - -
Profit/(loss) after tax 7,541,310 9,601,466
Appropriations
(a) Balance at the beginning of the period 36,107,776 26,506,310
(b) Interim dividends paid during the period ended (Refer note 3.43 of Schedule 16) - -
(c) Final dividend (Refer note 3.43 of Schedule 16) 2,873,074 -
(d) Dividend distribution tax (Refer note 3.43 of Schedule 16) - -
(e) Transfer to reserve/other accounts - -
Profit carried to Balance Sheet 40,776,012 36,107,776
Earnings per equity share (Refer note 2.20 & 3.20 of schedule 16)
Basic earnings per equity share ` 5.25 6.69
Diluted earnings per equity share ` 5.23 6.67
Nominal value per equity share ` 10.00 10.00
Significant accounting policies & notes 16
*in excess of the allowable limits as prescribed by IRDAI (Refer note 3.21 of schedule 16)

The Schedules and accompanying notes referred to herein form an integral part of the Profit and Loss Account.

As per our report of even date attached. For and on behalf of the Board of Directors
For B S R & Co. LLP For Walker Chandiok & Co LLP M. S. Ramachandran R. K. Nair Sandeep Batra N. S. Kannan
Chartered Accountants Chartered Accountants Chairman Director Director Managing Director & CEO
ICAI Firm Reg. No. 101248W/W-100022 ICAI Firm Reg. No. 001076N / N500013 DIN: 00943629 DIN: 07225354 DIN: 03620913 DIN: 00066009
Sagar Lakhani Khushroo B. Panthaky Satyan Jambunathan Souvik Jash Sonali Chandak
Partner Partner Chief Financial Officer Appointed Actuary Company Secretary
Membership No. 111855 Membership No. 042423
Place : Mumbai
Date : April 16, 2022

168 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Balance Sheet

OVERVIEW
CORPORATE
as at March 31, 2022

FORM A-BS
ICICI Prudential Life Insurance Company Limited
Regn.No. 105 dated 24.11.2000

(` ‘000)

01 - 78 REPORTS
Particulars Schedule March 31, 2022 March 31, 2021
Sources of funds

STATUTORY
Shareholders' funds :
Share capital 5 & 5A 14,373,061 14,359,742
Share application money - 5,543
Reserve and surplus 6 75,915,442 70,671,180
Credit/[debit] fair value change account 1,342,088 6,157,692
Sub - total 91,630,591 91,194,157
Borrowings 7 12,000,000 12,000,000
Policyholders' funds :
Credit/[debit] fair value change account 28,274,659 29,934,913

79 - 148 FINANCIAL STATEMENTS

Revaluation reserve - Investment property 679,559 686,679
Policy liabilities (A)+(B)+(C) (Refer note 2.10 & 3.3 of schedule 16) 2,245,484,517 1,987,647,025
Non unit liabilities (mathematical reserves) (A) 736,821,496 602,155,594

STANDALONE
Insurance Reserve - -
Provision for linked liabilities (fund reserves) (B) 1,405,414,085 1,277,703,960
(a) Provision for linked liabilities 1,161,142,704 1,058,550,889
(b) Credit/[debit] fair value change account (Linked) 244,271,381 219,153,071
Funds for discontinued policies (C) (Refer note 3.40 of schedule 16) 103,248,936 107,787,471
(a) Discontinued on account of non-payment of premium 106,480,259 108,680,671
(b) Other discontinuance 505,132 617,958
(c) Credit/[debit] fair value change account (3,736,455) (1,511,158)
Total linked liabilities (B)+(C) 1,508,663,021 1,385,491,431

149 - 521 FINANCIAL STATEMENTS

Sub - total 2,286,438,735 2,030,268,617
Funds for Future Appropriations (Refer note 2.11 & 3.4 of schedule 16)
Non linked 13,833,234 13,531,799

CONSOLIDATED
Sub - total 13,833,234 13,531,799
Total 2,391,902,560 2,134,994,573
Application of funds
Investments -
Shareholders’ 8 98,534,727 100,901,552
Policyholders’ 8A 773,880,038 635,725,601
Asset held to cover linked liabilities 8B 1,508,663,021 1,385,491,431
Loans (Refer note 2.14 of schedule 16) 9 9,401,234 6,628,206
Fixed assets - net block (Refer note 2.15 of schedule 16) 10 4,872,209 4,571,915
Current assets

522 - 584 VALUE RESULTS

Cash and Bank balances 11 6,699,470 5,574,041
Advances and Other assets 12 42,351,269 33,388,236
Sub-Total (A) 49,050,739 38,962,277

EMBEDDED
Current liabilities 13 52,239,452 37,054,126
Provisions 14 259,956 232,283
Sub-Total (B) 52,499,408 37,286,409
Net Current Assets (C) = (A-B) (3,448,669) 1,675,868
Miscellaneous expenditure (to the extent not written-off or adjusted) 15 - -
Debit Balance in Profit & Loss Account (Shareholders' account) - -
Total 2,391,902,560 2,134,994,573
Contingent liabilities (Refer note 2.17 & 3.1 of schedule 16) 9,833,724 13,116,358
Significant accounting policies & notes 16
585 - 591 INFORMATION

The Schedules and accompanying notes referred to herein form an integral part of the Balance sheet .
ADDITIONAL

As per our report of even date attached. For and on behalf of the Board of Directors
For B S R & Co. LLP For Walker Chandiok & Co LLP M. S. Ramachandran R. K. Nair Sandeep Batra N. S. Kannan
Chartered Accountants Chartered Accountants Chairman Director Director Managing Director & CEO
ICAI Firm Reg. No. 101248W/W-100022 ICAI Firm Reg. No. 001076N / N500013 DIN: 00943629 DIN: 07225354 DIN: 03620913 DIN: 00066009
Sagar Lakhani Khushroo B. Panthaky Satyan Jambunathan Souvik Jash Sonali Chandak
Partner Partner Chief Financial Officer Appointed Actuary Company Secretary
Membership No. 111855 Membership No. 042423
Place : Mumbai
592 - 595

Date : April 16, 2022

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 169
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Receipts & Payments Account

for the year ended March 31, 2022

ICICI Prudential Life Insurance Company Limited

Regn.No. 105 dated 24.11.2000
(` ‘000)
Particulars April 1, 2021 to March 31, 2022 April 1, 2020 to March 31, 2021

CASH FLOWS FROM OPERATING ACTIVITIES

Premium and other receipts (net of Goods and Service tax) 417,009,779 394,917,089
Interest received on tax refund - -
Payments to the re-insurers, net of commissions and claims/ Benefits 7,342,498 (521,907)
Payments to co-insurers, net of claims / benefit recovery - -
Payments of claims/benefits (306,731,634) (235,571,294)
Payments of commission and brokerage1 (16,505,545) (13,756,100)
Payments of other operating expenses2 (67,825,474) (59,440,016)
Preliminary and pre-operative expenses - -
Deposits and advances (18,087) (52,930)
Income taxes paid (Net) (2,296,787) (2,174,482)
Goods and Service tax paid (Net) (12,667,629) (10,202,923)
Other payments - (398,702,658) - (321,719,652)
Cash flows before extraordinary items 18,307,121 73,197,437
Cash flow from extraordinary operations - -
Net cash flow from / (for) operating activities (A) 18,307,121 73,197,437
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets (1,887,044) (405,694)
Sale of fixed assets 936,447 (950,597) 16,466 (389,228)
Purchase of investments (1,114,905,107) (1,381,847,875)
Investment in Subsidiary (210,000) -
Loans disbursed - -
Loans against policies (2,773,028) (1,997,331)
Sale of investments 1,030,240,501 1,224,816,697
Repayments received - -
Advance/deposit for investment property - -
Interest & rent received (net of tax deducted at source) 72,166,845 64,304,361
Dividend received 9,746,740 8,248,362
Investments in money market instruments and in liquid mutual funds (Net) (1,179,073) 36,197,985
Expense related to investment (289,786) (231,212)
Net cashflow from/ (for) investing activities (B) (8,153,505) (50,898,241)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of share capital3 502,982 45,487
Proceeds from borrowing - 12,000,000
Repayments of borrowing - -
Interest paid (822,000) -
Final Dividend (2,872,576) (22)
Interim Dividend paid - -
Dividend Distribution tax paid - -
Net cashflow from / (for) financing activities (C) (3,191,594) 12,045,465
Effect of foreign exchange rates on cash and cash equivalents (net) (D) 15 30
Net increase/(decrease) in cash and cash equivalents (A+B+C+D) 6,962,037 34,344,691
Cash and cash equivalents at beginning of the year 94,487,902 60,143,211
Cash and cash equivalents at end of the year 101,449,939 94,487,902
Note:
Components of Cash and cash equivalents at the end of the period/ end of the year
- Cash (Including cheques in hand and stamps in hand) 1,219,513 1,102,738
- Bank Balances and Money at call and short notice4 5,504,479 4,527,055
[Including bank balance for linked business of ` 24,522 thousand
(` 55,752 thousand at March 31, 2021)
- Other short term liquid investment
[Forming part of investments in financials and unclaimed assets as disclosed in Schedule 12 ] 95,060,403 89,032,340
- Stamps on Hand
[Part of Cash (including cheques, drafts and stamps) under Schedule 11, however not a part of cash and cash equivalents] (334,456) (174,231)
101,449,939 94,487,902
Reconciliation of Cash and Cash Equivalents with Cash & Bank Balances (Schedule 11)
Cash and cash equivalents 101,449,939 94,487,902
Add: Stamps on hand and others 334,456 174,231
Less: Linked business bank balance (24,522) (55,752)
Less: Other short term liquid investment (95,060,403) (89,032,340)
Cash and Cash Balance as per Schedule 11 6,699,470 5,574,041
1
Including rewards and/or remuneration to agents, brokers or other intermediaries
2
Includes CSR expenses paid amounting to ` 61,934 thousand during the year ended March 31, 2022 (` 117,535 thousand for year ended March 31, 2021)
3
Includes movement in share application money and share issue expenses if any
4
Includes balance in dividend account which is unclaimed amounting to ` 7,532 thousand (` 7,033 thousand at March 31, 2021)
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.
As per our report of even date attached. For and on behalf of the Board of Directors
For B S R & Co. LLP For Walker Chandiok & Co LLP M. S. Ramachandran R. K. Nair Sandeep Batra N. S. Kannan
Chartered Accountants Chartered Accountants Chairman Director Director Managing Director & CEO
ICAI Firm Reg. No. 101248W/W-100022 ICAI Firm Reg. No. 001076N / N500013 DIN: 00943629 DIN: 07225354 DIN: 03620913 DIN: 00066009
Sagar Lakhani Khushroo B. Panthaky Satyan Jambunathan Souvik Jash Sonali Chandak
Partner Partner Chief Financial Officer Appointed Actuary Company Secretary
Membership No. 111855 Membership No. 042423
Place : Mumbai
Date : April 16, 2022

170 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements

SCHEDULE – 1
PREMIUM (Net of Goods & Service tax)
For the year ended March 31, 2022
(` ‘000)

01 - 78 REPORTS
Non Non Par Linked Linked
Par Non Par Non Par Annuity Linked Linked
Particulars Par Life Par Variable Health Linked Life Group Group Total
Pension Life Variable Non Par Pension Health

STATUTORY
Pension Pension Life Pension
First year premiums 6,657,045 (13) 17,682,177 - - - 300 70,259 35,021,487 223,912 (110) - - 59,655,057
Renewal premiums 37,143,422 3,744,680 29,371,891 - - - - 325,958 145,047,198 1,651,698 681,230 743,292 848,120 219,557,489
Single premiums - - 43,863,321 2,644,055 170,276 1,022,097 29,559,430 6,905 3,214,536 109,626 - 10,419,119 4,358,024 95,367,389
Total Premium 43,800,467 3,744,667 90,917,389 2,644,055 170,276 1,022,097 29,559,730 403,122 183,283,221 1,985,236 681,120 11,162,411 5,206,144 374,579,935
Premium Income from
business written:
In India 43,800,467 3,744,667 90,917,389 2,644,055 170,276 1,022,097 29,559,730 403,122 183,283,221 1,985,236 681,120 11,162,411 5,206,144 374,579,935

79 - 148 FINANCIAL STATEMENTS

Outside India - - - - - - - - - - - - - -
Total Premium 43,800,467 3,744,667 90,917,389 2,644,055 170,276 1,022,097 29,559,730 403,122 183,283,221 1,985,236 681,120 11,162,411 5,206,144 374,579,935

STANDALONE
For the year ended March 31, 2021
(` ‘000)
Non Par Linked
Par Non Par Non Par Non Par Annuity Linked Linked Linked
Particulars Par Life Variable Health Linked Life Group Total
Pension Life Pension Variable Non Par Pension Health Group Life
Pension Pension
First year premiums 8,926,658 - 14,216,883 - - - - 115,608 28,514,596 98,341 (85) - - 51,872,001
Renewal premiums 34,343,778 2,698,001 18,022,305 - - - - 291,814 163,970,752 2,038,503 745,707 1,875,279 1,081,473 225,067,612

149 - 521 FINANCIAL STATEMENTS

Single premiums - - 28,204,776 279,750 476,974 162,324 22,924,739 8,652 3,430,402 118,383 - 19,959,061 4,823,571 80,388,632
Total Premium 43,270,436 2,698,001 60,443,964 279,750 476,974 162,324 22,924,739 416,074 195,915,750 2,255,227 745,622 21,834,340 5,905,044 357,328,245

CONSOLIDATED
Premium Income from
business written:
In India 43,270,436 2,698,001 60,443,964 279,750 476,974 162,324 22,924,739 416,074 195,915,750 2,255,227 745,622 21,834,340 5,905,044 357,328,245
Outside India - - - - - - - - - - - - - -
Total Premium 43,270,436 2,698,001 60,443,964 279,750 476,974 162,324 22,924,739 416,074 195,915,750 2,255,227 745,622 21,834,340 5,905,044 357,328,245
Note: Refer note 2.3.1 of Schedule 16 for accounting policy on premium income

522 - 584 VALUE RESULTS

EMBEDDED
585 - 591 INFORMATION
ADDITIONAL
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 171
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

SCHEDULE – 2
COMMISSION EXPENSES
For the year ended March 31, 2022
(` ‘000)
Non Par Linked
Par Non Par Non Par Non Par Annuity Linked Linked Linked
Particulars Par Life Variable Health Linked Life Group Total
Pension Life Pension Variable Non Par Pension Health Group Life
Pension Pension
Commission
Direct – First year premiums 1,541,516 (6) 4,312,951 - - - 23 12,443 4,477,497 2,082 (59) - - 10,346,447
– Renewal premiums 1,374,943 1,358 891,092 - - - - 9,657 1,835,270 5,355 1,469 - - 4,119,144
– Single premiums - - 941,700 1,000 - - 474,739 8 27,262 226 - 2,694 320 1,447,949
Total 2,916,459 1,352 6,145,743 1,000 - - 474,762 22,108 6,340,029 7,663 1,410 2,694 320 15,913,540
Add: Commission on re-insurance accepted - - - - - - - - - - - - - -
Less: Commission on re-insurance ceded - - - - - - - - - - - - - -
Net Commission (A) 2,916,459 1,352 6,145,743 1,000 - - 474,762 22,108 6,340,029 7,663 1,410 2,694 320 15,913,540
Rewards and/or remuneration to agents,
brokers or other intermediaries 117,502 - 399,499 - - - 23,817 751 272,738 917 286 - - 815,510
Net Commission including rewards (A+B) 3,033,961 1,352 6,545,242 1,000 - - 498,579 22,859 6,612,767 8,580 1,696 2,694 320 16,729,050
Break-up of the commission by
distribution network
Agents 1,622,615 1,123 1,881,469 - - - 156,157 7,456 1,073,217 6,450 1,289 180 - 4,749,956
Brokers 376,923 3 868,896 - - 10,235 453 11,306 28 56 1,194 - 1,269,094
Corporate Agency 906,109 226 3,275,019 1,000 - - 301,940 14,152 5,254,632 1,185 65 1,320 320 9,755,968
Referral - - - - - - - - - - - -
Insurance Marketing Firm 9,879 - 27,613 - - - 6,182 21 663 - - - - 44,358
Web Aggregators 933 - 77,261 - - - 248 26 211 - - - - 78,679
Micro Insurance Agents - - 15,485 - - - - - - - - - - 15,485
Net Commission 2,916,459 1,352 6,145,743 1,000 - - 474,762 22,108 6,340,029 7,663 1,410 2,694 320 15,913,540

For the year ended March 31, 2021

(` ‘000)
Non Par Linked
Par Non Par Non Par Non Par Annuity Linked Linked Linked
Particulars Par Life Variable Health Linked Life Group Total
Pension Life Pension Variable Non Par Pension Health Group Life
Pension Pension
Commission
Direct – First year premiums 1,846,715 (1) 3,486,249 - - - - 24,783 3,947,108 1,289 (33) - - 9,306,110
– Renewal premiums 1,294,181 1,654 544,152 - - - - 8,448 2,125,152 7,216 2,447 - - 3,983,250
– Single premiums - - 650,157 - - - 333,179 15 26,573 391 - 367 - 1,010,682
Total 3,140,896 1,653 4,680,558 - - - 333,179 33,246 6,098,833 8,896 2,414 367 - 14,300,042
Add: Commission on re-insurance accepted - - - - - - - - - - - - - -
Less: Commission on re-insurance ceded - - - - - - - - - - - - - -
Net Commission (A) 3,140,896 1,653 4,680,558 - - - 333,179 33,246 6,098,833 8,896 2,414 367 - 14,300,042
Rewards and/or remuneration to agents,
brokers or other intermediaries 136,883 - 311,362 - - - 16,490 1,145 234,707 1,205 345 - - 702,137
Net Commission including rewards (A+B) 3,277,779 1,653 4,991,920 - - - 349,669 34,391 6,333,540 10,101 2,759 367 - 15,002,179
Break-up of the commission by
distribution network
Agents 1,849,010 1,379 1,342,845 - - - 63,513 9,365 973,919 7,164 2,218 33 - 4,249,446
Brokers 415,230 4 552,158 - - 5,828 594 10,375 60 76 124 - 984,449
Corporate Agency 866,621 270 2,591,330 - - - 255,885 23,221 5,112,530 1,672 120 210 - 8,851,859
Referral - - - - - - - - - - - -
Insurance Marketing Firm 8,827 - 12,503 - - - 7,738 19 1,362 - - - - 30,449
Web Aggregators 1,208 - 177,215 - - - 215 47 647 - - - - 179,332
Micro Insurance Agents - - 4,507.00 - - - - - - - - - - 4,507
Net Commission 3,140,896 1,653 4,680,558 - - - 333,179 33,246 6,098,833 8,896 2,414 367 - 14,300,042
Note: Refer note 2.4 of schedule 16 for accounting policy on Acquisition cost.

172 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

SCHEDULE – 3
OPERATING EXPENSES RELATED TO INSURANCE BUSINESS
For the year ended March 31, 2022
(` ‘000)

01 - 78 REPORTS
Non Par Annuity Linked Linked
Par Non Par Non Par Non Par Linked Linked
Particulars Par Life Variable Non Health Linked Life Group Group Total
Pension Life Pension Variable Pension Health
Pension Par Life Pension

STATUTORY
Employees’ remuneration and welfare benefits* 1,515,416 11,859 4,491,393 6,121 851 2,423 394,229 62,260 5,339,800 63,711 21,615 40,482 20,018 11,970,178
Travel, conveyance and vehicle running expenses 30,157 309 91,828 453 13 77 8,968 966 149,759 1,689 409 1,016 609 286,253
Training expenses 8,664 3 19,593 - - - 2,890 578 35,198 246 23 - - 67,195
Rents, rates and taxes (Refer note 2.6 & 3.9 of
schedule 16) 83,306 1,851 1,290,366 163 19 63 31,684 7,427 418,379 4,479 1,072 896 481 1,840,186
Repairs 39,923 2,756 110,674 82 8 28 11,462 1,978 173,279 2,037 568 439 233 343,467
Printing and stationery 9,948 68 17,919 - - - 1,672 1,447 19,728 576 316 1 1 51,676
Communication expenses 282,280 1,349 503,584 58 5 20 21,152 13,043 361,247 13,374 2,037 285 161 1,198,595
Legal and professional charges 261,635 2,319 2,005,316 974 210 332 63,712 11,160 716,923 10,690 3,800 10,473 3,699 3,091,243
Medical fees 12,903 448 328,611 420 10 130 21 21 24,685 12 - 1,100 757 369,118

79 - 148 FINANCIAL STATEMENTS

Auditors' fees, expenses etc.
(a) as auditor 4,553 36 7,905 - - - 702 608 8,826 299 167 - - 23,096
(b) as advisor or in any other capacity, in respect of

STANDALONE
(i) Taxation matters - - - - - - - - - - - - - -
(ii) Insurance matters - - - - - - - - - - - - - -
(iii) Management Services; and - - - - - - - - - - - - - -
(c) in any other capacity (for Certification) - - - - - - - - - - - - - -
Advertisement and publicity 740,544 25 11,273,244 68 1 1 19,339 548 230,736 1,538 212 135 126 12,266,517
Interest and bank charges 59,691 339 59,711 17 25 33 13,285 2,296 177,119 2,879 837 981 2 317,215
Others
Business conferences and meetings 196,557 - 1,255,589 7 - - 88,147 1,260 579,549 2,139 688 13 9 2,123,958
Information technology cost 180,126 964 352,668 24 33 38 39,384 20,642 459,190 8,365 3,358 1,047 729 1,066,568
Office running expenses 20,312 94 58,882 42 5 16 6,060 1,234 90,772 1,080 315 209 120 179,141
Data entry related expenses 89,445 1,214 162,662 668 39 132 13,011 11,361 172,348 6,459 3,627 2,885 1,340 465,191

149 - 521 FINANCIAL STATEMENTS

Miscellaneous expenses 34,957 792 65,304 13 - - 6,064 3,149 170,422 12,009 2,538 278 (31) 295,495
Depreciation 69,911 322 217,553 179 19 59 22,374 2,653 349,528 3,986 1,023 921 491 669,019
Goods & Service tax expenses 20,767 176 36,985 - 2 2,053 2,960 862 39,390 1,467 802 - - 105,464
Total 3,661,095 24,924 22,349,787 9,289 1,240 5,405 747,116 143,493 9,516,878 137,035 43,407 61,161 28,745 36,729,575

CONSOLIDATED
For the year ended March 31, 2021
(` ‘000)
Non Par Annuity Linked Linked
Par Non Par Non Par Non Par Linked Linked
Particulars Par Life Variable Non Health Linked Life Group Group Total
Pension Life Pension Variable Pension Health
Pension Par Life Pension
Employees’ remuneration and welfare benefits* 1,685,734 8,970 3,536,738 1,495 1,814 431 237,194 67,139 4,225,985 68,162 22,254 51,990 16,670 9,924,576
Travel, conveyance and vehicle running expenses 14,206 72 30,990 12 14 8 3,189 548 52,616 689 212 420 262 103,238
Training expenses 7,602 2 11,088 - - - 1,625 412 21,650 115 17 - - 42,511

522 - 584 VALUE RESULTS

Rents, rates and taxes (Refer note 2.6 & 3.9 of
schedule 16) 114,809 1,829 1,198,676 86 43 13 16,907 16,974 379,986 4,664 1,427 1,672 493 1,737,579
Repairs 55,684 2,768 107,559 29 22 6 8,800 2,972 166,316 2,476 774 920 229 348,555

EMBEDDED
Printing and stationery 10,069 53 14,377 - - - 1,156 1,594 15,570 444 220 (1) - 43,482
Communication expenses 243,406 546 513,038 25 15 3 15,345 17,453 382,989 19,260 2,365 550 148 1,195,143
Legal and professional charges 200,146 1,731 1,155,069 482 587 416 23,384 10,079 302,929 7,799 3,141 13,678 2,700 1,722,141
Medical fees 9,689 1 298,960 5 7 3 5 36 6,724 1 5 468 86 315,990
Auditors' fees, expenses etc
(a) as auditor 4,486 38 6,684 - - - 449 663 8,727 338 166 - - 21,551
(b) as advisor or in any other capacity, in respect of
(i) Taxation matters - - - - - - - - - - - - - -
(ii) Insurance matters - - - - - - - - - - - - - -
(iii) Management Services; and - - - - - - - - - - - - - -
585 - 591 INFORMATION

(c) in any other capacity (for Certification) - - - - - - - - - - - - - -

Advertisement and publicity 745,359 1,946 8,179,489 1,018 418 117 12,453 679 176,279 1,002 186 18,843 5,030 9,142,819
Interest and bank charges 17,340 1,804 23,104 494 361 120 29,278 (2,123) 133,705 2,256 425 17,139 4,318 228,221
ADDITIONAL

Others
Business conferences and meetings (37,730) - 3,935 11 1 - (12,810) (279) (106,572) (212) (86) 119 32 (153,591)
Information technology cost 181,950 879 286,346 13 55 40 22,205 20,305 346,684 8,948 2,812 1,212 951 872,400
Office running expenses 23,888 76 48,810 14 9 4 3,995 1,500 73,282 1,090 353 394 108 153,523
Data entry related expenses 76,912 967 123,330 143 72 21 7,669 12,009 130,289 5,770 2,854 3,294 789 364,119
Miscellaneous expenses 27,877 46 23,674 - - 44 7,194 1,284 92,991 5,382 1,013 128 41 159,674
Depreciation 88,716 322 185,482 98 38 10 15,547 3,336 296,786 4,256 1,267 1,632 450 597,940
Goods & Service tax expenses 12,594 106 21,232 - 3 1,919 3,161 720 21,630 923 477 - - 62,765
Total 3,482,737 22,156 15,768,581 3,925 3,459 3,155 396,746 155,301 6,728,566 133,363 39,882 112,458 32,307 26,882,636
Note: Refer note 3.35 of schedule 16 for accounting policy on additional disclosure on expenses
592 - 595

*Refer note 2.5, 3.17, 3.18 and 3.21 of schedule 16

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 173
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

SCHEDULE – 3A
EXPENSES OTHER THAN THOSE DIRECTLY RELATED TO THE INSURANCE BUSINESS
For the year ended March 31, 2022
(` ‘000)
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
Employees’ remuneration and welfare benefits* 9,778 8,600
Travel, conveyance and vehicle running expenses 36 1
Rents, rates and taxes (Refer note 2.6 & 3.9 of schdule 16) 18,482 18,183
Repairs 6,485 4,229
Printing and stationery 396 -
Communication expenses 26 24
Legal and professional charges 15,804 26,461
Interest and bank charges 862 1,230
Depreciation 79 79
Others
- Corporate Social Responsibility expenses (Refer note 3.48 of schedule 16) 69,082 108,872
- Information technology cost 1,867 2,234
- Miscellaneous expenses 20,483 7,225
Total 143,380 177,138
*Refer note 2.5, 3.17, 3.18 and 3.21 of schedule 16

SCHEDULE – 4
BENEFITS PAID [NET]
For the year ended March 31, 2022
(` ‘000)
Non Par Linked
Par Non Par Non Par Annuity Linked Linked Linked
Particulars Par Life Non Par Life Variable Health Linked Life Group Total
Pension Pension Variable Non Par Pension Health Group Life
Pension Pension
1 Insurance claims
(a) Claims by death 2,536,138 31,872 43,081,286 - 3,535 - 679,215 730 9,247,811 341,919 41,833 145,139 99,791 56,209,269
(b) Claims by maturity 6,269,110 1,166,522 132,060 - - - - - 31,130,216 2,848,973 - - - 41,546,881
(c) Annuities/Pension payment - - - - - - 4,156,798 - - - - - - 4,156,798
(d) Other benefits -
- Surrender/Withdrawal 4,341,939 260,391 1,914,422 61,517 1,355,732 666,277 11,728 - 167,231,182 10,328,241 - 10,042,974 7,852,445 204,066,848
- Survival 4,331,345 - 170,612 - - - - - - - - - - 4,501,957
- Rider 18,290 250 15,045 - - - - 5,038 36,307 52 994 - - 75,976
- Health - - 268,859 - - - - 105,340 - - 1,055,729 - - 1,429,928
- Interest on unclaimed amounts* - - - - - - - - 385,762 - - - - 385,762
Sub Total (A) 17,496,822 1,459,035 45,582,284 61,517 1,359,267 666,277 4,847,741 111,108 208,031,278 13,519,185 1,098,556 10,188,113 7,952,236 312,373,419
2 (Amount ceded in reinsurance)
(a) Claims by death (105,654) - (19,528,732) - - - - - (569,548) - - - - (20,203,934)
(b) Claims by maturity - - - - - - - - - - - - - -
(c) Annuities/Pension payment - - - - - - - - - - - - - -
(d) Other benefits - -
- Surrender/Withdrawal - - - - - - - - - - - - - -
- Survival - - - - - - - - - - - - - -
- Rider - - - - - - - - (2,900) - - - - (2,900)
- Health - - (162,476) - - - - (78,452) - - (472,561) - - (713,489)
Sub Total (B) (105,654) - (19,691,208) - - - - (78,452) (572,448) - (472,561) - - (20,920,323)
3 Amount accepted in reinsurance
(a) Claims by death - - - - - - - - - - - - - -
(b) Claims by maturity - - - - - - - - - - - - - -
(c) Annuities/Pension payment - - - - - - - - - - - - - -
(d) Other benefits -
- Surrender - - - - - - - - - - - - - -
- Survival - - - - - - - - - - - - - -
- Rider - - - - - - - - - - - - - -
- Health - - - - - - - - - - - - - -
Sub Total (C) - - - - - - - - - - - - - -
Total (A) + (B) + (C) 17,391,168 1,459,035 25,891,076 61,517 1,359,267 666,277 4,847,741 32,656 207,458,830 13,519,185 625,995 10,188,113 7,952,236 291,453,096
Benefits paid to claimants:
In India 17,496,822 1,459,035 45,582,284 61,517 1,359,267 666,277 4,847,741 111,108 208,031,278 13,519,185 1,098,556 10,188,113 7,952,236 312,373,419
Outside India - - - - - - - - - - - - - -
Total 17,496,822 1,459,035 45,582,284 61,517 1,359,267 666,277 4,847,741 111,108 208,031,278 13,519,185 1,098,556 10,188,113 7,952,236 312,373,419

174 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

SCHEDULE – 4
BENEFITS PAID [NET]
For the year ended March 31, 2021
(` ‘000)

01 - 78 REPORTS
Par Life Par Non Par Non Par Non Par Non Par Annuity Health Linked Life Linked Linked Linked Linked Total
Particulars Pension Life Pension Variable Variable Non Par Pension Health Group Life Group
Pension Pension

STATUTORY
1 Insurance claims
(a) Claims by death 1,735,774 12,863 18,577,446 - 2,320 - 363,862 - 6,210,687 252,489 27,300 79,764 23,553 27,286,058
(b) Claims by maturity 4,109,440 415,789 39,366 - - - - - 25,839,157 6,657,895 - - - 37,061,647
(c) Annuities/Pension payment - - - - - - 3,043,442 - - - - - - 3,043,442
(d) Other benefits - - - - - - - -
- Surrender/Withdrawal 2,642,874 230,241 1,302,461 2,490 320,383 89,969 950 - 119,727,445 12,992,881 2 18,403,911 6,420,779 162,134,386
- Survival 3,689,974 - - - - - - - - - - - - 3,689,974
- Rider 15,179 1,023 1,382 - - - - 38 29,736 232 710 - - 48,300
- Health - - 204,366 - - - - 87,564 - - 837,456 - - 1,129,386
- Interest on unclaimed amounts* - - - - - - - - 413,464 - - - - 413,464
Sub Total (A) 12,193,241 659,916 20,125,021 2,490 322,703 89,969 3,408,254 87,602 152,220,489 19,903,497 865,468 18,483,675 6,444,332 234,806,657

79 - 148 FINANCIAL STATEMENTS

2 (Amount ceded in reinsurance)
(a) Claims by death (37,558) - (8,470,326) - - - - (3,071) (527,832) - - - - (9,038,787)
(b) Claims by maturity - - - - - - - - - - - - - -

STANDALONE
(c) Annuities/Pension payment - - - - - - - - - - - - - -
(d) Other benefits - - - - - - - - -
- Surrender/Withdrawal - - - - - - - - - - - - - -
- Survival - - - - - - - - - - - - - -
- Rider - - - - - - - - - - - - - -
- Health - - (81,784) - - - - (58,069) - - (381,394) - - (521,247)
Sub Total (B) (37,558) - (8,552,110) - - - - (61,140) (527,832) - (381,394) - - (9,560,034)
3 Amount accepted in reinsurance
(a) Claims by death - - - - - - - - - - - - - -
(b) Claims by maturity - - - - - - - - - - - - - -
(c) Annuities/Pension payment - - - - - - - - - - - - - -
(d) Other benefits

149 - 521 FINANCIAL STATEMENTS

- Surrender - - - - - - - - - - - - - -
- Survival - - - - - - - - - - - - - -
- Rider - - - - - - - - - - - - - -

CONSOLIDATED
- Health - - - - - - - - - - - - - -
Sub Total (C) - - - - - - - - - - - - - -
Total (A) + (B) + (C) 12,155,683 659,916 11,572,911 2,490 322,703 89,969 3,408,254 26,462 151,692,657 19,903,497 484,074 18,483,675 6,444,332 225,246,623
Benefits paid to claimants:
In India 12,193,241 659,916 20,125,021 2,490 322,703 89,969 3,408,254 87,602 152,220,489 19,903,497 865,468 18,483,675 6,444,332 234,806,657
Outside India
Total 12,193,241 659,916 20,125,021 2,490 322,703 89,969 3,408,254 87,602 152,220,489 19,903,497 865,468 18,483,675 6,444,332 234,806,657
Note: Refer note 2.9 of schedule 16 for accounting policy on Benefits paid.
* Refer note 2.22 & 3.6 of schedule 16

SCHEDULE – 5

522 - 584 VALUE RESULTS

SHARE CAPITAL
(` ‘000)

EMBEDDED
Particulars March 31, 2022 March 31, 2021
Authorised capital
1,500,000,000 Equity shares of ` 10/- each 15,000,000 15,000,000
Issued Capital
1,437,306,101 Equity shares of ` 10/- each fully paid up (March 31, 2021: 1,435,974,231) 14,373,061 14,359,742
Subscribed Capital
1,437,306,101 Equity shares of ` 10/- each fully paid up (March 31, 2021: 1,435,974,231) 14,373,061 14,359,742
585 - 591 INFORMATION

Called up Capital
1,437,306,101 Equity shares of ` 10/- each fully paid up (March 31, 2021: 1,435,974,231) 14,373,061 14,359,742
ADDITIONAL

Less : Calls unpaid - -

Add : Shares forfeited - -
Less : Par value of Equity Shares bought back - -
Less : Preliminary Expenses - -
Less : Expenses including commission or brokerage - -
Less : Underwriting or subscription of shares - -
Total 14,373,061 14,359,742
592 - 595

Out of the total equity share capital, 737,605,504 equity shares (March 31, 2021 - 737,605,504 equity shares) of ` 10 each are held by the holding company, ICICI Bank Limited.

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 175
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

SCHEDULE – 5A
PATTERN OF SHAREHOLDING
[As certified by the Management]
March 31, 2022 March 31, 2021
Particulars
Number of Shares % of Holding Number of Shares % of Holding
Promoters
Indian (ICICI Bank Limited) 737,605,504 51.32 737,605,504 51.37
Foreign (Prudential Corporation Holdings Limited) 317,517,279 22.09 317,517,279 22.11
Others 382,183,318 26.59 380,851,448 26.52
Total 1,437,306,101 100.00 1,435,974,231 100.00

SCHEDULE – 6
RESERVES AND SURPLUS
(` ‘000)
Particulars March 31, 2022 March 31, 2021
Capital reserves - -
Capital redemption reserve - -
Share premium:
- Opening balance 34,329,880 34,291,052
- Add:- Addition made during the period ended 495,205 38,828
- Less:- Reduction made during the period ended - -
Closing balance 34,825,085 34,329,880
Revaluation reserve:
- Opening balance 233,524 258,513
- Add:- Addition made during the period ended 80,821 -
- Less:- Reduction made during the period ended - (24,989)
Closing balance 314,345 233,524
General reserve:
Opening balance - -
Less: Transfer to Profit and Loss - -
Closing balance - -
Less: Debit balance in Profit and Loss Account - -
Less: Amount utilized for buy-back - -
Catastrophe reserve - -
Other reserves - -
Balance of profit in Profit and Loss Account 40,776,012 36,107,776
Total 75,915,442 70,671,180

SCHEDULE – 7
BORROWINGS
(` ‘000)
Particulars March 31, 2022 March 31, 2021
Debentures/Bonds-Refer note 3.22 of schedule 16 12,000,000 12,000,000
Banks - -
Financial Institutions - -
Others - -
Total 12,000,000 12,000,000

176 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

SCHEDULE – 8
INVESTMENTS - SHAREHOLDERS
(` ‘000)
Particulars March 31, 2022 March 31, 2021

01 - 78 REPORTS
LONG TERM INVESTMENT
Government securities and Government guaranteed bonds including Treasury Bills2 37,871,905 39,497,664

STATUTORY
(Market value at March 31, 2022: ` 36,244,148 thousand)
(Market value at March 31, 2021: ` 39,288,074 thousand)
Other approved securities 5,227,340 5,186,899
(Market value at March 31, 2022: ` 5,270,249 thousand)
(Market value at March 31, 2021: ` 5,368,062 thousand)
Other investments(approved investments)
Equity shares 7,109,367 6,551,050
(Historical value at March 31, 2022: ` 6,566,641 thousand)
(Historical value at March 31, 2021: ` 4,055,513 thousand)

79 - 148 FINANCIAL STATEMENTS

Preference shares - -
(Market value at March 31, 2022: Nil)

STANDALONE
(Market value at March 31, 2021: Nil)
Mutual fund - -
(Historical value at March 31, 2022: Nil)
(Historical value at March 31, 2021: Nil)
Derivative Instruments - -
(Historical value at March 31, 2022: Nil)
(Historical value at March 31, 2021: Nil)
Debentures/Bonds 3,471,404 2,363,278
(Market value at March 31, 2022: ` 3,549,828 thousand)

149 - 521 FINANCIAL STATEMENTS

(Market value at March 31, 2021: ` 2,465,141 thousand)
CCIL deposit 222,500 222,500
(Market value at March 31, 2022: ` 222,500 thousand)

CONSOLIDATED
(Market value at March 31, 2021: ` 222,500 thousand)
Fixed deposits 1,332,500 1,145,000
(Market value at March 31, 2022: ` 1,332,500 thousand)
(Market value at March 31, 2021: ` 1,145,000 thousand)
Investments in subsidiary 600,000 390,000
Investment Properties - Real Estate 3,965,356 3,884,535
(Historical value at March 31, 2022: ` 3,651,011 thousand)
(Historical value at March 31, 2021: ` 3,651,011 thousand)

522 - 584 VALUE RESULTS

Investments in infrastructure/housing sector
Other investments(approved investments)
Equity shares 697,916 8,306

EMBEDDED
(Historical value at March 31, 2022: ` 668,314 thousand)
(Historical value at March 31, 2021: ` 5,206 thousand)
Debentures/Bonds 11,664,159 14,611,804
(Market value at March 31, 2022: ` 12,105,084 thousand)
(Market value at March 31, 2021: ` 15,495,296 thousand)
Other than approved investments
Equity shares - -
(Historical value at March 31, 2022: Nil)
(Historical value at March 31, 2021: Nil)
585 - 591 INFORMATION

Other than approved investments

Equity shares 11,549,231 13,031,648
(Historical value at March 31, 2022: ` 10,809,566 thousand)
ADDITIONAL

(Historical value at March 31, 2021: ` 9,372,593 thousand)

Preference shares 350,000 350,000
(Market value at March 31, 2022: ` 350,000 thousand)
(Market value at March 31, 2021: ` 350,000 thousand)
Mutual fund - -
(Historical value at March 31, 2022: Nil)
(Historical value at March 31, 2021: Nil)
Debentures/Bonds - 499,834
592 - 595

(Market value at March 31, 2022: Nil)

(Market value at March 31, 2021: ` 528,066 thousand)

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 177
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

(` ‘000)
Particulars March 31, 2022 March 31, 2021
SHORT TERM INVESTMENT
Government securities and Government guaranteed bonds including Treasury Bills2 - -
(Market value at March 31, 2022: Nil)
(Market value at March 31, 2021: Nil)
Other approved securities 496,207 -
(Market value at March 31, 2022: ` 499,722 thousand)
(Market value at March 31, 2021: Nil)
Other investments(approved investments)
Equity shares - -
(Historical value at March 31, 2022: Nil)
(Historical value at March 31, 2021: Nil)
Preference shares - 65,561
(Market value at March 31, 2022: Nil)
(Market value at March 31, 2021: ` 69,933 thousand)
Mutual fund3 1,030,145 -
(Historical value at March 31, 2022: ` 1,000,050 thousand)
(Historical value at March 31, 2021: Nil)
Derivative Instruments - -
(Historical value at March 31, 2022: Nil)
(Historical value at March 31, 2021: Nil)
Debentures/Bonds 1,000,139 399,652
(Market value at March 31, 2022: ` 1,004,756 thousand)
(Market value at March 31, 2021: ` 410,607 thousand)
Fixed deposits 2,005,500 1,505,500
(Market value at March 31, 2022: ` 2,005,500 thousand)
(Market value at March 31, 2021: ` 1,505,500 thousand)
Triparty Repo 9,264,190 8,972,413
(Market value at March 31, 2022: ` 9,264,190 thousand)
(Market value at March 31, 2021: ` 8,972,413 thousand)
Commercial papers - -
(Market value at March 31, 2022: Nil)
(Market value at March 31, 2021: Nil)
Investments in subsidiary - -
Investment Properties - Real Estate - -
(Historical value at March 31, 2022: Nil)
(Historical value at March 31, 2021: Nil)
Investments in infrastructure/housing sector
Other investments(approved investments)
Debentures/Bonds 676,868 1,604,016
(Market value at March 31, 2022: ` 698,107 thousand)
(Market value at March 31, 2021: ` 1,661,822 thousand)
Commercial papers - -
(Market value at March 31, 2022: Nil)
(Market value at March 31, 2021: Nil)
Certificate of deposits - -
(Market value at March 31, 2022: Nil)
(Market value at March 31, 2021: Nil)
Other than approved investments
Debentures/Bonds - 611,892
(Market value at March 31, 2022: Nil)
(Market value at March 31, 2021: ` 621,687 thousand)
Total 98,534,727 100,901,552
In India 98,534,727 100,901,552
Total 98,534,727 100,901,552

178 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

NOTES TO SCHEDULE - 8
(` ‘000)
Sr.
Particulars March 31, 2022 March 31, 2021
No.

01 - 78 REPORTS
1 Aggregate amount of company’s investments:

STATUTORY
a) Other than equity securities, mutual fund, investments in subsidiary, investment in property and
derivative instruments 73,582,712 77,036,013
b) Market value of above Investments 72,546,585 78,104,102
c) Aggregate amount of company’s investments in mutual fund, equity and investments in subsidiary
and investment in property (at cost subject to impairment) 23,295,582 17,474,323
2 Government Securities deposited with the Clearing Corporation of India Ltd (CCIL) as CCIL default
fund deposit-Refer schedule 16 note 3.29
a) Amortised cost 79,363 78,846

79 - 148 FINANCIAL STATEMENTS

b) Market Value of above investment 82,160 84,171
3 Deposits towards margin requirement for equity trade settlement - Deposited with National

STANDALONE
Securities Clearing Corporation Limited (NSCCL) - Refer schedule 16 note 3.29 1,030,145 Nil
4 Investment in holding company at amortised cost Nil Nil
5 Investment in subsidiary company at acquisition cost 600,000 390,000
6 Equity shares includes shares transferred under securities lending and borrowing scheme (SLB)
where the Company retains all the associated risk and rewards on these securities-Refer schedule
16 note 3.31 Nil Nil
7 Investment made out of catastrophe reserve Nil Nil
Note:

149 - 521 FINANCIAL STATEMENTS

1. Refer schedule 16 note 2.12 for accounting policy related to investments
2. Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent diminution in value of investments, if any.

CONSOLIDATED
522 - 584 VALUE RESULTS
EMBEDDED
585 - 591 INFORMATION
ADDITIONAL
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 179
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

SCHEDULE – 8A
INVESTMENTS - POLICYHOLDERS
(` ‘000)
March 31, 2022

Particulars Non Par Non Par Linked Linked

Par Non Par Non Par Annuity Linked Linked
Par Life Variable Variable Health Linked Life Group Group Total
Pension Life Pension Non Par Pension Health
Life Pension Life Pension

LONG TERM INVESTMENT

Government securities and Government
guaranteed bonds including Treasury Bills2 119,053,982 7,859,020 242,467,687 570,264 - - 77,021,868 602,665 8,982,868 437,619 1,083,057 447,449 344,259 458,870,738
(Market value: ` 450,866,463 thousand)
Other approved securities 14,524,232 2,295,976 22,661,317 484,941 223,570 299,668 3,489,333 40,015 451,483 - 50,732 101,464 - 44,622,731
(Market value: ` 44,842,599 thousand)
Other investments(approved investments)
Equity shares5 43,082,027 1,175,561 23,999,680 - - - - - - - - - - 68,257,268
(Historical value: ` 46,745,450 thousand)
Preference shares - - - - - - - - - - - - - -
(Market value: Nil)
Mutual fund - - - - - - - - - - - - - -
(Historical value: Nil)
Derivative Instruments - - - - - - - - - - - - - -
(Historical value: Nil)
Debentures/Bonds 4,143,029 776,940 12,295,866 252,527 276,083 758,160 514,992 - - - - - - 19,017,597
(Market value: ` 20,447,835 thousand)
Fixed deposits - - 3,047,600 - - - - - - - - - - 3,047,600
(Market value: ` 3,047,600 thousand)
Investments in subsidiary - - - - - - - - - - - - - -
Investment Properties - Real Estate 432,540 432,540 - - - - - - - - - - - 865,080
(Historical value: ` 185,521 thousand)
Investments in infrastructure/housing sector
Other investments(approved
investments)
Equity shares5 4,598,356 118,557 2,386,204 - - - - - - - - - - 7,103,117
(Historical value: ` 4,857,298 thousand)
Debentures/Bonds 54,585,590 4,379,733 38,584,566 763,039 793,516 928,033 17,769,888 50,619 303,713 - - - - 118,158,697
(Market value: ` 120,633,037 thousand)
Other than approved investments
Equity shares - - - - - - - - - - - - - -
(Historical value: Nil)
Debentures/Bonds - - - - - - - - - - - - - -
(Market value: Nil)
Other than approved investments
Equity shares 6,683,489 - 4,568,885 - - - - - - - - - - 11,252,374
(Historical value: ` 6,983,739 thousand)
Mutual fund 6,892,187 - - - - - - - - - - - - 6,892,187
(Historical value: ` 6,191,821 thousand)
Debentures/Bonds - - - - - - - - - - - - - -
(Market value: Nil)
SHORT TERM INVESTMENT
Government securities and Government
guaranteed bonds including Treasury Bills 420,310 - 70,484 - - - - - - - - - - 490,794
(Market value: ` 491,402 thousand)
Other approved securities 1,961,237 38,440 456,070 - - - 113,596 - - - - - - 2,569,343
(Market value: ` 2,617,854 thousand)
Other investments(approved investments)
Equity shares - - - - - - - - - - - - - -
(Market value: Nil)
Preference shares - - - - - - - - - - - - - -
(Market value: Nil)

180 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

(` ‘000)
March 31, 2022

Particulars Non Par Non Par Linked Linked

Par Non Par Non Par Annuity Linked Linked
Par Life Variable Variable Health Linked Life Group Group Total
Pension Life Pension Non Par Pension Health
Life Pension Life Pension

01 - 78 REPORTS
Mutual fund - - - - - - - - - - - - - -
(Market value: Nil)

STATUTORY
Derivative Instruments - - - - - - - - - - - - - -
(Historical value: Nil)
Debentures/Bonds 550,316 5 - - - - - - - - - - - 550,321
(Market value: ` 553,883 thousand)
Certificate of deposits - - - - - - - - - - - - - -
(Market value: Nil)
Commercial papers 2,499,207 - - - - - - - - - - - - 2,499,207
(Market value: ` 2,499,207 thousand)

79 - 148 FINANCIAL STATEMENTS

Triparty Repo 12,024,019 1,728,926 5,052,894 80,124 47,793 151,188 411,588 19,498 1,520,388 341,545 6,366 94,242 53,711 21,532,282
(Market value: ` 21,532,283 thousand)
Fixed deposits 700,000 - 600,000 - - - - - - - - - - 1,300,000

STANDALONE
(Market value: ` 1,300,000 thousand)
Investments in subsidiary - - - - - - - - - - - - - -
Investment Properties - Real Estate - - - - - - - - - - - - - -
(Historical value: Nil)
Investments in infrastructure/housing sector
Other investments(approved
investments)
Debentures/Bonds 3,256,391 200,148 1,333,682 - - - 50,001 - - - - - - 4,840,222

149 - 521 FINANCIAL STATEMENTS

(Market value: ` 4,880,117 thousand)
Commercial papers - - - - - - - - - - - - - -
(Market value: Nil)

CONSOLIDATED
Certificate of deposits 1,439,646 - - - - - - - - - - - - 1,439,646
(Market value: ` 1,439,646 thousand)
Other than approved investments
Debentures/Bonds 50,148 - 501,240 - - - - - - - - - - 551,388
(Market value: ` 562,898 thousand)
Venture fund 19,446 - - - - - - - - - - - - 19,446
(Market value: ` 37,426 thousand)
Total 276,916,152 19,005,846 358,026,175 2,150,895 1,340,962 2,137,049 99,371,266 712,797 11,258,452 779,164 1,140,155 643,155 397,970 773,880,038

522 - 584 VALUE RESULTS

In India 276,916,152 19,005,846 358,026,175 2,150,895 1,340,962 2,137,049 99,371,266 712,797 11,258,452 779,164 1,140,155 643,155 397,970 773,880,038
Total 276,916,152 19,005,846 358,026,175 2,150,895 1,340,962 2,137,049 99,371,266 712,797 11,258,452 779,164 1,140,155 643,155 397,970 773,880,038

EMBEDDED
585 - 591 INFORMATION
ADDITIONAL
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 181
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

SCHEDULE – 8A
INVESTMENTS - POLICYHOLDERS
(` ‘000)
March 31, 2021
Non Par Non Par Linked Linked
Particulars Par Non Par Non Par Annuity Linked Linked
Par Life Variable Variable Health Linked Life Group Group Total
Pension Life Pension Non Par Pension Health
Life Pension life Pension

LONG TERM INVESTMENT

Government securities and Government
guaranteed bonds including Treasury Bills2 120,721,718 7,297,043 189,546,123 - - - 49,027,452 560,716 8,240,617 408,030 764,794 447,462 342,893 377,356,848
(Market value: ` 387,583,277 thousand)
Other approved securities 12,503,696 691,240 12,265,188 - 211,577 40,276 1,098,195 40,017 452,337 - 51,178 102,355 - 27,456,059
(Market value: ` 28,504,073 thousand)
Other investments(approved investments)
Equity shares5 40,586,946 1,184,588 26,121,039 - - - - - - - - - - 67,892,573
(Historical value: ` 44,041,704 thousand)
Preference shares - - - - - - - - - - - - - -
(Market value: Nil)
Mutual fund - - - - - - - - - - - - - -
(Historical value: Nil)
Derivative Instruments - - - - - - - - - - - - - -
(Historical value: Nil)
Debentures/Bonds 4,117,191 477,651 9,165,252 99,915 841,140 610,447 502,137 - - - - - - 15,813,733
(Market value: ` 17,647,080 thousand)
Fixed deposits 700,000 - 2,711,600 - - - - - - - - - - 3,411,600
(Market value: ` 3,411,600 thousand)
Investments in subsidiary - - - - - - - - - - - - - -
Investment Properties - Real Estate 436,100 436,100 - - - - - - - - - - - 872,200
(Historical value: ` 185,521 thousand)
Investments in infrastructure/housing sector
Other investments(approved investments)
Equity shares5 2,629,866 98,328 1,908,121 - - - - - - - - - - 4,636,315
(Historical value: ` 3,497,605 thousand)
Debentures/Bonds 40,973,702 3,941,018 33,910,858 459,548 1,205,854 880,251 16,827,948 50,628 303,766 - - - - 98,553,573
(Market value: ` 103,593,067 thousand)
Other than approved investments
Equity shares - - - - - - - - - - - - - -
(Historical value: Nil)
Debentures/Bonds 199,915 - - - - - - - - - - - - 199,915
(Market value: ` 213,834 thousand)
Other than approved investments
Equity shares 5,520,157 - 5,335,237 - - - - - - - - - - 10,855,394
(Historical value: ` 5,846,485 thousand)
Mutual fund 1,385,987 - - - - - - - - - - - - 1,385,987
(Historical value: ` 1,395,080 thousand)
Debentures/Bonds 50,383 - 504,524 - - - - - - - - - - 554,907
(Market value: ` 581,160 thousand)
SHORT TERM INVESTMENT
Government securities and Government
guaranteed bonds including treasury Bills 217,170 - 138,661 - - - 6,429 - - 192,837 - - - 555,097
(Market value: ` 557,335 thousand)
Other approved securities 25,427 2,697 244,576 - - - 9,449 - - - - - - 282,149
(Market value: ` 292,603 thousand)
Other investments(approved investments)
Equity shares - - - - - - - - - - - - - -
(Historical value: Nil)
Preference shares 20,958 - 803 - - - - - - - - - - 21,761
(Market value: ` 23,281 thousand)
Mutual fund - - - - - - - - - - - - - -
(Historical value: Nil)
Derivative Instruments - - - - - - - - - - - - - -
(Historical value: Nil)
Debentures/Bonds 349,998 99,908 49,967 - - 99,925 49,978 - - - - - - 649,776
(Market value: ` 663,045 thousand)

182 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

(` ‘000)
March 31, 2021
Non Par Non Par Linked Linked
Particulars Par Non Par Non Par Annuity Linked Linked
Par Life Variable Variable Health Linked Life Group Group Total
Pension Life Pension Non Par Pension Health
Life Pension life Pension

Certificate of deposits - - - - - - - - - - - - - -

01 - 78 REPORTS
(Market value: Nil)
Commercial papers - - - - - - - - - - - - - -

STATUTORY
(Market value: Nil)
Triparty Repo 7,846,368 257,174 8,007,946 15,857 54,076 31,143 1,514,494 14,968 3,074,139 65,510 23,305 14,051 70,781 20,989,812
(Market value: ` 20,989,812 thousand)
Fixed deposits - - - - - - - - - - - - - -
(Market value: Nil)
Investments in subsidiary - - - - - - - - - - - - - -
Investment Properties - Real Estate - - - - - - - - - - - - - -
(Historical value: Nil)
Investments in infrastructure/housing sector

79 - 148 FINANCIAL STATEMENTS

Other investments(approved investments)
Debentures/Bonds 3,452,552 250,818 361,908 - - - - - 49,988 - 99,977 - - 4,215,243
(Market value: ` 4,357,020 thousand)

STANDALONE
Commercial papers - - - - - - - - - - - - - -
(Market value: Nil)
Certificate of deposits - - - - - - - - - - - - - -
(Market value: Nil)
Other than approved investments
Debentures/Bonds - - - - - - - - - - - - - -
(Market value: Nil)
Venture fund 22,659 - - - - - - - - - - - - 22,659
(Market value: ` 33,797 thousand)

149 - 521 FINANCIAL STATEMENTS

Total 241,760,793 14,736,565 290,271,803 575,320 2,312,647 1,662,042 69,036,082 666,329 12,120,847 666,377 939,254 563,868 413,674 635,725,601
In India 241,760,793 14,736,565 290,271,803 575,320 2,312,647 1,662,042 69,036,082 666,329 12,120,847 666,377 939,254 563,868 413,674 635,725,601
Total 241,760,793 14,736,565 290,271,803 575,320 2,312,647 1,662,042 69,036,082 666,329 12,120,847 666,377 939,254 563,868 413,674 635,725,601

CONSOLIDATED
NOTES TO SCHEDULE - 8A
(` ‘000)
Sr.
Particulars March 31, 2022 March 31, 2021
No.
1 Aggregate amount of company’s investments:
a) Other than equity securities, mutual fund, investments in subsidiary, investment in property and

522 - 584 VALUE RESULTS

derivative instruments 679,510,013 550,083,129
b) Market value of above investments 675,752,249 568,450,984
c) Aggregate amount of company’s investments in mutual fund, equity and investments in subsidiary

EMBEDDED
and investment in property (at cost subject to impairment) 64,963,829 54,966,395
2 Government Securities deposited with the Clearing Corporation of India Ltd (CCIL) as Settlement
Guarantee Fund (SGF) deposit and Tri–Party Repo deposit-Refer schedule 16 note 3.29
a) Amortised cost 4,903,004 4,903,615
b) Market Value of above investment 4,749,627 5,156,821
3 Investment in holding company at amortised cost Nil Nil
4 Investment in subsidiary company at acquisition cost Nil Nil
585 - 591 INFORMATION

5 Equity shares includes shares transferred under securities lending and borrowing scheme
(SLB) where the Company retains all the associated risk and rewards on these securities-Refer
schedule 16 note 3.31 Nil 255,482
ADDITIONAL

6 Investment made out of catastrophe reserve Nil Nil

Note:
1. Refer schedule 16 note 2.12 for accounting policy related to investments.
2. Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent diminution in value of investments, if any.
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 183
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

SCHEDULE – 8B
ASSETS HELD TO COVER LINKED LIABILITIES
(` ‘000)
March 31, 2022
Particulars Linked Pension Linked Health Linked Group life Linked Group
Linked Life Funds Total
Funds Funds Funds Pension Funds

LONG TERM INVESTMENTS

Government securities and Government guaranteed 108,690,372 6,891,156 857,940 12,386,924 6,901,861 135,728,253
bonds including Treasury Bills
(Historical value: ` 138,419,823 thousand)
Other approved securities 14,956,023 1,478,465 165,192 3,534,119 1,715,158 21,848,957
(Historical value: ` 22,005,429 thousand)
Other investments(approved investments)
Equity shares4 650,037,425 35,945,116 5,023,515 4,622,835 3,820,621 699,449,512
(Historical value: ` 527,764,325 thousand)
Preference shares - - - - - -
(Historical value: Nil)
Mutual fund - - - - - -
(Historical value: Nil)
Derivative Instruments - - - - - -
(Historical value: Nil)
Debentures/Bonds 29,538,053 2,678,682 298,319 5,266,759 2,080,078 39,861,891
(Historical value: ` 38,952,277 thousand)
Fixed deposits - - - - - -
(Historical value: Nil)
Investments in subsidiary - - - - - -
Investment Properties - Real Estate - - - - - -
(Historical value: Nil)
Investments in infrastructure/housing sector
Other investments(approved investments)
Equity shares4 75,493,404 3,394,937 434,865 467,086 384,430 80,174,722
(Historical value: ` 55,613,065 thousand)
Debentures/Bonds 48,563,924 4,645,257 575,332 9,395,894 5,127,927 68,308,334
(Historical value: ` 66,763,692 thousand)
Other than approved investments
Equity shares 61,555 - - - - 61,555
(Historical value: ` 668,369 thousand)
Debentures/Bonds - - - - - -
(Historical value: Nil)
Other than approved investments
Equity shares 114,033,617 5,835,842 774,793 813,718 672,024 122,129,994
(Historical value: ` 94,346,622 thousand)
Mutual fund 110,045,180 6,201,833 909,393 787,123 648,359 118,591,888
(Historical value: ` 99,110,654 thousand)
Debentures/Bonds 844,231 103,032 - 120,905 88,313 1,156,481
(Historical value: ` 1,144,987 thousand)
SHORT TERM INVESTMENTS
Government securities and Government guaranteed 52,155,671 1,685,553 122,874 2,149,523 3,262,941 59,376,562
bonds including Treasury Bills
(Historical value: ` 59,898,527 thousand)
Other approved securities 16,633,456 103,512 - 1,614 - 16,738,582
(Historical value: ` 17,679,544 thousand)
Other investments(approved investments)
Equity shares - - - - - -
(Historical value: Nil)
Preference shares - - - - - -
(Historical value: Nil)
Mutual fund - - - - - -
(Historical value: Nil)
Derivative Instruments - - - - - -
(Historical value: Nil)

184 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

(` ‘000)
March 31, 2022
Particulars Linked Pension Linked Health Linked Group life Linked Group
Linked Life Funds Total
Funds Funds Funds Pension Funds
Debentures/Bonds 5,780,138 296,365 15,409 1,102,524 1,361,120 8,555,556

01 - 78 REPORTS
(Historical value: ` 8,588,728 thousand)
Certificate of deposits 14,112,382 1,011,593 111,158 1,818,467 1,984,808 19,038,408

STATUTORY
(Historical value: ` 18,818,083 thousand)
Commercial papers 10,580,326 771,939 96,767 1,606,165 1,534,764 14,589,961
(Historical value: ` 14,458,720 thousand)
Fixed deposits 1,800,000 - - - - 1,800,000
(Historical value: ` 1,800,000 thousand)
Triparty Repo 37,028,093 1,845,974 669,428 7,758,729 4,127,755 51,429,979
(Historical value: ` 51,424,546 thousand)
Investments in subsidiary - - - - - -
Investment Properties - Real Estate - - - - - -

79 - 148 FINANCIAL STATEMENTS

(Historical value: Nil)
Investments in infrastructure/housing sector
Other investments(approved investments)

STANDALONE
Debentures/Bonds 12,845,360 773,057 53,445 1,201,692 1,873,747 16,747,301
(Historical value: ` 16,850,195 thousand)
Certificate of deposits 6,419,110 296,500 30,223 572,810 598,333 7,916,976
(Historical value: ` 7,881,352 thousand)
Commercial papers 13,507,243 121,984 4,463 104,133 396,201 14,134,024
(Historical value: ` 13,820,839 thousand)
Other than approved investments
Debentures/Bonds 534,672 7,156 - 173,794 51,116 766,738
(Historical value: ` 779,468 thousand)

149 - 521 FINANCIAL STATEMENTS

Venture Fund 1,921 - - - - 1,921
(Historical value: ` 4,117 thousand)
Net current asset 6,655,060 823,954 93,941 1,764,387 918,084 10,255,426

CONSOLIDATED
Total 1,330,317,216 74,911,907 10,237,057 55,649,201 37,547,640 1,508,663,021
In India 1,330,317,216 74,911,907 10,237,057 55,649,201 37,547,640 1,508,663,021
Total 1,330,317,216 74,911,907 10,237,057 55,649,201 37,547,640 1,508,663,021

522 - 584 VALUE RESULTS

EMBEDDED
585 - 591 INFORMATION
ADDITIONAL
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 185
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

SCHEDULE – 8B
ASSETS HELD TO COVER LINKED LIABILITIES
(` ‘000)
March 31, 2021
Particulars Linked Pension Linked Health Linked Group life Linked Group
Linked Life Funds Total
Funds Funds Funds Pension Funds

LONG TERM INVESTMENTS

Government securities and Government guaranteed 145,236,123 9,900,092 944,076 15,244,018 9,060,056 180,384,365
bonds including treasury Bills
(Historical value: ` 181,254,890 thousand)
Other approved securities 32,445,854 1,761,639 184,545 3,717,327 1,535,925 39,645,290
(Historical value: ` 40,130,058 thousand)
Other investments(approved investments)
Equity shares4 578,492,864 37,381,885 5,108,441 4,387,549 3,990,546 629,361,285
(Historical value: ` 459,913,920 thousand)
Preference shares - - - - - -
(Historical value: Nil)
Mutual fund - - - - - -
(Historical value: Nil)
Derivative Instruments - - - - - -
(Historical value: Nil)
Debentures/Bonds 21,690,998 1,644,958 237,612 3,088,236 1,922,908 28,584,712
(Historical value: ` 27,315,230 thousand)
Fixed deposits 1,800,000 - - - - 1,800,000
(Historical value: ` 1,800,000 thousand)
Investments in subsidiary - - - - - -
Investment Properties - Real Estate - - - - - -
(Historical value: Nil)
Investments in infrastructure/housing sector
Other investments(approved investments)
Equity shares4 57,638,988 3,670,641 426,162 469,549 430,231 62,635,571
(Historical value: ` 53,211,499 thousand)
Debentures/Bonds 60,138,667 5,908,026 652,241 10,967,280 5,759,748 83,425,962
(Historical value: ` 80,165,862 thousand)
Other than approved investments
Equity shares - - - - - -
(Historical value: Nil)
Debentures/Bonds - - - - - -
(Historical value: Nil)
Other than approved investments
Equity shares 65,188,000 3,511,022 379,076 492,145 439,888 70,010,131
(Historical value: ` 51,884,236 thousand)
Mutual fund 89,964,536 5,653,835 766,835 701,274 631,104 97,717,584
(Historical value: ` 80,307,150 thousand)
Debentures/Bonds 1,351,814 112,570 19,069 348,302 143,103 1,974,858
(Historical value: ` 1,917,192 thousand)
SHORT TERM INVESTMENTS
Government securities and Government guaranteed 31,525,092 658,686 34,227 712,152 2,372,850 35,303,007
bonds including treasury Bills
(Historical value: ` 35,144,816 thousand)
Other approved securities 3,238,187 - - - 157,938 3,396,125
(Historical value: ` 3,445,842 thousand)
Other investments(approved investments)
Equity shares - - - - - -
(Historical value: Nil)
Preference shares 83,553 42,888 1,537 8,892 3,361 140,231
(Historical value: ` 117,192 thousand)
Mutual fund - - - - - -
(Historical value: Nil)
Derivative Instruments - - - - - -
(Historical value: Nil)
Debentures/Bonds 7,876,429 338,541 14,390 558,900 1,056,616 9,844,876
(Historical value: ` 9,758,505 thousand)

186 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

(` ‘000)
March 31, 2021
Particulars Linked Pension Linked Health Linked Group life Linked Group
Linked Life Funds Total
Funds Funds Funds Pension Funds
Certificate of deposits 7,389,867 525,682 45,199 701,381 743,719 9,405,848

01 - 78 REPORTS
(Historical value: ` 9,381,198 thousand)
Commercial papers 12,217,830 587,608 13,876 312,219 1,537,328 14,668,861

STATUTORY
(Historical value: ` 14,487,723 thousand)
Fixed deposits 5,000 1,800 - - - 6,800
(Historical value: ` 6,800 thousand)
Triparty Repo 42,589,523 3,609,611 698,803 6,368,537 3,660,085 56,926,559
(Historical value: ` 56,921,292 thousand)
Investments in subsidiary - - - - - -
Investment Properties - Real Estate - - - - - -
(Historical value: Nil)

79 - 148 FINANCIAL STATEMENTS

Investments in infrastructure/housing sector
Other investments(approved investments)

STANDALONE
Debentures/Bonds 15,368,796 576,477 24,339 757,192 1,845,076 18,571,880
(Historical value: ` 18,623,204 thousand)
Certificate of deposits 5,766,197 254,770 6,049 116,425 736,656 6,880,097
(Historical value: ` 6,736,543 thousand)
Commercial papers 17,217,012 281,333 8,879 183,389 534,435 18,225,048
(Historical value: ` 17,895,896 thousand)
Other than approved investments
Debentures/Bonds 443,654 23,615 2,057 100,805 409,065 979,196

149 - 521 FINANCIAL STATEMENTS

(Historical value: ` 993,527 thousand)
Venture Fund 1,894 - - - - 1,894
(Historical value: ` 4,684 thousand)

CONSOLIDATED
Net current asset 11,413,083 801,045 92,420 2,176,563 1,118,140 15,601,251
Total 1,209,083,961 77,246,724 9,659,833 51,412,135 38,088,778 1,385,491,431
In India 1,209,083,961 77,246,724 9,659,833 51,412,135 38,088,778 1,385,491,431
Total 1,209,083,961 77,246,724 9,659,833 51,412,135 38,088,778 1,385,491,431

NOTES TO SCHEDULE - 8B
(` ‘000)

522 - 584 VALUE RESULTS

Sr.
Particulars March 31, 2022 March 31, 2021
No.

EMBEDDED
1 Aggregate amount of company’s investments:
a) other than equity securities, mutual fund, investments in subsidiary, investment in property and
derivative instruments 480,369,631 506,931,465
b) Market value of above investments 477,999,920 510,165,611
c) Aggregate amount of company’s investments in mutual fund, equity and investments in subsidiary
and investment in property (at Historical cost) 777,503,035 645,316,805
2 Investment in holding company at amortised cost Nil Nil
585 - 591 INFORMATION

3 Investment in subsidiary company at acquisition cost Nil Nil

4 Equity shares includes shares transferred under securities lending and borrowing scheme
(SLB) where the Company retains all the associated risk and rewards on these securities-Refer
ADDITIONAL

schedule 16 note 3.31 2,836,127 2,482,815

5 Investment made out of catastrophe reserve Nil Nil
Note:
Refer schedule 16 note 2.12 for accounting policy related to investments.
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 187
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

SCHEDULE – 9
LOANS
(` ‘000)
Particulars March 31, 2022 March 31, 2021
1. Security-wise classifications
Secured
(a) On mortgage of property
(aa) In India - -
(bb) Outside India - -
(b) On Shares, Bonds, Govt Securities, etc. - -
(c) Loans against policies 9,401,234 6,628,206
(d) Others - -
Unsecured - -
Total 9,401,234 6,628,206
2. Borrower wise classification
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Companies - -
(e) Policyholders - Loans against policies 9,401,234 6,628,206
(f) Others - -
Total 9,401,234 6,628,206
3. Performance-wise classification
(a) Loans classified as standard
(aa) In India 9,401,234 6,628,206
(bb) Outside India - -
(b) Non-standard loans less provisions
(aa) In India - -
(bb) Outside India - -
Total 9,401,234 6,628,206
4. Maturity-wise classification
(a) Short-term 68,427 107,515
(b) Long-term 9,332,807 6,520,691
Total 9,401,234 6,628,206
Refer Note 2.14 of Schedule 16 for accounting policy related to Loans.

188 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

SCHEDULE – 10
FIXED ASSETS
(` ‘000)
Gross Block Depreciation Net Block

01 - 78 REPORTS
Particulars At Additions Deductions At At For the On Sales/ At At At
April 1, March 31, April 1, period Adjustment March 31, March 31, March 31,

STATUTORY
2021 2022 2021 2022 2022 2021
Goodwill - - - - - - - - - -
Intangible assets
Software1 1,480,030 363,794 63,343 1,780,481 1,183,697 201,719 60,041 1,325,375 455,106 296,333
Tangible assets
Freehold land 903,280 - - 903,280 - - - - 903,280 903,280
Improvements to leasehold property 1,473,340 19,705 172,958 1,320,087 1,156,550 93,620 169,604 1,080,566 239,521 316,790
Office buildings on freehold land 2,126,488 - - 2,126,488 134,708 37,255 - 171,963 1,954,525 1,991,780

79 - 148 FINANCIAL STATEMENTS

Furniture and fixtures 338,678 8,235 40,551 306,362 287,672 14,938 39,031 263,579 42,783 51,006
Information technology equipment 571,926 137,637 69,327 640,236 476,654 82,392 68,171 490,875 149,361 95,272

STANDALONE
Motor vehicles 73,972 - 19,931 54,041 52,816 12,028 19,931 44,913 9,128 21,156
Office equipment 541,358 66,892 72,963 535,287 442,213 46,918 68,533 420,598 114,689 99,145
Communication networks 1,289,186 62,349 25,141 1,326,394 709,306 180,228 24,463 865,071 461,323 579,880
Total 8,798,258 658,612 464,214 8,992,656 4,443,616 669,098 449,774 4,662,940 4,329,716 4,354,642
Capital work in progress including capital
advances - - - - - - - - 542,493 217,273
Total 8,798,258 658,612 464,214 8,992,656 4,443,616 669,098 449,774 4,662,940 4,872,209 4,571,915
At March 31, 2021 8,584,893 393,604 180,239 8,798,258 4,012,224 598,019 166,627 4,443,616

149 - 521 FINANCIAL STATEMENTS

All software are other than those generated internally.
1

Refer note 2.15 of schedule 16 for accounting policy related to fixed assets

CONSOLIDATED
SCHEDULE – 11
CASH AND BANK BALANCES
(` ‘000)
Particulars March 31, 2022 March 31, 2021
Cash (including cheques, drafts and stamps)* 1,219,513 1,102,738
Bank Balance

522 - 584 VALUE RESULTS

(a) Deposit Account :
(aa) Short-term (due within 12 months of the date of balance sheet) - -

EMBEDDED
(bb) Others - -
(b) Current accounts 5,472,425 4,464,270
(c) Unclaimed dividend accounts (Refer note 3.43 of schedule 16) 7,532 7,033
Money at call and short notice
(a) With Banks - -
(b) With other Institutions - -
585 - 591 INFORMATION

Others - -
Total 6,699,470 5,574,041
Balances with non-scheduled banks included above - -
ADDITIONAL

Cash and Bank Balances

In India 6,696,333 5,569,153
Outside India 3,137 4,888
Total 6,699,470 5,574,041
*includes cheques in hand amounting to ` 883,535 thousand (` 926,827 thousand as on March 31, 2021)
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 189
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

SCHEDULE – 12
ADVANCES AND OTHER ASSETS
(` ‘000)
Particulars March 31, 2022 March 31, 2021
Advances
Reserve deposits with ceding companies - -
Application money for investments - -
Prepayments 465,845 305,914
Advances to Directors/Officers - -
Advance tax paid and taxes deducted at source (Net of provision for taxation)
(refer note 2.16.1 & 3.8 of schedule 16) 1,478,945 1,157,083
Others
- Advances to Employees 325 -
- Deposits
Gross 387,248 369,162
Less: Provision for doubtful deposits (8,156) (9,101)
Net 379,092 360,061
- Other advances
Gross 299,414 544,684
Less: Provision for doubtful advances (6,098) (86,498)
Net 293,316 458,186
- Other receivables
Gross 928,973 1,337,319
Less: Provision for doubtful receivables (40,589) (24,949)
Net 888,384 1,312,370
Total (A) 3,505,907 3,593,614
OTHER ASSETS
Income accrued on investments and deposits 14,890,043 12,109,276
Outstanding premiums 2,858,234 1,695,598
Agents’ balances
Gross 12,010 12,399
Less: Provision for doubtful agents' balance (8,134) (7,460)
Net 3,876 4,939
Foreign agencies balances - -
Due from other entities carrying on insurance business (including reinsurers) 5,107,303 2,828,016
Due from subsidiary (Refer note 3.11 of Schedule 16) 17,437 12,152
Deposit with Reserve Bank of India - -
Assets held for unclaimed amount of policyholders*(Refer note 2.22 & 3.6 of schedule 16) 9,931,600 7,593,538
Income on unclaimed amount of policyholders (net of fund administration expenses)
(Refer note 2.22 & 3.6 of schedule 16) 671,411 493,981
Others
- Receivable towards investments sold 1,064,895 2,750,531
- Goods & Service tax un-utilised credit (Refer note 2.16.2 of Schedule 16) 2,858,773 1,902,529
- Margin money paid** 1,441,790 404,062
Total (B) 38,845,362 29,794,622
Total (A+B) 42,351,269 33,388,236
*excluding Income on unclaimed amount of policyholders (net of fund administration expenses).
**including interest receivable on margin paid

190 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

SCHEDULE – 13
CURRENT LIABILITIES
(` ‘000)
Particulars March 31, 2022 March 31, 2021

01 - 78 REPORTS
Agents’ balances 1,834,550 1,421,828
Balance due to other insurance companies (including reinsurers) 126,282 57,539

STATUTORY
Deposits held on re-insurance ceded - -
Premium received in advance 2,490,811 1,636,529
Unallocated premium 5,532,457 3,552,061
Sundry creditors -(Refer note 3.34 of Schedule 16) 55,171 162,696
Due to holding company (Refer note 3.11 of schedule 16) 1,889,104 1,414,608
Claims outstanding (Refer note 2.9 & 3.5 of schedule 16) 8,661,228 4,828,655
Annuities Due (Refer note 2.9 & 3.5 of schedule 16) 843 1,650

79 - 148 FINANCIAL STATEMENTS

Due to Officers/Directors - -
Unclaimed amount of Policyholders1 (Refer note 2.22 & 3.5 of schedule 16) 9,931,600 7,593,538

STANDALONE
Interest on unclaimed amount of Policyholders (Refer note 2.22 & 3.5 of schedule 16) 671,411 493,981
Others:
- Deposits 143,013 143,013
- Expenses payable (Refer note 2.17 of schedule 16) 7,585,320 4,595,072
- TDS payable 502,089 471,946
- Payable towards investments purchased 1,513,962 1,966,285
- Payable to unit fund 1,866,034 2,384,364

149 - 521 FINANCIAL STATEMENTS

- Goods & Service tax/Service tax payable (Refer note 2.16.2 of Schedule 16) 3,443,179 2,963,192
- Payable to Policyholders (Refer note 2.9 & 3.5 of schedule 16) 4,180,771 2,812,668
- Other liabilities2 89,730 94,436

CONSOLIDATED
- Interest accrued but not due on borrowings 328,800 328,800
- Derivatives Liabilities (Refer note 2.13 & 3.25 of schedule 16) 1,393,097 131,265
Total 52,239,452 37,054,126
1
excluding interest on unclaimed amount of policyholders.
2
Includes unclaimed dividend amounting to ` 7,532 thousand (` 7,033 thousand at March 31, 2021) (Refer note 3.43 of schedule 16)

SCHEDULE – 14

522 - 584 VALUE RESULTS

PROVISIONS
(` ‘000)

EMBEDDED
Particulars March 31, 2022 March 31, 2021
For taxation - -
For leave encashment and gratuity 259,956 232,283
Total 259,956 232,283

SCHEDULE – 15
585 - 591 INFORMATION

MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
ADDITIONAL

(` ‘000)
Particulars March 31, 2022 March 31, 2021
Discount allowed in issue of shares/debentures - -
Others - -
Total - -
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 191
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

SCHEDULE: 16 2.3. Revenue recognition

Significant accounting policies and notes forming part of 2.3.1. Premium income
the standalone financial statements for the year ended Premium for non-linked policies is recognised as income (net of goods and
March 31, 2022 service tax) when due from policyholders. For unit linked business, premium
1. Corporate Information is recognised as income when the associated units are created. Premium on
ICICI Prudential Life Insurance Company Limited (`the Company’), lapsed policies is recognised as income when such policies are reinstated.
promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited,
incorporated on July 20, 2000 as a Company under the Companies Act, Products having regular premium paying plans with limited premium
2013 (`the Act’). The Company is licensed by the Insurance Regulatory payment term and/or pre-determined policy term are treated as regular
and Development Authority of India (`IRDAI’) for carrying life insurance business with due classification of premium into first year and renewal.
business in India. The license is in force as at March 31, 2022. The equity Premium income on products other than aforesaid is classified as single
shares of the Company are listed on the National Stock Exchange of India premium.
(NSE) and The BSE Limited (BSE).
Top up premiums are considered as single premium.
The Company carries on business of providing life insurance, pensions
and health insurance products to individuals and groups. Riders providing 2.3.2. Reinsurance premium ceded
additional benefits are offered under some of these products. The business
Reinsurance premium ceded is accounted in accordance with the terms
is conducted in participating, non-participating and unit linked lines of
and conditions of the relevant treaties with the reinsurer. Profit commission
businesses. These products are distributed through individual agents,
on reinsurance ceded is netted off against premium ceded on reinsurance.
corporate agents, banks, brokers, the Company’s proprietary sales force
and the Company website.
2.3.3. Reinsurance premium accepted

2. Summary of significant accounting policies Reinsurance premium accepted is accounted in accordance with the terms
and conditions of the relevant treaties/arrangements with the insurer.
2.1. Basis of preparation
The accompanying standalone financial statements are prepared and 2.3.4. Income from investments
presented under the historical cost convention, unless otherwise stated,
Interest income on investments is recognised on accrual basis.
and on accrual basis of accounting, in accordance with accounting principles
Amortisation of premium or accretion of discount on debt securities is
generally accepted in India (Indian GAAP). The company has prepared the
recognised over the remaining term of such instruments on the basis of
standalone financial statements in compliance with the accounting standards
effective interest rate method.
notified under section 133 of the Companies Act 2013, and amendments
and rules made thereto, to the extent applicable and in accordance with the Dividend income, in respect of other than unit linked business, is recognised
provisions of the Insurance Act, 1938, Insurance Regulatory and Development when the right to receive dividend is established. Dividend income, in
Authority Act, 1999, the Insurance Regulatory and Development Authority
respect of unit linked business, is recognised on the `ex-dividend date’.
(Preparation of Financial Statements and Auditors’ Report of Insurance
Companies) Regulations, 2002 and various orders/directions/circulars Fees received on lending of equity shares under Securities Lending and
issued by the IRDAI from time to time and the practices prevailing within the Borrowing scheme (SLB) is recognised as income over the period of the
insurance industry in India. Accounting policies applied have been consistent lending on a straight-line basis.
with those followed in the previous year.
Lease rentals on investment property is recognised on accrual basis and
The management evaluates all recently issued or revised accounting include only the realised rent and does not include any notional rent, as
pronouncements on an ongoing basis. prescribed by IRDA (Preparation of Financial Statements and Auditors’ Report
of Insurance Companies) Regulations 2002. Costs related to operating and
2.2. Use of estimates
maintenance of investment property are recognised as expense in the
The Company’s management makes estimates and assumptions that Revenue Account or Profit and Loss Account, when incurred.
affect the reported amounts of income and expenses for the year, reported
balances of assets and liabilities, and disclosures relating to contingent Profit or loss on sale/redemption of debt securities for other than unit
liabilities as on the date of the financial statements. The estimates and linked business is the difference between the sale consideration net of
assumptions used in the accompanying standalone financial statements expenses and the weighted average amortised cost as on the date of sale.
are based upon management’s evaluation of the relevant facts and Profit or loss on sale/redemption of debt securities for unit linked business
circumstances as on the date of the financial statements. Actual results is the difference between the sale consideration net of expenses and the
could differ from those estimates. Any revision to accounting estimates is weighted average book cost as on the date of sale.
recognised prospectively.

192 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

Profit or loss on sale/redemption of equity shares, equity exchange traded Defined benefit plans
fund (ETF) and mutual fund units is the difference between the sale Gratuity and Provident fund are defined benefit obligations.
consideration net of expenses and the weighted average book cost as on
the date of sale. In respect of other than unit linked business, the profit Gratuity: The gratuity benefit payable to the employees of the Company

01 - 78 REPORTS
or loss also includes the accumulated changes in the fair value previously is as per the provisions of the Payment of Gratuity Act, 1972 or the
recognised in Balance Sheet as “Fair Value Change Account”. Company’s gratuity plan, whichever is higher. The gratuity liability of the

STATUTORY
Company is actuarially determined by an independent actuary at each
2.3.5. Income from unit linked policies
Balance Sheet date using projected unit credit method.
Income from unit linked policies, which includes fund management
charges, policy administration charges, mortality charges and other The Company contributes towards net liabilities to ICICI Prudential Life
charges, if any, are recovered from the unit linked funds in accordance Insurance Company Limited Employees’ Group Gratuity Cum Life Insurance
with terms and conditions of policies issued and are recognised when due. Scheme.

79 - 148 FINANCIAL STATEMENTS

2.3.6. Fees and charges The Company recognises the net obligation of the Scheme in Balance
Fees and charges include policy reinstatement fee and loan processing fee Sheet as an asset or liability, respectively in accordance with Accounting

STANDALONE
which are recognised on receipt basis. Standard (AS) 15 (revised 2005), ‘Employee benefits’. The discount rate
used for estimation of liability is based on Government securities yield.
Interest income on policy loans is also included in fees and charges which Gain or loss arising from change in actuarial assumptions/experience
is recognised on an accrual basis. adjustments is recognised in the Revenue account and Profit or Loss
account for the period in which they emerge. Estimated rate of return on
2.4. Acquisition cost
plan assets is based on the expected average long-term rate of return
Acquisition costs are costs that vary with and are primarily related to on investments of the Fund during the estimated term of the obligations.

149 - 521 FINANCIAL STATEMENTS

acquisition of insurance contracts. It consists of costs like commission,
stamp duty, policy issuance, employee cost and other related costs Provident fund: The Company’s defined benefit obligation towards
pertaining to the acquisition of insurance contracts. These costs are

CONSOLIDATED
interest rate guarantee on the exempt provident fund is actuarially
expensed in the period in which they are incurred. determined by an independent actuary and measured in accordance with
the Guidance Note (GN 29) on Valuation of Interest Rate Guarantees on
2.5. Employee benefits Exempt Provident Funds under AS 15 (Revised) issued by The Institute
2.5.1. Short term employee benefits of Actuaries of India. The contribution paid or payable is charged to the
Employee benefits payable within twelve months of rendering the service Revenue Account and Profit or Loss Account during the period in which
are classified as short-term employee benefits. Benefits such as salaries, the employee renders the related service.

522 - 584 VALUE RESULTS

bonuses, short term compensated absences and other non-monetary
benefits are recognised in the period in which the employee renders 2.5.3. Other long term employee benefits

EMBEDDED
the related service. All short term employee benefits are accounted on Other long term employee benefits includes accumulated compensated
undiscounted basis. absences that are entitled to be carried forward for future encashment or
availment, at the option of the employee subject to the rules framed by the
2.5.2. Long term employee benefits: Post-employment Company and includes long term retention incentive payable to employees
The Company has both defined contribution and defined benefit plans. on fulfilment of criteria prescribed by the Company. The Company’s liability
towards accumulated compensated absences entitlement outstanding at
Defined contribution plan the close of the year and long term retention incentive are determined
585 - 591 INFORMATION

Superannuation and National Pension Scheme- The Company actuarially, by an independent actuary using projected unit credit method
has a defined contribution scheme for Superannuation and National and are recognised as a liability at the discounted present value of the
ADDITIONAL

Pension Scheme for employees who opt for it. The Superannuation obligation as at the Balance Sheet date. The Company assumes net
scheme is managed by ICICI Prudential Life Insurance Company Limited liability for the above in accordance with AS-15 (Revised).
Superannuation Scheme and the National Pension Scheme is managed
and administered by pension fund management companies licensed by 2.5.4. Employee share based payments
the Pension Funds Regulatory and Development Authority (`PFRDA’). The The Employee Stock Option Scheme (‘the Scheme’) provides that eligible
contributions made to both the schemes are on a monthly basis, when employees are granted options to subscribe to equity shares of the
due, and charged to Revenue Account and Profit and Loss Account, as Company which vest in a graded manner. The vested options may be
592 - 595

applicable. The Company does not have any further obligation beyond the exercised within a specified period.
contributions made to the funds.

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 193
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

The Company follows the intrinsic value method to account for its share- The prescribed method of valuation is the Gross Premium Valuation (GPV).
based employee compensation plans in accordance with the Guidance Note The reserve held represents the net present value of benefits and expenses
on Accounting for Share based Payments, issued by the Institute of Chartered less premiums. The following is the broad method of the valuation:
Accountants of India (ICAI). Intrinsic value is measured as the excess, if any,
• The reserves are calculated on a per policy basis.
of the fair market price of the underlying shares over the exercise price on
the grant date and amortised over the vesting period. The fair market price • Any negative reserves are zeroised, so that a policy is not treated as
is the latest closing price, immediately prior to the grant date, on the stock an asset.
exchange on which the shares of the company are listed. If the shares are
• The minimum value of reserves is the higher of the guaranteed
listed on more than one stock exchange, then, the stock exchange where
surrender value, non-guaranteed surrender value and zero.
there is highest trading volume on the said date is considered.
Valuation parameters are set prudently and include a margin for adverse
2.6. Operating leases
deviation (MAD) as required under APS7 issued by Institute of Actuaries
Leases where the lessor effectively retains substantially all the risks and of India.
rewards of ownership are classified as operating leases. Payments made
under operating lease including escalations are recognised as an expense, For linked business, unit liabilities are fully matched. A non-unit reserve is
on a straight line basis, over the lease term in Revenue/ Profit and Loss also held which includes provision for the cost of any guarantee.
Account over the non-cancellable lease term.
2.11. Funds for Future Appropriations (FFA)
2.7. Borrowing costs:
The Funds for Future Appropriations (FFA), in the participating segment,
Borrowing costs are charged to the Profit and Loss Account in the period represents the surplus, which is not allocated to policyholders or
in which these are incurred. shareholders as at the Balance Sheet date.

2.8. Provision for doubtful debts No Funds for Future Appropriations is held for other funds
The Company regularly evaluates the probability of recovery and provides
for doubtful deposits, advances and others receivables in accordance with 2.12. Investments
the Company’s policy which is in line with the IRDAI regulations. Investments are made and accounted for in accordance with the Insurance
Act, 1938, Insurance Regulatory and Development Authority of India
2.9. Benefits paid (Investment) Regulations, 2016, Insurance Regulatory and Development
Benefits paid comprise of policy benefits and claim settlement costs, if any. Authority (Preparation of Financial Statements and Auditor’s Report of
Insurance Companies) Regulations, 2002, Investments – Master circular,
Death and rider claims are accounted for on receipt of intimation. Survival, Investment Policy of the Company and various other circulars/notifications
maturity and annuity benefits are accounted when due. Withdrawals issued by the IRDAI in this context from time to time.
and surrenders under non linked policies are accounted on the receipt
Investments are recorded at cost on the date of purchase, which includes
of intimation. Withdrawals and surrenders under unit linked policies are
brokerage and taxes, if any, but excludes interest accrued as on the date
accounted in the respective schemes when the associated units are
of purchase.
cancelled. Claim settlement cost, legal & other fees shall also form part of
claim cost wherever applicable. Broken period interest paid/received is debited/credited to income accrued
on investments and deposits.
Reinsurance claims are accounted for in the period in which the claim is
Bonus entitlements are recognised as investments on the ‘ex- bonus date’.
intimated.
Rights entitlements are recognised as investments on the ‘ex-rights date’.
Repudiated claims and other claims disputed before the judicial authorities
Any front end discount on investments is reduced from the cost of such
are provided for on prudent basis as considered appropriate by the
investments.
management.
2.12.1. Classification
2.10. Policy liability valuation
Investments maturing within twelve months from the Balance Sheet date
The actuarial liabilities, for all inforce policies and policies where premiums
and investments made with the specific intention to dispose them off
are discontinued but a liability exists as at the valuation date, are calculated in
within twelve months from the Balance Sheet date are classified as short-
accordance with the accepted actuarial practice, requirements of Insurance
term investments.
Act, 1938, as amended from time to time, regulations notified by the
Insurance Regulatory and Development Authority of India, relevant Guidance Investments other than short-term investments are classified as long-term
Notes and Actuarial Practice Standards of the Institute of Actuaries of India. investments.

194 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

2.12.2. Valuation - Other than Unit Linked business Debt securities other than government securities with a residual maturity
All debt securities including government securities and redeemable over 182 days are valued on a yield to maturity basis, by using spreads
preference shares are considered as `held to maturity’ and stated at over the benchmark rate (based on the matrix released by CRISIL on daily
historical cost, subject to amortisation of premium or accretion of discount basis) to arrive at the yield for pricing the security.

01 - 78 REPORTS
over the remaining period to maturity on effective interest rate method.
Debt securities with a residual maturity upto 182 days are valued at last

STATUTORY
Money market instruments like commercial paper, certificate of deposits valuation price plus the difference between the redemption value and last
and treasury bills are valued at historical cost, subject to accretion of valuation price, based on effective interest rate method over the remaining
discount over the remaining period to maturity based on effective interest period to maturity of instrument. (based on the matrix released by the
rate method. CRISIL on daily basis).

Listed equity shares and equity exchange traded funds (ETF) at the Balance Money market instruments like commercial paper, certificate of deposits
Sheet date are stated at fair value being the last quoted closing price on and treasury bills are valued at historical cost, subject to accretion of
the National Stock Exchange of India Limited (‘NSE’) (in case the securities

79 - 148 FINANCIAL STATEMENTS

discount over the period of maturity/holding based on effective interest
are not listed on NSE, the last quoted closing price on BSE Limited (‘BSE’) rate method.
is used). Unlisted equity shares are stated at historical cost. Equity shares

STANDALONE
lent under the Securities Lending and Borrowing scheme (SLB) continue Listed equity shares, redeemable preference shares and equity ETF are
to be recognised in the Balance Sheet as the Company retains all the valued at market value, being the last quoted closing price on NSE (in
associated risks and rewards of these securities. case of securities not listed on NSE, the last quoted closing price on BSE
is used). Equity shares lent under the Securities Lending and Borrowing
Mutual fund units are valued based on the previous days’ net asset values.
scheme (SLB) continue to be recognised in the Balance Sheet as the
Unrealised gains/losses arising due to changes in the fair value of listed Company retains all the associated risks and rewards of these securities.

149 - 521 FINANCIAL STATEMENTS

equity shares and mutual fund units are taken to the “Fair Value Change
Account” in the Balance Sheet. Mutual fund units are valued based on previous day’s Net Asset Value.

CONSOLIDATED
Investment property is held to earn rental income or for capital appreciation Venture fund units are valued at the latest available net asset value of the
and is not occupied by the Company. Investment property is initially valued respective fund.
at cost including any directly attributable transaction costs. Investment
property is revalued at least once in every three years. The change in Securities with call option are valued at the lower of the value as obtained
carrying amount of investment property is taken to “Revaluation reserve” by valuing the security upto final maturity date or the call option date. In
in the Balance Sheet. case there are multiple call options, the security is valued at the lowest

522 - 584 VALUE RESULTS

value obtained by valuing the security at various call dates or upto the final
Investments in venture fund units are valued at historical cost. maturity date (based on the matrix released by the CRISIL on daily basis)

EMBEDDED
Investments in reverse repo and tri-party repo are valued at cost plus
Securities with put option are valued at the higher of the value as obtained
interest accrued.
by valuing the security upto final maturity date or the put option date. In
Fixed deposits with banks are valued at cost. case there are multiple put options, the security is valued at the highest
value obtained by valuing the security at various put dates or upto the final
The Company assesses at each Balance Sheet date whether there is maturity date (based on the matrix released by CRISIL on a daily basis)
any evidence of impairment of any investments. In case of impairment,
the carrying value of such investment is reduced to its fair value and the The securities with both put and call option on the same day would be
585 - 591 INFORMATION

impairment loss is recognised in the Revenue/Profit and Loss account deemed to mature on the put/call date and would be valued on a yield to
after adjusting it with previously recognised revaluation reserve/fair value maturity basis, by using spreads over the benchmark rate based on the
ADDITIONAL

change account. However, at the Balance Sheet date if there is any matrix released by CRISIL on daily basis.Investments in reverse repo and
indication that a previously recognised impairment loss no longer exists, tri-party repo are valued at cost plus interest accrued.
then such loss is reversed and the investment is restated to that extent.
Unrealised gains and losses are recognised in the Revenue account as
2.12.3. Valuation - Unit Linked business prescribed by IRDA (Preparation of Financial Statements and Auditors’
Central and State government securities are valued as per the valuation Report of Insurance Companies) Regulations 2002.
price provided by Credit Rating Information Services of India Limited
592 - 595

(CRISIL). Fixed deposits with banks are valued at cost.

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 195
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

2.12.4. Transfer of investments The accumulated gains or losses that were recognised directly in the ‘Credit/
Transfer of investments from Shareholders’ account to the Policyholders’ (Debit) Fair Value Change Account’ in the Balance Sheet are reclassified
account to meet the deficit in the Policyholders’ account is made at the into the Revenue Account, in the same period or periods during which
cost price or market price, whichever is lower. In case of debt securities income on the investments acquired from underlying forecasted cash flow
including money market instruments, all transfers are made at the lower of is recognized in the Revenue Account. In the event that all or any portion
the market price and the net amortized cost. of gain or loss, recognised directly in the ‘Credit/(Debit) Fair Value Change
Account’ in the Balance Sheet is not expected to be recovered in future
The transfer of investments between unit liked funds is done at the price periods, the amount that is not expected to be recovered is reclassified to
as specified below. the Revenue Account.
a. In case of equity, preference shares, ETFs and Government Securities
market price of the latest trade. 2.14. Loans
Loans are stated at historical cost less repayments, subject to provision
b. In case of securities mentioned in (a) if the trade has not taken
for impairment, if any.
place on the day of transfer and for all other securities not part of (a)
previous day valuation price.
Loans are classified as short term in case the maturity is less than twelve
No transfer of investments is carried out between non-linked policyholders’ months. Loans other than short term are classified as long term.
funds.
2.15. Fixed assets and Impairment
2.13. Interest rate derivatives 2.15.1. Tangible assets and depreciation
Interest rate derivative contracts are used for hedging of highly probable Tangible assets are stated at acquisition cost less accumulated
forecasted transactions on insurance contracts and investment cash flows in depreciation and impairment loss, if any. Cost includes the purchase price
life, pension and annuity business. The Company follows hedge accounting in net of any trade discounts and rebates, any import duties and other taxes
accordance with the ‘Guidance Note on Accounting for Derivative Contracts’ (other than those subsequently recoverable from the tax authorities) and
issued by the Institute of Chartered Accountants of India (ICAI) and IRDAI any cost directly attributable to bring the asset to its working condition for
Investment Master Circular as amended from time to time. its intended use and other incidental expenses incurred upto that date.
Subsequent expenditure incurred on tangible assets is expensed out
At the inception of the hedge, the Company documents the relationship
except where such expenditure results in an increase in future benefits
between the hedging instrument and the hedged item, the risk
from the existing assets beyond its previously assessed standard of
management objective and strategy for undertaking the hedge, nature of
performance.
risk being hedged, identification of the instrument and the hedged item and
the methods used to assess the hedge effectiveness. Hedge effectiveness
The useful life of various category of assets is as below:
is the extent to which changes in the fair value or the cash flows of the
hedging instrument offset changes in the fair value or the cash flows of the
hedged item. Hedge effectiveness is ascertained at the time of inception Asset Useful life (years)
of the hedge and on each reporting date.
Office buildings on freehold land 60
Improvement to leasehold properties 60 years or lease period
The Forward Rate Agreement (FRA) contract is valued at the difference
between the market value of underlying bond at the spot reference whichever is lower
yield taken from the SEBI approved rating agency and present value of Furniture and fixtures 5 to 10
the contracted forward price of underlying bond including present value Office equipment 5 to 10
of intermediate coupon inflows from valuation date till FRA contract Information technology equipment 3
settlement date, discounted by the INR-Overnight Index Swap (OIS) rate Communication networks and servers 6
curve.
Motor vehicles 5
The Company follows cash flow hedge accounting for interest rate
Schedule II of the Companies Act 2013 specifies the useful life of eight
derivatives. The portion of the fair value gain/loss on the interest rate
derivative that is determined to be an effective hedge is recognised years for motor vehicle. As per Company policy, the motor vehicle
directly in ‘Credit/(Debit) Fair Value Change Account’ in the Balance is transferred to employee on completion of five years or at written
Sheet under policyholders’ funds and the portion that gets determined as down value (WDV) in case of separation of employee before five years.
ineffective hedge or ineffective portion of effective hedge, based on the Accordingly, the Company has depreciated the motor vehicle over five
hedge effectiveness assessment is recognized in the Revenue Account years. Assets costing upto ` 5,000 are considered to be immaterial in
under head “Transfer/Gain on revaluation/Change in fair value”. value and hence fully depreciated in the month of acquisition.

196 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

Depreciation is provided using straight-line method (‘SLM’) prorated from The deferred tax asset and liabilities are recognised using the tax rates
the date of being ready to use, upto the date of sale, based on estimated that have been enacted or substantively enacted by the Balance Sheet
useful life for each class of asset. date. Deferred tax assets are recognised and carried forward only to the
extent there is reasonable certainty that sufficient future taxable income

01 - 78 REPORTS
2.15.2. Intangibles will be available against which such deferred tax assets can be realised.
Intangible assets comprising software are stated at cost less amortisation. However, deferred tax asset in respect of unabsorbed depreciation or

STATUTORY
Significant expenditure on improvements to software are capitalised when carried forward loss are recognised only if there is a virtual certainty
it is probable that such expenditure will enable the asset to generate of realisation of such assets. Deferred tax assets are reviewed at each
future economic benefits in excess of its originally assessed standards Balance Sheet date and written down or written up to reflect the amount
of performance and such expenditure can be measured and attributed to that is reasonable / virtually certain (as the case may be) to be realised.
the asset reliably. Subsequent capital expenditures are amortised over the
remaining useful life of original software. Software expenses are amortised 2.16.2. Indirect taxes
using SLM over a period of 4 years from the date of being ready to use. Goods and Services tax liability on life insurance service is set-off against

79 - 148 FINANCIAL STATEMENTS

the respective input tax credits available from tax paid on input services for
2.15.3. Capital work in progress each state. Unutilised credits, if any, are carried forward under “Advances

STANDALONE
Assets not ready for their intended use and other capital work-in-progress and other assets” for future set-off, where there is reasonable certainty
are carried at cost, comprising direct cost and related incidental expenses. of utilisation.

2.15.4. Impairment of assets 2.17. Provisions and contingencies

Management periodically assesses, using external and internal sources, Provision is recognized when the company has a present obligation as
whether there is any indication that an asset may be impaired. If any a result of past event and it is probable that an outflow of resources
such indication exists, an estimate of the recoverable amount of the embodying economic benefits will be required to settle the obligation and

149 - 521 FINANCIAL STATEMENTS

asset unit is made. Impairment occurs where the carrying value of the a reliable estimate can be made of the amount of the obligation. Provisions
asset exceeds the recoverable amount. Recoverable amount is higher are determined based on the management estimate of amount required to

CONSOLIDATED
of an asset’s net selling price and its value in use. Value in use is the settle the obligation at the reporting date. These estimates are reviewed
present value of estimated future cash flows expected to arise from the at each reporting date and adjusted to reflect the current best estimates.
continuing use of the asset and its ultimate disposal. If at the Balance
Sheet date there is an indication that a previously assessed impairment A disclosure of a contingent liability is made when there is a possible
loss no longer exists, the recoverable amount is reassessed and the obligation or present obligations that may, but probably will not, require
asset is reflected at the recoverable amount, subject to a maximum of an outflow of resources or it cannot be reliably estimated. When there is a
depreciable historical cost. possible obligation or a present obligation in respect of which the likelihood

522 - 584 VALUE RESULTS

of outflow of resources is remote, no provision or disclosure is made.
2.16. Taxation

EMBEDDED
2.16.1. Direct taxes Contingent assets are neither recognised nor disclosed.
Income tax expense comprises of current tax (i.e. amount of tax for
2.18. Segmental reporting
the year determined in accordance with the Income Tax Act, 1961) and
Identification of segments
deferred tax charge or credit (reflecting the tax effects of timing differences
between accounting income and taxable income for the year). Based on the primary segments identified under IRDA (Preparation of
Financial Statements and Auditors’ Report of Insurance Companies)
Current tax is the amount expected to be paid to the tax authorities after Regulations 2002 (‘the Regulations’) read with AS 17 on “Segmental
585 - 591 INFORMATION

taking credit for allowances and exemptions in accordance with the Reporting” notified under section 133 of the Companies Act 2013 and
Income Tax Act, 1961. rules thereunder, the Company has classified and disclosed segmental
ADDITIONAL

information separately for Shareholders’ and Policyholders’. Within

The Company calculates tax for the participating lines of business in order Policyholders’, the businesses are further segmented into Participating
to ensure that the expenses pertaining to and identifiable with a particular (Life and Pension), Non-Participating (Life and Pension), Non-Participating
line of business are represented as such to enable a more appropriate variable (Life and Pension), Annuity, Health and Linked (Life, Pension,
presentation of the financial statements. Accordingly, tax charge/credit on Health and Group).
surplus/deficit arising from the participating line of business is disclosed
separately in the Revenue account. There are no reportable geographical segments, since all business is
592 - 595

written in India.

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 197
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

Allocation/ Apportionment methodology purpose of calculating diluted earnings per share, the profit or loss after tax
The allocation and apportionment of revenue, expenses, assets and for the year attributable to equity shareholders and the weighted average
liabilities to specific segments is done in the following manner, which is number of shares outstanding during the year are adjusted for the effects
applied on a consistent basis. of all dilutive potential equity shares which could have been issued on the
conversion of all dilutive potential equity shares.
• Revenue, expenses, assets and liabilities that are directly identifiable
to the respective segments, are allocated on actual basis; Potential equity shares are deemed to be dilutive only if their conversion
• Other revenue, expenses (including depreciation and amortisation), to equity shares would decrease the net profit per share from continuing
assets and liabilities that are not directly identifiable to a respective ordinary operations. Potential dilutive equity shares are deemed to be
segment are apportioned based on one or combination of some of converted as at the beginning of the period, unless they have been issued
the relevant drivers which includes: at a later date. The dilutive potential equity shares are adjusted for the
proceeds receivable had the shares been actually issued at fair value.
 Number of policies Dilutive potential equity shares are determined independently for each
 Weighted annualised first year premium income period presented.
 Annualised premium since inception
2.21. Cash and Cash Equivalents
 Sum assured
Cash and cash equivalents for the purpose of Receipts and Payments
 Total premium income
account include cash and cheques in hand, bank balances, liquid mutual
 Medical cases funds and other investments with original maturity of three months or
 Funds under management less which are subject to insignificant risk of changes in value.
 Commission Receipts and Payments Account is prepared and reported using the
 Total operating expenses (for assets and liabilities) Direct Method in accordance with Accounting Standard (AS) 3, “Cash
 Use of asset (for depreciation expense) Flow Statements” as per requirements of Master Circular of IRDA
(Preparation of Financial Statements and Auditors’ Report of Insurance
The accounting policies used in segmental reporting are the same as those Companies) regulations, 2002.
used in the preparation of financial statements.
2.22. Unclaimed amount of policyholders
2.19. Foreign exchange transactions Pursuant to IRDAI circular no. IRDA/F&A/CIR/CLD/114/05/2015 dated
Initial recognition: Foreign currency transactions are recorded in Indian May 28, 2015, IRDA/F&A/CIR/CPM/134/07/2015 dated July 24, 2015
Rupees, by applying to the foreign currency amount the exchange rate on “Handling of unclaimed amounts pertaining to policyholders” (“the
between the Indian Rupee and the foreign currency at the date of the Regulations”) and IRDA/F&A/CIR/Misc/282/11/2020 dated November 17,
transaction. 2020, the Company has created a single segregated fund to manage all
unclaimed monies.
Conversion: Foreign currency monetary items are translated using the
exchange rate prevailing at the reporting date. Non-monetary items, which Unclaimed amount of policyholders’ liability is determined on the basis of
are measured in terms of historical cost denominated in a foreign currency, NAV of the units outstanding as at the valuation date.
are reported using the exchange rate at the date of the transaction. Non-
monetary items, which are measured at fair value or other similar valuation Assets held for unclaimed amount of policyholders and unclaimed amount
denominated in a foreign currency, are translated using the exchange rate of policyholders’ liability are considered as Current Assets & Current
at the date when such value was determined. Liabilities, and disclosed in Schedule 12 “Advances and Other Assets” and
Schedule 13 “Current Liabilities” respectively.
Exchange differences: Exchange differences arising on such conversions are
recognised as income or as expenses in the period in which they arise either Income on unclaimed amount of policyholders is accreted to the unclaimed
in the Revenue Account or the Profit and Loss Account, as the case may be. fund and is accounted for on an accrual basis, net of fund management
charges, and is disclosed under the head “Interest on unclaimed amounts”
2.20. Earnings per share in Schedule 4 “Benefits paid” in Revenue account.
Basic earnings per share are calculated by dividing the profit or loss
The unclaimed of policyholders which are more than 120 months as on 30
after tax for the year attributable to equity shareholders by the weighted
September every year, are transferred to the Senior Citizens’ Welfare Fund
average number of equity shares outstanding during the year. For the
(SCWF) on or before 01 March of that financial year.

198 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

3. Notes to Accounts of participating policies, future bonuses together with allowance for
3.1. Contingent liabilities taxation and allocation of profits to shareholders. These assumptions
(` ‘000) are determined as prudent estimates at the date of valuation including
allowances for possible adverse deviations.
At March At March

01 - 78 REPORTS
Particulars
31, 2022 31, 2021
The liability for the unexpired portion of the risk for the non-unit liabilities of

STATUTORY
Partly-paid up investments* 6,996,702 10,612,933 linked business and attached riders is the higher of the liability calculated
Claims, other than those under policies, not using discounted cash flows and the unearned premium reserve.
acknowledged as debts comprising of:
-Claims made by vendors for disputed An unexpired risk reserve and a reserve in respect of claims incurred but
payments 539 1,176 not reported is held for contracts where there is a possibility of lag in
-Claims for damages made by landlords (of intimation of claims.
premises taken on lease) 7,504 41,354

79 - 148 FINANCIAL STATEMENTS

-Claims made by employees and advisors The unit liability in respect of linked business is the value of the units
for disputed dues and compensation 9,335 8,523 standing to the credit of policyholders, using the Net Asset Value (‘NAV’)

STANDALONE
Underwriting commitments outstanding (in prevailing at the valuation date.
respect of shares and securities) - -
Guarantees given by or on behalf of the A brief of the assumptions used in actuarial valuation is as below:
Company by various banks in favour of
a) The interest rates used for valuing the liabilities are in the range of
government authorities, hospital and court - -
3.67% to 6.30% per annum. The interest rates used at March 31,
Statutory demands/liabilities in dispute, not 2021 were in the range of 3.13% to 5.56% per annum.
1,536,996 1,536,996
provided for#

149 - 521 FINANCIAL STATEMENTS

Reinsurance obligations to the extent not b) Mortality rates used are based on the published “Indian Assured
provided for - - Lives Mortality (2012 – 2014) Ult.” mortality table for assurances

CONSOLIDATED
Policy related claims under litigation in and “Indian Individual Annuitant’s Mortality Table (2012-15)” table
different consumer forums: for annuities adjusted to reflect expected experience. Morbidity
-Claims for service deficiency 80,789 69,585 rates used are based on CIBT 93 table, adjusted for expected
-Claims against repudiation 1,201,859 845,791 experience, or on risk rates provided by reinsurers.
Total 9,833,724 13,116,358 c) Expenses are provided for at least at the current levels in respect of
*in respect of partly paid secured debentures & equity shares.
renewal expenses, with no allowance for any future improvement.
#amount pertains to objections raised by office of the Commissioner of Service

522 - 584 VALUE RESULTS

tax, Goods and Service tax Mumbai on certain tax positions taken by the Company. d) Per policy renewal expenses are assumed to inflate at 4.59% per
annum. The expense inflation assumption used at March 31, 2021
3.2. Pending litigations

EMBEDDED
was 4.22%.
The Company’s pending litigation comprises of claims against the Company
primarily by the customers and proceedings pending with Tax authorities. e) The bonus rates for participating business to be declared in the
The Company has reviewed all its pending litigations and proceedings and future is consistent with the valuation assumptions.
has adequately provided for where provisions are required and disclosed f) The tax rate applicable for valuation at March 31, 2022 is 14.56%
the contingent liabilities where applicable, in its financial statements. The per annum. The tax rate applicable for valuation at March 31, 2021
Company does not expect the outcome of these proceedings to have a was 14.56% per annum.
585 - 591 INFORMATION

material adverse effect on its financial statements at March 31, 2022.

Refer note 3.1 for details on contingent liabilities. Certain explicit additional provisions are made, which include the following:
ADDITIONAL

In respect of litigations, where the management assessment of a financial a) Reserves for additional expenses that the Company may have to
outflow is probable, the Company has made a provision of ` 884,859 incur if it were to close to new business twelve months after the
thousand at March 31, 2022 (At March 31, 2021: ` 432,176 thousand). valuation date.
b) Reserves for guarantees available to individual and group insurance
3.3. Actuarial method and assumptions policies.
The actuarial liability in respect of both participating and non-participating
c) Reserves for cost of non-negative claw back additions.
592 - 595

policies is calculated using the gross premium method, using assumptions

for interest, mortality, morbidity, expense and inflation and, in the case

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 199
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

d) Reserves for free look option given to policyholders calculated using a free look cancellation rate of 2.20% as on March 31, 2022. The free look
cancellation assumption used at March 31, 2021 was 2.70%.
e) Reserves for lapsed policies eligible for revivals.
f) Based on its current evaluation, the Company is carrying a provision (net of reinsurance) of ` 241,640 thousand as at March 31, 2022 (at March 31,
2021: ` 3,322,822 thousand), for claims due to COVID-19, which is included in policy liabilities.
g) An additional reserve is held for incurred but not reported claims.

3.4. Funds for Future Appropriations (‘FFA’)

The balance of participating FFA of ` 13,833,234 thousand (March 31, 2021: ` 13,531,799 thousand) is not available for distribution to the shareholders.
Such amount is classified under Funds for Future appropriations in the Balance Sheet.

3.5. Claims settled and remaining unpaid

Claims settled and remaining unpaid for a period of more than six months at March 31, 2022 is ` 34,292 thousand (March 31, 2021: ` 33,902 thousand).

3.6. Reconciliation of unclaimed amounts of policyholders

Pursuant to IRDAI circular No. IRDA/F&A/CIR/CLD/114/05/2015 dated May 28, 2015 and IRDA/F&A/CIR/CPM/134/07/2015 dated July 24, 2015 on
“Handling of unclaimed amounts pertaining to policyholders”, the Company has created a single segregated fund to manage all the unclaimed monies. The
amount in such unclaimed fund has been invested in money market instruments and /or fixed deposit of scheduled banks.

The amount in the unclaimed fund has been disclosed in schedule 12 as “Assets held for unclaimed amount of policyholders”. Investment income accruing
to the unclaimed fund has been credited to the fund and disclosed as ‘Other Income under Linked Life segment in the Revenue Account. Such investment
income net of fund management charges (‘FMC’) is paid/ accrued as “interest on unclaimed amounts” in schedule 4 of the financial statements as
“Benefits paid”.

Reconciliation of unclaimed amounts of policyholders:

Further in accordance with the master circular IRDA/F&A/CIR/Misc/282/11/2020 issued by the IRDAI on November 17, 2020, the details of unclaimed
amounts and investment income at March 31, 2020 is tabulated as under:

(` in lakhs)*
Particulars For year ended March 31, 2022 For year ended March 31, 2021
Income Income
Policy Dues Policy Dues
Accrued Accrued
Opening Balance at April 01 75,935 4,940 79,038 4,285
Add: Amount transferred to Unclaimed Fund 67,908 210 92,251 295
Add: Cheques issued out of the unclaimed amount but not encashed by
the policyholders (stale cheques) 16,915 68 13,451 67
Add: Investment Income on Unclaimed Fund - 3,580 - 3,772
Less: Amount of claims paid during the year (58,180) (1,557) (107,056) (3,299)
Less: Amount transferred to SCWF (net of claims paid in respect of
amounts transferred earlier) (3,262) (527) (1,749) (180)
Closing Balance of Unclaimed Amount Fund at March 31 99,316 6,714 75,935 4,940
*amount disclosed in lakhs in accordance with IRDAI master circular No. IRDA/F&A/CIR/Misc/282/11/2020

200 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

3.7. Age wise analysis of unclaimed amount of policyholders

In accordance with master circular IRDA/F&A/CIR/Misc/282/11/2020 issued by the IRDAI on November 17, 2020, the age wise analysis of unclaimed
amount of the policyholders at is tabulated below

01 - 78 REPORTS
For the year ended March 31, 2022

STATUTORY
Age-wise analysis (` in lakhs)*
Total Outstanding period in months
Particulars
amount More
0-6 7-12 13-18 19-24 25-30 31-36 37-120
than 120
Claims settled but not paid to the policyholders /
beneficiaries due to any reasons except under litigation
from the insured/policyholders 170 2 66 72 - - - 30 -
Sum due to the policyholders/beneficiaries on maturity or

79 - 148 FINANCIAL STATEMENTS

otherwise 27,105 6 2,801 3,487 5,934 3,433 1,998 9,418 28
Any excess collection of the premium/tax or any other

STANDALONE
charges which is refundable to the policyholder / beneficiaries
either as terms of conditions of the policy or as per law or as
may be directed by the Authority but not refunded so far 60 1 7 6 3 10 4 29 -
Cheques issued but not encashed by the policyholder /
beneficiaries** 78,695 225 12,385 17,191 8,152 8,666 4,751 24,854 2,471
Total 106,030 234 15,259 20,756 14,089 12,109 6,753 34,331 2,499
*amount disclosed in lakhs in accordance with IRDA/F&A/CIR/Misc/282/11/2020

149 - 521 FINANCIAL STATEMENTS

**cheques issued but not encashed by policyholder/beneficiary do not include cheques which are within the validity period.

For the year ended March 31, 2021

CONSOLIDATED
Age-wise analysis (` in lakhs)*
Total Outstanding period in months
Particulars
amount More
0-6 7-12 13-18 19-24 25-30 31-36 37-120
than 120
Claims settled but not paid to the policyholders /
beneficiaries due to any reasons except under litigation

522 - 584 VALUE RESULTS

from the insured/policyholders 32 2 1 - - - 25 4 -
Sum due to the policyholders/beneficiaries on maturity or

EMBEDDED
otherwise 29,934 3 10,413 5,177 2,413 2,921 2,348 6,649 10
Any excess collection of the premium/tax or any other
charges which is refundable to the policyholder / beneficiaries
either as terms of conditions of the policy or as per law or as
may be directed by the Authority but not refunded so far 77 - 29 9 4 4 5 25 1
Cheques issued but not encashed by the policyholder /
beneficiaries** 50,832 152 8,757 8,368 4,258 3,902 1,832 20,972 2,591
Total 80,875 157 19,200 13,554 6,675 6,827 4,210 27,650 2,602
585 - 591 INFORMATION

*amount disclosed in lakhs in accordance with IRDA/F&A/CIR/Misc/282/11/2020

**cheques issued but not encashed by policyholder/beneficiary do not include cheques which are within the validity period.
ADDITIONAL

In accordance with IRDAI Master circular No. IRDA/F&A/CIR/Misc/282/11/2020 on “Unclaimed Amount of Policyholders” dated November 17, 2020 read
with rule 3 (6) of Senior Citizens’ Welfare Fund Rules, 2016, the unclaimed of policyholders which are more than 120 months as on 30 September every
year, will be transferred to the Senior Citizens’ Welfare Fund (SCWF) on or before 01 March of that financial year.

3.8. Direct taxes

The current tax provision is determined in accordance with the provisions of Income Tax Act,1961. The provision for current tax for the year ended
592 - 595

March 31, 2022 is ` 2,025,723 thousand (year ended March 31, 2021: ` 2,630,972 thousand).

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 201
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

The provision for current tax includes an amount of ` 1,661,477 thousand for the year ended March 31, 2022 (year ended March 31, 2021: `
1,418,455 thousand) which has been charged on the total surplus of the participating line of business in Revenue Account, in line with the Company’s
accounting policy.

Further, tax expense amounting to ` 364,246 thousand for the year ended March 31, 2022 (year ended March 31, 2021: ` 1,212,517 thousand) pertaining
to other than participating line of business has been charged to Profit & loss account.

The deferred tax asset and liabilities are recognised using the tax rates that have been enacted or substantively enacted by the Balance Sheet date.
Deferred tax assets are recognised and carried forward only to the extent there is reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realised. However, deferred tax asset in respect of unabsorbed depreciation or carried forward
loss are recognised only if there is a virtual certainty of realisation of such assets.

Deferred tax charge for the year ended March 31, 2022 is ` Nil (year ended March 31, 2021: ` Nil).

3.9. Operating lease commitments

The Company takes premises, motor vehicles, office equipments and servers on operating lease. Certain lease arrangements provide for cancellation
by either party and also contain a clause for renewal of the lease agreement. Lease payments on cancellable and non-cancellable operating lease
arrangements are charged to the Revenue account and the Profit and Loss account over the lease term on a straight line basis. The total operating lease
rentals charged for the year ended March 31, 2022 is ` 627,976 thousand (year ended March 31, 2021: ` 596,948 thousand).

Lease rentals pertaining to non-cancellable leases charged to the Revenue account and the Profit and Loss account for the year ended March 31, 2022 is
` 30,960 thousand (year ended March 31, 2021: ` 28,851 thousand). The future minimum lease payments in respect of these non-cancellable leases at
the Balance Sheet date are summarised below:

(` ‘000)
Particulars At March 31, 2022 At March 31, 2021
Not later than one year 30,411 30,411
Later than one year but not later than five years 83,631 114,042
Later than five years - -

The amount in the above table does not include indirect taxes applicable at the time of payment

3.10. Assets given on operating lease

The Company has entered into an agreement in the nature of leave and license for leasing out the investment property. This is in the nature of operating
lease and lease arrangement contains provisions for renewal. There are no restrictions imposed by lease arrangement and the rent is not determined based
on any contingency. The total lease payments received in respect of such lease recognised in the Revenue account and the Profit and Loss account for the
year ended March 31, 2022 is ` 250,040 thousand (year ended March 31, 2021: ` 377,612 thousand).

3.11. Details of related parties and transactions with related parties

Related parties and nature of relationship:
Nature of relationship Name of the related party

Holding company ICICI Bank Limited

Substantial interest Prudential Corporation Holdings Limited
Subsidiary ICICI Prudential Pension Funds Management Company Limited

202 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

Nature of relationship Name of the related party

Fellow subsidiaries and entities jointly controlled by holding ICICI Securities Limited
company ICICI Securities Inc.
ICICI Securities Holding Inc.

01 - 78 REPORTS
ICICI Venture Funds Management Company Limited
ICICI Home Finance Company Limited

STATUTORY
ICICI Trusteeship Services Limited
ICICI Securities Primary Dealership Limited
ICICI Investment Management Company Limited
ICICI International Limited
ICICI Bank UK PLC.
ICICI Bank Canada
ICICI Lombard General Insurance Company Limited (ceased to be fellow

79 - 148 FINANCIAL STATEMENTS

subsidiary w.e.f. September 8, 2021)
ICICI Prudential Asset Management Company Limited

STANDALONE
ICICI Prudential Trust Limited
ICICI Foundation for Inclusive Growth
Consolidated under AS-21 by holding company ICICI Strategic Investments Fund
Entities over which control is exercised ICICI Prudential Life Insurance Company Limited Employees’ Group Gratuity
Cum Life Insurance Scheme
ICICI Prudential Life Insurance Company Limited Employees’ Provident Fund
ICICI Prudential Life Insurance Company Limited Superannuation Scheme

149 - 521 FINANCIAL STATEMENTS

ICICI Prudential Life Insurance Advisors Benefit trust
Key management personnel as per AS-18 disclosure (KMP) N. S. Kannan, Managing Director & CEO
Asha Murali, Appointed Actuary (ceased to be Appointed Actuary w.e.f.

CONSOLIDATED
July 31, 2021)
Souvik Jash, Appointed Actuary w.e.f. December 3, 2021

Relatives of Key management personnel as per AS-18 disclosure

Name of the related party

Nature of relationship Mr. N. S. Kannan Ms. Asha Murali* Mr. Souvik Jash**

522 - 584 VALUE RESULTS

Spouse Kumudalakshmi Rangarajan P.A. Murali Soma Jash
Parent Narayanan Sudha P.S. Nagaraj Sobha Jash

EMBEDDED
Brother/ Sister Narayanan Raghunathan Rekha Somayajula Samik Jash
Narayanan Rangarajan Krishna Nagaraj
Children Aditi Kannan Rajiv Murali Sayantan Jash
*Ceased to be Appointed Actuary w.e.f. July 31, 2021
**Appointed Actuary w.e.f. December 3, 2021
585 - 591 INFORMATION
ADDITIONAL
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 203
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

The following represents significant transactions between the Company and its related parties:
(` ‘000)
Transactions for the year Amount recoverable/ (payable)
Name of related party Relation Nature of transaction At March 31, At March 31,
March 31, 2022 March 31, 2021
2022 2021
ICICI Bank Limited Holding Company Premium Income 7,359,886 6,347,814 (690,885) (232,186)
Benefits paid (4,101,930) (1,749,796) (824,484) (663,246)
Recovery of expenses
- Information technology cost 496 565 118 253
- Employees' remuneration and welfare benefits 1,253 1,780 341 1,516
Reimbursement of other expenses
- Rent rates and taxes (1,066) (918) (294) (284)
- Information technology cost (331,810) (315,288) (80,881) (91,002)
- Employees' remuneration and welfare benefits (1,818) (4,218) (487) (1,959)
- Legal and Professional Charges (36,494) (35,207) (43,063) (41,544)
Commission Expenses (5,758,608) (6,299,987) (245,625) (381,879)
Bank Charges (38,695) (46,088) (3,919) (4,351)
Trademark Usage Fees (95,616) (106,698) - -
Arranger's Fees - (3,750) - -
Purchase of investments (11,543,508) (10,988,610) - -
Sale of investments 625,200 2,660,570 - -
Security Deposit - - 75 75
Dividend (1,475,211) - - -
Cash and Bank Balances - - 4,377,704 3,374,522
ICICI Securities Limited Fellow subsidiary Premium Income 13,137 2,075 (310) (398)
Benefits paid (4,090) (647) - -
Recovery of expenses
- Rent rates and taxes 2,497 1,922 1,379 -
- Information technology cost 26 16 9 -
- Employees' remuneration and welfare benefits 32 - - -
Reimbursement of other expenses
- Rent rates and taxes (350) (350) (50) (69)
Commission Expenses (599,173) (508,430) (58,415) (42,859)
Brokerage (38,358) (49,106) (3,872) (1,305)
Purchase of investments - (555,481) - -
Dividend (36) - - -
ICICI Venture Funds Management Fellow subsidiary Premium Income 836 605 (988) (789)
Company Limited Recovery of expenses
- Rent rates and taxes 2,352 - - -
- Employees' remuneration and welfare benefits 154 253 52 298
Reimbursement of other expenses
- Employees' remuneration and welfare benefits - (4,361) - -
Sale of Fixed Assets - 3,109 - -
ICICI Home Finance Company Fellow subsidiary Premium Income 995,399 694,444 (41,705) (17,274)
Limited Benefits paid (227,924) (115,935) (23,977) (26,284)
Recovery of expenses
- Rent rates and taxes 63 334 - -
Commission Expenses (60,232) (44,719) (9,220) (14,128)
ICICI Securities Primary Fellow subsidiary Premium Income 974 476 (256) (260)
Dealership Limited Interest income on investments 47,682 57,053 21,425 30,867
Arranger's Fees - (2,250) - -
Purchase of investments (17,292,165) (22,367,895) - -
Sale of investments 3,710,309 5,553,598 - -
Investment in Debentures issued by the
Company - 1,500,000 - -
Outstanding investments - - 260,912 634,725
Maturity of Investment 350,000 - - -

204 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

(` ‘000)
Transactions for the year Amount recoverable/ (payable)
Name of related party Relation Nature of transaction At March 31, At March 31,
March 31, 2022 March 31, 2021
2022 2021

01 - 78 REPORTS
ICICI Investment Management Fellow subsidiary Premium Income 815 261 (12) (3)
Company Limited

STATUTORY
ICICI Prudential Asset Fellow subsidiary Premium Income 93,525 46,205 (11,253) (8,043)
Management Company Limited Benefits paid (31,686) (25,716) (500) (510)
Reimbursement of other expenses
- Miscelleanous Expenses - (3) - -
ICICI Lombard General Insurance Fellow subsidiary Premium Income 20,138 11,890 NA (1,693)
Company Limited**** Benefits paid (31,043) (16,189) NA -
Recovery of expenses
- Rent rates and taxes 14,182 32,467 NA 487

79 - 148 FINANCIAL STATEMENTS

Reimbursement of other expenses
- Rent rates and taxes - (45) NA -
Premium expenses** (132,477) (291,566) NA 73,315

STANDALONE
Purchase of investments - (553,085) NA -
Security Deposit - - NA (16,234)
ICICI Prudential Pension Funds Subsidiary Share capital subscribed (210,000) - - -
Management Company Recovery of expenses
Limited*** - Rent rates and taxes 3,561 2,611 1,210 874
- Information technology cost 6,908 2,978 3,202 446
- Employees' remuneration and welfare benefits 50,917 34,252 14,082 11,549

149 - 521 FINANCIAL STATEMENTS

- Legal and Professional Charges 124 143 37 12
- Communication Expense 275 195 90 72
- Travel conveyance and vehicle running 613 153 431 23

CONSOLIDATED
-Printing and Stationary Charges - 2 - -
- Miscelleanous Expenses 2 4 - 1
Prudential Corporation Holdings Substantial Interest Reimbursement of other expenses
Limited - Business Conferences and Meetings (14,139) - (14,198) -
Dividend (635,035) - - -
ICICI Prudential Life Insurance Entities over which Premium Income 280,649 1,557,626 (13,444) (9,067)
Company Limited Employees' control is exercised Benefits paid (210,500) (1,586,551) - (1,235)
Group Gratuity Cum Life Insurance Contribution to trust (347,307) (89,329) (6,598) 31,162

522 - 584 VALUE RESULTS

Scheme
ICICI Prudential Life Insurance Entities over which Premium Income 10,991 9,394 - -
Company Limited Superannuation control is exercised Benefits paid (2,412) (7,868) - -

EMBEDDED
Scheme Contribution to trust (11,033) (10,262) - -
ICICI Prudential Life Insurance Entities over which Contribution to trust (217,364) (191,735) (49,028) (58,153)
Company Limited Employees' control is exercised
Provident Fund
ICICI Foundation for Inclusive Entities controlled Premium Income 18,624 371 (77) (34)
Growth by holding Contribution for CSR activity (47,316) - - -
company
Key management personnel Key management Premium Income 49 251 - -
585 - 591 INFORMATION

personnel Dividend (492) - - -

Managerial Remuneration (95,205) (134,065) - -
ESOP Exercised (169,400) - - -
ADDITIONAL

ESOP Outstanding - - 2,183,500 1,786,500

Key management personnel Relatives of key Premium Income 336 100 - -
management
personnel
* 0 in the above table denotes amount less than ` 1,000
** Includes payment made by employees of the Company towards policy on voluntary health cover for parents wherein a part value of premium is borne by the Company.
*** Amount recoverable is reported gross of TDS.
592 - 595

**** Transaction upto September 7, 2021 with ICICI Lombard General Insurance Company Limited has been reported, since post that it ceased to be a subsidiary of
ICICI Bank Limited. Further, amount recoverable/(payable) at March 31, 2022 is reported as 'NA'.

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 205
 3.12. Segmental Reporting

206
Segment wise information of various items as required under AS 17 “Segmental reporting” are given below:
For the year ended March 31, 2022
(` ‘000)
Segments
Non Par Linked Share
Particulars Non Par Non Par Non Par Annuity Linked Linked Linked Total
Par Life Par Pension Variable Health Linked Life Group holders

149 Management Report

Life Pension Variable Non Par Pension Health Group Life
Pension Pension
Schedules

Segment revenue (excluding contribution

from the Shareholders' account) 63,766,493 5,010,254 104,711,175 2,736,392 374,508 1,184,272 35,272,083 357,705 363,866,047 12,796,636 1,576,096 14,711,091 7,671,176 10,136,221 624,170,149
Segment result - Surplus/ Deficit
after tax (net of contribution from the
Shareholders' account) 1,300,520 (2,389) (18,940,303) (16,289) 111,004 34,599 2,153,709 43,988 14,655,296 1,202,427 (509,476) 119,708 139,784 7,550,167 7,842,745
Depreciation/ Amortisation 69,911 322 217,553 179 19 59 22,374 2,653 349,528 3,986 1,023 921 491 79 669,098
Significant non-cash expenses* 34,590,953 3,519,311 68,865,373 2,680,875 (1,097,003) 477,991 27,024,938 114,709 119,354,673 (2,315,373) 1,229,281 4,214,878 (542,113) 1,197,498 259,315,991
* comprises of Change in valuation of policy liabilities, Provisions for diminution in the value of investments (Net), Provision for doubtful debts and Bad debts written off
forming part of financial statements (continued)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

For the year ended March 31, 2021

157 Independent Auditors’ Report and Certificates

(` ‘000)
Segments
Non Par Linked Share
Particulars Non Par Non Par Non Par Annuity Linked Linked Linked Total
Par Life Par Pension Variable Health Linked Life Group holders
Life Pension Variable Non Par Pension Health Group Life
Pension Pension

Segment revenue (excluding contribution

166 Revenue Account

from the Shareholders' account) 64,679,535 4,183,233 78,189,247 313,698 649,706 281,026 27,707,217 374,666 575,449,782 30,457,405 3,605,314 28,103,375 11,049,269 7,689,653 832,733,126
Segment result - Surplus/ Deficit
after tax (net of contribution from the
Shareholders' account) 937,680 582,390 (12,748,635) (4,872) 43,207 29,379 (1,524,727) 325,200 15,761,040 1,360,758 391,004 30,939 122,632 5,500,665 10,806,660
Depreciation/ Amortisation 88,716 322 185,482 98 38 10 15,547 3,336 296,786 4,256 1,267 1,632 450 79 598,019
Significant non-cash expenses* 42,247,920 2,914,088 58,604,470 312,155 280,337 158,523 25,077,275 (166,688) 388,999,919 8,818,994 2,504,189 9,368,013 4,359,702 364,922 543,843,819
* comprises of Change in valuation of policy liabilities, Provisions for diminution in the value of investments (Net), Provision for doubtful debts and Bad debts written off

168 Profit and Loss Account

169 Balance Sheet
Annual Report 2021-22
 3.13. Segmental Balance Sheet
Segmental Balance Sheet at March 31, 2022
(` ‘000)
Segments
Particulars Schedule Par Non Par Non Par Non Par Non Par Variable Annuities Linked Linked Linked Linked Linked Group Shareholders Total
Par Life Health
Pension Life Pension Variable Pension Non Par Life Pension Health Group Life Pension
Sources of funds
Shareholders' funds :

170 Receipts & Payments Account

Share capital 5 & 5A - - - - - - - - - - - - - 14,373,061 14,373,061
Share application money - - - - - - - - - - - - - - -
Schedules

Reserve and surplus 6 - - - - - - - - - - - - - 75,915,442 75,915,442

Credit/[debit] fair value change account - - - - - - - - - - - - - 1,342,088 1,342,088
Sub - total - - - - - - - - - - - - - 91,630,591 91,630,591
Borrowings 7 - - - - - - - - - - - - - 12,000,000 12,000,000

171 Schedules
Policyholders' funds :
Credit/[debit] fair value change account 16,384,870 326,264 11,563,525 - - - - - - - - - - - 28,274,659
Revaluation reserve - Investment property 339,777 339,782 - - - - - - - - - - - - 679,559
Policy liabilities (A)+(B)+(C) - Refer note 2.10
& 3.3 of schedule 16 252,529,679 14,549,836 358,281,899 3,243,898 1,234,546 2,193,294 98,161,746 465,799 1,334,933,065 75,116,849 11,542,027 55,674,197 37,557,682 - 2,245,484,517
Non unit liabilities (mathematical reserves) (A) 252,529,679 14,549,836 358,281,899 3,243,898 1,234,546 2,193,294 98,161,746 465,799 4,615,849 204,942 1,304,970 24,996 10,042 - 736,821,496
forming part of financial statements (continued)

Insurance Reserve - - - - - - - - - - - - - - -
Provision for linked liabilities (fund reserves) (B) - - - - - - - - 1,227,707,636 74,272,551 10,237,057 55,649,201 37,547,640 - 1,405,414,085
(a) Provision for linked liabilities - - - - - - - - 1,001,948,153 60,651,925 8,589,572 53,833,151 36,119,903 - 1,161,142,704
(b) Credit/[debit] fair value change account
(Linked) - - - - - - - - 225,759,483 13,620,626 1,647,485 1,816,050 1,427,737 - 244,271,381
Funds for discontinued policies ( C) - Refer note
3.40 of schedule 16 - - - - - - - - 102,609,580 639,356 - - - - 103,248,936
(a) Discontinued on account of non-payment
of premium - - - - - - - - 105,829,379 650,880 - - - - 106,480,259
(b) Other discontinuance - - - - - - - - 502,834 2,298 - - - - 505,132
(c) Credit/[debit] fair value change account - - - - - - - - (3,722,633) (13,822) - - - - (3,736,455)
Total linked liabilities (B)+(C) - - - - - - - - 1,330,317,216 74,911,907 10,237,057 55,649,201 37,547,640 - 1,508,663,021
Sub - total 269,254,326 15,215,882 369,845,424 3,243,898 1,234,546 2,193,294 98,161,746 465,799 1,334,933,065 75,116,849 11,542,027 55,674,197 37,557,682 12,000,000 2,286,438,735
Funds for Future Appropriations - Refer note
2.11 & 3.4 of schedule 16
Linked - - - - - - - - - - - - - - -
Non linked 10,708,596 3,124,638 - - - - - - - - - - - - 13,833,234
Sub - total 10,708,596 3,124,638 - - - - - - - - - - - - 13,833,234
Total 279,962,922 18,340,520 369,845,424 3,243,898 1,234,546 2,193,294 98,161,746 465,799 1,334,933,065 75,116,849 11,542,027 55,674,197 37,557,682 103,630,591 2,391,902,560

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Application of funds
Investments
Shareholders’ 8 - - - - - - - - - - - - - 98,534,727 98,534,727
Policyholders’ 8A 276,916,152 19,005,846 358,026,175 2,150,895 1,340,962 2,137,049 99,371,266 712,797 11,258,452 779,164 1,140,155 643,155 397,970 - 773,880,038
Asset held to cover linked liabilities 8B - - - - - - - - 1,330,317,216 74,911,907 10,237,057 55,649,201 37,547,640 - 1,508,663,021
Loans - Refer note 2.14 of schedule 16 9 4,984,893 - 4,397,401 - - - 15,447 - 3,493 - - - - - 9,401,234
Fixed assets - net block - Refer note 2.15 of 10

237 Annexures
schedule 16 - - - - - - - - - - - - - 4,872,209 4,872,209
Deferred tax asset - Refer note 2.16.1 & 3.8
of schedule 16 - - - - - - - - - - - - - - -
Current assets
Cash and Bank balances 11 521,388 1,800 2,642,579 129 37 120 61,605 4,839 1,571,875 27,644 524 605 290 1,866,035 6,699,470
Advances and Other assets 12 1,216,979 406,627 18,447,410 46,934 31,068 81,820 1,703,404 87,040 12,129,261 24,137 20,976 20,851 12,429 8,122,333 42,351,269
Sub-Total (A) 1,738,367 408,427 21,089,989 47,063 31,105 81,940 1,765,009 91,879 13,701,136 51,781 21,500 21,456 12,719 9,988,368 49,050,739
Current liabilities 13 3,650,579 1,073,576 13,509,959 (1,046,006) 137,512 25,657 2,984,688 337,860 20,279,876 625,033 (143,621) 639,182 400,444 9,764,713 52,239,452
Provisions 14 25,911 177 158,182 66 9 38 5,288 1,017 67,356 970 306 433 203 - 259,956
Sub-Total (B) 3,676,490 1,073,753 13,668,141 (1,045,940) 137,521 25,695 2,989,976 338,877 20,347,232 626,003 (143,315) 639,615 400,647 9,764,713 52,499,408
Net Current Assets (C) = (A-B) (1,938,123) (665,326) 7,421,848 1,093,003 (106,416) 56,245 (1,224,967) (246,998) (6,646,096) (574,222) 164,815 (618,159) (387,928) 223,655 (3,448,669)
Miscellaneous expenditure (to the extent not 15
written-off or adjusted) - - - - - - - - - - - - - - -
Debit Balance in Profit & Loss Account
(Shareholders' account) - - - - - - - - - - - - - - -
Total 279,962,922 18,340,520 369,845,424 3,243,898 1,234,546 2,193,294 98,161,746 465,799 1,334,933,065 75,116,849 11,542,027 55,674,197 37,557,682 103,630,591 2,391,902,560
Significant Accounting Policies & Notes to 16
Accounts

207
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.13. Segmental Balance Sheet

208
Segmental Balance Sheet at March 31, 2021
(` ‘000)
Segments
Particulars Schedule Par Non Par Non Par Non Par Non Par Variable Annuities Linked Linked Linked Linked Linked Group Shareholders Total
Par Life Health
Pension Life Pension Variable Pension Non Par Life Pension Health Group Life Pension
Sources of funds
Shareholders' funds :
Share capital 5 & 5A - - - - - - - - - - - - - 14,359,742 14,359,742

149 Management Report

Share application money - - - - - - - - - - - - - 5,543 5,543
Schedules

Reserve and surplus 6 - - - - - - - - - - - - - 70,671,180 70,671,180

Credit/[debit] fair value change account - - - - - - - - - - - - - 6,157,692 6,157,692
Sub - total - - - - - - - - - - - - - 91,194,157 91,194,157
Borrowings 7 - - - - - - - - - - - - - 12,000,000 12,000,000
Policyholders' funds :
Credit/[debit] fair value change account 16,554,796 235,325 13,160,213 (8) (7) (6) (804) (315) (13,637) (270) (81) (228) (65) - 29,934,913
Revaluation reserve - Investment property 343,337 343,342 - - - - - - - - - - - - 686,679
Policy liabilities (A)+(B)+(C) - Refer note 2.10 & 3.3
of schedule 16 218,084,758 11,030,558 289,527,985 563,023 2,331,549 1,715,302 71,138,269 351,663 1,215,599,360 77,432,545 10,312,900 51,459,317 38,099,796 - 1,987,647,025
Non unit liabilities (mathematical reserves) (A) 218,084,758 11,030,558 289,527,985 563,023 2,331,549 1,715,302 71,138,269 351,663 6,515,401 185,821 653,068 47,181 11,016 - 602,155,594
Insurance Reserve - - - - - - - - - - - - - - -
forming part of financial statements (continued)

Provision for linked liabilities (fund reserves) (B) - - - - - - - - 1,102,174,591 76,368,621 9,659,832 51,412,136 38,088,780 - 1,277,703,960
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

(a) Provision for linked liabilities - - - - - - - - 903,335,284 61,876,482 7,783,254 49,261,798 36,294,071 - 1,058,550,889
(b) Credit/[debit] fair value change account (Linked) - - - - - - - - 198,839,307 14,492,139 1,876,578 2,150,338 1,794,709 - 219,153,071
Funds for discontinued policies ( C) - Refer note 3.40
of schedule 16 - - - - - - - - 106,909,368 878,103 - - - - 107,787,471

157 Independent Auditors’ Report and Certificates

(a) Discontinued on account of non-payment of
premium - - - - - - - - 107,782,483 898,188 - - - - 108,680,671
(b) Other discontinuance - - - - - - - - 617,958 - - - - - 617,958
(c) Credit/[debit] fair value change account - - - - - - - - (1,491,073) (20,085) - - - - (1,511,158)
Total linked liabilities (B)+(C) - - - - - - - - 1,209,083,959 77,246,724 9,659,832 51,412,136 38,088,780 - 1,385,491,431
Sub - total 234,982,891 11,609,225 302,688,198 563,015 2,331,542 1,715,296 71,137,465 351,348 1,215,585,723 77,432,275 10,312,819 51,459,089 38,099,731 12,000,000 2,030,268,617
Funds for Future Appropriations - Refer note 2.11 &
3.4 of schedule 16
Linked - - - - - - - - - - - - - - -

166 Revenue Account

Non linked 10,346,880 3,184,919 - - - - - - - - - - - - 13,531,799
Sub - total 10,346,880 3,184,919 - - - - - - - - - - - - 13,531,799
Total 245,329,771 14,794,144 302,688,198 563,015 2,331,542 1,715,296 71,137,465 351,348 1,215,585,723 77,432,275 10,312,819 51,459,089 38,099,731 103,194,157 2,134,994,573
Application of funds
Investments
Shareholders’ 8 - - - - - - - - - - - - - 100,901,552 100,901,552
Policyholders’ 8A 241,760,793 14,736,565 290,271,803 575,320 2,312,647 1,662,042 69,036,082 666,329 12,120,847 666,377 939,254 563,868 413,674 - 635,725,601
Asset held to cover linked liabilities 8B - - - - - - - - 1,209,083,959 77,246,722 9,659,833 51,412,137 38,088,780 - 1,385,491,431
Loans - Refer note 2.14 of schedule 16 9 3,258,041 - 3,366,402 - - - - - 3,763 - - - - - 6,628,206
Fixed assets - net block - Refer note 2.15 of
schedule 16 10 - - - - - - - - - - - - - 4,571,915 4,571,915
Deferred tax asset - Refer note 2.16.1 & 3.8 of

168 Profit and Loss Account

schedule 16 - - - - - - - - - - - - - - -
Current assets
Cash and Bank balances 11 591,857 1,594 1,218,301 43 52 40 124,116 6,688 1,226,959 18,449 404 928 247 2,384,363 5,574,041
Advances and Other assets 12 4,318,033 453,118 10,984,186 9,958 53,340 74,370 1,180,414 72,831 9,326,566 26,031 95,678 29,870 13,585 6,750,256 33,388,236
Sub-Total (A) 4,909,890 454,712 12,202,487 10,001 53,392 74,410 1,304,530 79,519 10,553,526 44,480 96,082 30,798 13,832 9,134,619 38,962,277
Current liabilities 13 4,568,860 396,942 3,016,244 22,272 34,467 21,129 (800,281) 393,158 16,118,229 524,154 382,005 546,742 416,276 11,413,929 37,054,126
Provisions 14 30,093 191 136,250 34 30 27 3,428 1,342 58,139 1,152 345 973 279 - 232,283

169 Balance Sheet

Sub-Total (B) 4,598,953 397,133 3,152,494 22,306 34,497 21,156 (796,853) 394,500 16,176,369 525,304 382,350 547,714 416,555 11,413,929 37,286,409
Net Current Assets (C) = (A-B) 310,937 57,579 9,049,993 (12,305) 18,895 53,254 2,101,383 (314,981) (5,622,843) (480,824) (286,268) (516,916) (402,723) (2,279,310) 1,675,868
Miscellaneous expenditure (to the extent not
written-off or adjusted) 15 - - - - - - - - - - - - - - -
Debit Balance in Profit & Loss Account
(Shareholders' account) - - - - - - - - - - - - - - -
Total 245,329,771 14,794,144 302,688,198 563,015 2,331,542 1,715,296 71,137,465 351,348 1,215,585,723 77,432,275 10,312,819 51,459,089 38,099,731 103,194,157 2,134,994,573
Significant Accounting Policies &
Notes to Accounts 16
Annual Report 2021-22
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

3.14. Fund Balance Sheet at March 31, 2022

Fund Balance Sheet for each segregated linked fund is annexed herewith - Refer Annexure1

3.15. Fund Revenue Account for the year ended March 31, 2022

01 - 78 REPORTS
Fund Revenue Account for each segregated linked fund is annexed herewith - Refer Annexure 2

STATUTORY
3.16. Annexure to the Revenue account and Additional ULIP Disclosures
Additional disclosure in respect of Unit linked portfolio as prescribed by IRDAI vide circulars 054/IRDA/F&A/FEB-07 dated February 20, 2007 and IRDA/
F&A/001/APR-07 dated April 16, 2007 - Refer Annexure 3.

3.17. Employee benefits

Provision for staff benefits as per AS 15 (Revised):
(a) Defined contribution plans

79 - 148 FINANCIAL STATEMENTS

The following has been recognised as an expense during the year in Revenue / Profit and Loss account:

STANDALONE
(` ‘000)
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
Contribution to Superannuation Scheme 11,033 10,262
Contribution to National Pension Scheme 22,833 16,703
Contribution to Employee Deposit Linked Insurance Scheme 10,977 11,615
Contribution to Employee State Insurance Corporation Scheme 32,567 30,288
(b) Defined benefit plans

149 - 521 FINANCIAL STATEMENTS

(i) Gratuity

CONSOLIDATED
General description of defined benefit plan
This is a funded defined benefit plan for qualifying employees under which the Company makes a contribution to the ICICI Prudential Life Insurance
Company Limited Employees’ Group Gratuity Cum Life Assurance Scheme. The plan provides for a lump sum payment as determined in the manner
specified under The Payment of Gratuity Act, 1972 or the Company’s gratuity scheme, whichever is higher, to the vested employees. The benefit vests
after a minimum prescribed period of continuous service at retirement or on death while in employment or on termination of employment. Defined benefit
obligations are actuarially determined at each quarterly Balance Sheet date using the projected unit credit method as required under Accounting Standard
(AS) 15 (Revised), “Employee benefits”. Actuarial gains or losses are recognised in the Revenue Account

522 - 584 VALUE RESULTS

(` ‘000)
Year ended Year ended
Particulars

EMBEDDED
March 31, 2022 March 31, 2021
Reconciliation of benefit obligations and planned assets for the period:
Present value of the defined benefit obligations at period end (A) 1,562,656 1,423,118
Fair value of plan assets at period end (B) 1,556,058 1,454,280
Net asset/(liability) recognized in Balance Sheet at end of the year (B-A) (6,598) 31,162
Change in defined benefit obligation:
Opening obligations at April 1 1,423,118 1,338,338
Current service cost 128,920 127,909
Interest cost 82,394 79,103
585 - 591 INFORMATION

Actuarial (gain)/loss 21,477 (21,835)

Past service costs - 3,294
Liability assumed on acquisition/(settled on divestiture) 6,724 -
ADDITIONAL

Benefits paid (99,977) (103,691)

Present value of the defined benefit obligations at period end 1,562,656 1,423,118
Change in Plan Asset:
Opening plan assets, at fair value at April 1 1,454,280 1,280,651
Expected return on plan assets 97,662 92,869
Actuarial gain/(loss) (3,771) 100,925
Contributions 101,139 83,526
Assets acquired on acquisition/(settled on divestiture) 6,724 -
592 - 595

Benefits paid (99,977) (103,691)

Fair value of plan assets at period end 1,556,058 1,454,280

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 209
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

(` ‘000)
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
Expense recognized for the year:
Current service cost 128,920 127,909
Interest cost 82,394 79,103
Expected return on plan assets (97,662) (92,869)
Actuarial (gain)/loss 25,248 (122,780)
Past service cost - 3,294
Losses /(gains) on acquisition/divestiture - -
Total net cost recognised in Revenue / Profit and Loss account 138,899 (5,323)
Actual return on plan assets 93,891 193,794

Year ended Year ended

Particulars
March 31, 2022 March 31, 2021
Investment details of plan assets:
Plan assets invested in insurer managed funds 100.00% 100.00%
Fund earning rate 5.51% 14.65%
Asset allocation:
Debentures & Bonds 32.03% 31.04%
Government securities 27.89% 37.00%
Money market instruments 22.09% 13.58%
Equity shares 14.79% 14.47%
Others 3.21% 3.92%
Total 100.00% 100.00%
Assumptions:
Discount rate* 6.00% 5.75%
Salary escalation rate** 7.50% 7.50%
Estimated rate of return on plan assets # 7.00% 7.00%
Mortality table Indian Assured Lives Indian Assured Lives
Mortality (2012-14) Mortality (2012-14)
Ult table Ult table
Attrition rate Attrition rate is Attrition rate is
assumed in the range assumed in the range
of 0% to 55% for of 0% to 60% for
various levels in the various levels in the
organisation organisation
Expected future contribution from employer for next year 120,000 120,000
*Discount rate is based on benchmark rate available on Government Securities for the estimated term of the obligations.
**Salary escalation rate considered in valuation takes into account impact of inflation, seniority, promotion and other factors such as supply and demand in employment market.
# Estimated rate of return on plan assets is based on the expected average long-term rate of return on investments of the Fund during the estimated term of the obligations.

Experience adjustments on gratuity provisioning

(` ‘000)
Year ended
March 31, March 31, March 31, March 31, March 31,
Particulars
2022 2021 2020 2019 2018
Defined benefit obligation 1,562,656 1,423,118 1,338,338 1,210,035 1,099,789
Plan assets 1,556,058 1,454,280 1,280,651 1,160,915 1,076,895
Surplus/(deficit) (6,598) 31,162 (57,687) (49,120) (22,893)
Experience adjustments
- on plan liabilities 56,540 (26,125) 21,679 37,556 26,665
- on plan assets (3,771) 100,925 (6,640) (664) (986)

(ii) Provident fund

Provident fund benefits are aimed at providing security to staff members and their dependents on retirement, disability or death. Both employee and the
company contribute an equal percentage of the basic salary, a part of which is towards Government administered pension fund and balance portion is
contributed to the fund administered by trustees. The provident fund is managed by ICICI Prudential Life Insurance Company Employees’ Provident Fund Trust.

210 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

The minimum rate at which the annual interest is payable by the trust to members is prescribed by the Government. The Company has an obligation to
make good the shortfall, if any, between the Government prescribed rate and actual return earned by the provident fund.
(` ‘000)
Year ended Year ended
Particulars

01 - 78 REPORTS
March 31, 2022 March 31, 2021
Reconciliation of benefit obligations and planned assets for the period:

STATUTORY
Present value of the defined benefit obligations at period end (A) 5,627,517 4,987,131
Fair value of plan assets at period end (B) 5,627,517 4,987,131
Net asset/(liability) recognised in Balance Sheet at end of the year (B-A) - -
Change in defined benefit obligation:
Opening defined benefit obligations 4,987,131 4,277,101
Current service cost 198,720 174,003
Interest cost 292,554 263,518

79 - 148 FINANCIAL STATEMENTS

Actuarial (gain)/loss 146,319 190,112
Employees contribution 429,341 399,137

STANDALONE
Liability assumed on Acquisition / (Settled on Divestiture) (64,607) (54,463)
Benefits paid (361,941) (262,278)
Closing defined benefit obligation 5,627,517 4,987,131
Change in Fair Value of Assets:
Opening value of plan assets 4,987,131 4,277,101
Expected return on plan assets 292,554 360,217
Actuarial gain/(loss) 146,319 93,413
Contributions – Employer 198,720 174,003

149 - 521 FINANCIAL STATEMENTS

Contributions – Employee 429,341 399,137
Assets acquired on acquisition / (Distributed on divestiture) (64,607) (54,463)

CONSOLIDATED
Benefits paid (361,941) (262,278)
Closing value of plan assets 5,627,517 4,987,131
Expense recognized for the year:
Current service cost 198,720 174,003
Interest cost 292,554 263,518
Expected return on plan assets (292,554) (360,217)
Actuarial (gain)/loss - 96,699

522 - 584 VALUE RESULTS

Total net cost recognised in Revenue / Profit and Loss account 198,720 174,003
Actual return on plan assets 292,554 453,630
Investment details of plan assets:

EMBEDDED
Government of India Securities 55.00% 54.00%
Corporate Bonds 31.00% 34.00%
Equity shares of Listed Companies 10.00% 7.00%
Others 4.00% 4.00%
Total 100.00% 100.00%

The assumptions used in actuarially valuing the defined benefit obligations of interest rate guarantee and the expected future contribution are as follows:
585 - 591 INFORMATION

Particulars At March 31, 2022 At March 31, 2021

ADDITIONAL

Discount rate for the term of the obligation 6.00% 5.75%

Average historic yield on the investment portfolio 8.69% 7.93%
Discount rate for the remaining term to maturity of the investment portfolio 7.15% 6.80%
Expected investment return 7.54% 6.88%
Guaranteed rate of return 8.10% 8.50%
Expected future contribution(` ‘000) 213,624 187,053
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 211
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

Experience adjustment
(` ‘000)
Year ended
March 31, March 31, March 31, March 31, March 31,
Particulars
2022 2021 2020 2019 2018
Defined benefit obligation 5,627,517 4,987,131 4,277,101 3,737,574 3,379,146
Plan assets 5,627,517 4,987,131 4,277,101 3,737,574 3,379,146
Surplus/(deficit) - - - - -
Experience adjustments:
- on plan liabilities 146,319 190,112 39,653 40,023 74,729
- on plan assets 146,319 93,413 (17,355) 3,563 15,283

(c) Other long term benefits

(i) Long term incentive scheme:
The amount recognised as an expense during the year ended March 31, 2022 is ` (1,638) thousand (year ended March 31, 2021: ` 30,999 thousand).

Liability for the scheme is determined based on actuarial valuation which has been carried out using the projected unit credit method. The assumptions
used for valuation are:
Particulars At March 31, 2022 At March 31, 2021
Discount rate 5.00 % 4.35%

(ii) Compensated absence:

The amount recognised as an expense during the year ended March 31, 2022 is ` 129,683 thousand (year ended March 31, 2021: ` 104,583 thousand).

Liability for compensated absence for employees is determined based on actuarial valuation which has been carried out using the projected accrued
benefit method which is same as the projected unit credit method in respect of past service. The assumptions used for valuation are:
Particulars At March 31, 2022 At March 31, 2021
Discount rate 6.00% 5.75%
Salary escalation rate 7.50% 7.50%
Mortality table Indian Assured Lives Indian Assured Lives
Mortality (2012-14) Mortality (2012-14)
Ult table Ult table
Attrition rate Attrition rate is Attrition rate is
assumed in the range assumed in the range
of 0% to 55% for of 0% to 60% for
various levels in the various levels in the
organization organization

Leave accumulation policy of the Company is given below:

Criteria Level 1 to 6 Level 7 & above
Employment upto 5 years NA 60 days
Employment more than 5 years 60 days 90 days
While computing liability, 2% leave availment has been assumed for each subsequent year following the valuation date and any voluntary leave encashment
at a future date is assumed to be Nil.

3.18. Employee Stock Option Scheme (“ESOS”)

The Company granted options to its employees under its Employees Stock Option Scheme, prior to listing, since approval of its Employees Stock Option Scheme –
2005. This pre-IPO Scheme shall be referred to as ‘ESOS 2005’ or ‘Scheme’. The Scheme had six tranches namely Founder, 2004-05, 2005-06, 2006-07, Founder II
and 2007-08, pursuant to which shares had been allotted and listed in accordance with the in-principle approval extended by the stock exchanges. All six tranches
under the pre-IPO Scheme stand lapsed as on March 31, 2022. The Scheme had been instituted vide approval of its Members at the Extra-Ordinary General
Meeting (EGM) dated March 28, 2005 and had been subsequently amended by the Members of the Company vide its EGM dated February 24, 2015.

212 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

The Scheme was ratified and amended by the members of the Company at its Annual General Meeting held on July 17, 2017 which is in compliance with the
SEBI (Share Based Employee Benefits) Regulations, 2014 (referred to as the ‘Revised Scheme’).

The meeting of Board Nomination and Remuneration Committee (BNRC) and the Board held on April 24, 2019 had approved the amendment to the definition
of “Exercise Period”. The revision to the definition was approved by the members of the Company at its Annual General Meeting held on July 17, 2019.

01 - 78 REPORTS
Further, the meeting of Board Nomination and Remuneration Committee (BNRC) and the Board held on April 17, 2021 and April 19, 2021 respectively had

STATUTORY
approved the increase in the limit of the number of shares issued or issuable since March 31, 2016 pursuant to the exercise of any Options granted to the
Eligible Employees issued pursuant to the Revised Scheme or any other stock option scheme of the Company, by 0.90% of the number of shares issued as
on March 31, 2016, i.e. from a limit of 2.64% of the number of shares issued as on March 31, 2016 to 3.54%. The revision to the limit was approved by the
members of the Company at its Annual General Meeting held on June 25, 2021.

As per the Revised Scheme, the aggregate number of shares issued or issuable since March 31, 2016 pursuant to the exercise of any Options granted to the
Eligible Employees issued pursuant to the Scheme or any other stock option scheme of the Company, shall not exceed 3.54% of the number of shares issued at

79 - 148 FINANCIAL STATEMENTS

March 31, 2016. Further, pursuant to the Revised Scheme the maximum number of Options that can be granted to any Eligible Employee in a financial year shall
not exceed 0.1% of the issued Shares of the Company at the time of grant of Options. The Revised Scheme provides for a minimum period of one year between

STANDALONE
the grant of Options and vesting of Options. The exercise price shall be determined by the Board Nomination & Remuneration Committee in concurrence with
the Board of Directors of the Company on the date the options are granted and shall be reflected in the award confirmation. Shares are allotted/issued to all
those who have exercised their Options, as granted by the Board of the Company and/or the BNRC in accordance with the criteria ascertained pursuant to the
Company’s Compensation and Benefits policy.

The Company granted options in thirteen more tranches under ESOS 2005 (Revised), namely 2017-18, 2018-19, 2018-19 special options, 2018-19 joining
options, 2019-20, 2019-20 joining options, 2020-21, two tranches of 2020-21 joining options, 2021-22 and three tranches of 2021-22 joining options.

149 - 521 FINANCIAL STATEMENTS

The Company follows intrinsic value method and hence there was no charge in the Revenue Account and the Profit and Loss account on account of new grants
during the year.

CONSOLIDATED
The salient features of tranches issued under ESOS 2005 (Revised) which have options outstanding as at March 31, 2022 are as stated below:
Date of Grant Number of Maximum term for exercising Graded Vesting Period Mode of
Scheme options granted the options granted 1st Year 2nd Year 3rd Year 4th Year settlement

2017-18 July 25, 2017 6,56,300 Exercise period would commence 30% of 30% of 40% of options -
from the date of vesting and options options granted
expire on completion of ten years granted granted

522 - 584 VALUE RESULTS

from the date of vesting of options
2018-19 April 24, 2018 21,67,900
2018-19 Special Options April 24, 2018 49,80,250 - - 50% of options 50% of options

EMBEDDED
granted granted
2018-19 Joining Options January 22, 2019 1,56,000
2019-20 April 24, 2019 49,93,600
Equity
2019-20 Joining Options July 24, 2019 80,000 Five years
2020-21 May 10, 2020 50,72,200 from date of
2020-21 Joining Options June 11, 2020 25,000 vesting of 30% of 30% of 40% of
stock options options options options -
2020-21 Joining Options January 27, 2021 50,000
granted granted granted
585 - 591 INFORMATION

2021-22 April 19,2021 50,01,600

2021-22 Joining Options July 20,2021 5,500
2021-22 Joining Options October 19,2021 5,000
ADDITIONAL

2021-22 Joining Options January 18,2022 49,500

Note: The exercise price for all the options granted by the Board Nomination and Remuneration Committee (BNRC), after listing (as tabulated above), is the closing price on
the recognised stock exchange having higher trading volume, on the date immediately prior to the date of meeting of the BNRC scheduled to consider granting options under
the Company’s Employee Stock Option Scheme.

Exercise price of all the options outstanding for all years/quarter for tranches 2017-18, 2018-19, 2018-19 Special Options and 2018-19 Joining Options,
2019-20, 2019-20 Joining Options, 2020-21, 2020-21 Joining Options (1), 2020-21 Joining Options (2), 2021-22, 2021-22 Joining Options (1), 2021-22
592 - 595

Joining Options (2), 2021-22 Joining Options (3) schemes is ` 468.60, ` 388.40, ` 388.40, ` 351.65, ` 369.50, ` 383.10, ` 400.10, ` 396.95, ` 501.90,
` 451.05, ` 626.25, ` 656.80 and ` 615.65 respectively.

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 213
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

A summary of status of Company’s Employee Stock Option Scheme in terms of options granted, forfeited and exercised is given below:

Year ended March 31, 2022 Year ended March 31, 2021
Particulars Number of Weighted average Number of Weighted average
options exercise price options exercise price
Outstanding at the beginning of the year 17,175,700 389.25 12,361,107 383.64
Add: Granted during the period 5,061,600 453.05 5,147,200 401.08
Less: Forfeited/lapsed during the period 735,800 412.86 205,967 366.17
Less: Exercised during the period 1,316,870 381.95 126,640 359.19
Outstanding at the end of the period 20,184,630 404.87 17,175,700 389.25
Exercisable at the end of the year* 7,991,235 390.40 3,298,600 393.85
*vested options available for exercise as at March 31, 2022

Out of the total outstanding stock options of the previous year 6,009,505 options are vested during the year ended March 31, 2022 and ` 502,982
thousand was realised by exercise of options during the year ended March 31, 2022. During the year ended March 31, 2022 the Company has recognized
a compensation cost of ` Nil (year ended March 31, 2021: ` Nil) as the intrinsic value of the options.

Had the company followed fair value method based on binomial tree model valuing its options compensation cost for the year ended would have been
higher by ` 635,995 thousand (March 31, 2021: ` 596,552 thousand) and the proforma profit after tax would have been ` 6,905,315 thousand (March
31, 2021: ` 9,004,914 thousand). On a proforma basis, the company’s basic and diluted earnings per share would have been ` 4.81 (March 31, 2021:
` 6.27) and ` 4.79 (March 31, 2021: ` 6.26) respectively

Fair value methodology

The assumptions considered in the pricing model for the ESOPs granted during the year are as below:

Particulars March 31, 2022 March 31, 2021 Basis

Risk-free interest rate 5.26% to 6.53% 4.87% to 5.78% G-Sec yield at grant date for tenure equal to
the expected term of ESOPs
Expected life of the options 3.50 to 5.50 years 3.50 to 5.50 years Simplified method (average of minimum and
maximum life of options)
Dividend yield 0.18% to 0.32% 0.16% to 0.59% Based on recent dividend declared
Expected volatility 17.91% to 21.12% 17.90% to 20.19% Based on historical volatility determined on the
basis of Nifty 50
The weighted average price of options exercised during the year ended March 31, 2022 is ` 381.95 (year ended March 31, 2021: ` 359.19).

The weighted average remaining contractual life of options outstanding at the end of the period is as follows:

At March 31, 2022 At March 31, 2021

Weighted average Weighted average
Exercise price range (in `) Options Options
remaining contractual remaining contractual
outstanding outstanding
life (in years) life (in years)
468.60 606,900 7.4 606,900 8.4
388.401 5,482,550 4.2 6,345,980 5.1
351.65 - - 156,000 4.9
369.50 4,460,540 4.2 4,891,820 5.2
383.10 80,000 4.4 80,000 5.4
400.10 4,688,940 6.2 5,020,000 6.3
396.95 25,000 5.3 25,000 7.2
501.90 - - 50,000 6.9
451.05 4,780,700 6.2 - -
626.25 5,500 6.4 - -
656.80 5,000 6.7 - -
615.65 49,500 6.9 - -
Total 20,184,630 5.2 17,175,700 5.9
Includes FY2018-19 options and FY2018-19 special options
1

214 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

For the year ended March 31 2022, ICICI Bank Limited (“the Holding Company”) has not granted options to the employees of ICICI Prudential Life Insurance
Co. Ltd. (Previous year grant: Nil) and accordingly no cost was recognised.

3.19. Foreign exchange gain/loss

01 - 78 REPORTS
Transactions in foreign currencies are recorded at exchange rate prevailing on the date of transaction. The exchange difference between the rate prevailing
on the date of transaction and on the date of settlement is recognised as income or expense, as the case may be. The net foreign exchange fluctuation

STATUTORY
loss debited to the Revenue account and the Profit and Loss account for the year ended March 31, 2022 is ` 3,887 thousand (year ended March 31, 2021:
` 6,058 thousand).

3.20. Earnings per share

(` ‘000)
Sr.
Particulars At March 31, 2022 At March 31, 2021
No.

79 - 148 FINANCIAL STATEMENTS

I Net profit as per the Profit and Loss account available for equity shareholders for both basic and
diluted earnings per equity share of ` 10 each 7,541,310 9,601,466

STANDALONE
II Weighted average number of equity shares for earnings per equity share
(a) For basic earnings per equity share 1,436,879,736 1,435,901,456
(a) For diluted earnings per equity share
Number of equity shares for basic earnings per equity share as per (II) (a) 1,436,879,736 1,435,901,456
Add: Weighted average outstanding employee stock options deemed to be issued for no
consideration 6,070,048 2,738,425
Weighted number of equity shares for diluted earnings per equity share 1,442,949,784 1,438,639,881

149 - 521 FINANCIAL STATEMENTS

III Earnings per equity share
Basic (in `) 5.25 6.69
Diluted (in `) 5.23 6.67

CONSOLIDATED
Face value (in `) 10.00 10.00

3.21. Managerial Remuneration continue the term of appointment of the Independent Director, on the
The appointment of managerial personnel is in accordance with the basis of the report of performance evaluation of Independent Directors;
requirements of Section 34A of the Insurance Act, 1938. IRDAI has recommending to the Board a policy relating to the remuneration for the
issued guidelines on August 05, 2016 on remuneration of Non-Executive Directors, key management persons and other employees; recommending
to the Board all remuneration, in whatever form, payable to senior

522 - 584 VALUE RESULTS

Directors and Managing Director (‘MD’) /Chief Executive Officer (‘CEO’) /
Whole Time Directors (‘WTD’), which have prescribed certain qualitative management; ensuring that the level and composition of remuneration
and quantitative disclosures. The disclosures for year ended March 31, is reasonable and sufficient to attract, retain and motivate Directors of

EMBEDDED
2022 are given below: the quality required to run the Company successfully; ensuring that the
relationship of remuneration to performance is clear and meets appropriate
Remuneration to MD/CEO/WTD: performance benchmarks; approving the compensation program and
Qualitative disclosures: ensuring that remuneration to Directors, key management persons and
senior management involves a balance between fixed and incentive
A) Information relating to the bodies that oversee remuneration.
pay reflecting short and long term performance objectives appropriate
Name, composition and mandate of the main body overseeing
to the working of the Company and its goals; formulating the criteria
585 - 591 INFORMATION

remuneration:
for determining qualifications, positive attributes and independence
The Board Nomination and Remuneration Committee (BNRC/Committee) of a Director; devising a policy on diversity of the Board; considering
ADDITIONAL

is the body which oversees aspects pertaining to remuneration. The and approving employee stock option schemes and administering and
functions of the Committee include identifying persons who are qualified supervising the same; ensuring that the proposed appointments/re-
to become Directors and who may be appointed in senior management in appointments of key management persons or Directors are in conformity
accordance with the criteria laid down and recommending to the Board with the Board approved policy on retirement/superannuation; scrutinising
their appointment and removal and formulating a criteria and specifying the the declarations of intending applicants before the appointment/re-
manner for effective evaluation of every individual director’s performance, appointment/election of Directors by the shareholders at the annual
evaluation of the performance of the Board and its committees, and general meeting; and scrutinising the applications and details submitted
592 - 595

reviewing its implementation and compliance; considering to extend or by the aspirants for appointment as the key management person.

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 215
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

External consultants whose advice has been sought, the body Whether the Remuneration Committee reviewed the firm’s
by which they were commissioned and in what areas of the remuneration policy during the past year, and if so, an overview of
remuneration process: any changes that were made:
The Company employed the services of reputed consulting firms for market The BNRC reviewed the Company’s Compensation and Benefits policy at
benchmarking in the area of compensation. its meeting held on April 17, 2021. The key changes in the policy are:
• The post-retirement benefits for employees including KMPs/SMPs
Scope of the Company’s remuneration policy (e.g. by regions,
(in Part A of Compensation and Benefits Policy) has been modified
business lines), including the extent to which it is applicable to
foreign subsidiaries and branches: to incorporate a change in Domiciliary Medical Expense limits for
employees at SGM & above levels; and the capping of Group Health
The Company’s Policy on Compensation & Benefits (“Compensation Policy”) for
Insurance benefit for employees’ dependent children up to the age of 24.
Managing Director & CEO, Other wholetime Directors, non-executive Directors,
Key Management Person (KMP), Senior Management Personnel (SMP) and • The post-retirement benefits for the Managing Director & CEO and
other employees was last amended and approved by the BNRC and the Board Other wholetime Directors (in Part B of Compensation and Benefits
at its Meeting held on April 17, 2021 and April 19, 2021 respectively. Policy) has been modified to incorporate alignment of the Domiciliary
Medical Expense limits for other wholetime Directors with those
Type of employees covered and number of such employees: applicable to Deputy Managing Director level / Managing Director
All employees of the Company are governed by the Compensation Policy. & CEO; and the capping of Group Health Insurance benefit for
The total number of permanent employees governed by the Compensation employees’ dependent children up to the age of 24.
Policy of the Company at March 31, 2022 was 15,530.
Description of the ways in which current and future risks are
taken into account in the remuneration processes.
B) Information relating to the design and structure of
remuneration process. • The Company follows prudent compensation practices under the
Key features and objectives of remuneration policy: guidance of the Board and the Board Nominations & Remuneration
Committee (BNRC). The Company’s approach to compensation is
The Company has historically followed prudent compensation practices
based on the ethos of meritocracy and fairness within the framework
under the guidance of the Board and the BNRC. The Company’s approach to
of prudent risk management. The performance rating assigned to
compensation is based on the ethos of meritocracy and fairness within the
employees is based on assessment of performance delivered against
framework of prudent risk management. This approach has been incorporated
a set of defined performance objectives. These objectives are balanced
in the Compensation Policy, the key elements of which are given below:
in nature and comprise a holistic mix of financial, customer, people,
Effective governance of compensation: process, quality, compliance objectives and/or any other parameters as
may be deemed fit.
The Company follows prudent compensation practices under the guidance
of the BNRC and the Board. The decision relating to the remuneration of • For the MD & CEO and other wholetime Directors, compensation is
the Managing Director and CEO (MD & CEO) and other wholetime Directors sought to be aligned to both pre-defined performance objectives of the
is reviewed and approved by the BNRC and the Board. The BNRC and the Company as well as prudent risk parameters.
Board approves the Key Performance Indicators (KPIs) and the performance • For the MD & CEO and other wholetime Directors, the quantum of
threshold for payment of performance bonus, if applicable. The BNRC assesses bonus does not exceed a certain percentage (as stipulated in the
business performance against the KPIs and on various risk parameters as Compensation Policy) of total fixed pay in a year; if the quantum of bonus
prescribed by IRDAI. Based on its assessment, it makes recommendations exceeds a pre-defined percentage of the total fixed pay, a part of the
to the Board regarding compensation for MD & CEO and other wholetime bonus is deferred and paid over a pre-defined period.
Directors, performance bonus and long-term pay for all eligible employees,
• The deferred part of the variable pay (performance bonus) for wholetime
including senior management and key management persons.
Directors is subject to malus, under which, the Company will prevent
vesting of all or part of the variable pay in the event of an enquiry
Alignment of compensation philosophy with prudent risk taking:
determining gross negligence or integrity breach.
The Company seeks to achieve a prudent mix of fixed and variable pay,
with a higher proportion of variable pay at senior levels. For the MD & • In claw back arrangements with wholetime Directors, the employee
CEO and other wholetime Directors, compensation is sought to be aligned agrees to return, in case asked for, the previously paid variable pay to
to both pre-defined performance objectives of the Company as well as the Company in the event of an enquiry determining gross negligence or
prudent risk parameters. In addition, the Company has an Employees integrity breach, taking into account relevant regulatory stipulations.
Stock Option Scheme aimed at enabling employees to participate in the • For malus and clawback, acts of gross negligence and integrity breach
long-term growth and financial success of the Company through stock are covered under the purview of the compensation policy. Errors of
option grants that vest over a period of time. judgment shall not be construed to be breaches.

216 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

Description of the ways in which the Company seeks to link performance during a performance measurement period with levels of
remuneration.
The Company’s approach to compensation is based on the ethos of meritocracy and fairness within the framework of prudent risk management. The extent
of variable pay for individual employees is linked to individual performance for sales frontline employees and to individual and organisation performance

01 - 78 REPORTS
for non-sales frontline employees and employees in the management cadre. For the latter, the performance rating assigned is based on assessment of
performance delivered against a set of defined performance objectives. These objectives are balanced in nature, and comprise a holistic mix of financial,

STATUTORY
customer, people, process, quality and compliance objectives and/or any other parameters as may be deemed fit. For the MD & CEO and other wholetime
Directors, to ensure effective alignment of compensation with prudent risk parameters, the Company takes into account various risk parameters along with
other pre-defined performance objectives of the Company.

Quantitative disclosures:
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021

79 - 148 FINANCIAL STATEMENTS

Number of MD/CEO/WTDs having received a variable remuneration during the year. 1 2
Number and total amount of sign on awards made during the financial year - -

STANDALONE
Details of guaranteed bonus, if any, paid as joining / sign bonus - -
Total amount of outstanding deferred remuneration, split into cash, shares and share linked
instruments and other forms Given below Given below
Total amount of deferred remuneration paid out in the financial year Given below Given below
Breakup of amount of remuneration awarded for the financial year to show fixed and variable,
deferred and non-deferred Given below Given below

(` ‘000)

149 - 521 FINANCIAL STATEMENTS

FY2022 N S Kannan
Basic 25,690

CONSOLIDATED
Retirals (Only provident fund) 3,083
Allowances1 22,103
Variable pay 19,041
- Deferred variable pay (paid during FY2022) -
- Non deferred variable pay (paid during FY2022) 19,041
Perquisites2 933
Total 70,850
Share-linked instruments (Employee Stock Options) 721,300

522 - 584 VALUE RESULTS

(` ‘000)

EMBEDDED
Puneet Nanda (upto
FY2021 N S Kannan Total
June 14, 2020)
Basic 24,467 3,276 27,743
Retirals (Only provident fund) 2,936 393 3,329
Allowances1 21,051 4,857 25,908
Variable pay 14,647 15,864 30,510
- Deferred variable pay (paid during FY2021) - 4,331 4,331
- Non deferred variable pay (paid during FY2021) 14,647 11,532 26,179
585 - 591 INFORMATION

Perquisites2 546 100 646

Total 63,646 24,490 88,137
ADDITIONAL

Shares linked instruments (Employee Stock Options) 760,600 560,000 1,320,600

Note - For the year-ended March 31, 2022 the numbers indicated are the amounts paid/options granted during the year FY2022 as per IRDAI approvals. Mr. Puneet Nanda
received ` 3,080,506 as pro-rated performance bonus for FY2021 (paid during FY2022) pursuant to his tenure as Deputy Managing Director up to June 14, 2020. Mr. Sandeep
Bakhshi received a remuneration of ` 3,234,810, Mr. Sandeep Batra received ` 2,073,422 and Mr. Puneet Nanda received ` 2,217,512 which is the deferred variable pay
(paid during FY2022).
1
Allowances include Superannuation. For Mr. Puneet Nanda, allowances also include Interest subsidy. Additionally, a sum of ` 25,236,750 towards gratuity and ` 4,250,400
towards leave encashment was transferred during FY2021 to ICICI Ventures upon transfer of Mr. Puneet Nanda.
2
Perquisites are evaluated as per Income-Tax rules wherever applicable, and exclude perquisites on Provident Fund and perquisites on exercise of stock options, if any. Stock
592 - 595

options exercised during the year does not constitute remuneration paid to the wholetime directors and accordingly is not considered here.

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 217
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

Provision towards gratuity is determined actuarially on an overall basis and accordingly has not been considered for the above disclosures.

(` ‘000)
Outstanding Deferred Remuneration for FY2022 N S Kannan
Cash1 -
Shares -
Shares linked Instruments2 (Employee Stock Options) 1,607,640
Other Forms -

(` ‘000)
Outstanding Deferred Remuneration for FY2021 N S Kannan Puneet Nanda
Cash1 - 2,218
Shares - -
Shares linked Instruments2 (Employee Stock Options) 1,379,960 1,153,930
Other Forms - -
1
Cash amounts mentioned in above tables are outstanding deferred bonus of previous year/s and are paid post March 31, 2022 & March 31, 2021 respectively. Cash amount
for March 31, 2022 does not include the deferred part (if any) of bonus payable for FY2022.
2
Employee Stock Options mentioned in above tables are outstanding options to be vested as on March 31, 2022 & March 31, 2021; includes options granted by ICICI Bank
Ltd. (last granted in May 2019) and ICICI Prudential Life Insurance Co Ltd. during employment with ICICI Prudential Life Insurance Co Ltd.

Remuneration to non-executive directors

(` ‘000)
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
Sitting fees paid 7,490 10,170
Reimbursement of expenses - -
Profit related commission* 5,000 5,000
Total 12,490 15,170
* Against the provision of ` 5,000 thousand made in the FY2021, ` 5,000 thousand was paid in FY2022. Provision made for FY2022 amounts to ` 5,000 thousand.

Further, in accordance with the IRDAI circular IRDA/F&A/GDL/LSTD/155/08/2016 dated August 5 2016 read with IRDA/F&A/CIR/MISC/184/10/2019 dated
October 4, 2019, annual managerial remuneration in excess of ` 15,000 thousand per director is required to be borne by the Shareholders’ and separately
disclosed in the Profit and Loss account. Accordingly, managerial remuneration in excess of such specified limit amounting to ` 58,930 thousand has been
charged to and separately disclosed in the Profit and Loss account for the year ended March 31, 2022 (March 31, 2021: ` 105,611 thousand).

3.22. Commitments
Commitments made and outstanding (net of advances) for Company’s investment in Real estate (Investment property) at March 31, 2022 is ` Nil (March
31, 2021 ` Nil ).

Estimated amount of contracts remaining to be executed on fixed assets to the extent not provided for (net of advance) is ` 1,029,770 thousand (March
31, 2021: ` 287,425 thousand)

There are no loan commitments made by the Company at March 31, 2022 (March 31, 2021 ` Nil).

218 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

3.23. Borrowings
A) Gist of the terms of the issue are as follows:
Type and Nature of Instrument Unsecured, subordinated, listed, rated, fully paid-up, redeemable, taxable,
non-cumulative, non-convertible debentures

01 - 78 REPORTS
Face Value ` 1,000,000 per debenture
Issue Size ` 12,000,000 thousand

STATUTORY
Allotment Date November 6, 2020
Redemption Date November 6, 2030 subject to exercise of any call option
Call option Date November 6, 2025 and annually thereafter
Coupon Rate 6.85% per annum
Credit Rating “CRISIL AAA/Stable” by CRISIL and “[ICRA]AAA(Stable)” by ICRA
Listing Listed on WDM segment of NSE

79 - 148 FINANCIAL STATEMENTS

Interest Payment Frequency Annual

Proceeds of the issuance have been utilized for the purpose as specified in the offer document.

STANDALONE
Debenture redemption reserve is not required to be created as per Companies (Share Capital & Debenture) Amendment Rules, 2019 dated
August 16, 2019

B) Maturity pattern from the date of issuance

(` ‘000)

149 - 521 FINANCIAL STATEMENTS

Maturity Buckets Borrowings
1 to 5 years -
Above 5 years 12,000,000

CONSOLIDATED
3.24. Investments
a. The investments are made from the respective funds of the Policyholders’ or Shareholders’ and investment income thereon has been accounted
accordingly.
b. All investments are performing investments.

522 - 584 VALUE RESULTS

3.25. Interest rate derivatives
In line with the requirement of IRDAI Investment Master circular, the Company has put in place a derivative policy approved by the Board which covers
various aspects that apply to the functioning of the derivative transactions undertaken to substantiate the hedge strategy to mitigate the interest rate risk,

EMBEDDED
thereby managing the volatility of returns from future fixed income investments, due to variations in market interest rates.

The Company has during the year, as part of its hedging strategy, entered into Forward Rate Agreements (FRA) transactions to hedge the interest rate
sensitivity for highly probable forecasted transactions as permitted by the IRDAI Investment Master Circular. The Forward Rate Agreement derivative
contracts are over-the-counter (OTC) transactions, agreeing to buy notional value of a debt security at a specified future date, at a price determined at the
time of the contract with an objective to lock in the price of an interest bearing security at a future date.
585 - 591 INFORMATION

(` ‘000)
Sr.
Particulars March 31, 2022 March 31, 2021
ADDITIONAL

no.
i) Total notional exposure of Forward rate agreements (FRA) undertaken during the year 91,793,204 8,509,776
ii) Total notional exposure of Forward rate agreements (FRA) outstanding as at the Balance Sheet date 94,800,237 8,509,776
iii) Notional principal amount of FRA outstanding and not ‘highly effective’ as at Balance sheet date - -
iv) Mark-to-market value of FRA and not ‘highly effective’ as at Balance sheet date - -
v) Loss which would be incurred if counterparty failed to fulfil their obligation under agreements - -
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 219
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

a) The fair value mark to market (MTM) losses in respect of FRA outstanding at the Balance Sheet date is ` 1,393,097 thousand for the year ended
March 31, 2022 (March 31, 2021: ` 131,265 thousand).
b) Movement in cash flow hedge reserve (` ‘000)
At March 31, 2022 At March 31, 2021
Cash flow hedge reserve account
Realised Unrealised Total Realised Unrealised Total
Opening balance - (54,484) (54,484) - - -
Add: Change during the year (60,798) (336,927) (397,725) - (54,484) (54,484)
Less: Amounts Reclassified to Revenue /Profit & Loss
Account included in ‘Interest, Dividends & Rent-Gross’ (230) - (230) - - -
Closing balance (60,568) (391,411) (451,979) - (54,484) (54,484)

c) A net amount of ` 968,092 thousand for the year ended March 31, 2022 (March 31, 2021: ` 76,781 thousand) was recognised in Revenue Account
being the portion of loss determined to be ineffective portion of the effective hedge. The amount that was removed from the cash flow hedge
reserve account during the year ended March 31, 2022 in respect of forecast transaction for which hedge accounting had previously been used but
is no longer expected to occur is Nil (March 31, 2021: Nil). The hedged forecast transactions are expected to occur over the outstanding tenor of
underlying policy liabilities and corresponding hedging gain/loss will accordingly flow to the Revenue Account
d) Disclosures on risk exposure in Interest rate derivatives:
i. Interest rate derivative hedging instruments: Derivatives are financial instruments whose characteristics are derived from the underlying assets, or
from interest and exchange rates or indices. Interest rate derivatives include forward rate agreements, interest rate swaps and interest rate futures.
The Company during the financial year has entered into forward rate agreement (FRA) derivative instrument to hedge exposure due to interest rate
sensitivity for highly probable forecasted transactions. These hedges were entered only for hedging purpose to hedge the interest rate risk. This
hedge is carried in accordance with its established policies, strategy, objective and applicable regulations.
ii. Derivative policy, process and hedge effectiveness assessment: The Company has a well-defined Board approved derivative policy and standard
operating procedures setting out the strategic objectives, regulatory and operational framework and risks associated with interest rate derivatives.
The policy includes the risk measurement and monitoring, processes to be followed and controls thereon. The accounting treatment has been
documented and ensures a process of periodic effectiveness assessment and accounting in accordance with applicable accounting standard issued
by the Institute of Chartered Accountants of India (ICAI).
The Company has clearly defined roles and responsibilities to ensure independence and accountability through the investment decision, trade
execution, to settlement, accounting and periodic reporting and audit of the Interest rate derivative exposures. The overall policy, risk management
framework for the Interest rate derivatives are monitored by the Board Risk Management Committee.
iii. Scope and nature of risk identification, risk measurement, and risk monitoring: The derivative policy as approved by the Board identify risk associated
with interest rate derivatives transactions and sets appropriate market risk limits such as stress testing and value-at-risk limits. Financial risks of the
derivative portfolio are measured and monitored on periodic basis.
e) Risk exposure in Forward Rate Agreement
A hedge is deemed effective, if it has a high statistical correlation between the change in value of the hedged item and the hedging instrument (FRA).
Gains or losses arising from hedge ineffectiveness, if any, are recognised in the Revenue Account. The tenor of the hedging instrument may be less
than or equal to the tenor of underlying hedged transaction.

Sr.
Particulars At March 31, 2022 At March 31, 2021
no.
1. Name of counterparty 1. JP Morgan Chase Bank N.A. 1. JP Morgan Chase Bank N.A.
2. Credit Suisse AG 2. Credit Suisse AG
3. Standard Chartered Bank
4. Citi Bank N.A.
5. Barclays Bank
2. Hedge designation Cash flow hedge Cash flow hedge
3. Likely impact of 1% change in interest rate (100*PV01)
Derivatives 6,443,956 510,322
Underlying being hedged 6,486,015 513,653
4. Credit exposure 3,745,100 343,073

220 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

The exposure limit has been calculated on the basis of Credit Equivalent Amount using the Current Exposure Method (CEM) as detailed below:

The Credit Equivalent Amount of a market related off-balance sheet transaction calculated using the CEM is the sum of

01 - 78 REPORTS
a) The current credit exposure (gross positive mark to market value of the contract)
b) Potential future credit exposure which is a product of the notional principal amount across the outstanding contract and a factor that is based on the

STATUTORY
mandated credit conversion factors as prescribed under the IRDAI circular on Interest Rate Derivatives, which is applied on the residual maturity of
the contract.

3.26. Restructured assets

(` ‘000)
Particulars At March 31, 2022 At March 31, 2021

79 - 148 FINANCIAL STATEMENTS

Total amount of loans assets subject to restructuring - -
Total amount of standard assets subject to restructuring - -

STANDALONE
Total amount of sub - standard assets subject to restructuring - -
Total amount of doubtful assets subject to restructuring - -

3.27. Valuation of Investment property

In accordance with the IRDAI Regulations, 2002 (Preparation of Financial Statements and Auditors’ Report of Insurance Companies), the Company’s
investment property has been revalued. The Company has revalued all its investment properties held for more than one year and market value for such
properties is based on valuation performed by an independent valuer at March 31, 2022. The opinion on market value by the independent valuer, is

149 - 521 FINANCIAL STATEMENTS

prepared in accordance with the “The RICS Valuation Standards” published by the Royal Institution of Chartered Surveyors (“RICS”), subject to variation to
meet local established law, custom, practice and market conditions. The methods used in valuation of property includes “Direct comparable approach”. The

CONSOLIDATED
real estate investment property is accordingly valued at ` 4,830,436 thousand at March 31, 2022 (March 31, 2021: ` 4,756,735 thousand). The historical
cost of the property at March 31, 2022 is ` 3,836,532 thousand (March 31, 2021: ` 3,836,532 thousand).

3.28. Impairment of investment assets

In accordance with the impairment policy of the Company, diminution in the value of investments has been recognised under the head “Provision for
diminution in the value of investments (Net)” in the Revenue account and the Profit and Loss account.

522 - 584 VALUE RESULTS

The total impairment loss recognised for the year ended March 31, 2022 is ` 1,509,795 thousand (year ended March 31, 2021: ` 487,077 thousand).

EMBEDDED
Impairment loss recognized in the revenue account for the year ended March 31, 2022 is ` 233,219 thousand (March 31, 2021: ` 201,234 thousand).

Further, impairment loss recognised in the Profit and Loss account for the year ended March 31, 2022 is ` 1,276,577 thousand (March 31, 2021: ` 285,843
thousand)

3.29. Encumbrances of assets

The assets of the Company are free from all encumbrances except to the extent assets or monies are required to be deposited as margin contributions for
585 - 591 INFORMATION

investment trade obligations of the Company or as mandated by the court, as detailed below:

a. Assets deposited with National Securities Clearing Corporation Limited (NSCCL)

ADDITIONAL

Mutual fund units of ` 1,030,145 thousand (March 31, 2021: Nil) has been deposited with NSCCL towards margin requirement for equity trade settlement.

Terms of pledge: Physical custody of the mutual fund units are with clearing house. These units can be invoked by the clearing houses in case of any
default by the Company in settlement of equity transactions.
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 221
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

b. Assets encumbered with Clearing Corporation of India Limited (CCIL)

(` ‘000)
At March 31, 2022 At March 31, 2021
Particulars
Market Value Amortised cost Market Value Amortised cost
Pledged under securities segment
Government securities 3,405,626 3,530,229 3,766,474 3,527,112
Cash 145,600 145,600 145,600 145,600
Pledged under Tri-Party Repo (TREPS)
Government securities 1,344,001 1,372,774 1,390,347 1,376,503
Cash 100 100 100 100
Pledged for Default Fund under securities segment
Government securities 61,620 59,522 63,128 59,135
Cash 2,500 2,500 2,500 2,500
Pledged for Default Fund under Tri-Party Repo (TREPS)
Government securities 20,540 19,841 21,043 19,712
Cash 74,300 74,300 74,300 74,300

Terms of pledge: Physical custody of the securities is maintained with the CCIL, however interest accrued on these securities is received by the
Company. The Company is entitled to receive interest income on the money deposited under default fund segment and securities segment with the CCIL.
These deposits, both securities and cash, can be invoked by CCIL in case of any default by the Company in settlement of trades in Securities and TREPS.

c. Cash deposited as margin towards Forward Rate Agreement trade obligations

(` ‘000)
Particulars At March 31, 2022 At March 31, 2021
JP Morgan Chase Bank N.A. 551,340 107,320
Credit Suisse AG 373,300 60,300
Standard Chartered Bank 344,340 -
Barclays Bank 98,900 -
Citi Bank N.A. 73,910 -
Total 1,441,790 167,620

Terms of pledge: The Company has placed margin with respective counterparties towards negative mark to market on forward rate agreement
transactions. The Company is entitled to receive interest income on the margin deposited with counterparties.

Other encumbrances
The Company has placed fixed deposits with banks for issuing bank guarantee/ based on directives from the courts as follows:
(` ‘000)
Particulars At March 31, 2022 At March 31, 2021
Bank guarantees issued:
- in favour of Sub-Divisional Judicial Magistrate, Patna with respect to a criminal case filed against a
fraudulent policyholder 5,000 5,000
- in favour of UIDAI deposit towards enabling Aadhaar Authentication services 5,000 5,000
- in favour of The Municipal Commissioner for Greater Mumbai for the Malad property towards making
changes in the layout 3,000 500

3.30. Assets to be deposited under local laws

There are no assets required to be deposited by the Company under any local laws or otherwise encumbered in or outside India at March 31, 2022 (March
31, 2021: ` Nil) except the assets disclosed in the note 3.29.

222 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

3.31. Securities Lending and Borrowing Scheme (SLB)

Equity shares transferred under SLB continue to be recognised on the Balance Sheet as the Company retains all the associated risks and rewards of these securities.

The value of equity shares lent by the Company under SLB and outstanding at March 31, 2022 is ` 2,836,127 thousand (March 31, 2021: ` 2,738,297 thousand).

01 - 78 REPORTS
3.32. Reverse Repo transactions in Government securities/Corporate Debt Securities

STATUTORY
Disclosures pursuant to IRDAI notification ref IRDA/F&I/CIR/INV/250/12/2012 dated December 4, 2012:
There is no investment in reverse repo for the year ended March 31, 2022 (March 31, 2021 ` Nil).
(` ‘000)
Minimum outstanding Maximum outstanding Daily average outstanding Outstanding at
Particulars during the year during the year during the year March 31
FY2022 FY2021 FY2022 FY2021 FY2022 FY2021 2022 2021

79 - 148 FINANCIAL STATEMENTS

Securities sold under repo
i. Government Securities - - - - - - - -

STANDALONE
ii. Corporate debt securities - - - - - - - -
Securities purchased under reverse repo
i. Government Securities - - - - - - - -
ii. Corporate debt securities - - - - - - - -

3.33. Value of investment contracts where settlement or delivery is pending is as follows

(` ‘000)

149 - 521 FINANCIAL STATEMENTS

At March 31, 2022 At March 31, 2021
Particulars
Shareholders Policyholders Unit linked Shareholders Policyholders Unit linked

CONSOLIDATED
Purchases where deliveries are pending 506,562 1,006,162 11,721,394 - 1,965,386 4,105,322
Sales where receipts are pending - 1,064,895 11,463,929 - 2,750,531 8,405,352

There are no investment contracts where sales have been made and payments are overdue at the Balance Sheet date.

3.34. The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006
Amount due to Micro, Small and Medium enterprises under the Act are as follows:

522 - 584 VALUE RESULTS

(` ‘000)
Particulars At March 31, 2022 At March 31, 2021

EMBEDDED
a) (i) Principal amount remaining unpaid to supplier under MSMED Act - -
(ii) Interest on (a)(i) above - -
b) (i) Amount of principle paid beyond the appointed date (as per section 16) - -
(ii) Amount of interest paid beyond the appointed date (as per section 16) - -
c) Amount of interest due and payable for the period of delay in making payment but without adding - -
the interest specified under section 16 of the MSMED Act
d) Amount of interest accrued and due - -
585 - 591 INFORMATION

e) Amount of further interest remaining due and payable even in succeeding years - -
ADDITIONAL

3.35. Additional disclosures on expenses

The additional disclosures on expenses pursuant to the IRDAI Circuar 067/IRDA/F&A/CIR/MAR-08 dated March 28, 2008 have been detailed herein below:
(` ‘000)
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
Outsourcing expenses 1,637,169 1,399,952
Business Development expenses 657,110 (259,238)
592 - 595

Market Support expenses - -

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 223
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

3.36. Disclosure on fines and penalties

The additional disclosures with respect to fines and penalties for penal actions pursuant to the IRDAI circular no. IRDA/F&A/CIR/232/12/2013 dated
December 11, 2013 paid during the year ended March 31, 2022 have been detailed below:

Penalties awarded to and penalties paid by the company during the year ended March 31, 2022 is as follows:
(` ‘000)
Sr. Non-
Penalty Penalty waived/
No. Authority compliance / Penalty paid
awarded Reduced
violation
1 Insurance Regulatory and Development Authority of India NIL - - -
2 GST Authorities NIL 25 25 -
3 Income Tax Authorities NIL 10 - -
4 Any other Tax Authorities NIL - - -
5 Enforcement Directorate / Adjudicating Authority / Tribunal or any
Authority under FEMA NIL - - -
6 Registrar of Companies / National Company Law Tribunal /
Company Law Board / Department of Corporate Affairs or any
Authority under Companies Act, 2013 NIL - - -
7 Penalty awarded by any Court / Tribunal for any matter including
claim settlement but excluding compensation NIL - - -
8 Securities and Exchange Board of India NIL - - -
9 Competition Commission of India NIL - - -
10 Any other State / Central / Local Government / Statutory Authority - - -
Shop and Establishment Act NIL - - -
Equal Remuneration Act For non-
maintenance of
adequate records
as per Equal
Remuneration Act. 5 5 -
Electricity Act NIL - - -
Contract Labour (Regulation and Abolishment) Act NIL - - -
Profession Tax Act NIL - - -
Industrial Dispute Act NIL - - -
Maternity Benefit Act NIL - - -
Payment of Gratuity Act NIL - - -
11 Others - - -
Child Labour Act NIL - - -
Minimum Wages Act NIL - - -
Total 40 30 -

Penalties awarded to and penalties paid by the company during the year ended March 31, 2021 is as follows:
(` ‘000)
Non-
Sr. Penalty Penalty waived/
Authority compliance / Penalty paid
No. awarded Reduced
violation
1 Insurance Regulatory and Development Authority of India NIL - - -
2 GST Authorities NIL - - -
3 Income Tax Authorities NIL - - -
4 Any other Tax Authorities NIL - - -
5 Enforcement Directorate / Adjudicating Authority / Tribunal or any
Authority under FEMA NIL - - -
6 Registrar of Companies / National Company Law Tribunal /
Company Law Board / Department of Corporate Affairs or any
Authority under Companies Act, 2013 NIL - - -

224 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

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OVERVIEW
CORPORATE
forming part of financial statements (continued)

(` ‘000)
Non-
Sr. Penalty Penalty waived/
Authority compliance / Penalty paid
No. awarded Reduced
violation

01 - 78 REPORTS
7 Penalty awarded by any Court / Tribunal for any matter including
claim settlement but excluding compensation NIL - - -

STATUTORY
8 Securities and Exchange Board of India NIL - - -
9 Competition Commission of India NIL - - -
10 Any other State / Central / Local Government / Statutory Authority
Shop and Establishment Act For non-
compliance of
provisions of
Shops and

79 - 148 FINANCIAL STATEMENTS

Establishment Act 34 34 -
Equal Remuneration Act NIL - - -

STANDALONE
Electricity Act NIL - - -
Contract Labour (Regulation and Abolishment) Act NIL - - -
Profession Tax Act NIL - - -
Industrial Dispute Act NIL - - -
Maternity Benefit Act NIL - - -
Payment of Gratuity Act NIL - - -
11 Others - - -
Child Labour Act NIL - - -

149 - 521 FINANCIAL STATEMENTS

Minimum Wages Act NIL - - -
Total 34 34 -

CONSOLIDATED
3.37. Disclosures on other work given to auditors
Pursuant to Corporate Governance Guidelines issued by the IRDAI on May 18, 2016 the additional work entrusted to the statutory auditor is given below:
(` ‘000)
Year ended Year ended
Name of the Auditor Services rendered
March 31, 2022 March 31, 2021
B S R & Co. LLP - -

522 - 584 VALUE RESULTS

NIL
Walker Chandiok & Co LLP - -

EMBEDDED
3.38. Sector-wise percentage of business
Sector-wise break-up of policies issued, lives covered and gross premium underwritten during the year is as follows:
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
Social Sector
No of new lives covered (A) 1,865,274 2,133,682
585 - 591 INFORMATION

Total lives of preceding financial year (B) 24,677,053 30,249,597

Social sector lives as % of total lives of preceding financial year (A/B) 7.56% 7.05%
ADDITIONAL

Required % or no of lives as per the regulations 5.00% 5.00%

No of Policies issued 31,566 15,862
Gross Premium underwritten for New Lives Rs ('000') 1,643,822 1,595,384
Rural Sector
No of new Policies (A) 151,015 137,144
Total policies issued in this financial year (B) 653,547 664,396
% of rural sector policies to total policies (A/B) 23.11% 20.64%
592 - 595

Required % as per the regulations 20.00% 20.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 225
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

3.39. Risk retained and reinsured

Extent of risk retained and reinsured based on sum at risk, is as follows:

Particulars At March 31, 2022 At March 31, 2021

Individual business
Risk retained 37.7% 38.18%
Risk reinsured 62.3% 61.82%
Group business
Risk retained 70.0% 69.09%
Risk reinsured 30.0% 30.91%

3.40. Discontinued Policy Fund

Pursuant to the IRDAI circular number IRDA/Reg/2/52/2010 dated July 1, 2010, the following details are disclosed with respect to policies discontinued
either on customer request or for non-payment of premium amount within the grace period

a) Movement in funds for discontinued policies:

(` ‘000)
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
Opening balance of funds for discontinued policies 107,787,740 90,482,246
Add: Fund of policies discontinued during the year 71,717,068 78,617,501
Less: Fund of policies revived during the year (33,932,585) (30,789,910)
Add: Income on investments of fund 4,919,920 4,775,955
Less: Fund management charges (659,680) (607,356)
Less: Amount refunded to policyholders during the year (46,583,257) (34,690,966)
Closing balance of fund for discontinued policies 103,248,936 107,787,740

b) Number of policies discontinued during the year ended March 31, 2022 is 150,052 (year ended March 31, 2021: 203,098).
c) Percentage of discontinued to total policies (product wise):
Year Ended Year Ended
Particulars
March 31, 2022 March 31, 2021
ICICI Pru Elite Wealth Super 13.95% 20.48%
ICICI Pru LifeTime Classic 13.27% 18.51%
ICICI Pru Signature 12.52% 28.93%
ICICI Pru Elite Life Super 11.78% 16.10%
ICICI Pru Smart Life RP 7.81% 14.13%
ICICI Pru Easy Retirement 7.21% 8.33%
ICICI Pru Guaranteed Wealth Protector 4.61% 4.84%
ICICI Pru Elite Life II 2.54% 8.27%
ICICI Pru Wealth Builder II 1.71% 5.68%
ICICI Pru Elite Wealth II 1.64% 6.70%
ICICI PruLifeStage Wealth II 0.01% 0.00%
ICICI PruShubh Retirement 0.00% 0.10%
ICICI Pru1 Wealth 0.00% 0.01%
ICICI PruSmartKId Premier 0.00% 0.01%

226 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

d) Number and percentage of policies revived:

Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
Number of policies revived 174,510 159,842

01 - 78 REPORTS
Number of policies discontinued 500,527 362,988
Percentage of policies revived 34.87% 44.04%

STATUTORY
e) Charges imposed/readjusted on account of discontinued policies/revival of discontinued policies are as follows:
(` ‘000)
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
Charges imposed on account of discontinued policies 436,717 672,200
Charges readjusted on account of revival of discontinued policies (249,132) (253,917)

79 - 148 FINANCIAL STATEMENTS

Total 187,585 418,283

3.41. Statement containing names, descriptions, occupations of and directorships held by the persons in charge of management of the

STANDALONE
business under Section 11 (2) of Insurance Act, 1938 (amended by the Insurance Laws (Amendment) Act, 2015)

Sr. Occupation of person

Name Designation Directorship held
No. in charge
1. N. S. Kannan Managing Director & CEO of ICICI Prudential ICICI Prudential Life Insurance Company Limited Service
Life Insurance Company Limited (Managing Director & CEO)
ICICI Prudential Pension Funds Management Directorship

149 - 521 FINANCIAL STATEMENTS

Limited (Non-Executive Director & Chairman)

3.42. Extra allocation

CONSOLIDATED
As per the product filing for Group Unit Linked Superannuation and Group Unit Linked Employee Benefit Plan, extra allocation of units made and total extra
allocation recovered is disclosed as below.

Total extra allocation made with respect to group products (Group Unit Linked Superannuation and Group Unit Linked Employee Benefit Plan) for the year
ended March 31, 2022 is ` Nil (for year ended March 31, 2021: ` Nil ).

522 - 584 VALUE RESULTS

The amount of recovery towards extra allocation for the year ended March 31, 2022 is ` 499 thousand (year ended March 31, 2021: ` 6,125 thousand).

3.43. Dividend

EMBEDDED
Interim dividend appropriation for the year ended March 31, 2022 is ` Nil (year ended March 31, 2021: ` Nil)

Final dividend proposed for year ended March 31, 2022 is ` 790,518 thousand (year ended March 31, 2021: ` 2,871,978 thousand)

Unclaimed dividend of ` 7,532 thousand at March 31, 2022 (at March 31, 2021: ` 7,033 thousand) represents dividend paid but not claimed by
shareholders, and are represented by a bank balance of an equivalent amount.
585 - 591 INFORMATION
ADDITIONAL
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 227
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

3.44. Summary of financial statements

(` in lacs)1
Sr.
Particulars FY2022 FY2021 FY2020 FY2019 FY2018
No.
Policyholders' Account
1 Gross premium income 3,745,799 3,573,282 3,343,070 3,092,977 2,706,877
2 Net premium income 2 3,632,127 3,497,337 3,287,895 3,057,829 2,681,068
3 Income from investments (net)3 2,494,622 4,741,745 (1,273,010) 1,021,444 1,125,638
4 Other income 227,370 166,818 157,741 60,753 14,528
Contribution from the Shareholders a/c 216,111 157,478 149,701 52,720 7,528
Fees and Charges 7,150 4,986 3,764 2,956 1,993
Income on unclaimed amount of policyholders 4,109 4,354 4,276 5,077 5,007
5 Total income 6,354,119 8,405,900 2,172,626 4,140,026 3,821,234
6 Commissions4 167,291 150,022 158,602 160,381 144,729
7 Brokerage - - - - -
8 Operating expenses related to insurance business5 436,917 334,657 350,217 318,786 255,351
9 Provisions for tax 16,615 14,185 13,144 11,318 12,007
10 Total Expenses 620,823 498,864 521,963 490,485 412,087
11 Payment to policy holders6 2,935,884 2,264,089 1,937,660 1,425,914 1,728,079
12 Increase in actuarial liability 1,346,659 1,285,994 880,319 755,903 582,385
13 Provision for Linked Liabilities 1,231,716 4,146,417 (1,386,013) 1,344,394 962,364
14 Surplus/(Deficit) from operations 219,037 210,536 218,697 123,330 136,319

Shareholders' Account
15 Total income under Shareholders Account9 88,596 74,038 61,342 65,086 74,439
16 Total expenses under Shareholder's Account 9,452 6,906 3,637 3,773 3,876
17 Profit /(loss) before tax 79,055 108,140 106,875 116,296 171,956
18 Provisions for tax 3,642 12,125 - 2,232 9,974
19 Profit/ (loss) after tax 75,413 96,015 106,875 114,064 161,982
20 Profit /(loss) carried to Balance sheet 407,760 361,078 265,063 198,866 169,603
MISCELLANEOUS
21 (A) Policyholders account:
Total funds 7 22,744,387 20,182,686 14,425,359 15,134,506 13,061,107
Total Investments 22,825,431 20,212,170 14,383,530 15,101,699 13,079,082
Yield on investments (%)8 11.6% 27.4% (8.6%) 7.7% 9.2%
(B) Shareholders account :
Total funds 1,036,306 1,031,942 721,862 704,674 688,445
Total Investments 985,347 1,009,016 742,090 799,155 774,929
Yield on investments (%)8 8.9% 8.5% 8.0% 8.8% 10.3%
22 Yield on total investments8 11.5% 26.5% -7.8% 7.7% 9.2%
23 Paid up equity capital 143,731 143,597 143,586 143,578 143,550
24 Net worth 916,306 911,942 721,862 704,674 688,445
25 Total Assets 23,919,026 21,349,946 15,270,487 15,942,620 13,837,368
26 Earnings per share
Basic earnings per share (`) 5.25 6.69 7.44 7.95 11.28
Diluted earnings per share (`) 5.23 6.67 7.43 7.94 11.28
27 Book value per share (`) 63.75 63.51 50.27 49.08 47.96
1
Amount disclosed in lacs in accordance with IRDA/F&A/Cir/232/12/2013
2
Net of reinsurance
3
Net of losses (includes diminution in the value of investments)
4
Including rewards and/or remuneration to agents, brokers or other intermediaries
5
Includes unit fund expenses
6
Inclusive of interim bonuses, if any
7
Includes Provision for linked liabilities
8
Investment income/((Opening investments + Closing investments)/2)
9
Includes other income of profit and loss account

228 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

3.45. Accounting ratios

Sr
Particulars FY 2022 FY 2021
No.
1 New business premium income growth (segment-wise)

01 - 78 REPORTS
Participating Life (25.4%) 0.7%

STATUTORY
Participating Pension NA NA
Non Participating 45.1% 25.9%
Non Participating Pension 845.1% 11.9%
Non Participating Variable (64.3%) (65.6%)
Non Participating Variable Pension 529.7% (86.1%)
Annuities Non Participating 28.9% 119.8%
Health (37.9%) 29.2%

79 - 148 FINANCIAL STATEMENTS

Linked Life 19.7% (35.9%)
Linked Pension 53.9% (11.6%)

STANDALONE
Linked Health 29.4% (59.7%)
Linked Group Life (47.8%) 11.8%
Linked Group Pension (9.7%) 342.5%
2 Net retention ratio
(Net premium divided by gross premium) 97.0% 97.9%
3 Ratio of expenses of management
(Expenses of management including commission divided by the total gross direct premium) 14.3% 11.7%

149 - 521 FINANCIAL STATEMENTS

4 Commission Ratio
(Gross commission paid to Gross premium) 4.5% 4.2%

CONSOLIDATED
5 Ratio of policyholders liabilities to shareholders funds 2,497.3% 2,228.0%
6 Growth rate of shareholders fund 0.5% 26.3%
7 Ratio of surplus to policyholders liability
Participating Life 0.5% 0.4%
Participating Pension (0.0%) 3.9%
Non Participating (5.1%) (4.2%)
Non Participating Pension (0.5%) (0.9%)

522 - 584 VALUE RESULTS

Non Participating Variable 9.0% 1.9%
Non Participating Variable Pension 1.6% 1.7%

EMBEDDED
Annuities Non Participating 2.2% (2.1%)
Health 9.4% 92.6%
Linked Life 1.1% 1.3%
Linked Pension 1.6% 1.8%
Linked Health (4.4%) 3.8%
Linked Group Life 0.2% 0.1%
Linked Group Pension 0.4% 0.3%
585 - 591 INFORMATION

8 Change in networth (` in Lacs) 4,364 190,079

9 Profit after tax/Total income 1.2% 1.2%
ADDITIONAL

10 (Total Real Estate + Loans)/Cash & invested assets 0.7% 0.7%

11 Total Investment/(Capital + Surplus) 2,598.6% 2,327.0%
12 Total Affiliated Investment/(Capital+Surplus) 0.9% 1.1%
13 Investment Yield (Gross and Net)
A. Without unrealised gains
- Shareholders' Fund 10.2% 8.8%
- Policyholders' Fund
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 229
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

Sr
Particulars FY 2022 FY 2021
No.
- Non Linked
Par 8.3% 10.8%
Non Par 7.9% 9.8%
- Linked
Non Par 13.3% 6.9%
B. With unrealised gains
- Shareholders' Fund 2.2% 19.0%
- Policyholders' Fund
- Non Linked
Par 5.3% 17.8%
Non Par 3.2% 13.1%
- Linked
Non Par 12.8% 40.9%
14 Conservation Ratio
Participating Life 85.8% 85.8%
Participating Pension 138.8% NA
Non Participating 91.1% 79.6%
Non Participating Pension NA NA
Non Participating Variable NA NA
Non Participating Variable Pension NA NA
Annuities Non Participating NA NA
Health 80.0% 81.6%
Linked Life 75.4% 80.0%
Linked Pension 77.3% 73.3%
Linked Health 91.4% 93.4%
Linked Group Life 39.6% 119.7%
Linked Group Pension 78.4% 94.0%
15 Persistency Ratio (Regular Premium / Limited Premium Payment under Individual category)*
(a) by premium
13th month 85.7% 84.9%
25th month 77.2% 72.9%
37th month 67.1% 65.8%
49th month 63.7% 63.5%
61st month 54.4% 48.9%
(b) by count
13th month 75.8% 74.9%
25th month 68.1% 63.0%
37th month 57.9% 57.2%
49th month 54.5% 56.6%
61st month 42.2% 41.8%
16 NPA Ratio
- Gross NPA Ratio NIL NIL
- Net NPA Ratio NIL NIL
17 Solvency Ratio 204.5% 216.8%
*The ratio is computed based on the original premiums issued. Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/GEN/21/02/2010 dated February 11,
2010. For 11M FY2022, policies issued in the March to February period of the relevant year have been measured on March 31, 2022. For FY2021, policies issued in the April
to March period of the relevant year have been measured on April 30, 2021. Group policies and policies under micro insurance products are excluded.

230 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

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OVERVIEW
CORPORATE
forming part of financial statements (continued)

3.46. Statement showing Controlled fund of ICICI Prudential Life Insurance Company Limited
(` crores)
Sr
Particulars 2020-2022 2019-2021
No.

01 - 78 REPORTS
1 Computation of Controlled fund as per the Balance Sheet
Policyholders' Fund (Life Fund)

STATUTORY
Participating
Individual Assurance 26,891 23,461
Individual Pension 834 867
Group Assurance 35 37
Group Pension 687 294
Non-participating
Individual Assurance 36,985 30,269
Group Assurance - -

79 - 148 FINANCIAL STATEMENTS

Individual Annuity 9,816 7,114
Health 47 35

STANDALONE
Group Pension 324 56
Group Variable Insurance 123 233
Group Variable Insurance Pension 219 172
Linked
Individual Assurance 133,495 121,558
Group Assurance - -
Individual Pension 7,511 7,744

149 - 521 FINANCIAL STATEMENTS

Group Superannuation 3,756 3,810
Group Gratuity 5,567 5,146
Health 1,154 1,031

CONSOLIDATED
Funds for Future Appropriations 1,383 1,353
Total (A) 228,827 203,180
Shareholders' Fund
Paid up Capital1 1,437 1,437
Reserves & Surplus 7,592 7,067
Fair Value Change 134 616
Total (B) 9,163 9,120

522 - 584 VALUE RESULTS

Misc. expenses not written off - -
Credit / (Debit) from P&L A/c. - -
Total (C ) - -

EMBEDDED
Total shareholders' funds (B+C) 9,163 9,120
Controlled Fund (Total (A+B-C)) 237,990 212,300
2 Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account
Opening Balance of Controlled Fund 212,300 152,705
Add: Inflow
Premium Income 37,458 35,733
Less: Reinsurance ceded (1,137) (760)
585 - 591 INFORMATION

Add: Reinsurance accepted - -

Net Premium 36,321 34,973
Investment Income2 24,946 47,417
ADDITIONAL

Other Income 113 93

Funds transferred from Shareholders' Accounts 2,161 1,575
Total Income 63,541 84,058
Less: Outgo
(i) Benefits paid (Net) 29,145 22,525
(ii) Interim Bonus Paid 214 116
(iii) Change in Valuation of Liability 25,784 54,324
592 - 595

(iv) Commission3 1,673 1,500

(v) Operating Expenses 3,679 2,691

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 231
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

(` crores)
Sr
Particulars 2020-2022 2019-2021
No.
(vi) GST/Service tax charge on linked charges 691 655
(vi) Provision for Taxation
(a) FBT - -
(b) I.T. 166 142
Total Outgo 61,352 81,953
Surplus of the Policyholders' Fund 2,189 2,105
Less: transferred to Shareholders' Account 2,160 1,985
Net Flow in Policyholders' account 29 121
Add: Net income in Shareholders' Fund 754 960
Net Inflow / Outflow 783 1,081
Add: change in valuation Liabilities 25,784 54,324
Add: Increase in Paid up Capital 50 5
Less: Dividend & dividend distribution tax (287) -
Closing balance of controlled fund as per cash flow 238,630 208,115
Change in fair value change & revaluation reserve account (640) 4,185
Closing balance of controlled fund 237,990 212,300
As Per Balance Sheet 237,990 212,300
Difference, if any - -
3 Reconciliation with Shareholders' and Policyholders' Fund
Policyholders' Funds
3.1 Policyholders' Funds - Traditional-PAR and NON-PAR
Opening Balance of the Policyholders' Fund 63,891 47,599
Add: Surplus of the Revenue Account 30 121
Add: change in valuation Liabilities 13,591 12,920
Total 77,512 60,640
Change in fair value change & revaluation reserve account (168) 3,251
Total 77,344 63,891
As per Balance Sheet 77,344 63,891
Difference, if any - -
3.2 Policyholders' Funds - Linked
Opening Balance of the Policyholders' Fund 139,289 97,887
Add: Surplus of the Revenue Account - -
Add: change in valuation Liabilities 12,194 41,402
Total 151,483 139,289
As per Balance Sheet 151,483 139,289
Difference, if any - -
3.3 Shareholders' Funds
Opening Balance of Shareholders' Fund 9,120 7,219
Add: net income of Shareholders' account (P&L) 754 960
Add: Infusion of Capital 50 5
Less: Dividend & dividend distribution tax (287) -
Closing Balance of the Shareholders' fund 9,637 8,184
Change in fair value change (474) 936
Closing Balance of the Shareholders' fund 9,163 9,120
As per Balance Sheet 9,163 9,120
Difference, if any - -
1
Includes Share application money pending allotment
2
Includes provision for diminution in the value of invetments
3
Includes rewards and/or remuneration to agents, brokers or other intermediaries
Note: The above controlled fund does not include borrowings of ` 1200 crore

232 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

3.47. Long term contracts

The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year end, the Company
has reviewed and ensured that adequate provision as required under any law / accounting standards for material foreseeable losses on such long term
contracts including derivative contracts has been made in the financial statements.

01 - 78 REPORTS
For insurance contracts, actuarial valuation of liabilities for policies is done by the Appointed Actuary of the Company. The methods and assumptions

STATUTORY
used in valuation of liabilities are in accordance with the regulations issued by the Insurance Regulatory and Development Authority of India (“IRDAI”) and
actuarial practice standards and guidance notes issued by the Institute of Actuaries of India.

3.48. Corporate Social Responsibility

The amount required to be spent by the Company on Corporate Social Responsibility (CSR) related activities during the year ended March 31, 2022 was
` 68,544 thousand (year ended March 31, 2021: ` 108,425 thousand).

79 - 148 FINANCIAL STATEMENTS

The following table sets forth, for the periods indicated, the amount spent by the Company on CSR related activities.
(` ‘000)

STANDALONE
Year ended March 31, 2022 Year ended March 31, 2021
Particulars
In cash Yet to be paid Total In cash Yet to be paid Total
Construction/acquisition of any assets - - - - - -
On purpose other than above 61,766 7,316* 69,082 107,774 1,098 108,872
* Includes amount utilised

149 - 521 FINANCIAL STATEMENTS

Amounts of related party transactions with ICICI Foundation for Inclusive Growth pertaining to CSR related activities for year ended March 31, 2022 was
` 47,315 thousand (year ended March 31, 2021: ` Nil)

CONSOLIDATED
The following table sets forth, for the periods indicated, the details of movement of amounts yet to be paid for CSR related activities.
(` ‘000)
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
Opening balance 1,098 8,811
Expense provided during the year 68,152 108,872

522 - 584 VALUE RESULTS

Excess spent carried forward to the next year - 950
Paid during the year 61,934 (117,535)

EMBEDDED
Closing balance 7,316* 1,098
* Includes amount utilised

There is no unspent amount for the year under section 135 (5) of Companies Act 2013.

The following table sets forth, details of amount spent in excess of the requirement and excess amount to be carried forward to the succeeding financial
year under section 135 (5) of Companies Act.
585 - 591 INFORMATION

(` ‘000)
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
ADDITIONAL

Opening balance (Excess spent carried forward) 950 -

Amount spent during the year 68,152 109,822
Amount required to be spent during the year 68,544 108,425
Amount spent during the year but not carried forward 559 447
Closing balance (Excess spent carried forward) - 950
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 233
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Schedules
forming part of financial statements (continued)

3.49. Loans and advances to subsidiaries, associates and related entities

Pursuant to Securities and Exchange Board of India (Listing obligations and disclosure requirements) Regulations, 2015, disclosures pertaining to loans and
advances given to subsidiaries, associates and related entities are given below:

There are no loans and advances given to subsidiaries, associates and firms/companies in which directors are interested except for advances which are
in the normal course of business but not in the nature of loans (year ended March 31, 2021: ` Nil)

There are no investments by the loanee in the shares of the Company.

3.50. Contribution to Policyholders’ account

The following table sets forth, for the periods indicated, the amount contributed from Shareholders’ Account in the Revenue Account.
(` ‘000)
Year ended Year ended
S.No. Particulars
March 31, 2022 March 31, 2021
1 Towards excess of Expense of Management 2,145,034 979,474
2 Towards deficit funding and others (note 1) 19,466,068 14,768,321
Total 21,611,102 15,747,795

Expense of Management
In accordance with the IRDAI (Expenses of Management of insurers transacting life insurance business) regulation 2016 read with circular IRDA/F&A/CIR/
MISC/184/10/2019 dated October 4, 2019, expense of management in excess of allowable limit in any business segment is required to be borne by the
Shareholders’ and separately disclosed in the Profit and Loss account & the Revenue Account.

The Company is in compliance with the expense of management regulation at an overall level. Further for the Non-par line of business, during the year
ended March 31, 2022, expense of management in excess of allowable limits amounting to ` 2,145,034 thousand has been charged to and separately
disclosed in the Profit and Loss account. (March 31, 2021: ` 979,474 thousand).

Note:
1) The contributions from the shareholders’ account in the Revenue Account for the year ended March 31, 2021 include an amount of ` 490,087
thousand transferred to participating line of business in compliance with the IRDAI’s letter dated February 18, 2021 in relation to tax charged to
participating line of business in FY2014-15.

3.51. Potential impact due to outbreak of COVID-19

Business Operations
During the year, lockdown restrictions were eased and economic activity resumed across the country. The learnings from the lockdown imposed in the
country due to two waves of COVID-19 and the digital preparedness has helped the Company manage challenges posed by the omnicron wave effectively.
These learnings will continue to guide the Company in managing any challenges posed by COVID-19 in future as well.

The facility to WFH was provided to the employees of the Company only through Company systems, which are hardened and are configured with requisite
data security controls. The usual operations of the Company are carried out through remote location/ WFH via secured servers.

There have been no material changes in the controls or processes followed in the financial statement closing process of the Company. The Company has
tested all the material controls over financial reporting as at March 31, 2022 and found them to be operating effectively.

Valuation of investment assets

The investment assets for the Company primarily include assets held to cover linked liability, assets for participating policyholder, assets for non-participating
(investment) policyholder, assets for other non-participating policyholders and assets pertaining to shareholders’.

234 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Schedules

OVERVIEW
CORPORATE
forming part of financial statements (continued)

The investment risk on the assets held to cover linked liability is borne by the linked policyholders. The investment risk on assets held for the non-
guaranteed portion of some of the non-participating policies and participating policies is borne by the respective policyholders. The impact of market value
changes is therefore a pass through to large extent and impact on profitability of the Company is limited.

01 - 78 REPORTS
Further, the assets for other non-participating policyholders and assets pertaining to shareholders’ investments include ~ 73% in Central Government and
State Government securities and ~ 18% in AAA or equivalent rated corporate securities.

STATUTORY
In accordance with the impairment policy of the Company, the quantitative and qualitative assessment is done by the Company as at March 31, 2022.
These assessments have taken into account potential implications arising from COVID-19 on the investee companies. The details of impairment of
investment assets is given in note 3.28.

Further, the Company has evaluated the recoverability of all the investment assets and the Company expects to recover the carrying amount of these
assets.

79 - 148 FINANCIAL STATEMENTS

Valuation of policy liabilities and solvency

STANDALONE
Based on the assessment, the Company is carrying a provision (net of reinsurance) of ` 241,640 thousand for COVID-19 claims as at March 31, 2022 for
IBNR, which is included in Policy liabilities.

The Company had carried out a stress test at December 31, 2021 position to assess potential impact on solvency margin taking into account the market
stress. Based on such assessment, the solvency is still higher than the requirement of the IRDAI.

Recoverability of other current assets

149 - 521 FINANCIAL STATEMENTS

The Company has evaluated the recoverability of its current assets which primarily includes investment related assets (interest accrued) and assets held
for unclaimed amount of policyholders. The outstanding premium includes premium due for policies in grace period and have a corresponding policy liability

CONSOLIDATED
amount ascertained for the same. The Company expects to recover the carrying amount of all these assets.

The impact of the global health pandemic may be different from that estimated as at the date of approval of these financial statements and the Company
will continue to closely monitor any material changes to future economic conditions.

3.52. Previous year comparatives

Previous year’s figures have been regrouped and reclassified wherever necessary to conform to current year’s presentation.

522 - 584 VALUE RESULTS

As per our report of even date attached. For and on behalf of the Board of Directors

EMBEDDED
For B S R & Co. LLP For Walker Chandiok & Co LLP M. S. Ramachandran R. K. Nair Sandeep Batra N. S. Kannan
Chartered Accountants Chartered Accountants Chairman Director Director Managing Director & CEO
ICAI Firm Reg. No. 101248W/W-100022 ICAI Firm Reg. No. 001076N / N500013 DIN: 00943629 DIN: 07225354 DIN: 03620913 DIN: 00066009
Sagar Lakhani Khushroo B. Panthaky Satyan Jambunathan Souvik Jash Sonali Chandak
Partner Partner Chief Financial Officer Appointed Actuary Company Secretary
Membership No. 111855 Membership No. 042423
Place : Mumbai
Date : April 16, 2022
585 - 591 INFORMATION
ADDITIONAL
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 235
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Form AOC-I
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)

Statement containing salient features of the financial statement of subsidiaries

(` ‘000)
Sr.
Particulars March 31, 2022 March 31, 2021
No.
1 Name of the subsidiary ICICI Prudential Pension Funds
Management Company Limited
2 Reporting period for the subsidiary March 31, 2022 March 31, 2021
3 Share capital 600,000 390,000
4 Reserves & surplus (50,826) (101,537)
5 Extent of interest of ICICI Prudential Life Insurance Company Limited in capital of subsidiary 100% 100%
6 Total assets 589,780 320,116
7 Total liabilities 40,606 31,653
8 Investments 526,055 285,587
9 Turnover 95,139 8,678
10 Profit before taxation 42,179 (39,926)
11 Provision for taxation (8,532) (13)
12 Profit after taxation 50,711 (39,912)
13 Proposed dividend Nil Nil

For and on behalf of the Board of Directors

______________________ ______________________ ________________________

M. S. Ramachandran R. K. Nair Sandeep Batra
Chairperson Director Director
DIN:00943629 DIN: 07225354 DIN:03620913

____________________ _____________________ ____________________

N. S. Kannan Satyan Jambunathan Souvik Jash
Managing Director & CEO Chief Financial Officer Appointed Actuary
DIN:00066009

__________________
Sonali Chandak
Company Secretary

Place: Mumbai
Date: April 16, 2022

236 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 ANNEXURE 1
3.14 Fund Balance Sheet at March 31, 2022
Form A-BS(UL)
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Schedule Balanced Fund Fund

170 Receipts & Payments Account

ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09
AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105
Sources of funds
Policyholders' funds

171 Schedules
Policyholder contribution F-1 33,097,790 (3,048) (10,149,848) (3,227,549) (270,720) (219,557) 23,585,127
Revenue account 8,026,591 3,048 18,126,175 6,234,697 450,291 855,140 12,415,585
Total 41,124,381 - 7,976,327 3,007,148 179,571 635,583 36,000,712
Application of funds
Annexures (Continued)

Investments F-2 40,362,505 - 7,834,329 2,965,822 176,025 624,171 35,762,541

Current assets F-3 855,163 - 162,627 61,451 3,893 12,364 385,453
Less: Current liabilities and provisions F-4 93,287 - 20,629 20,125 347 952 147,282
Net current assets 761,876 - 141,998 41,326 3,546 11,412 238,171
Total 41,124,381 - 7,976,327 3,007,148 179,571 635,583 36,000,712
(a) Net asset as per balance sheet (total assets less current 41,124,381 - 7,976,327 3,007,148 179,571 635,583 36,000,712
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 2,795,102 - 96,116 45,893 4,660 15,875 1,121,811
(c) NAV per unit (a)/(b) (`) 14.7130 - 82.9868 65.5255 38.5332 40.0356 32.0916

(` ‘000)
Linked Life Funds
Discontinued Dynamic P/E Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund
Particulars Schedule Fund - Life Fund Fund Fund II Fund III Fund IV
ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Sources of funds
Policyholders' funds
Policyholder contribution F-1 (1,129,338) 75,785,999 (6,706,789) (540,375) 25,860 (29,422) (34,944)

237 Annexures
Revenue account 2,150,595 26,823,581 12,629,341 1,104,947 809,679 69,140 279,172
Total 1,021,257 102,609,580 5,922,552 564,572 835,539 39,718 244,228
Application of funds
Investments F-2 1,005,833 101,644,567 5,948,527 560,641 835,396 38,931 241,350
Current assets F-3 15,865 1,831,299 50,535 6,859 9,602 818 3,160
Less: Current liabilities and provisions F-4 441 866,286 76,510 2,928 9,459 31 282
Net current assets 15,424 965,013 (25,975) 3,931 143 787 2,878
Total 1,021,257 102,609,580 5,922,552 564,572 835,539 39,718 244,228
(a) Net asset as per balance sheet (total assets less current 1,021,257 102,609,580 5,922,552 564,572 835,539 39,718 244,228
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 26,383 4,951,097 226,334 16,541 19,745 1,171 6,549
(c) NAV per unit (a)/(b) (`) 38.7085 20.7246 26.1674 34.1308 42.3159 33.9256 37.2939

237
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 ANNEXURE 1

238
3.14 Fund Balance Sheet at March 31, 2022 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Life Funds
Flexi Growth Flexi Growth Flexi Growth Flexi Growth Highest NAV
Focus 50 Fund Income Fund
Particulars Schedule Fund Fund II Fund III Fund IV Fund B
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105

149 Management Report

Sources of funds
Policyholders' funds
Policyholder contribution F-1 (18,548,930) (2,881,481) (540,549) (5,751,780) 20,270,310 (5,109,481) 87,970,043
Revenue account 24,478,787 11,550,783 1,144,258 10,024,036 6,100,119 15,540,677 24,443,468
Total 5,929,857 8,669,302 603,709 4,272,256 26,370,429 10,431,196 112,413,511
Application of funds
Investments F-2 5,939,772 8,669,336 602,232 4,261,070 26,375,049 10,824,349 109,235,624
Annexures (Continued)

Current assets F-3 33,976 41,588 3,235 24,512 480,237 47 3,182,927

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Less: Current liabilities and provisions F-4 43,891 41,622 1,758 13,326 484,857 393,200 5,040
Net current assets (9,915) (34) 1,477 11,186 (4,620) (393,153) 3,177,887
Total 5,929,857 8,669,302 603,709 4,272,256 26,370,429 10,431,196 112,413,511

157 Independent Auditors’ Report and Certificates

(a) Net asset as per balance sheet (total assets less current 5,929,857 8,669,302 603,709 4,272,256 26,370,429 10,431,196 112,413,511
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 146,503 190,441 14,770 110,715 1,824,700 554,511 4,253,056
(c) NAV per unit (a)/(b) (`) 40.4761 45.5223 40.8732 38.5878 14.4519 18.8115 26.4312

(` ‘000)

166 Revenue Account

Linked Life Funds
India Growth Invest Shield Invest Shield Maximise India
Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Schedule Fund Cash Fund Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105
Sources of funds
Policyholders' funds
Policyholder contribution F-1 14,072,826 (267,758) (965,231) 4,227,218 23,719,259 5,023,622 (44,612,013)
Revenue account 2,848,865 2,617,415 1,318,170 6,984,630 5,165,794 1,828,904 78,527,718

168 Profit and Loss Account

Total 16,921,691 2,349,657 352,939 11,211,848 28,885,053 6,852,526 33,915,705
Application of funds
Investments F-2 16,652,823 2,304,756 347,901 11,074,224 28,277,736 6,862,700 34,040,256
Current assets F-3 419,458 54,920 5,617 188,983 614,544 153,972 194,048
Less: Current liabilities and provisions F-4 150,590 10,019 579 51,359 7,227 164,146 318,599

169 Balance Sheet

Net current assets 268,868 44,901 5,038 137,624 607,317 (10,174) (124,551)
Total 16,921,691 2,349,657 352,939 11,211,848 28,885,053 6,852,526 33,915,705
(a) Net asset as per balance sheet (total assets less current 16,921,691 2,349,657 352,939 11,211,848 28,885,053 6,852,526 33,915,705
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 1,089,279 63,672 7,737 473,683 1,576,619 360,365 168,974
(c) NAV per unit (a)/(b) (`) 15.5348 36.9028 45.6141 23.6695 18.3209 19.0155 200.7159
Annual Report 2021-22
 ANNEXURE 1
3.14 Fund Balance Sheet at March 31, 2022 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Life Funds
Maximiser Maximiser Maximiser Maximiser Money Market Multi Cap Multi Cap Growth
Particulars Schedule Fund II Fund III Fund IV Fund V Fund Balanced Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09

170 Receipts & Payments Account

LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105
Sources of funds
Policyholders' funds
Policyholder contribution F-1 (11,435,211) (2,170,534) (440,931) 303,086,897 27,490,114 15,951,557 122,576,846

171 Schedules
Revenue account 21,269,221 3,513,873 628,096 179,749,344 9,217,461 8,148,455 62,260,288
Total 9,834,010 1,343,339 187,165 482,836,241 36,707,575 24,100,012 184,837,134
Application of funds
Investments F-2 9,886,069 1,347,119 188,693 484,175,499 35,824,277 23,912,177 186,697,684
Annexures (Continued)

Current assets F-3 60,302 7,799 861 2,857,593 884,187 313,306 1,831,712
Less: Current liabilities and provisions F-4 112,361 11,579 2,389 4,196,851 889 125,471 3,692,262
Net current assets (52,059) (3,780) (1,528) (1,339,258) 883,298 187,835 (1,860,550)
Total 9,834,010 1,343,339 187,165 482,836,241 36,707,575 24,100,012 184,837,134
(a) Net asset as per balance sheet (total assets less current 9,834,010 1,343,339 187,165 482,836,241 36,707,575 24,100,012 184,837,134
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 79,088 26,026 4,211 13,575,684 1,583,980 783,411 5,128,915
(c) NAV per unit (a)/(b) (`) 124.3422 51.6153 44.4502 35.5663 23.1743 30.7629 36.0382

(` ‘000)
Linked Life Funds
New Invest Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Shield Balanced Pinnacle Fund
Particulars Schedule Fund
Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105
Sources of funds
Policyholders' funds
Policyholder contribution F-1 (7,910,626) (317,159) (50,779) (387,042) (1,417,116) 11,780,803 (4,952,432)

237 Annexures
Revenue account 10,302,299 2,187,514 165,205 938,272 1,777,988 7,797,672 4,952,986
Total 2,391,673 1,870,355 114,426 551,230 360,872 19,578,475 554
Application of funds
Investments F-2 2,377,643 1,868,809 114,295 547,501 355,058 19,420,509 549
Current assets F-3 25,042 20,721 1,057 5,835 6,714 332,013 5
Less: Current liabilities and provisions F-4 11,012 19,175 926 2,106 900 174,047 -
Net current assets 14,030 1,546 131 3,729 5,814 157,966 5
Total 2,391,673 1,870,355 114,426 551,230 360,872 19,578,475 554
(a) Net asset as per balance sheet (total assets less current 2,391,673 1,870,355 114,426 551,230 360,872 19,578,475 554
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 81,244 51,399 3,499 15,185 9,005 525,115 26
(c) NAV per unit (a)/(b) (`) 29.4382 36.3890 32.7007 36.3008 40.0731 37.2842 21.3724

239
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 ANNEXURE 1

240
3.14 Fund Balance Sheet at March 31, 2022 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars Schedule
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105

149 Management Report

Sources of funds
Policyholders' funds
Policyholder contribution F-1 (2,722,874) (1,131,243) (64,059) (35,709) (3,648,509) (1,295,715) (186,106)
Revenue account 2,722,874 3,797,866 202,279 322,551 7,998,675 3,783,163 421,157
Total - 2,666,623 138,220 286,842 4,350,166 2,487,448 235,051
Application of funds
Investments F-2 - 2,627,978 136,271 284,558 4,224,956 2,429,834 229,752
Annexures (Continued)

Current assets F-3 - 38,710 1,952 2,291 125,426 60,778 5,310

Less: Current liabilities and provisions F-4 - 65 3 7 216 3,164 11
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Net current assets - 38,645 1,949 2,284 125,210 57,614 5,299

Total - 2,666,623 138,220 286,842 4,350,166 2,487,448 235,051

157 Independent Auditors’ Report and Certificates

(a) Net asset as per balance sheet (total assets less current - 2,666,623 138,220 286,842 4,350,166 2,487,448 235,051
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) - 75,982 4,427 10,147 92,992 59,149 6,952
(c) NAV per unit (a)/(b) (`) - 35.0955 31.2239 28.2679 46.7802 42.0538 33.8107

(` ‘000)
Linked Life Funds

166 Revenue Account

Return Guarantee Return Guarantee Return Guarantee Return Guarantee
Protector Fund IV RICH Fund RICH Fund II
Particulars Schedule Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Sources of funds
Policyholders' funds
Policyholder contribution F-1 (371,522) (91,333) (174,750) (296,140) (9,387) (4,629,749) (470,782)
Revenue account 3,030,156 91,333 174,750 296,140 9,387 5,953,020 7,189,059

168 Profit and Loss Account

Total 2,658,634 - - - - 1,323,271 6,718,277
Application of funds
Investments F-2 2,614,324 - - - - 1,303,103 6,618,209
Current assets F-3 44,380 - - - - 26,983 138,822
Less: Current liabilities and provisions F-4 70 - - - - 6,815 38,754
Net current assets 44,310 - - - - 20,168 100,068

169 Balance Sheet

Total 2,658,634 - - - - 1,323,271 6,718,277
(a) Net asset as per balance sheet (total assets less current 2,658,634 - - - - 1,323,271 6,718,277
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 78,676 - - - - 35,990 162,499
(c) NAV per unit (a)/(b) (`) 33.7922 - - - - 36.7682 41.3434
Annual Report 2021-22
 ANNEXURE 1
3.14 Fund Balance Sheet at March 31, 2022 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Life Funds
Secure
Secure Save Secure Save Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund Opportunities
Particulars Schedule Builder Fund Guarantee Fund Fund Fund

170 Receipts & Payments Account

ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105
Sources of funds
Policyholders' funds

171 Schedules
Policyholder contribution F-1 (254,598) (1,245,436) (104,451) (8,674) (25,425) 4,663,504 44,202,858
Revenue account 503,799 3,538,071 330,641 22,335 66,262 194,139 12,602,661
Total 249,201 2,292,635 226,190 13,661 40,837 4,857,643 56,805,519
Application of funds
Annexures (Continued)

Investments F-2 246,236 2,258,657 222,377 13,540 40,311 4,673,680 54,438,840

Current assets F-3 4,617 45,088 3,857 155 573 184,179 3,621,778
Less: Current liabilities and provisions F-4 1,652 11,110 44 34 47 216 1,255,099
Net current assets 2,965 33,978 3,813 121 526 183,963 2,366,679
Total 249,201 2,292,635 226,190 13,661 40,837 4,857,643 56,805,519
(a) Net asset as per balance sheet (total assets less current 249,201 2,292,635 226,190 13,661 40,837 4,857,643 56,805,519
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 6,751 55,738 5,776 421 1,522 371,564 4,123,063
(c) NAV per unit (a)/(b) (`) 36.9140 41.1326 39.1569 32.4882 26.8336 13.0735 13.7775

(` ‘000)
Linked Life Funds
Balanced Sustainable Unclaimed fund
Particulars Schedule Advantage Fund Equity Fund
Total*
ULIF 144 03/06/21 ULIF 145 03/06/21 ULIF 137 27/11/15

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

BalanceAdv 105 SustainEqu 105 UNCLAIM 105
Sources of funds
Policyholders' funds
Policyholder contribution F-1 7,824,160 3,567,479 8,029,095 690,114,262

237 Annexures
Revenue account (290,026) (188,507) 2,573,915 650,805,980
Total 7,534,134 3,378,972 10,603,010 1,340,920,242
Application of funds
Investments F-2 7,742,208 3,372,985 10,578,167 1,334,240,334
Current assets F-3 253,334 67,519 46,581 19,816,633
Less: Current liabilities and provisions F-4 461,408 61,532 21,738 13,136,725
Net current assets (208,074) 5,987 24,843 6,679,908
Total 7,534,134 3,378,972 10,603,010 1,340,920,242
(a) Net asset as per balance sheet (total assets less current 7,534,134 3,378,972 10,603,010 1,340,920,242
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 748,789 353,709 740,846
(c) NAV per unit (a)/(b) (`) 10.0618 9.5530 14.3120
*includes ` 10,603,010 thousands of assets pertaining to unclaimed amount of policyholders disclosed in ‘Schedule 12 Advance and other assets’ of the financial statements.

241
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 ANNEXURE 1

242
3.14 Fund Balance Sheet at March 31, 2022 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Pension Funds
Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Pension Balancer Pension Balancer
Particulars Schedule Fund-Pension Balanced Fund Secure Fund SP Balanced Fund Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105

149 Management Report

Sources of funds
Policyholders' funds
Policyholder contribution F-1 206,693 3,025,312 904,244 206,481 (129,272) (2,859,201) (4,999,612)
Revenue account 432,663 2,036,420 364,477 92,298 319,980 5,405,769 7,647,884
Total 639,356 5,061,732 1,268,721 298,779 190,708 2,546,568 2,648,272
Application of funds
Investments F-2 638,121 4,984,657 1,238,199 294,788 186,876 2,500,094 2,598,269
Annexures (Continued)

Current assets F-3 6,260 79,676 30,584 4,252 3,866 53,773 56,129
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Less: Current liabilities and provisions F-4 5,025 2,601 62 261 34 7,299 6,126
Net current assets 1,235 77,075 30,522 3,991 3,832 46,474 50,003
Total 639,356 5,061,732 1,268,721 298,779 190,708 2,546,568 2,648,272

157 Independent Auditors’ Report and Certificates

(a) Net asset as per balance sheet (total assets less current 639,356 5,061,732 1,268,721 298,779 190,708 2,546,568 2,648,272
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 38,499 234,281 65,024 14,910 4,280 36,236 43,678
(c) NAV per unit (a)/(b) (`) 16.6069 21.6054 19.5116 20.0383 44.5549 70.2772 60.6323

(` ‘000)

166 Revenue Account

Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth
Particulars Schedule Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105
Sources of funds
Policyholders' funds
Policyholder contribution F-1 (330,838) (2,368,293) (379,617) (853,142) (13,459,733) (19,937,796) (158,494)
Revenue account 1,016,655 4,757,962 800,856 1,301,849 20,965,585 25,938,322 271,683

168 Profit and Loss Account

Total 685,817 2,389,669 421,239 448,707 7,505,852 6,000,526 113,189
Application of funds
Investments F-2 680,976 2,377,349 417,559 444,656 7,485,747 5,985,331 112,510
Current assets F-3 7,351 19,129 5,006 5,800 43,737 34,282 796
Less: Current liabilities and provisions F-4 2,510 6,809 1,326 1,749 23,632 19,087 117

169 Balance Sheet

Net current assets 4,841 12,320 3,680 4,051 20,105 15,195 679
Total 685,817 2,389,669 421,239 448,707 7,505,852 6,000,526 113,189
(a) Net asset as per balance sheet (total assets less current 685,817 2,389,669 421,239 448,707 7,505,852 6,000,526 113,189
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 21,946 93,514 11,641 10,347 175,041 120,991 4,132
(c) NAV per unit (a)/(b) (`) 31.2499 25.5541 36.1847 43.3662 42.8806 49.5947 27.3955
Annual Report 2021-22
 ANNEXURE 1
3.14 Fund Balance Sheet at March 31, 2022 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Pension Funds
Pension Multi
Pension Income Pension Pension Pension Money Pension Multi Pension
Cap Balanced
Particulars Schedule Fund Maximiser Fund Maximiser Fund II Market Fund Cap Growth Fund Multiplier Fund
Fund

170 Receipts & Payments Account

ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105
Sources of funds
Policyholders' funds

171 Schedules
Policyholder contribution F-1 (1,465,023) (4,366,293) (19,245,690) (739,012) (672,809) (5,117,123) (1,930,953)
Revenue account 3,705,030 9,856,163 28,389,362 1,385,822 1,251,686 9,816,050 3,764,957
Total 2,240,007 5,489,870 9,143,672 646,810 578,877 4,698,927 1,834,004
Application of funds
Annexures (Continued)

Investments F-2 2,192,622 5,435,204 9,049,525 640,070 571,148 4,690,533 1,822,021

Current assets F-3 49,959 84,364 141,611 6,757 8,422 27,021 19,826
Less: Current liabilities and provisions F-4 2,574 29,698 47,464 17 693 18,627 7,843
Net current assets 47,385 54,666 94,147 6,740 7,729 8,394 11,983
Total 2,240,007 5,489,870 9,143,672 646,810 578,877 4,698,927 1,834,004
(a) Net asset as per balance sheet (total assets less current 2,240,007 5,489,870 9,143,672 646,810 578,877 4,698,927 1,834,004
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 84,893 25,287 65,596 28,087 20,407 142,033 63,403
(c) NAV per unit (a)/(b) (`) 26.3863 217.1055 139.3945 23.0291 28.3663 33.0834 28.9261

(` ‘000)
Linked Pension Funds
Pension Pension Return Pension Return
Pension Pension Pension Protector Pension Protector
Opportunities Guarantee Fund IX Guarantee Fund
Particulars Schedule Multiplier Fund II Preserver Fund Fund Fund II
Fund (10 Yrs) VIII

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Sources of funds
Policyholders' funds
Policyholder contribution F-1 (1,490,346) (1,825,870) (2,672,625) (5,113,431) (3,743,988) (32,935) (108,219)

237 Annexures
Revenue account 2,390,048 3,230,100 4,168,536 10,204,344 5,869,642 32,935 108,219
Total 899,702 1,404,230 1,495,911 5,090,913 2,125,654 - -
Application of funds
Investments F-2 894,951 1,383,036 1,483,725 4,990,894 2,081,995 - -
Current assets F-3 9,319 27,473 14,594 112,479 52,055 - -
Less: Current liabilities and provisions F-4 4,568 6,279 2,408 12,460 8,396 - -
Net current assets 4,751 21,194 12,186 100,019 43,659 - -
Total 899,702 1,404,230 1,495,911 5,090,913 2,125,654 - -
(a) Net asset as per balance sheet (total assets less current 899,702 1,404,230 1,495,911 5,090,913 2,125,654 - -
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 27,146 37,954 43,093 122,042 51,795 - -
(c) NAV per unit (a)/(b) (`) 33.1427 36.9987 34.7134 41.7143 41.0397 - -

243
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 ANNEXURE 1

244
3.14 Fund Balance Sheet at March 31, 2022 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus
Guarantee Fund X Guarantee Fund XI
Particulars Schedule (10 Yrs) (10 Yrs) Fund Fund II Fund Pension Fund
Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03

149 Management Report

PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105
Sources of funds
Policyholders' funds
Policyholder contribution F-1 (72,023) (9,100) (10,086,738) (9,325,241) 485,028 (3,595) (108,669,254)
Revenue account 72,023 9,100 15,057,779 12,311,418 461,311 144,233 183,581,161
Total - - 4,971,041 2,986,177 946,339 140,638 74,911,907
Application of funds
Annexures (Continued)

Investments F-2 - - 4,900,527 2,939,537 929,119 137,915 74,087,954

Current assets F-3 - - 103,730 61,384 17,537 2,749 1,089,921
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Less: Current liabilities and provisions F-4 - - 33,216 14,744 317 26 265,968
Net current assets - - 70,514 46,640 17,220 2,723 823,953

157 Independent Auditors’ Report and Certificates

Total - - 4,971,041 2,986,177 946,339 140,638 74,911,907
(a) Net asset as per balance sheet (total assets less current - - 4,971,041 2,986,177 946,339 140,638 74,911,907
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) - - 118,035 63,679 47,048 3,894
(c) NAV per unit (a)/(b) (`) - - 42.1151 46.8940 20.1143 36.1141

166 Revenue Account

(` ‘000)
Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Schedule Fund Balanced Fund Growth Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105
Sources of funds
Policyholders' funds
Policyholder contribution F-1 684,531 961,103 8,633,019 1,084,172 131,693 3,371,814 14,866,332

168 Profit and Loss Account

Revenue account (194,299) (304,964) (2,729,025) (187,249) (48,482) (1,165,258) (4,629,277)
Total 490,232 656,139 5,903,994 896,923 83,211 2,206,556 10,237,055
Application of funds
Investments F-2 480,468 648,723 5,876,597 889,360 83,429 2,164,537 10,143,114
Current assets F-3 10,505 8,222 40,554 10,988 368 42,077 112,714

169 Balance Sheet

Less: Current liabilities and provisions F-4 741 806 13,157 3,425 586 58 18,773
Net current assets 9,764 7,416 27,397 7,563 (218) 42,019 93,941
Total 490,232 656,139 5,903,994 896,923 83,211 2,206,556 10,237,055
(a) Net asset as per balance sheet (total assets less current 490,232 656,139 5,903,994 896,923 83,211 2,206,556 10,237,055
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 12,465 14,400 105,527 14,604 3,297 69,714
(c) NAV per unit (a)/(b) (`) 39.3300 45.5655 55.9477 61.4146 25.2412 31.6514
Annual Report 2021-22
 ANNEXURE 1
3.14 Fund Balance Sheet at March 31, 2022 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Group Life Funds
Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Fund Fund II Fund II Fund II Fund
Particulars Schedule Term Debt Fund

170 Receipts & Payments Account

ULGF 001 ULGF 041 ULGF 005 ULGF 002 ULGF 040 ULGF 043 ULGF 004
03/04/03 30/04/13 24/02/04 03/04/03 GDebt 30/04/13 GDebt2 30/04/13 GEquity2 30/10/03 GGrowth
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 105 105 105 105
Sources of funds
Policyholders' funds

171 Schedules
Policyholder contribution F-1 (8,123,167) 18,422,186 (95,269) (6,308,628) 8,634,477 31,960 (5,702,453)
Revenue account 17,025,555 8,297,946 116,405 9,668,593 2,576,813 18,501 6,628,836
Total 8,902,388 26,720,132 21,136 3,359,965 11,211,290 50,461 926,383
Annexures (Continued)

Application of funds
Investments F-2 8,544,976 25,934,953 20,875 3,247,987 10,860,730 49,485 903,406
Current assets F-3 363,318 802,791 262 112,124 351,065 1,226 25,248
Less: Current liabilities and provisions F-4 5,906 17,612 1 146 505 250 2,271
Net current assets 357,412 785,179 261 111,978 350,560 976 22,977
Total 8,902,388 26,720,132 21,136 3,359,965 11,211,290 50,461 926,383
(a) Net asset as per balance sheet (total assets less current 8,902,388 26,720,132 21,136 3,359,965 11,211,290 50,461 926,383
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 158,854 1,370,338 669 78,643 550,697 2,693 9,696
(c) NAV per unit (a)/(b) (`) 56.0414 19.4989 31.5982 42.7243 20.3584 18.7396 95.5408

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short Term Group Short Term
Encashment Encashment

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Fund II Debt Fund Debt Fund III
Particulars Schedule Balance Fund Income Fund
Total
ULGF 042 ULGF 013 ULGF 014 ULGF 003 ULGF 039
30/04/13 02/04/08 GLEBal 02/04/08 03/04/03 GSTDebt 30/04/13
GGrowth2 105 105 GLEIncome 105 105 GSTDebt3 105
Sources of funds

237 Annexures
Policyholders' funds
Policyholder contribution F-1 916,686 (96,668) (1,743) (3,786,402) 1,272,646 5,163,625
Revenue account 442,055 1,012,226 128,907 4,340,503 229,237 50,485,577
Total 1,358,741 915,558 127,164 554,101 1,501,883 55,649,202
Application of funds
Investments F-2 1,318,959 887,872 123,309 540,435 1,451,827 53,884,814
Current assets F-3 43,131 28,275 3,860 13,689 50,119 1,795,108
Less: Current liabilities and provisions F-4 3,349 589 5 23 63 30,720
Net current assets 39,782 27,686 3,855 13,666 50,056 1,764,388
Total 1,358,741 915,558 127,164 554,101 1,501,883 55,649,202
(a) Net asset as per balance sheet (total assets less current 1,358,741 915,558 127,164 554,101 1,501,883 55,649,202
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 61,009 28,589 4,444 16,725 98,224
(c) NAV per unit (a)/(b) (`) 22.2713 32.0249 28.6129 33.1304 15.2904

245
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 ANNEXURE 1

246
3.14 Fund Balance Sheet at March 31, 2022 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Schedule Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund
ULGF 006 ULGF 010 ULGF 049 ULGF 007 ULGF 011 ULGF 048 ULGF 008

149 Management Report

03/10/05 GCGBal1 21/03/07 GCGBal2 27/08/13 GCGBal3 28/10/05 21/03/07 27/08/13 11/12/06
105 105 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105
Sources of funds
Policyholders' funds
Policyholder contribution F-1 (44,950) (627,925) 5,302,712 17,044 (214,985) 2,129,611 23,189
Revenue account 149,237 1,944,663 1,883,785 27,788 1,016,638 570,787 43,638
Total 104,287 1,316,738 7,186,497 44,832 801,653 2,700,398 66,827
Annexures (Continued)

Application of funds
Investments F-2 101,754 1,280,344 7,009,007 43,745 781,475 2,627,186 65,115
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Current assets F-3 2,604 37,240 182,128 1,090 20,220 73,339 1,815
Less: Current liabilities and provisions F-4 71 846 4,638 3 42 127 103

157 Independent Auditors’ Report and Certificates

Net current assets 2,533 36,394 177,490 1,087 20,178 73,212 1,712
Total 104,287 1,316,738 7,186,497 44,832 801,653 2,700,398 66,827
(a) Net asset as per balance sheet (total assets less current 104,287 1,316,738 7,186,497 44,832 801,653 2,700,398 66,827
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 2,992 39,520 368,389 1,021 22,674 139,565 2,040
(c) NAV per unit (a)/(b) (`) 34.8527 33.3180 19.5079 43.9083 35.3560 19.3487 32.7629

166 Revenue Account

(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Group SA Debt
Guarantee Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short
Balanced Fund Fund
Particulars Schedule Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 ULGF 050 ULGF 009 ULGF 047 ULGF 051 ULGF 055 ULGF 052
05/07/07 27/08/13 16/03/07 27/08/13 03/04/03 GSBLN 24/02/04 03/04/03 GSDBT
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 105 GSCGSTD 105 105
Sources of funds

168 Profit and Loss Account

Policyholders' funds
Policyholder contribution F-1 107,931 775,838 1,415,777 1,719,760 4,202,036 76,406 1,343,090
Revenue account 157,292 212,630 3,459,972 514,725 3,184,171 26,582 1,882,985
Total 265,223 988,468 4,875,749 2,234,485 7,386,207 102,988 3,226,075
Application of funds

169 Balance Sheet

Investments F-2 258,594 959,912 4,788,918 2,194,849 7,182,212 101,277 3,132,158
Current assets F-3 7,043 29,972 87,059 39,736 208,775 1,715 94,055
Less: Current liabilities and provisions F-4 414 1,416 228 100 4,780 4 138
Net current assets 6,629 28,556 86,831 39,636 203,995 1,711 93,917
Total 265,223 988,468 4,875,749 2,234,485 7,386,207 102,988 3,226,075
(a) Net asset as per balance sheet (total assets less current 265,223 988,468 4,875,749 2,234,485 7,386,207 102,988 3,226,075
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 8,043 54,732 182,962 141,193 132,968 3,229 76,626
Annual Report 2021-22

(c) NAV per unit (a)/(b) (`) 32.9772 18.0602 26.6489 15.8257 55.5486 31.8931 42.1018
 ANNEXURE 1
3.14 Fund Balance Sheet at March 31, 2022 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Fund Term Debt Fund Debt Fund II
Particulars Schedule Grand Total*
ULGF 054 ULGF 053 ULGF 046 Total

170 Receipts & Payments Account

30/10/03 GSGF 03/04/03 GSSTD 27/08/13
105 105 GSTDebt2 105
Sources of funds
Policyholders' funds

171 Schedules
Policyholder contribution F-1 2,616,845 865,012 (94,063) 19,613,328 621,088,293
Revenue account 2,311,771 443,552 104,103 17,934,319 898,177,760
Total 4,928,616 1,308,564 10,040 37,547,647 1,519,266,053
Application of funds
Annexures (Continued)

Investments F-2 4,807,577 1,285,412 10,025 36,629,560 1,508,985,776

Current assets F-3 133,053 23,207 15 943,066 23,757,442
Less: Current liabilities and provisions F-4 12,014 55 - 24,979 13,477,165
Net current assets 121,039 23,152 15 918,087 10,280,277
Total 4,928,616 1,308,564 10,040 37,547,647 1,519,266,053
(a) Net asset as per balance sheet (total assets less current 4,928,616 1,308,564 10,040 37,547,647 1,519,266,053
liabilities and provisions) (` ‘000)
(b) Number of Units outstanding (in '000) 51,958 39,582 682
(c) NAV per unit (a)/(b) (`) 94.8580 33.0599 14.7132
*includes ` 10,603,010 thousands of assets pertaining to unclaimed amount of policyholders disclosed in ‘Schedule 12 Advance and other assets’ of the financial statements.

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

237 Annexures
247
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 1

248
Policyholders’ Contribution at March 31, 2022
(` ‘000)
Linked Life Funds
Active Asset
Allocation Balanced Anmol Nivesh Fund Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Fund
ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09

149 Management Report

AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105
Opening balance 28,604,161 (3,048) (9,395,066) (2,911,344) (250,546) (181,009) 19,188,809
Add: Additions during the year* 8,737,782 - 144,805 80,958 89 17,130 9,523,568
Less: Deductions during the year** 4,244,153 - 899,587 397,163 20,263 55,678 5,127,250
Closing balance 33,097,790 (3,048) (10,149,848) (3,227,549) (270,720) (219,557) 23,585,127
* Represents unit creation
** Represents unit cancellations
Annexures (Continued)

(` ‘000)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Linked Life Funds

Discontinued Fund Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund Dynamic P/E Fund Flexi Balanced Fund
Particulars - Life Fund II Fund III Fund IV

157 Independent Auditors’ Report and Certificates

ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07
LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Opening balance (29,285) 84,316,353 (2,743,209) (498,390) 57,433 (20,969) (41,579)
Add: Additions during the year* 30,986 70,629,573 228,406 26,232 77,309 - 22,352
Less: Deductions during the year** 1,131,039 79,159,927 4,191,986 68,217 108,882 8,453 15,717

166 Revenue Account

Closing balance (1,129,338) 75,785,999 (6,706,789) (540,375) 25,860 (29,422) (34,944)
* Represents unit creation
** Represents unit cancellations

(` ‘000)
Linked Life Funds
Flexi Growth Fund Flexi Growth Fund II Flexi Growth Fund III Flexi Growth Fund IV Focus 50 Fund Highest NAV Fund B Income Fund
Particulars
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09

168 Profit and Loss Account

LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105
Opening balance (17,881,104) (1,808,852) (478,480) (5,036,529) 13,459,695 12,527,792 109,505,451
Add: Additions during the year* 172,631 279,549 2,174 120,721 8,494,303 - 49,096,963
Less: Deductions during the year** 840,457 1,352,178 64,243 835,972 1,683,688 17,637,273 70,632,371
Closing balance (18,548,930) (2,881,481) (540,549) (5,751,780) 20,270,310 (5,109,481) 87,970,043

169 Balance Sheet

* Represents unit creation
** Represents unit cancellations
Annual Report 2021-22
 SCHEDULE: F - 1
Policyholders’ Contribution at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Invest Shield Cash Invest Shield Fund
India Growth Fund Life Growth Fund Life Secure Fund Maximise India Fund Maximiser Fund
Particulars Fund - Life
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01

170 Receipts & Payments Account

IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105
Opening balance 6,113,552 321,381 (900,413) 11,314,058 24,536,949 3,952,210 (41,637,959)
Add: Additions during the year* 8,942,146 64,040 9,002 1,549,143 6,846,205 1,833,450 805,704
Less: Deductions during the year** 982,872 653,179 73,820 8,635,983 7,663,895 762,038 3,779,758

171 Schedules
Closing balance 14,072,826 (267,758) (965,231) 4,227,218 23,719,259 5,023,622 (44,612,013)
* Represents unit creation
** Represents unit cancellations
Annexures (Continued)

(` ‘000)
Linked Life Funds
Multi Cap Balanced Multi Cap Growth
Maximiser Fund II Maximiser Fund III Maximiser Fund IV Maximiser Fund V Money Market Fund
Particulars Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105
Opening balance (10,238,600) (2,026,492) (435,814) 312,131,097 33,550,000 15,712,801 111,682,538
Add: Additions during the year* 248,622 14,118 12,188 70,914,942 14,430,342 3,884,526 34,395,433
Less: Deductions during the year** 1,445,233 158,160 17,305 79,959,142 20,490,228 3,645,770 23,501,125
Closing balance (11,435,211) (2,170,534) (440,931) 303,086,897 27,490,114 15,951,557 122,576,846
* Represents unit creation
** Represents unit cancellations

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(` ‘000)
Linked Life Funds
New Invest Shield
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Opportunities Fund Pinnacle Fund
Particulars Balanced Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09
LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105

237 Annexures
Opening balance (7,783,281) (129,773) (50,398) (356,387) (1,301,743) 7,877,566 (4,952,421)
Add: Additions during the year* 97,264 66,441 8,661 18,986 8,555 6,536,768 -
Less: Deductions during the year** 224,609 253,827 9,042 49,641 123,928 2,633,531 11
Closing balance (7,910,626) (317,159) (50,779) (387,042) (1,417,116) 11,780,803 (4,952,432)
* Represents unit creation
** Represents unit cancellations

249
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 1

250
Policyholders’ Contribution at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105

149 Management Report

Opening balance (2,710,730) (550,919) (22,265) 586 (2,877,640) (874,871) (135,746)
Add: Additions during the year* - 90,275 156 12,743 71,685 56,082 9,972
Less: Deductions during the year** 12,144 670,599 41,950 49,038 842,554 476,926 60,332
Closing balance (2,722,874) (1,131,243) (64,059) (35,709) (3,648,509) (1,295,715) (186,106)
* Represents unit creation
** Represents unit cancellations

(` ‘000)
Annexures (Continued)

Linked Life Funds

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Return Guarantee Return Guarantee Return Guarantee Return Guarantee

Protector Fund IV RICH Fund RICH Fund II
Particulars Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08

157 Independent Auditors’ Report and Certificates

LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Opening balance (606,107) (91,333) (174,750) (296,139) 439 (4,522,722) 376,991
Add: Additions during the year* 519,701 - - - - 32,146 184,346
Less: Deductions during the year** 285,116 - - 1 9,826 139,173 1,032,119
Closing balance (371,522) (91,333) (174,750) (296,140) (9,387) (4,629,749) (470,782)

166 Revenue Account

* Represents unit creation
** Represents unit cancellations

(` ‘000)
Linked Life Funds
Secure Save Builder Secure Save Secure Opportunities
RICH Fund III RICH Fund IV Secure Plus Fund Value Enhancer Fund
Particulars Fund Guarantee Fund Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105

168 Profit and Loss Account

Opening balance (235,700) (1,134,329) (82,658) (8,124) (21,888) 4,093,090 35,643,470
Add: Additions during the year* 9,158 71,201 5,727 - - 1,937,497 14,032,051
Less: Deductions during the year** 28,056 182,308 27,520 550 3,537 1,367,083 5,472,663
Closing balance (254,598) (1,245,436) (104,451) (8,674) (25,425) 4,663,504 44,202,858
* Represents unit creation

169 Balance Sheet

** Represents unit cancellations
Annual Report 2021-22
 SCHEDULE: F - 1
Policyholders’ Contribution at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Balanced Advantage Sustainable Equity Unclaimed fund
Particulars Fund Fund
Total
ULIF 144 03/06/21 ULIF 145 03/06/21 ULIF 137 27/11/15

170 Receipts & Payments Account

BalanceAdv 105 SustainEqu 105 UNCLAIM 105
Opening balance - - 5,899,366 715,427,176
Add: Additions during the year* 8,085,190 3,647,813 6,392,677 333,530,487
Less: Deductions during the year** 261,030 80,334 4,262,948 358,843,401

171 Schedules
Closing balance 7,824,160 3,567,479 8,029,095 690,114,262
* Represents unit creation
** Represents unit cancellations
Annexures (Continued)

(` ‘000)
Linked Pension Funds
Discontinued Fund- Easy Retirement Easy Retirement Easy Retirement SP Invest Shield Fund - Pension Balancer Pension Balancer
Particulars Pension Balanced Fund Secure Fund Balanced Fund Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105
Opening balance 474,884 3,373,959 1,101,300 187,432 (103,636) (2,470,750) (4,613,019)
Add: Additions during the year* 341,995 574,719 198,793 30,125 4,922 60,902 67,711
Less: Deductions during the year** 610,186 923,366 395,849 11,076 30,558 449,353 454,304
Closing balance 206,693 3,025,312 904,244 206,481 (129,272) (2,859,201) (4,999,612)
* Represents unit creation
** Represents unit cancellations

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(` ‘000)
Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Growth Pension Flexi Growth Pension Growth Fund
Particulars Fund P/E Fund Balanced Fund Balanced Fund II Fund Fund II
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105

237 Annexures
Opening balance (284,065) (2,012,678) (332,934) (789,227) (12,111,093) (18,870,925) (129,279)
Add: Additions during the year* 52,219 69,222 34,402 19,156 161,797 145,010 2,627
Less: Deductions during the year** 98,992 424,837 81,085 83,071 1,510,437 1,211,881 31,842
Closing balance (330,838) (2,368,293) (379,617) (853,142) (13,459,733) (19,937,796) (158,494)
* Represents unit creation
** Represents unit cancellations

251
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 1

252
Policyholders’ Contribution at March 31, 2022 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Maximiser Pension Maximiser Pension Money Pension Multi Cap Pension Multi Cap Pension Multiplier
Pension Income Fund
Particulars Fund Fund II Market Fund Balanced Fund Growth Fund Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105

149 Management Report

Opening balance (1,100,354) (3,803,578) (17,755,201) (573,459) (671,223) (4,381,518) (1,702,584)
Add: Additions during the year* 183,362 124,719 198,377 41,788 69,386 123,024 44,385
Less: Deductions during the year** 548,031 687,434 1,688,866 207,341 70,972 858,629 272,754
Closing balance (1,465,023) (4,366,293) (19,245,690) (739,012) (672,809) (5,117,123) (1,930,953)
* Represents unit creation
** Represents unit cancellations
Annexures (Continued)

(` ‘000)
Linked Pension Funds
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Pension Return
Pension Multiplier Pension Pension Preserver Pension Protector Pension Protector Pension Return
Guarantee Fund IX
Particulars Fund II Opportunities Fund Fund Fund Fund II Guarantee Fund VIII
(10 Yrs)

157 Independent Auditors’ Report and Certificates

ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Opening balance (1,402,206) (1,732,748) (2,157,526) (4,207,883) (3,246,602) (32,935) (108,219)
Add: Additions during the year* 32,804 102,194 50,371 402,308 120,580 - -
Less: Deductions during the year** 120,944 195,316 565,470 1,307,856 617,966 - -

166 Revenue Account

Closing balance (1,490,346) (1,825,870) (2,672,625) (5,113,431) (3,743,988) (32,935) (108,219)
* Represents unit creation
** Represents unit cancellations

(` ‘000)
Linked Pension Funds
Pension Return Pension Return Secure Plus Pension
Guarantee Fund X Guarantee Fund XI Pension RICH Fund Pension RICH Fund II Pension Secure Fund
Particulars Fund
(10 Yrs) (10 Yrs) Total

168 Profit and Loss Account

ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03
PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105
Opening balance (71,633) (77) (9,315,530) (8,891,266) 600,243 5,301 (97,129,029)
Add: Additions during the year* - - 104,649 94,355 22,353 3,239 3,481,494
Less: Deductions during the year** 390 9,023 875,857 528,330 137,568 12,135 15,021,719

169 Balance Sheet

Closing balance (72,023) (9,100) (10,086,738) (9,325,241) 485,028 (3,595) (108,669,254)
* Represents unit creation
** Represents unit cancellations
Annual Report 2021-22
 SCHEDULE: F - 1
Policyholders’ Contribution at March 31, 2022 (Contd.)
(` ‘000)
Linked Health Funds
Health Flexi Health Flexi Growth Health Multiplier Health Preserver Health Protector
Health Balancer Fund
Particulars Balanced Fund Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09

170 Receipts & Payments Account

HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105
Opening balance 665,414 928,773 8,506,911 1,026,271 130,493 3,149,322 14,407,184
Add: Additions during the year* 34,279 49,321 393,691 73,626 5,988 293,455 850,360
Less: Deductions during the year** 15,162 16,991 267,583 15,725 4,788 70,963 391,212

171 Schedules
Closing balance 684,531 961,103 8,633,019 1,084,172 131,693 3,371,814 14,866,332
* Represents unit creation
** Represents unit cancellations
Annexures (Continued)

(` ‘000)
Linked Group Life Funds
Group Capital
Group Balanced
Group Balanced Fund Guarantee Short Term Group Debt Fund Group Debt Fund II Group Equity Fund II Group Growth Fund
Particulars Fund II Debt Fund
ULGF 001 03/04/03 ULGF 041 30/04/13 ULGF 005 24/02/04 ULGF 002 03/04/03 ULGF 040 30/04/13 ULGF 043 30/04/13 ULGF 004 30/10/03
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 GDebt 105 GDebt2 105 GEquity2 105 GGrowth 105
Opening balance (6,515,018) 16,431,101 (95,218) (4,980,543) 6,351,639 22,578 (5,613,515)
Add: Additions during the year* 447,239 6,464,883 - 189,434 3,168,683 9,382 94,564
Less: Deductions during the year** 2,055,388 4,473,798 51 1,517,519 885,845 - 183,502
Closing balance (8,123,167) 18,422,186 (95,269) (6,308,628) 8,634,477 31,960 (5,702,453)
* Represents unit creation
** Represents unit cancellations

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave Group Short Term Group Short Term
Group Growth Fund II Encashment Balance Encashment Income
Particulars Debt Fund Debt Fund III
Fund Fund Total

237 Annexures
ULGF 042 30/04/13 ULGF 013 02/04/08 ULGF 014 02/04/08 ULGF 003 03/04/03 ULGF 039 30/04/13
GGrowth2 105 GLEBal 105 GLEIncome 105 GSTDebt 105 GSTDebt3 105
Opening balance 796,746 245,917 64,546 (3,725,650) 1,207,563 4,190,146
Add: Additions during the year* 399,557 (11) - 80,203 913,497 11,767,431
Less: Deductions during the year** 279,617 342,574 66,289 140,955 848,414 10,793,952
Closing balance 916,686 (96,668) (1,743) (3,786,402) 1,272,646 5,163,625
* Represents unit creation
** Represents unit cancellations

253
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 1

254
Policyholders’ Contribution at March 31, 2022 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Group Capital
Guarantee Balanced Guarantee Balanced Guarantee Balanced Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Guarantee Debt Fund
Fund Fund II Fund III Fund II Fund III Fund
ULGF 006 03/10/05 ULGF 010 21/03/07 ULGF 049 27/08/13 ULGF 007 28/10/05 ULGF 011 21/03/07 ULGF 048 27/08/13 ULGF 008 11/12/06

149 Management Report

GCGBal1 105 GCGBal2 105 GCGBal3 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105
Opening balance (47,688) (431,090) 3,413,109 19,070 (179,326) 1,772,145 27,627
Add: Additions during the year* 6,725 36,902 2,787,798 882 16,288 690,777 3,285
Less: Deductions during the year** 3,987 233,737 898,195 2,908 51,947 333,311 7,723
Closing balance (44,950) (627,925) 5,302,712 17,044 (214,985) 2,129,611 23,189
* Represents unit creation
** Represents unit cancellations
Annexures (Continued)

(` ‘000)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Linked Group Pension Funds

Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Balanced
Guarantee Growth Guarantee Growth Guarantee Short Term Guarantee Short Term Guarantee Short Term Group SA Debt Fund

157 Independent Auditors’ Report and Certificates

Particulars Fund II Fund III Debt Fund II Debt Fund III Fund Debt Fund
ULGF 012 05/07/07 ULGF 050 27/08/13 ULGF 009 16/03/07 ULGF 047 27/08/13 ULGF 051 03/04/03 ULGF 055 24/02/04 ULGF 052 03/04/03
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 GSBLN 105 GSCGSTD 105 GSDBT 105
Opening balance 120,387 420,810 1,562,256 1,297,291 6,385,321 77,400 3,158,879
Add: Additions during the year* 11,005 401,663 184,399 576,127 369,270 707 67,640
Less: Deductions during the year** 23,461 46,635 330,878 153,658 2,552,555 1,701 1,883,429

166 Revenue Account

Closing balance 107,931 775,838 1,415,777 1,719,760 4,202,036 76,406 1,343,090
* Represents unit creation
** Represents unit cancellations

(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Particulars Fund Term Debt Fund Debt Fund II Grand Total

168 Profit and Loss Account

Total
ULGF 054 30/10/03 ULGF 053 03/04/03 ULGF 046 27/08/13
GSGF 105 GSSTD 105 GSTDebt2 105
Opening balance 3,620,986 1,239,021 (97,062) 22,359,136 659,254,613
Add: Additions during the year* 264,831 53,970 2,999 5,475,268 355,105,040
Less: Deductions during the year** 1,268,972 427,979 - 8,221,076 393,271,360

169 Balance Sheet

Closing balance 2,616,845 865,012 (94,063) 19,613,328 621,088,293
* Represents unit creation
** Represents unit cancellations
Annual Report 2021-22
 SCHEDULE: F - 2
Investments at March 31, 2022
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Fund
Balanced Fund
ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09
AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105

170 Receipts & Payments Account

Approved investments
Government bonds 7,904,437 - 2,286,052 856,482 51,041 187,009 -
Corporate bonds 4,655,935 - 1,075,971 396,136 25,507 70,220 1,178
Infrastructure bonds 2,465,912 - 644,423 273,989 19,058 55,076 -
Equity 15,546,128 - 2,136,352 802,589 49,270 170,387 26,892,910

171 Schedules
Money market 4,739,449 - 1,027,882 386,799 16,063 88,496 608,172
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 35,311,861 - 7,170,680 2,715,995 160,939 571,188 27,502,260
Annexures (Continued)

Other investments
Corporate bonds 148,984 - - - - - -
Infrastructure bonds - - - - - - -
Equity 2,495,914 - 335,222 126,022 7,694 26,785 3,359,143
Money market - - - - - - -
Mutual funds 2,405,746 - 328,427 123,805 7,392 26,198 4,901,138
Venture fund - - - - - - -
Total 5,050,644 - 663,649 249,827 15,086 52,983 8,260,281
Grand total 40,362,505 - 7,834,329 2,965,822 176,025 624,171 35,762,541
% of approved investments to Total 87.49% 0.00% 91.53% 91.58% 91.43% 91.51% 76.90%
% of other investments to Total 12.51% 0.00% 8.47% 8.42% 8.57% 8.49% 23.10%

(` ‘000)
Linked Life Funds
Discontinued Fund Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund Dynamic P/E Fund
Particulars - Life Fund Fund II Fund III Fund IV
ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Approved investments
Government bonds 373,970 84,218,420 2,152,260 126,022 154,774 8,832 46,113
Corporate bonds 202,762 - 199 54,350 78,890 4,117 21,433
Infrastructure bonds 152,407 - 821 32,377 53,765 - 16,701
Equity - - 3,074,895 240,116 353,193 17,919 97,623

237 Annexures
Money market 276,694 17,426,147 64,571 33,796 87,374 3,070 30,016
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 1,005,833 101,644,567 5,292,746 486,661 727,996 33,938 211,886
Other investments
Corporate bonds - - - - - - -
Infrastructure bonds - - - - - - -
Equity - - 158,155 34,251 50,224 2,436 13,487
Money market - - - - - - -
Mutual funds - - 497,626 39,729 57,176 2,557 15,977
Venture fund - - - - - - -
Total - - 655,781 73,980 107,400 4,993 29,464
Grand total 1,005,833 101,644,567 5,948,527 560,641 835,396 38,931 241,350
% of approved investments to Total 100.00% 100.00% 88.98% 86.80% 87.14% 87.17% 87.79%

255
Powering Sustainable Growth

% of other investments to Total 0.00% 0.00% 11.02% 13.20% 12.86% 12.83% 12.21%

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 2

256
Investments at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Flexi Growth Flexi Growth Flexi Growth Highest NAV
Flexi Growth Fund Focus 50 Fund Income Fund
Particulars Fund II Fund III Fund IV Fund B
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105
Approved investments

149 Management Report

Government bonds - - - - - - 37,978,037
Corporate bonds 268 400 29 216 964 - 36,721,829
Infrastructure bonds - - - - - - 17,170,319
Equity 4,531,313 6,563,824 450,206 3,212,027 20,214,143 - -
Money market 30,252 93,301 12,790 100,135 450,077 10,824,349 16,090,543
Mutual funds - - - - - - -
Deposit with banks - - - - - - 600,000
Preference shares - - - - - - -
Total 4,561,833 6,657,525 463,025 3,312,378 20,665,184 10,824,349 108,560,728
Annexures (Continued)

Other investments
Corporate bonds - - - - - - 674,896
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Infrastructure bonds - - - - - - -
Equity 637,247 931,713 63,978 459,878 1,957,942 - -
Money market - - - - - - -

157 Independent Auditors’ Report and Certificates

Mutual funds 740,692 1,080,098 75,229 488,814 3,751,923 - -
Venture fund - - - - - - -
Total 1,377,939 2,011,811 139,207 948,692 5,709,865 - 674,896
Grand total 5,939,772 8,669,336 602,232 4,261,070 26,375,049 10,824,349 109,235,624
% of approved investments to Total 76.80% 76.79% 76.88% 77.74% 78.35% 100.00% 99.38%
% of other investments to Total 23.20% 23.21% 23.12% 22.26% 21.65% 0.00% 0.62%

(` ‘000)

166 Revenue Account

Linked Life Funds
Invest Shield Cash Invest Shield Fund Maximise India
India Growth Fund Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105
Approved investments
Government bonds - 870,501 138,877 - 9,388,527 - -
Corporate bonds 284 603,159 52,091 641 9,331,942 - 49
Infrastructure bonds - 510,597 37,038 - 4,763,051 - -
Equity 12,196,643 - 42,255 8,405,318 - 4,995,411 25,452,441

168 Profit and Loss Account

Money market 465,441 320,499 65,756 49,197 4,669,558 292,892 791,988
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 12,662,368 2,304,756 336,017 8,455,156 28,153,078 5,288,303 26,244,478
Other investments
Corporate bonds - - - - 124,658 - -

169 Balance Sheet

Infrastructure bonds - - - - - - -
Equity 1,979,313 - 4,631 1,322,571 - 803,995 3,832,007
Money market - - - - - - -
Mutual funds 2,011,142 - 7,253 1,296,497 - 770,402 3,963,771
Venture fund - - - - - - -
Total 3,990,455 - 11,884 2,619,068 124,658 1,574,397 7,795,778
Grand total 16,652,823 2,304,756 347,901 11,074,224 28,277,736 6,862,700 34,040,256
% of approved investments to Total 76.04% 100.00% 96.58% 76.35% 99.56% 77.06% 77.10%
% of other investments to Total 23.96% 0.00% 3.42% 23.65% 0.44% 22.94% 22.90%
Annual Report 2021-22
 SCHEDULE: F - 2
Investments at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Maximiser Fund Maximiser Fund Money Market Multi Cap Multi Cap Growth
Maximiser Fund II Maximiser Fund V
Particulars III IV Fund Balanced Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105

170 Receipts & Payments Account

Approved investments
Government bonds - - - - 196,282 4,608,925 -
Corporate bonds 16 2 - 538 7,982,844 2,288,431 102
Infrastructure bonds - - - - 3,330,660 1,014,694 -
Equity 7,449,426 1,009,250 137,862 360,871,327 - 10,748,168 139,246,943
Money market 167,709 28,032 8,358 12,297,151 23,056,219 2,039,049 4,551,404

171 Schedules
Mutual funds - - - - - - -
Deposit with banks - - - - 1,200,000 - -
Preference shares - - - - - - -
Total 7,617,151 1,037,284 146,220 373,169,016 35,766,005 20,699,267 143,798,449
Annexures (Continued)

Other investments
Corporate bonds - - - - 58,272 - -
Infrastructure bonds - - - - - - -
Equity 1,122,883 152,373 21,154 54,917,611 - 1,498,842 20,297,407
Money market - - - - - - -
Mutual funds 1,146,035 157,462 21,319 56,088,872 - 1,714,068 22,601,828
Venture fund - - - - - - -
Total 2,268,918 309,835 42,473 111,006,483 58,272 3,212,910 42,899,235
Grand total 9,886,069 1,347,119 188,693 484,175,499 35,824,277 23,912,177 186,697,684
% of approved investments to Total 77.05% 77.00% 77.49% 77.07% 99.84% 86.56% 77.02%
% of other investments to Total 22.95% 23.00% 22.51% 22.93% 0.16% 13.44% 22.98%

(` ‘000)
Linked Life Funds
New Invest Shield Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Pinnacle Fund
Particulars Balanced Fund Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09
LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Approved investments
Government bonds - - - - 148,618 - -
Corporate bonds 99 81 5 23 63,666 - -
Infrastructure bonds - - - - 53,066 - -
Equity 1,796,470 1,421,494 84,515 414,431 44,337 14,061,133 -
Money market 30,332 14,395 3,573 6,287 31,865 821,004 549

237 Annexures
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 1,826,901 1,435,970 88,093 420,741 341,552 14,882,137 549
Other investments
Corporate bonds - - - - - - -
Infrastructure bonds - - - - - - -
Equity 224,300 176,339 10,647 51,586 4,285 2,515,854 -
Money market - - - - - - -
Mutual funds 326,442 256,500 15,555 75,174 7,300 2,022,518 -
Venture fund - - - - 1,921 - -
Total 550,742 432,839 26,202 126,760 13,506 4,538,372 -
Grand total 2,377,643 1,868,809 114,295 547,501 355,058 19,420,509 549
% of approved investments to Total 76.84% 76.84% 77.08% 76.85% 96.20% 76.63% 100.00%
% of other investments to Total 23.16% 23.16% 22.92% 23.15% 3.80% 23.37% 0.00%

257
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 2

258
Investments at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105
Approved investments
Government bonds - 4,061 372 207 1,338,031 729,916 77,741

149 Management Report

Corporate bonds - 585,358 37,290 75,545 1,254,405 658,942 60,469
Infrastructure bonds - 150,775 8,093 16,193 784,462 679,167 46,370
Equity - - - - - - -
Money market - 1,887,784 90,516 192,613 741,737 361,809 45,172
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total - 2,627,978 136,271 284,558 4,118,635 2,429,834 229,752
Other investments
Annexures (Continued)

Corporate bonds - - - - 106,321 - -

Infrastructure bonds - - - - - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Equity - - - - - - -
Money market - - - - - - -
Mutual funds - - - - - - -

157 Independent Auditors’ Report and Certificates

Venture fund - - - - - - -
Total - - - - 106,321 - -
Grand total - 2,627,978 136,271 284,558 4,224,956 2,429,834 229,752
% of approved investments to Total 0.00% 100.00% 100.00% 100.00% 97.48% 100.00% 100.00%
% of other investments to Total 0.00% 0.00% 0.00% 0.00% 2.52% 0.00% 0.00%

(` ‘000)
Linked Life Funds

166 Revenue Account

Return Guarantee Return Guarantee Return Guarantee Return Guarantee
Protector Fund IV RICH Fund RICH Fund II
Particulars Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Approved investments
Government bonds 857,106 - - - - - -
Corporate bonds 454,840 - - - - - -
Infrastructure bonds 427,274 - - - - - -
Equity - - - - - 971,175 4,944,422
Money market 875,104 - - - - 21,851 96,096

168 Profit and Loss Account

Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 2,614,324 - - - - 993,026 5,040,518
Other investments
Corporate bonds - - - - - - -
Infrastructure bonds - - - - - - -

169 Balance Sheet

Equity - - - - - 172,674 878,713
Money market - - - - - - -
Mutual funds - - - - - 137,403 698,978
Venture fund - - - - - - -
Total - - - - - 310,077 1,577,691
Grand total 2,614,324 - - - - 1,303,103 6,618,209
% of approved investments to Total 100.00% 0.00% 0.00% 0.00% 0.00% 76.20% 76.16%
% of other investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 23.80% 23.84%
Annual Report 2021-22
 SCHEDULE: F - 2
Investments at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Secure Save Secure Save Secure Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund
Particulars Builder Fund Guarantee Fund Opportunities Fund Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105

170 Receipts & Payments Account

Approved investments
Government bonds - - 86,086 1,907 11,479 42,892 -
Corporate bonds - - 34,136 - 5,237 2,448,690 5,849
Infrastructure bonds - - 29,236 - 1,067 1,453,400 -
Equity 179,765 1,673,842 27,215 7,446 11,841 - 38,558,710
Money market 8,412 48,625 38,431 1,925 7,102 462,927 2,757,132

171 Schedules
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 188,177 1,722,467 215,104 11,278 36,726 4,407,909 41,321,691
Annexures (Continued)

Other investments
Corporate bonds - - - - - 265,771 -
Infrastructure bonds - - - - - - -
Equity 32,201 298,334 2,749 924 1,463 - 12,227,787
Money market - - - - - - -
Mutual funds 25,858 237,856 4,524 1,338 2,122 - 889,362
Venture fund - - - - - - -
Total 58,059 536,190 7,273 2,262 3,585 265,771 13,117,149
Grand total 246,236 2,258,657 222,377 13,540 40,311 4,673,680 54,438,840
% of approved investments to Total 76.42% 76.26% 96.73% 83.29% 91.11% 94.31% 75.90%
% of other investments to Total 23.58% 23.74% 3.27% 16.71% 8.89% 5.69% 24.10%

(` ‘000)
Linked Life Funds
Balanced Sustainable Equity Unclaimed Fund
Particulars Advantage Fund Fund
Total
ULIF 144 03/06/21 ULIF 145 03/06/21 ULIF 137 27/11/15
BalanceAdv 105 SustainEqu 105 UNCLAIM 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Approved investments
Government bonds 1,152,841 - - 155,997,818
Corporate bonds 952,910 - - 70,208,048
Infrastructure bonds 17,388 - - 34,207,379
Equity 4,059,704 2,366,391 - 725,530,830
Money market 398,304 260,139 10,278,167 120,675,080

237 Annexures
Mutual funds - - - -
Deposit with banks - - 300,000 2,100,000
Preference shares - - - -
Total 6,581,147 2,626,530 10,578,167 1,108,719,155
Other investments
Corporate bonds - - - 1,378,902
Infrastructure bonds - - - -
Equity 592,185 292,255 - 114,095,174
Money market - - - -
Mutual funds 568,876 454,200 - 110,045,182
Venture fund - - - 1,921
Total 1,161,061 746,455 - 225,521,179
Grand total 7,742,208 3,372,985 10,578,167 1,334,240,334
% of approved investments to Total 85.00% 77.87% 100.00% 83.10%
% of other investments to Total 15.00% 22.13% 0.00% 16.90%

259
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 2

260
Investments at March 31, 2022 (Contd.)
(` ‘000)
Linked Pension Funds
Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Fund Pension Balancer Pension Balancer
Particulars Fund-Pension Balanced Fund Secure Fund SP Balanced Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105
Approved investments

149 Management Report

Government bonds 345,373 1,201,135 405,752 65,658 70,734 672,760 692,152
Corporate bonds - 479,230 358,161 35,889 37,955 413,636 437,597
Infrastructure bonds - 366,606 212,368 16,590 27,352 257,810 275,574
Equity - 1,734,654 - 96,297 22,516 687,188 711,787
Money market 292,748 670,447 261,918 54,751 20,045 228,010 233,290
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 638,121 4,452,072 1,238,199 269,185 178,602 2,259,404 2,350,400
Annexures (Continued)

Other investments
Corporate bonds - 44,157 - - 2,103 28,386 27,335
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Infrastructure bonds - - - - - - -
Equity - 204,178 - 9,953 2,317 107,377 111,494
Money market - - - - - - -

157 Independent Auditors’ Report and Certificates

Mutual funds - 284,250 - 15,650 3,854 104,927 109,040
Venture fund - - - - - - -
Total - 532,585 - 25,603 8,274 240,690 247,869
Grand total 638,121 4,984,657 1,238,199 294,788 186,876 2,500,094 2,598,269
% of approved investments to Total 100.00% 89.32% 100.00% 91.31% 95.57% 90.37% 90.46%
% of other investments to Total 0.00% 10.68% 0.00% 8.69% 4.43% 9.63% 9.54%

(` ‘000)

166 Revenue Account

Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth
Particulars Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105
Approved investments
Government bonds - 838,987 94,683 91,874 - - -
Corporate bonds 31 58 36,725 40,886 382 296 -
Infrastructure bonds - - 16,417 32,516 - - -
Equity 515,251 1,264,165 186,517 200,407 5,661,871 4,544,320 82,183

168 Profit and Loss Account

Money market 8,092 62,864 27,102 19,283 67,621 37,167 7,173
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 523,374 2,166,074 361,444 384,966 5,729,874 4,581,783 89,356
Other investments
Corporate bonds - - - - - - -

169 Balance Sheet

Infrastructure bonds - - - - - - -
Equity 64,184 63,996 26,913 27,906 804,916 658,406 8,621
Money market - - - - - - -
Mutual funds 93,418 147,279 29,202 31,784 950,957 745,142 14,533
Venture fund - - - - - - -
Total 157,602 211,275 56,115 59,690 1,755,873 1,403,548 23,154
Grand total 680,976 2,377,349 417,559 444,656 7,485,747 5,985,331 112,510
% of approved investments to Total 76.86% 91.11% 86.56% 86.58% 76.54% 76.55% 79.42%
% of other investments to Total 23.14% 8.89% 13.44% 13.42% 23.46% 23.45% 20.58%
Annual Report 2021-22
 SCHEDULE: F - 2
Investments at March 31, 2022 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Income Pension Pension Pension Money Pension Multi Cap Pension Multi Cap Pension Multiplier
Particulars Fund Maximiser Fund Maximiser Fund II Market Fund Balanced Fund Growth Fund Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105

170 Receipts & Payments Account

Approved investments
Government bonds 595,811 - - 880 99,425 - -
Corporate bonds 840,073 187 328 142,125 44,110 237 84
Infrastructure bonds 522,513 - - 41,487 23,531 - -
Equity - 4,096,545 6,825,401 - 229,857 3,518,453 1,382,092
Money market 234,225 52,907 86,380 455,578 103,840 79,237 18,034

171 Schedules
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 2,192,622 4,149,639 6,912,109 640,070 500,763 3,597,927 1,400,210
Annexures (Continued)

Other investments
Corporate bonds - - - - - - -
Infrastructure bonds - - - - - - -
Equity - 646,811 1,077,959 - 32,612 506,318 171,728
Money market - - - - - - -
Mutual funds - 638,754 1,059,457 - 37,773 586,288 250,083
Venture fund - - - - - - -
Total - 1,285,565 2,137,416 - 70,385 1,092,606 421,811
Grand total 2,192,622 5,435,204 9,049,525 640,070 571,148 4,690,533 1,822,021
% of approved investments to Total 100.00% 76.35% 76.38% 100.00% 87.68% 76.71% 76.85%
% of other investments to Total 0.00% 23.65% 23.62% 0.00% 12.32% 23.29% 23.15%

(` ‘000)
Linked Pension Funds
Pension Return Pension Return
Pension Multiplier Pension Pension Preserver Pension Protector Pension Protector Guarantee Fund IX Guarantee Fund
Particulars Fund II Opportunities Fund Fund Fund Fund II (10 Yrs) VIII
ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Approved investments
Government bonds - - 2,388 1,713,709 591,451 - -
Corporate bonds 40 - 478,726 1,313,109 498,633 - -
Infrastructure bonds - - 90,059 1,049,260 704,847 - -
Equity 673,855 1,024,786 - - - - -

237 Annexures
Money market 14,546 29,622 912,552 907,660 287,064 - -
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 688,441 1,054,408 1,483,725 4,983,738 2,081,995 - -
Other investments
Corporate bonds - - - 7,156 - - -
Infrastructure bonds - - - - - - -
Equity 83,946 182,612 - - - - -
Money market - - - - - - -
Mutual funds 122,564 146,016 - - - - -
Venture fund - - - - - - -
Total 206,510 328,628 - 7,156 - - -
Grand total 894,951 1,383,036 1,483,725 4,990,894 2,081,995 - -
% of approved investments to Total 76.92% 76.24% 100.00% 99.86% 100.00% 0.00% 0.00%

261
Powering Sustainable Growth

% of other investments to Total 23.08% 23.76% 0.00% 0.14% 0.00% 0.00% 0.00%

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 2

262
Investments at March 31, 2022 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus
Guarantee Fund X Guarantee Fund XI
Particulars Fund Fund II Fund Pension Fund
(10 Yrs) (10 Yrs) Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03
PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105

149 Management Report

Approved investments
Government bonds - - - - 289,905 50,183 7,822,860
Corporate bonds - - - - 229,742 23,515 5,411,755
Infrastructure bonds - - - - 235,098 21,737 3,893,765
Equity - - 3,669,450 2,195,590 - 16,867 39,340,052
Money market - - 62,169 42,903 174,374 20,053 5,471,655
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total - - 3,731,619 2,238,493 929,119 132,355 61,940,087
Annexures (Continued)

Other investments
Corporate bonds - - - - - 1,051 110,188
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Infrastructure bonds - - - - - - -
Equity - - 651,403 390,524 - 1,670 5,835,844

157 Independent Auditors’ Report and Certificates

Money market - - - - - - -
Mutual funds - - 517,505 310,520 - 2,839 6,201,835
Venture fund - - - - - - -
Total - - 1,168,908 701,044 - 5,560 12,147,867
Grand total - - 4,900,527 2,939,537 929,119 137,915 74,087,954
% of approved investments to Total 0.00% 0.00% 76.15% 76.15% 100.00% 95.97% 83.60%
% of other investments to Total 0.00% 0.00% 23.85% 23.85% 0.00% 4.03% 16.40%

166 Revenue Account

(` ‘000)
Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Fund Balanced Fund Growth Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105
Approved investments
Government bonds 137,091 131,309 - - 68 661,039 929,507
Corporate bonds 64,569 62,418 252 35 10,079 443,401 580,754
Infrastructure bonds 38,763 38,411 - - 4,047 374,222 455,443

168 Profit and Loss Account

Equity 130,572 270,989 4,384,680 672,139 - - 5,458,380
Money market 68,832 67,778 131,699 11,426 69,235 685,875 1,034,845
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 439,827 570,905 4,516,631 683,600 83,429 2,164,537 8,458,929
Other investments

169 Balance Sheet

Corporate bonds - - - - - - -
Infrastructure bonds - - - - - - -
Equity 20,528 36,829 633,688 83,747 - - 774,792
Money market - - - - - - -
Mutual funds 20,113 40,989 726,278 122,013 - - 909,393
Venture fund - - - - - - -
Total 40,641 77,818 1,359,966 205,760 - - 1,684,185
Grand total 480,468 648,723 5,876,597 889,360 83,429 2,164,537 10,143,114
% of approved investments to Total 91.54% 88.00% 76.86% 76.86% 100.00% 100.00% 83.40%
Annual Report 2021-22

% of other investments to Total 8.46% 12.00% 23.14% 23.14% 0.00% 0.00% 16.60%
 SCHEDULE: F - 2
Investments at March 31, 2022 (Contd.)
(` ‘000)
Linked Group Life Funds
Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Particulars Fund Fund II Fund II Fund II Fund
Term Debt Fund
ULGF 001 03/04/03 ULGF 041 30/04/13 ULGF 005 24/02/04 ULGF 002 03/04/03 ULGF 040 30/04/13 ULGF 043 30/04/13 ULGF 004 30/10/03
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 GDebt 105 GDebt2 105 GEquity2 105 GGrowth 105

170 Receipts & Payments Account

Approved investments
Government bonds 2,516,800 7,417,253 16 848,016 2,529,779 - 137,380
Corporate bonds 1,779,932 4,963,932 5,024 1,039,165 3,045,260 1 80,872
Infrastructure bonds 1,488,569 3,012,111 - 887,183 1,432,878 - 56,179
Equity 986,501 3,021,172 - - - 36,779 383,001

171 Schedules
Money market 1,374,242 6,494,915 15,835 473,623 3,729,554 1,083 125,384
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 8,146,044 24,909,383 20,875 3,247,987 10,737,471 37,863 782,816
Annexures (Continued)

Other investments
Corporate bonds 87,681 76,400 - - 123,259 - -
Infrastructure bonds - - - - - - -
Equity 157,871 482,682 - - - 5,838 61,418
Money market - - - - - - -
Mutual funds 153,380 466,488 - - - 5,784 59,172
Venture fund - - - - - - -
Total 398,932 1,025,570 - - 123,259 11,622 120,590
Grand total 8,544,976 25,934,953 20,875 3,247,987 10,860,730 49,485 903,406
% of approved investments to Total 95.33% 96.05% 100.00% 100.00% 98.87% 76.51% 86.65%
% of other investments to Total 4.67% 3.95% 0.00% 0.00% 1.13% 23.49% 13.35%

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short Term
Group Short Term
Encashment Encashment
Particulars Fund II Debt Fund Debt Fund III
Balance Fund Income Fund Total

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

ULGF 042 30/04/13 ULGF 013 02/04/08 ULGF 014 02/04/08 ULGF 003 03/04/03 ULGF 039 30/04/13
GGrowth2 105 GLEBal 105 GLEIncome 105 GSTDebt 105 GSTDebt3 105
Approved investments
Government bonds 243,045 291,313 44,291 353 1,408 14,029,654
Corporate bonds 127,306 195,780 28,337 125,930 274,332 11,665,871
Infrastructure bonds 76,726 124,819 24,215 28,333 65,773 7,196,786

237 Annexures
Equity 558,532 103,935 - - - 5,089,920
Money market 137,421 132,387 26,466 385,819 1,110,314 14,007,043
Mutual funds - - - - - -
Deposit with banks - - - - - -
Preference shares - - - - - -
Total 1,143,030 848,234 123,309 540,435 1,451,827 51,989,274
Other investments
Corporate bonds - 7,359 - - - 294,699
Infrastructure bonds - - - - - -
Equity 89,614 16,296 - - - 813,719
Money market - - - - - -
Mutual funds 86,315 15,983 - - - 787,122
Venture fund - - - - - -
Total 175,929 39,638 - - - 1,895,540
Grand total 1,318,959 887,872 123,309 540,435 1,451,827 53,884,814
% of approved investments to Total 86.66% 95.54% 100.00% 100.00% 100.00% 96.48%

263
Powering Sustainable Growth

% of other investments to Total 13.34% 4.46% 0.00% 0.00% 0.00% 3.52%

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 2

264
Investments at March 31, 2022 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund
ULGF 006 03/10/05 ULGF 010 21/03/07 ULGF 049 27/08/13 ULGF 007 28/10/05 ULGF 011 21/03/07 ULGF 048 27/08/13 ULGF 008 11/12/06
GCGBal1 105 GCGBal2 105 GCGBal3 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105

149 Management Report

Approved investments
Government bonds 28,462 416,482 1,989,955 19,800 239,740 864,923 20,683
Corporate bonds 19,343 267,484 1,244,471 8,192 181,897 578,544 6,133
Infrastructure bonds 7,550 196,830 771,485 4,080 141,845 368,561 3,192
Equity 11,868 150,922 811,955 - - - 17,717
Money market 29,758 185,628 1,865,458 11,673 217,993 815,158 11,833
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 96,981 1,217,346 6,683,324 43,745 781,475 2,627,186 59,558
Annexures (Continued)

Other investments
Corporate bonds 1,051 15,770 70,440 - - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Infrastructure bonds - - - - - - -
Equity 1,896 24,078 129,366 - - - 2,833

157 Independent Auditors’ Report and Certificates

Money market - - - - - - -
Mutual funds 1,826 23,150 125,877 - - - 2,724
Venture fund - - - - - - -
Total 4,773 62,998 325,683 - - - 5,557
Grand total 101,754 1,280,344 7,009,007 43,745 781,475 2,627,186 65,115
% of approved investments to Total 95.31% 95.08% 95.35% 100.00% 100.00% 100.00% 91.47%
% of other investments to Total 4.69% 4.92% 4.65% 0.00% 0.00% 0.00% 8.53%

166 Revenue Account

(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Group SA Debt
Guarantee Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short
Particulars Balanced Fund Fund
Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 05/07/07 ULGF 050 27/08/13 ULGF 009 16/03/07 ULGF 047 27/08/13 ULGF 051 03/04/03 ULGF 055 24/02/04 ULGF 052 03/04/03
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 GSBLN 105 GSCGSTD 105 GSDBT 105
Approved investments
Government bonds 61,158 162,324 4,281 2,161 2,115,708 61 880,432
Corporate bonds 38,059 209,508 1,135,327 661,883 1,293,590 28,241 840,623

168 Profit and Loss Account

Infrastructure bonds 23,148 81,646 260,059 109,288 969,672 5,057 806,373
Equity 70,117 260,979 - - 841,296 - -
Money market 43,012 163,806 3,389,251 1,421,517 1,647,581 67,918 604,730
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 235,494 878,263 4,788,918 2,194,849 6,867,847 101,277 3,132,158

169 Balance Sheet

Other investments
Corporate bonds 1,051 - - - 51,116 - -
Infrastructure bonds - - - - - - -
Equity 11,237 41,472 - - 134,184 - -
Money market - - - - - - -
Mutual funds 10,812 40,177 - - 129,065 - -
Venture fund - - - - - - -
Total 23,100 81,649 - - 314,365 - -
Grand total 258,594 959,912 4,788,918 2,194,849 7,182,212 101,277 3,132,158
Annual Report 2021-22

% of approved investments to Total 91.07% 91.49% 100.00% 100.00% 95.62% 100.00% 100.00%
% of other investments to Total 8.93% 8.51% 0.00% 0.00% 4.38% 0.00% 0.00%
 SCHEDULE: F - 2
Investments at March 31, 2022 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Particulars Fund Term Debt Fund Debt Fund II Grand Total
Total
ULGF 054 30/10/03 ULGF 053 03/04/03 ULGF 046 27/08/13
GSGF 105 GSSTD 105 GSTDebt2 105

170 Receipts & Payments Account

Approved investments
Government bonds 743,613 952 10 7,550,745 186,330,584
Corporate bonds 470,501 389,749 - 7,373,545 95,239,973
Infrastructure bonds 317,371 76,909 - 4,143,066 49,896,439
Equity 2,040,198 - - 4,205,052 779,624,234
Money market 594,205 817,802 10,015 11,897,338 153,085,961

171 Schedules
Mutual funds - - - - -
Deposit with banks - - - - 2,100,000
Preference shares - - - - -
Total 4,165,888 1,285,412 10,025 35,169,746 1,266,277,191
Annexures (Continued)

Other investments
Corporate bonds - - - 139,428 1,923,217
Infrastructure bonds - - - - -
Equity 326,959 - - 672,025 122,191,554
Money market - - - - -
Mutual funds 314,730 - - 648,361 118,591,893
Venture fund - - - - 1,921
Total 641,689 - - 1,459,814 242,708,585
Grand total 4,807,577 1,285,412 10,025 36,629,560 1,508,985,776
% of approved investments to Total 86.65% 100.00% 100.00% 96.01% 83.92%
% of other investments to Total 13.35% 0.00% 0.00% 3.99% 16.08%

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

237 Annexures
265
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 3

266
Current Assets at March 31, 2022
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Fund
Balanced Fund
ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09
AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105

149 Management Report

Accrued interest 366,157 - 98,101 37,898 2,276 7,118 53
Cash & bank balance 1,026 - 192 76 6 24 263
Dividend receivable 1,490 - 206 77 5 16 1,396
Receivable for sale of investments 435,362 - 64,118 23,396 1,606 5,048 357,250
Unit collection a/c* 51,059 - - - - 157 26,434
Other current assets (for Investments) 69 - 10 4 - 1 57
Total 855,163 - 162,627 61,451 3,893 12,364 385,453
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Linked Life Funds

Discontinued Dynamic P/E Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund
Particulars Fund - Life Fund Fund Fund II Fund III Fund IV

157 Independent Auditors’ Report and Certificates

ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07
LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Accrued interest 15,237 1,830,989 34,256 4,566 6,569 242 1,950
Cash & bank balance 63 310 27 8 25 6 12
Dividend receivable - - 48 49 71 4 20
Receivable for sale of investments 565 - 16,200 2,236 2,937 566 811

166 Revenue Account

Unit collection a/c* - - - - - - 367
Other current assets (for Investments) - - 4 - - - -
Total 15,865 1,831,299 50,535 6,859 9,602 818 3,160
* Represents inter fund receivables, if any

(` ‘000)
Linked Life Funds
Flexi Growth Flexi Growth Flexi Growth Flexi Growth Highest NAV
Focus 50 Fund Income Fund
Particulars Fund Fund II Fund III Fund IV Fund B

168 Profit and Loss Account

ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105
Accrued interest 12 18 1 10 44 - 2,497,627
Cash & bank balance 18 45 11 48 1,482 47 1,641
Dividend receivable 920 1,344 93 561 296 - -
Receivable for sale of investments 33,020 40,173 3,129 23,889 207,588 - -

169 Balance Sheet

Unit collection a/c* - - - - 270,763 - 683,659
Other current assets (for Investments) 6 8 1 4 64 - -
Total 33,976 41,588 3,235 24,512 480,237 47 3,182,927
* Represents inter fund receivables, if any
Annual Report 2021-22
 SCHEDULE: F - 3
Current Assets at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
India Growth Invest Shield Invest Shield Maximise India
Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Fund Cash Fund Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105

170 Receipts & Payments Account

Accrued interest 13 53,892 4,954 29 611,633 - 2
Cash & bank balance 340 26 20 27 672 133 344
Dividend receivable 1,203 - 8 820 - 1,051 1,865
Receivable for sale of investments 205,686 1,002 635 178,345 2,239 126,348 191,789
Unit collection a/c* 212,177 - - 9,737 - 26,404 -

171 Schedules
Other current assets (for Investments) 39 - - 25 - 36 48
Total 419,458 54,920 5,617 188,983 614,544 153,972 194,048
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
Linked Life Funds
Maximiser Maximiser Maximiser Maximiser Money Market Multi Cap Multi Cap Growth
Particulars Fund II Fund III Fund IV Fund V Fund Balanced Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105
Accrued interest 1 - - 25 508,921 189,461 5
Cash & bank balance 79 17 9 5,231 233 400 1,926
Dividend receivable 549 73 11 27,018 - 3,554 22,490
Receivable for sale of investments 59,660 7,707 735 2,646,881 - 119,861 1,563,727
Unit collection a/c* - - 106 177,726 375,033 - 242,904
Other current assets (for Investments) 13 2 - 712 - 30 660
Total 60,302 7,799 861 2,857,593 884,187 313,306 1,831,712
* Represents inter fund receivables, if any

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(` ‘000)
Linked Life Funds
New Invest Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Shield Balanced Pinnacle Fund
Particulars Fund
Fund

237 Annexures
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09
LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105
Accrued interest 5 4 - 1 6,034 - -
Cash & bank balance 18 11 7 8 6 396 5
Dividend receivable 94 76 4 22 5 2,028 -
Receivable for sale of investments 24,921 20,627 1,046 5,704 669 329,536 -
Unit collection a/c* - - - 99 - - -
Other current assets (for Investments) 4 3 - 1 - 53 -
Total 25,042 20,721 1,057 5,835 6,714 332,013 5
* Represents inter fund receivables, if any

267
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 3

268
Current Assets at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105
Accrued interest - 20,339 1,052 2,259 97,785 60,189 4,971

149 Management Report

Cash & bank balance - 62 5 11 124 45 14
Dividend receivable - - - - - - -
Receivable for sale of investments - - - - 2,324 544 96
Unit collection a/c* - 18,309 895 21 25,193 - 229
Other current assets (for Investments) - - - - - - -
Total - 38,710 1,952 2,291 125,426 60,778 5,310
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
Linked Life Funds
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Return Guarantee Return Guarantee Return Guarantee Return Guarantee

Protector Fund IV RICH Fund RICH Fund II
Particulars Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08

157 Independent Auditors’ Report and Certificates

LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Accrued interest 41,797 - - - - - -
Cash & bank balance 259 - - - - 13 42
Dividend receivable - - - - - 142 723
Receivable for sale of investments 650 - - - - 26,824 138,038
Unit collection a/c* 1,674 - - - - - -
Other current assets (for Investments) - - - - - 4 19

166 Revenue Account

Total 44,380 - - - - 26,983 138,822
* Represents inter fund receivables, if any

(` ‘000)
Linked Life Funds
Secure
Secure Save Secure Save Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund Opportunities
Particulars Builder Fund Guarantee Fund Fund
Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17

168 Profit and Loss Account

LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105
Accrued interest - - 3,398 42 371 162,146 265
Cash & bank balance 10 25 11 6 7 205 1,171
Dividend receivable 26 244 5 - 1 - 26,751
Receivable for sale of investments 4,580 44,813 375 107 194 - 3,494,632
Unit collection a/c* - - 68 - - 21,828 98,334

169 Balance Sheet

Other current assets (for Investments) 1 6 - - - - 625
Total 4,617 45,088 3,857 155 573 184,179 3,621,778
* Represents inter fund receivables, if any
Annual Report 2021-22
 SCHEDULE: F - 3
Current Assets at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Balanced Sustainable Unclaimed fund
Particulars Advantage Fund Equity Fund
Total
ULIF 144 03/06/21 ULIF 145 03/06/21 ULIF 137 27/11/15
BalanceAdv 105 SustainEqu 105 UNCLAIM 105

170 Receipts & Payments Account

Accrued interest 47,725 - 46,430 6,766,873
Cash & bank balance 596 119 151 18,114
Dividend receivable 771 897 - 97,027
Receivable for sale of investments 56,895 12,389 - 10,487,473
Unit collection a/c* 147,298 54,105 - 2,444,579

171 Schedules
Other current assets (for Investments) 49 9 - 2,567
Total 253,334 67,519 46,581 19,816,633
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
Linked Pension Funds
Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Pension Balancer Pension Balancer
Particulars Fund-Pension Balanced Fund Secure Fund SP Balanced Fund Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105
Accrued interest 6,237 50,434 26,189 2,868 3,518 32,076 34,046
Cash & bank balance 23 127 49 17 6 20 19
Dividend receivable - 282 - 20 4 66 69
Receivable for sale of investments - 24,576 373 1,347 315 21,608 21,992
Unit collection a/c* - 4,254 3,973 - 23 - -
Other current assets (for Investments) - 3 - - - 3 3
Total 6,260 79,676 30,584 4,252 3,866 53,773 56,129
* Represents inter fund receivables, if any

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(` ‘000)
Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth
Particulars Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11

237 Annexures
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105
Accrued interest 1 11,628 3,160 3,815 17 13 -
Cash & bank balance 9 27 9 6 35 21 8
Dividend receivable 27 20 38 41 1,184 887 9
Receivable for sale of investments 7,313 6,671 1,799 1,938 42,494 33,356 779
Unit collection a/c* - 781 - - - - -
Other current assets (for Investments) 1 2 - - 7 5 -
Total 7,351 19,129 5,006 5,800 43,737 34,282 796
* Represents inter fund receivables, if any

269
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 3

270
Current Assets at March 31, 2022 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Multi
Pension Income Pension Pension Pension Money Pension Multi Pension
Cap Balanced
Particulars Fund Maximiser Fund Maximiser Fund II Market Fund Cap Growth Fund Multiplier Fund
Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105

149 Management Report

Accrued interest 49,563 8 15 4,997 3,620 11 4
Cash & bank balance 23 25 35 16 31 32 11
Dividend receivable - 397 663 - 47 676 73
Receivable for sale of investments 373 83,922 140,877 - 1,908 26,297 19,735
Unit collection a/c* - - - 1,744 2,816 - -
Other current assets (for Investments) - 12 21 - - 5 3
Total 49,959 84,364 141,611 6,757 8,422 27,021 19,826
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Linked Pension Funds

Pension Pension Return Pension Return
Pension Pension Pension Protector Pension Protector
Opportunities Guarantee Fund IX Guarantee Fund

157 Independent Auditors’ Report and Certificates

Particulars Multiplier Fund II Preserver Fund Fund Fund II
Fund (10 Yrs) VIII
ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Accrued interest 2 - 14,587 111,563 51,643 - -
Cash & bank balance 16 15 7 159 28 - -
Dividend receivable 36 149 - - - - -

166 Revenue Account

Receivable for sale of investments 9,264 27,305 - 757 384 - -
Unit collection a/c* - - - - - - -
Other current assets (for Investments) 1 4 - - - - -
Total 9,319 27,473 14,594 112,479 52,055 - -
* Represents inter fund receivables, if any

(` ‘000)
Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus

168 Profit and Loss Account

Guarantee Fund X Guarantee Fund XI
Particulars Fund Fund II Fund Pension Fund
(10 Yrs) (10 Yrs) Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03
PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105
Accrued interest - - - - 17,284 2,436 429,735
Cash & bank balance - - 32 26 29 7 868

169 Balance Sheet

Dividend receivable - - 536 321 - 3 5,548
Receivable for sale of investments - - 103,148 61,029 224 228 640,012
Unit collection a/c* - - - - - 75 13,666
Other current assets (for Investments) - - 14 8 - - 92
Total - - 103,730 61,384 17,537 2,749 1,089,921
* Represents inter fund receivables, if any
Annual Report 2021-22
 SCHEDULE: F - 3
Current Assets at March 31, 2022 (Contd.)
(` ‘000)
Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Fund Balanced Fund Growth Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105

170 Receipts & Payments Account

Accrued interest 5,799 5,119 11 2 361 38,108 49,400
Cash & bank balance 20 21 63 10 7 202 323
Dividend receivable 13 55 901 35 - - 1,004
Receivable for sale of investments 3,823 2,207 34,420 9,187 - 1,045 50,682
Unit collection a/c* 849 820 5,153 1,753 - 2,722 11,297

171 Schedules
Other current assets (for Investments) 1 - 6 1 - - 8
Total 10,505 8,222 40,554 10,988 368 42,077 112,714
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
Linked Group Life Funds
Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Fund Fund II Fund II Fund II Fund
Particulars Term Debt Fund
ULGF 001 ULGF 041 ULGF 005 ULGF 002 ULGF 040 ULGF 043 ULGF 004
03/04/03 30/04/13 24/02/04 03/04/03 GDebt 30/04/13 GDebt2 30/04/13 GEquity2 30/10/03 GGrowth
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 105 105 105 105
Accrued interest 138,221 410,013 110 84,352 212,174 - 5,689
Cash & bank balance 270 1,759 5 72 1,097 6 41
Dividend receivable 95 289 - - - 3 37
Receivable for sale of investments 29,481 94,299 - 927 2,889 723 10,623
Unit collection a/c* 195,247 296,417 147 26,773 134,905 494 8,856
Other current assets (for Investments) 4 14 - - - - 2
Total 363,318 802,791 262 112,124 351,065 1,226 25,248

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

* Represents inter fund receivables, if any

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short Term
Group Short Term
Encashment Encashment

237 Annexures
Particulars Fund II Debt FundDebt Fund III
Balance Fund Income Fund Total
ULGF 042 30/04/13 ULGF 013 02/04/08 ULGF 014 02/04/08 ULGF 003 03/04/03 ULGF 039 30/04/13
GGrowth2 105 GLEBal 105 GLEIncome 105 GSTDebt 105 GSTDebt3 105
Accrued interest 9,418 14,283 2,857 4,705 9,417 891,239
Cash & bank balance 38 28 11 16 20 3,363
Dividend receivable 54 10 - - - 488
Receivable for sale of investments 15,465 3,430 21 - - 157,858
Unit collection a/c* 18,154 10,524 971 8,968 40,682 742,138
Other current assets (for Investments) 2 - - - - 22
Total 43,131 28,275 3,860 13,689 50,119 1,795,108
* Represents inter fund receivables, if any

271
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 3

272
Current Assets at March 31, 2022 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund
ULGF 006 ULGF 010 ULGF 049 ULGF 007 ULGF 011 ULGF 048 ULGF 008
03/10/05 GCGBal1 21/03/07 GCGBal2 27/08/13 GCGBal3 28/10/05 21/03/07 27/08/13 11/12/06

149 Management Report

105 105 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105
Accrued interest 1,327 20,661 98,684 672 14,003 44,656 698
Cash & bank balance 13 34 532 8 63 231 8
Dividend receivable 1 15 78 - - - 2
Receivable for sale of investments 365 4,658 25,059 11 224 1,258 511
Unit collection a/c* 898 11,871 57,771 399 5,930 27,194 596
Other current assets (for Investments) - 1 4 - - - -
Total 2,604 37,240 182,128 1,090 20,220 73,339 1,815
Annexures (Continued)

* Represents inter fund receivables, if any

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital

157 Independent Auditors’ Report and Certificates

Group SA Group SA Debt
Guarantee Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short
Balanced Fund Fund
Particulars Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 ULGF 050 ULGF 009 ULGF 047 ULGF 051 ULGF 055 ULGF 052
05/07/07 27/08/13 16/03/07 27/08/13 03/04/03 GSBLN 24/02/04 03/04/03 GSDBT
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 105 GSCGSTD 105 105
Accrued interest 2,825 10,932 38,577 20,435 105,043 821 64,422
Cash & bank balance 16 48 107 43 420 7 121

166 Revenue Account

Dividend receivable 7 25 - - 81 - -
Receivable for sale of investments 2,051 7,678 - - 27,499 - 640
Unit collection a/c* 2,144 11,288 48,375 19,258 75,728 887 28,872
Other current assets (for Investments) - 1 - - 4 - -
Total 7,043 29,972 87,059 39,736 208,775 1,715 94,055
* Represents inter fund receivables, if any

(` ‘000)
Linked Group Pension Funds

168 Profit and Loss Account

Group SA Growth Group SA Short Group Short Term
Particulars Fund Term Debt Fund Debt Fund II Grand Total
Total
ULGF 054 30/10/03 ULGF 053 03/04/03 ULGF 046 27/08/13
GSGF 105 GSSTD 105 GSTDebt2 105
Accrued interest 32,892 12,289 - 468,937 8,606,184
Cash & bank balance 164 32 5 1,852 24,520

169 Balance Sheet

Dividend receivable 196 - - 405 104,472
Receivable for sale of investments 57,952 - - 127,906 11,463,931
Unit collection a/c* 41,840 10,886 10 343,947 3,555,627
Other current assets (for Investments) 9 - - 19 2,708
Total 133,053 23,207 15 943,066 23,757,442
* Represents inter fund receivables, if any
Annual Report 2021-22
 SCHEDULE: F - 4
Current Liabilities at March 31, 2022
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Fund
Balanced Fund

170 Receipts & Payments Account

ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09
AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105
Payable for purchase of investments 91,467 - 11,633 4,483 236 932 145,690
Other current liabilities 1,820 - 583 97 13 20 1,592
Unit payable a/c* - - 8,413 15,545 98 - -

171 Schedules
Total 93,287 - 20,629 20,125 347 952 147,282
* Represents inter fund payables, if any
Annexures (Continued)

(` ‘000)
Linked Life Funds
Discontinued Dynamic P/E Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund
Particulars Fund - Life Fund Fund Fund II Fund III Fund IV
ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07
LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Payable for purchase of investments 3 11 16,285 706 1,026 26 274
Other current liabilities 41 1,673 261 41 27 3 8
Unit payable a/c* 397 864,602 59,964 2,181 8,406 2 -
Total 441 866,286 76,510 2,928 9,459 31 282
* Represents inter fund payables, if any

(` ‘000)
Linked Life Funds

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Flexi Growth Flexi Growth Flexi Growth Flexi Growth Highest NAV
Focus 50 Fund Income Fund
Particulars Fund Fund II Fund III Fund IV Fund B
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105
Payable for purchase of investments 13,308 19,346 1,320 11,226 483,739 21 163

237 Annexures
Other current liabilities 430 416 44 205 1,118 647 4,877
Unit payable a/c* 30,153 21,860 394 1,895 - 392,532 -
Total 43,891 41,622 1,758 13,326 484,857 393,200 5,040
* Represents inter fund payables, if any

273
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 4

274
Current Liabilities at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
India Growth Invest Shield Invest Shield Maximise India
Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Fund Cash Fund Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105

149 Management Report

Payable for purchase of investments 149,872 3 55 50,676 54 163,852 271,530
Other current liabilities 718 95 14 683 1,728 294 2,529
Unit payable a/c* - 9,921 510 - 5,445 - 44,540
Total 150,590 10,019 579 51,359 7,227 164,146 318,599
* Represents inter fund payables, if any

(` ‘000)
Annexures (Continued)

Linked Life Funds

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Maximiser Maximiser Maximiser Maximiser Money Market Multi Cap Multi Cap Growth
Particulars Fund II Fund III Fund IV Fund V Fund Balanced Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09

157 Independent Auditors’ Report and Certificates

LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105
Payable for purchase of investments 71,341 10,252 2,380 4,175,721 8 117,555 3,684,329
Other current liabilities 498 100 9 21,130 881 1,043 7,933
Unit payable a/c* 40,522 1,227 - - - 6,873 -
Total 112,361 11,579 2,389 4,196,851 889 125,471 3,692,262
* Represents inter fund payables, if any

166 Revenue Account

(` ‘000)
Linked Life Funds
New Invest Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Shield Balanced Pinnacle Fund
Particulars Fund
Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09
LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105

168 Profit and Loss Account

Payable for purchase of investments 9,031 6,576 522 2,080 57 148,166 -
Other current liabilities 176 95 8 26 15 874 -
Unit payable a/c* 1,805 12,504 396 - 828 25,007 -
Total 11,012 19,175 926 2,106 900 174,047 -
* Represents inter fund payables, if any

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 4
Current Liabilities at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105

170 Receipts & Payments Account

Payable for purchase of investments - 1 - - 6 3 -
Other current liabilities - 64 3 7 210 60 11
Unit payable a/c* - - - - - 3,101 -
Total - 65 3 7 216 3,164 11

171 Schedules
* Represents inter fund payables, if any

(` ‘000)
Annexures (Continued)

Linked Life Funds

Return Guarantee Return Guarantee Return Guarantee Return Guarantee
Protector Fund IV RICH Fund RICH Fund II
Particulars Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Payable for purchase of investments 6 - - - - 5,189 25,857
Other current liabilities 64 - - - - 96 331
Unit payable a/c* - - - - - 1,530 12,566
Total 70 - - - - 6,815 38,754
* Represents inter fund payables, if any

(` ‘000)
Linked Life Funds
Secure

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Secure Save Secure Save Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund Opportunities
Particulars Builder Fund Guarantee Fund Fund
Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105
Payable for purchase of investments 1,228 9,731 35 33 45 5 1,252,629

237 Annexures
Other current liabilities 18 113 9 1 2 211 2,470
Unit payable a/c* 406 1,266 - - - - -
Total 1,652 11,110 44 34 47 216 1,255,099
* Represents inter fund payables, if any

275
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 4

276
Current Liabilities at March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Balanced Sustainable Unclaimed fund
Particulars Advantage Fund Equity Fund
Total
ULIF 144 03/06/21 ULIF 145 03/06/21 ULIF 137 27/11/15
BalanceAdv 105 SustainEqu 105 UNCLAIM 105

149 Management Report

Payable for purchase of investments 461,089 61,390 10 11,483,212
Other current liabilities 319 142 69 56,965
Unit payable a/c* - - 21,659 1,596,548
Total 461,408 61,532 21,738 13,136,725
* Represents inter fund payables, if any

(` ‘000)
Annexures (Continued)

Linked Pension Funds

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Pension Balancer Pension Balancer
Particulars Fund-Pension Balanced Fund Secure Fund SP Balanced Fund Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04

157 Independent Auditors’ Report and Certificates

PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105
Payable for purchase of investments - 2,300 3 246 26 3,566 3,760
Other current liabilities 10 301 59 15 8 185 85
Unit payable a/c* 5,015 - - - - 3,548 2,281
Total 5,025 2,601 62 261 34 7,299 6,126
* Represents inter fund payables, if any

166 Revenue Account

(` ‘000)
Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth
Particulars Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105
Payable for purchase of investments 2,444 6,705 545 585 16,711 7,373 106

168 Profit and Loss Account

Other current liabilities 29 104 31 14 541 287 5
Unit payable a/c* 37 - 750 1,150 6,380 11,427 6
Total 2,510 6,809 1,326 1,749 23,632 19,087 117
* Represents inter fund payables, if any

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 4
Current Liabilities at March 31, 2022 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Multi
Pension Income Pension Pension Pension Money Pension Multi Pension
Cap Balanced
Particulars Fund Maximiser Fund Maximiser Fund II Market Fund Cap Growth Fund Multiplier Fund
Fund

170 Receipts & Payments Account

ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105
Payable for purchase of investments 29 25,274 42,265 1 668 10,409 6,546
Other current liabilities 98 396 438 16 25 202 137
Unit payable a/c* 2,447 4,028 4,761 - - 8,016 1,160

171 Schedules
Total 2,574 29,698 47,464 17 693 18,627 7,843
* Represents inter fund payables, if any
Annexures (Continued)

(` ‘000)
Linked Pension Funds
Pension Pension Return Pension Return
Pension Pension Pension Protector Pension Protector
Opportunities Guarantee Fund IX Guarantee Fund
Particulars Multiplier Fund II Preserver Fund Fund Fund II
Fund (10 Yrs) VIII
ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Payable for purchase of investments 3,453 6,038 - 7 3 - -
Other current liabilities 43 63 36 247 52 - -
Unit payable a/c* 1,072 178 2,372 12,206 8,341 - -
Total 4,568 6,279 2,408 12,460 8,396 - -
* Represents inter fund payables, if any

(` ‘000)

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus
Guarantee Fund X Guarantee Fund XI
Particulars Fund Fund II Fund Pension Fund
(10 Yrs) (10 Yrs) Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03
PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105

237 Annexures
Payable for purchase of investments - - 18,726 11,712 2 20 169,523
Other current liabilities - - 366 147 41 6 3,987
Unit payable a/c* - - 14,124 2,885 274 - 92,458
Total - - 33,216 14,744 317 26 265,968
* Represents inter fund payables, if any

277
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 4

278
Current Liabilities at March 31, 2022 (Contd.)
(` ‘000)
Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Fund Balanced Fund Growth Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105

149 Management Report

Payable for purchase of investments 725 785 12,875 3,382 - 5 17,772
Other current liabilities 16 21 282 43 2 53 417
Unit payable a/c* - - - - 584 - 584
Total 741 806 13,157 3,425 586 58 18,773
* Represents inter fund payables, if any

(` ‘000)
Annexures (Continued)

Linked Group Life Funds

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Fund Fund II Fund II Fund II Fund
Particulars Term Debt Fund

157 Independent Auditors’ Report and Certificates

ULGF 001 ULGF 041 ULGF 005 ULGF 002 ULGF 040 ULGF 043 ULGF 004
03/04/03 30/04/13 24/02/04 03/04/03 GDebt 30/04/13 GDebt2 30/04/13 GEquity2 30/10/03 GGrowth
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 105 105 105 105
Payable for purchase of investments 5,539 16,497 - 6 39 248 2,233
Other current liabilities 367 1,115 1 140 466 2 38
Unit payable a/c* - - - - - - -
Total 5,906 17,612 1 146 505 250 2,271

166 Revenue Account

* Represents inter fund payables, if any

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short Term Group Short Term
Encashment Encashment
Fund II Debt Fund Debt Fund III
Particulars Balance Fund Income Fund
Total
ULGF 042 ULGF 013 ULGF 014 ULGF 003 ULGF 039

168 Profit and Loss Account

30/04/13 02/04/08 GLEBal 02/04/08 03/04/03 GSTDebt 30/04/13
GGrowth2 105 105 GLEIncome 105 105 GSTDebt3 105
Payable for purchase of investments 3,293 551 - - 2 28,408
Other current liabilities 56 38 5 23 61 2,312
Unit payable a/c* - - - - - -
Total 3,349 589 5 23 63 30,720

169 Balance Sheet

* Represents inter fund payables, if any
Annual Report 2021-22
 SCHEDULE: F - 4
Current Liabilities at March 31, 2022 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund

170 Receipts & Payments Account

ULGF 006 ULGF 010 ULGF 049 ULGF 007 ULGF 011 ULGF 048 ULGF 008
03/10/05 GCGBal1 21/03/07 GCGBal2 27/08/13 GCGBal3 28/10/05 21/03/07 27/08/13 11/12/06
105 105 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105
Payable for purchase of investments 64 774 4,316 - 2 6 97
Other current liabilities 7 72 322 3 40 121 6

171 Schedules
Unit payable a/c* - - - - - - -
Total 71 846 4,638 3 42 127 103
* Represents inter fund payables, if any
Annexures (Continued)

(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Group SA Debt
Guarantee Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short
Balanced Fund Fund
Particulars Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 ULGF 050 ULGF 009 ULGF 047 ULGF 051 ULGF 055 ULGF 052
05/07/07 27/08/13 16/03/07 27/08/13 03/04/03 GSBLN 24/02/04 03/04/03 GSDBT
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 105 GSCGSTD 105 105
Payable for purchase of investments 397 1,370 2 - 4,473 - 4
Other current liabilities 17 46 226 100 307 4 134
Unit payable a/c* - - - - - - -
Total 414 1,416 228 100 4,780 4 138
* Represents inter fund payables, if any

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Fund Term Debt Fund Debt Fund II
Particulars Grand Total
ULGF 054 ULGF 053 ULGF 046 Total

237 Annexures
30/10/03 GSGF 03/04/03 GSSTD 27/08/13
105 105 GSTDebt2 105
Payable for purchase of investments 11,807 - - 23,312 11,722,227
Other current liabilities 207 55 - 1,667 65,348
Unit payable a/c* - - - - 1,689,590
Total 12,014 55 - 24,979 13,477,165
* Represents inter fund payables, if any

279
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.14 Fund Balance Sheet at March 31, 2021

280
Form A-BS(UL)
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Schedule Fund
Balanced Fund
ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09
AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105

149 Management Report

Sources of funds
Policyholders’ funds
Policyholder contribution F-1 28,604,161 (3,048) (9,395,066) (2,911,344) (250,546) (181,009) 19,188,809
Revenue account 4,657,976 3,048 17,542,658 5,979,145 437,402 802,879 7,854,189
Total 33,262,137 - 8,147,592 3,067,801 186,856 621,870 27,042,998
Application of funds
Investments F-2 32,537,820 - 7,967,950 3,001,599 182,637 609,096 27,008,943
Annexures (Continued)

Current assets F-3 891,799 - 216,787 79,666 4,744 14,538 309,531

Less: Current liabilities and provisions F-4 167,482 - 37,145 13,464 525 1,764 275,476
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Net current assets 724,317 - 179,642 66,202 4,219 12,774 34,055

Total 33,262,137 - 8,147,592 3,067,801 186,856 621,870 27,042,998

157 Independent Auditors’ Report and Certificates

(a) Net asset as per balance sheet (total assets less current 33,262,137 - 8,147,592 3,067,801 186,856 621,870 27,042,998
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 2,506,219 - 105,631 51,106 5,221 16,951 993,473
(c) NAV per unit (a)/(b) (`) 13.2718 - 77.1326 60.0282 35.7879 36.6863 27.2207

(` ‘000)
Linked Life Funds

166 Revenue Account

Discontinued Dynamic P/E Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund
Particulars Schedule Fund - Life Fund Fund Fund II Fund III Fund IV
ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07
LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Sources of funds
Policyholders’ funds
Policyholder contribution F-1 (29,285) 84,316,353 (2,743,209) (498,390) 57,433 (20,969) (41,579)
Revenue account 2,114,855 22,593,014 11,762,421 1,056,078 731,954 65,346 257,491

168 Profit and Loss Account

Total 2,085,570 106,909,367 9,019,212 557,688 789,387 44,377 215,912
Application of funds
Investments F-2 2,240,254 106,810,984 8,631,219 549,367 777,707 43,455 211,927
Current assets F-3 66,850 1,745,214 598,003 8,362 13,086 925 3,992
Less: Current liabilities and provisions F-4 221,534 1,646,831 210,010 41 1,406 3 7
Net current assets (154,684) 98,383 387,993 8,321 11,680 922 3,985

169 Balance Sheet

Total 2,085,570 106,909,367 9,019,212 557,688 789,387 44,377 215,912
(a) Net asset as per balance sheet (total assets less current 2,085,570 106,909,367 9,019,212 557,688 789,387 44,377 215,912
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 55,835 5,359,480 383,106 17,857 20,682 1,433 6,412
(c) NAV per unit (a)/(b) (`) 37.3522 19.9477 23.5424 31.2316 38.1685 30.9744 33.6721
Annual Report 2021-22
 3.14 Fund Balance Sheet at March 31, 2021 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Life Funds
Flexi Growth Flexi Growth Flexi Growth Flexi Growth Highest NAV
Focus 50 Fund Income Fund
Particulars Schedule Fund Fund II Fund III Fund IV Fund B
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105

170 Receipts & Payments Account

Sources of funds
Policyholders’ funds
Policyholder contribution F-1 (17,881,104) (1,808,852) (478,480) (5,036,529) 13,459,695 12,527,792 109,505,451
Revenue account 23,675,264 10,304,918 1,065,223 9,388,724 3,165,130 15,343,079 21,704,733

171 Schedules
Total 5,794,160 8,496,066 586,743 4,352,195 16,624,825 27,870,871 131,210,184
Application of funds
Investments F-2 5,802,374 8,493,000 571,531 4,344,686 16,691,536 28,080,277 126,307,097
Current assets F-3 436 13,382 15,253 7,717 358,073 1,168 4,909,151
Annexures (Continued)

Less: Current liabilities and provisions F-4 8,650 10,316 41 208 424,784 210,574 6,064
Net current assets (8,214) 3,066 15,212 7,509 (66,711) (209,406) 4,903,087
Total 5,794,160 8,496,066 586,743 4,352,195 16,624,825 27,870,871 131,210,184
(a) Net asset as per balance sheet (total assets less current 5,794,160 8,496,066 586,743 4,352,195 16,624,825 27,870,871 131,210,184
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 164,104 216,437 16,449 130,461 1,352,519 1,501,952 5,145,432
(c) NAV per unit (a)/(b) (`) 35.3078 39.2542 35.6705 33.3600 12.2918 18.5564 25.5003

(` ‘000)
Linked Life Funds
India Growth Invest Shield Invest Shield Maximise India
Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Schedule Fund Cash Fund Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105
Sources of funds

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Policyholders’ funds
Policyholder contribution F-1 6,113,552 321,381 (900,413) 11,314,058 24,536,949 3,952,210 (41,637,959)
Revenue account 1,451,426 2,560,100 1,300,341 4,645,484 4,667,976 1,029,562 73,362,171
Total 7,564,978 2,881,481 399,928 15,959,542 29,204,925 4,981,772 31,724,212

237 Annexures
Application of funds
Investments F-2 7,572,778 2,793,006 390,897 15,772,693 28,650,708 4,978,855 31,630,569
Current assets F-3 113,080 88,986 10,587 268,587 812,236 56,603 145,790
Less: Current liabilities and provisions F-4 120,880 511 1,556 81,738 258,019 53,686 52,147
Net current assets (7,800) 88,475 9,031 186,849 554,217 2,917 93,643
Total 7,564,978 2,881,481 399,928 15,959,542 29,204,925 4,981,772 31,724,212
(a) Net asset as per balance sheet (total assets less current 7,564,978 2,881,481 399,928 15,959,542 29,204,925 4,981,772 31,724,212
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 576,480 80,709 9,270 792,653 1,632,920 307,772 184,702
(c) NAV per unit (a)/(b) (`) 13.1227 35.7020 43.1417 20.1343 17.8851 16.1866 171.7590

281
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.14 Fund Balance Sheet at March 31, 2021 (Contd.)

282
Form A-BS(UL)
(` ‘000)
Linked Life Funds
Maximiser Maximiser Maximiser Maximiser Money Market Multi Cap Multi Cap Growth
Particulars Schedule Fund II Fund III Fund IV Fund V Fund Balanced Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105
Sources of funds

149 Management Report

Policyholders’ funds
Policyholder contribution F-1 (10,238,600) (2,026,492) (435,814) 312,131,097 33,550,000 15,712,801 111,682,538
Revenue account 19,676,206 3,315,448 601,159 108,177,413 8,255,582 5,569,846 35,233,743
Total 9,437,606 1,288,956 165,345 420,308,510 41,805,582 21,282,647 146,916,281
Application of funds
Investments F-2 9,415,652 1,310,253 164,937 418,192,582 41,198,981 20,817,590 146,428,303
Current assets F-3 45,033 5,978 723 2,792,393 607,664 477,711 1,494,853
Annexures (Continued)

Less: Current liabilities and provisions F-4 23,079 27,275 315 676,465 1,063 12,654 1,006,875
Net current assets 21,954 (21,297) 408 2,115,928 606,601 465,057 487,978
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Total 9,437,606 1,288,956 165,345 420,308,510 41,805,582 21,282,647 146,916,281

(a) Net asset as per balance sheet (total assets less current 9,437,606 1,288,956 165,345 420,308,510 41,805,582 21,282,647 146,916,281

157 Independent Auditors’ Report and Certificates

liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 89,493 29,147 4,373 13,933,010 1,862,210 781,074 4,862,746
(c) NAV per unit (a)/(b) (`) 105.4567 44.2222 37.8140 30.1664 22.4494 27.2479 30.2126

(` ‘000)
Linked Life Funds
New Invest

166 Revenue Account

Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Shield Balanced Pinnacle Fund
Particulars Schedule Fund
Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09
LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105
Sources of funds
Policyholders’ funds
Policyholder contribution F-1 (7,783,281) (129,773) (50,398) (356,387) (1,301,743) 7,877,566 (4,952,421)
Revenue account 9,953,407 1,897,756 149,775 855,532 1,755,691 5,407,205 4,952,967

168 Profit and Loss Account

Total 2,170,126 1,767,983 99,377 499,145 453,948 13,284,771 546
Application of funds
Investments F-2 2,162,301 1,762,108 99,750 497,917 441,837 13,250,449 541
Current assets F-3 26,667 22,091 927 5,847 12,413 151,920 5
Less: Current liabilities and provisions F-4 18,842 16,216 1,300 4,619 302 117,598 -
Net current assets 7,825 5,875 (373) 1,228 12,111 34,322 5

169 Balance Sheet

Total 2,170,126 1,767,983 99,377 499,145 453,948 13,284,771 546
(a) Net asset as per balance sheet (total assets less current 2,170,126 1,767,983 99,377 499,145 453,948 13,284,771 546
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 86,001 57,158 3,544 16,181 12,009 421,121 26
(c) NAV per unit (a)/(b) (`) 25.2336 30.9315 28.0424 30.8469 37.8007 31.5462 21.0362
Annual Report 2021-22
 3.14 Fund Balance Sheet at March 31, 2021 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars Schedule
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105
Sources of funds

170 Receipts & Payments Account

Policyholders’ funds
Policyholder contribution F-1 (2,710,730) (550,919) (22,265) 586 (2,877,640) (874,871) (135,746)
Revenue account 2,722,636 3,721,887 197,808 316,265 7,871,227 3,683,039 413,228
Total 11,906 3,170,968 175,543 316,851 4,993,587 2,808,168 277,482

171 Schedules
Application of funds
Investments F-2 16,900 3,157,262 175,919 315,162 4,821,649 2,711,962 268,480
Current assets F-3 6 19,352 617 1,739 172,198 97,231 9,025
Less: Current liabilities and provisions F-4 5,000 5,646 993 50 260 1,025 23
Annexures (Continued)

Net current assets (4,994) 13,706 (376) 1,689 171,938 96,206 9,002
Total 11,906 3,170,968 175,543 316,851 4,993,587 2,808,168 277,482
(a) Net asset as per balance sheet (total assets less current 11,906 3,170,968 175,543 316,851 4,993,587 2,808,168 277,482
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 671 93,130 5,794 11,552 110,054 69,776 8,464
(c) NAV per unit (a)/(b) (`) 17.7382 34.0489 30.2961 27.4294 45.3741 40.2457 32.7851

(` ‘000)
Linked Life Funds
Return Guarantee Return Guarantee Return Guarantee Return Guarantee
Protector Fund IV RICH Fund RICH Fund II
Particulars Schedule Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Sources of funds

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Policyholders’ funds
Policyholder contribution F-1 (606,107) (91,333) (174,750) (296,139) 439 (4,522,722) 376,991
Revenue account 2,960,251 91,333 174,750 296,139 9,380 5,751,567 6,099,536
Total 2,354,144 - - - 9,819 1,228,845 6,476,527
Application of funds

237 Annexures
Investments F-2 2,291,765 - - - 9,785 1,218,331 6,426,876
Current assets F-3 63,900 - - - 34 17,558 93,300
Less: Current liabilities and provisions F-4 1,521 - - - - 7,044 43,649
Net current assets 62,379 - - - 34 10,514 49,651
Total 2,354,144 - - - 9,819 1,228,845 6,476,527
(a) Net asset as per balance sheet (total assets less current 2,354,144 - - - 9,819 1,228,845 6,476,527
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 72,311 - - - 493 39,181 185,289
(c) NAV per unit (a)/(b) (`) 32.5557 - - - 19.9027 31.3632 34.9537

283
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.14 Fund Balance Sheet at March 31, 2021 (Contd.)

284
Form A-BS(UL)
(` ‘000)
Linked Life Funds
Secure
Secure Save Secure Save Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund Opportunities
Particulars Schedule Builder Fund Guarantee Fund Fund
Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105

149 Management Report

Sources of funds
Policyholders’ funds
Policyholder contribution F-1 (235,700) (1,134,329) (82,658) (8,124) (21,888) 4,093,090 35,643,470
Revenue account 466,114 3,184,668 320,178 20,650 62,907 119,548 5,748,701
Total 230,414 2,050,339 237,520 12,526 41,019 4,212,638 41,392,171
Application of funds
Investments F-2 228,888 2,033,675 233,629 12,414 39,966 4,010,350 41,301,685
Annexures (Continued)

Current assets F-3 3,294 29,018 6,062 169 1,170 202,470 153,386
Less: Current liabilities and provisions F-4 1,768 12,354 2,171 57 117 182 62,900
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Net current assets 1,526 16,664 3,891 112 1,053 202,288 90,486
Total 230,414 2,050,339 237,520 12,526 41,019 4,212,638 41,392,171

157 Independent Auditors’ Report and Certificates

(a) Net asset as per balance sheet (total assets less current 230,414 2,050,339 237,520 12,526 41,019 4,212,638 41,392,171
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 7,312 58,926 6,413 438 1,658 335,340 3,552,044
(c) NAV per unit (a)/(b) (`) 31.5119 34.7951 37.0372 28.5940 24.7367 12.5623 11.6531

(` ‘000)
Linked Life Funds

166 Revenue Account

Unclaimed fund
Particulars Schedule
ULIF 137 27/11/15 Total*
UNCLAIM 105
Sources of funds
Policyholders’ funds
Policyholder contribution F-1 5,899,366 715,427,176
Revenue account 2,188,153 501,744,282
Total 8,087,519 1,217,171,458

168 Profit and Loss Account

Application of funds
Investments F-2 8,086,338 1,205,757,202
Current assets F-3 22,444 17,291,744
Less: Current liabilities and provisions F-4 21,263 5,877,488
Net current assets 1,181 11,414,256
Total 8,087,519 1,217,171,458

169 Balance Sheet

(a) Net asset as per balance sheet (total assets less current 8,087,519 1,217,171,458
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 585,955
(c) NAV per unit (a)/(b) (`) 13.8023

*includes ` 8,087,519 thousands of assets pertaining to unclaimed amount of policyholders disclosed in ‘Schedule 12 Advance and other assets’ of the financial statements.
Annual Report 2021-22
 3.14 Fund Balance Sheet at March 31, 2021 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Pension Funds
Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Pension Balancer Pension Balancer
Particulars Schedule Fund-Pension Balanced Fund Secure Fund SP Balanced Fund Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105

170 Receipts & Payments Account

Sources of funds
Policyholders’ funds
Policyholder contribution F-1 474,884 3,373,959 1,101,300 187,432 (103,636) (2,470,750) (4,613,019)
Revenue account 403,220 1,599,389 326,625 68,055 311,173 5,204,062 7,401,403

171 Schedules
Total 878,104 4,973,348 1,427,925 255,487 207,537 2,733,312 2,788,384
Application of funds
Investments F-2 842,424 4,912,835 1,368,204 249,815 202,511 2,674,436 2,726,708
Current assets F-3 35,694 100,937 59,792 5,801 5,632 67,351 71,520
Annexures (Continued)

Less: Current liabilities and provisions F-4 14 40,424 71 129 606 8,475 9,844
Net current assets 35,680 60,513 59,721 5,672 5,026 58,876 61,676
Total 878,104 4,973,348 1,427,925 255,487 207,537 2,733,312 2,788,384
(a) Net asset as per balance sheet (total assets less current 878,104 4,973,348 1,427,925 255,487 207,537 2,733,312 2,788,384
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 54,843 251,307 75,430 13,944 4,918 41,839 50,198
(c) NAV per unit (a)/(b) (`) 16.0113 19.7899 18.9304 18.3231 42.2021 65.3289 55.5480

(` ‘000)
Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth
Particulars Schedule Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105
Sources of funds

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Policyholders’ funds
Policyholder contribution F-1 (284,065) (2,012,678) (332,934) (789,227) (12,111,093) (18,870,925) (129,279)
Revenue account 905,768 4,499,252 760,138 1,249,912 19,837,565 24,985,981 253,363
Total 621,703 2,486,574 427,204 460,685 7,726,472 6,115,056 124,084

237 Annexures
Application of funds
Investments F-2 617,434 2,436,078 419,980 454,264 7,724,964 6,124,316 123,174
Current assets F-3 8,751 53,414 7,256 7,203 2,066 55 929
Less: Current liabilities and provisions F-4 4,482 2,918 32 782 558 9,315 19
Net current assets 4,269 50,496 7,224 6,421 1,508 (9,260) 910
Total 621,703 2,486,574 427,204 460,685 7,726,472 6,115,056 124,084
(a) Net asset as per balance sheet (total assets less current 621,703 2,486,574 427,204 460,685 7,726,472 6,115,056 124,084
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 23,478 107,926 12,916 11,866 207,213 143,187 5,266
(c) NAV per unit (a)/(b) (`) 26.4808 23.0396 33.0743 38.8224 37.2875 42.7068 23.5644

285
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.14 Fund Balance Sheet at March 31, 2021 (Contd.)

286
Form A-BS(UL)
(` ‘000)
Linked Pension Funds
Pension Multi
Pension Income Pension Pension Pension Money Pension Multi Pension
Cap Balanced
Particulars Schedule Fund Maximiser Fund Maximiser Fund II Market Fund Cap Growth Fund Multiplier Fund
Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105

149 Management Report

Sources of funds
Policyholders’ funds
Policyholder contribution F-1 (1,100,354) (3,803,578) (17,755,201) (573,459) (671,223) (4,381,518) (1,702,584)
Revenue account 3,614,490 8,996,592 26,823,879 1,363,137 1,198,334 9,088,382 3,477,223
Total 2,514,136 5,193,014 9,068,678 789,678 527,111 4,706,864 1,774,639
Application of funds
Investments F-2 2,436,920 5,177,054 9,018,634 783,508 517,981 4,708,138 1,767,156
Annexures (Continued)

Current assets F-3 86,381 65,016 114,060 6,190 9,154 414 22,089
Less: Current liabilities and provisions F-4 9,165 49,056 64,016 20 24 1,688 14,606
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Net current assets 77,216 15,960 50,044 6,170 9,130 (1,274) 7,483
Total 2,514,136 5,193,014 9,068,678 789,678 527,111 4,706,864 1,774,639

157 Independent Auditors’ Report and Certificates

(a) Net asset as per balance sheet (total assets less current 2,514,136 5,193,014 9,068,678 789,678 527,111 4,706,864 1,774,639
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 98,859 27,951 76,705 35,333 20,509 165,078 71,584
(c) NAV per unit (a)/(b) (`) 25.4314 185.7878 118.2284 22.3494 25.7009 28.5130 24.7909

(` ‘000)
Linked Pension Funds

166 Revenue Account

Pension Pension Return Pension Return
Pension Pension Pension Protector Pension Protector
Opportunities Guarantee Fund IX Guarantee Fund
Particulars Schedule Multiplier Fund II Preserver Fund Fund Fund II
Fund (10 Yrs) VIII
ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Sources of funds
Policyholders’ funds
Policyholder contribution F-1 (1,402,206) (1,732,748) (2,157,526) (4,207,883) (3,246,602) (32,935) (108,219)
Revenue account 2,247,718 3,002,836 4,114,196 10,037,201 5,765,023 32,935 108,219

168 Profit and Loss Account

Total 845,512 1,270,088 1,956,670 5,829,318 2,518,421 - -
Application of funds
Investments F-2 842,714 1,258,633 1,948,447 5,637,325 2,433,084 - -
Current assets F-3 12,042 18,120 11,676 192,291 86,293 - -
Less: Current liabilities and provisions F-4 9,244 6,665 3,453 298 956 - -

169 Balance Sheet

Net current assets 2,798 11,455 8,223 191,993 85,337 - -
Total 845,512 1,270,088 1,956,670 5,829,318 2,518,421 - -
(a) Net asset as per balance sheet (total assets less current 845,512 1,270,088 1,956,670 5,829,318 2,518,421 - -
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 30,039 40,661 58,099 143,925 64,063 - -
(c) NAV per unit (a)/(b) (`) 28.1471 31.2357 33.6783 40.5026 39.3114 - -
Annual Report 2021-22
 3.14 Fund Balance Sheet at March 31, 2021 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus
Guarantee Fund X Guarantee Fund XI
Particulars Schedule Fund Fund II Fund Pension Fund
(10 Yrs) (10 Yrs) Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03
PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105

170 Receipts & Payments Account

Sources of funds
Policyholders’ funds
Policyholder contribution F-1 (71,633) (77) (9,315,530) (8,891,266) 600,243 5,301 (97,129,029)
Revenue account 72,012 8,959 14,242,703 11,801,122 436,851 138,036 174,375,754

171 Schedules
Total 379 8,882 4,927,173 2,909,856 1,037,094 143,337 77,246,725
Application of funds
Investments F-2 9,975 7,488 4,892,671 2,882,128 1,106,907 139,769 76,445,675
Annexures (Continued)

Current assets F-3 10 1,394 74,526 45,097 128,663 3,575 1,303,392

Less: Current liabilities and provisions F-4 9,606 - 40,024 17,369 198,476 7 502,342
Net current assets (9,596) 1,394 34,502 27,728 (69,813) 3,568 801,050
Total 379 8,882 4,927,173 2,909,856 1,037,094 143,337 77,246,725
(a) Net asset as per balance sheet (total assets less current 379 8,882 4,927,173 2,909,856 1,037,094 143,337 77,246,725
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 18 440 137,244 73,423 53,233 4,188
(c) NAV per unit (a)/(b) (`) 20.4537 20.1901 35.9009 39.6316 19.4821 34.2293

(` ‘000)
Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Schedule Fund Balanced Fund Growth Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Sources of funds
Policyholders’ funds
Policyholder contribution F-1 665,414 928,773 8,506,911 1,026,271 130,493 3,149,322 14,407,184
Revenue account (187,301) (301,554) (2,957,976) (247,767) (42,020) (1,010,735) (4,747,353)

237 Annexures
Total 478,113 627,219 5,548,935 778,504 88,473 2,138,587 9,659,831
Application of funds
Investments F-2 466,926 616,778 5,543,147 777,525 88,048 2,074,986 9,567,410
Current assets F-3 12,573 10,462 6,054 10,236 427 63,662 103,414
Less: Current liabilities and provisions F-4 1,386 21 266 9,257 2 61 10,993
Net current assets 11,187 10,441 5,788 979 425 63,601 92,421
Total 478,113 627,219 5,548,935 778,504 88,473 2,138,587 9,659,831
(a) Net asset as per balance sheet (total assets less current 478,113 627,219 5,548,935 778,504 88,473 2,138,587 9,659,831
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 13,260 15,264 114,533 14,931 3,612 70,162
(c) NAV per unit (a)/(b) (`) 36.0572 41.0908 48.4485 52.1415 24.4952 30.4809

287
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.14 Fund Balance Sheet at March 31, 2021 (Contd.)

288
Form A-BS(UL)
(` ‘000)
Linked Group Life Funds
Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Fund Fund II Fund II Fund II Fund
Particulars Schedule Term Debt Fund
ULGF 001 ULGF 041 ULGF 005 ULGF 002 ULGF 040 ULGF 043 ULGF 004
03/04/03 30/04/13 24/02/04 03/04/03 GDebt 30/04/13 GDebt2 30/04/13 GEquity2 30/10/03 GGrowth
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 105 105 105 105

149 Management Report

Sources of funds
Policyholders’ funds
Policyholder contribution F-1 (6,515,018) 16,431,101 (95,218) (4,980,543) 6,351,639 22,578 (5,613,515)
Revenue account 16,412,756 6,689,813 115,758 9,492,613 2,115,423 11,744 6,521,905
Total 9,897,738 23,120,914 20,540 4,512,070 8,467,062 34,322 908,390
Application of funds
Investments F-2 9,342,878 22,383,085 20,336 4,330,654 7,877,948 33,815 891,860
Annexures (Continued)

Current assets F-3 574,105 773,722 205 181,618 589,479 1,035 22,515
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Less: Current liabilities and provisions F-4 19,245 35,893 1 202 365 528 5,985
Net current assets 554,860 737,829 204 181,416 589,114 507 16,530
Total 9,897,738 23,120,914 20,540 4,512,070 8,467,062 34,322 908,390

157 Independent Auditors’ Report and Certificates

(a) Net asset as per balance sheet (total assets less current 9,897,738 23,120,914 20,540 4,512,070 8,467,062 34,322 908,390
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 186,300 1,251,407 666 109,709 431,422 2,163 10,587
(c) NAV per unit (a)/(b) (`) 53.1281 18.4759 30.8459 41.1277 19.6259 15.8643 85.8006

(` ‘000)

166 Revenue Account

Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short Term Group Short Term
Encashment Encashment
Fund II Debt Fund Debt Fund III
Particulars Schedule Balance Fund Income Fund
Total
ULGF 042 ULGF 013 ULGF 014 ULGF 003 ULGF 039
30/04/13 02/04/08 GLEBal 02/04/08 03/04/03 GSTDebt 30/04/13
GGrowth2 105 105 GLEIncome 105 105 GSTDebt3 105
Sources of funds
Policyholders’ funds
Policyholder contribution F-1 796,746 245,917 64,546 (3,725,650) 1,207,563 4,190,146

168 Profit and Loss Account

Revenue account 292,505 939,294 122,668 4,323,214 184,304 47,221,997
Total 1,089,251 1,185,211 187,214 597,564 1,391,867 51,412,143
Application of funds
Investments F-2 1,064,534 1,146,326 179,420 584,469 1,380,252 49,235,577
Current assets F-3 30,177 40,652 7,802 13,121 11,677 2,246,108

169 Balance Sheet

Less: Current liabilities and provisions F-4 5,460 1,767 8 26 62 69,542
Net current assets 24,717 38,885 7,794 13,095 11,615 2,176,566
Total 1,089,251 1,185,211 187,214 597,564 1,391,867 51,412,143
(a) Net asset as per balance sheet (total assets less current 1,089,251 1,185,211 187,214 597,564 1,391,867 51,412,143
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 54,496 39,033 6,766 18,462 93,200
(c) NAV per unit (a)/(b) (`) 19.9879 30.3645 27.6695 32.3667 14.9342
Annual Report 2021-22
 3.14 Fund Balance Sheet at March 31, 2021 (Contd.)
Form A-BS(UL)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Schedule Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund
ULGF 006 ULGF 010 ULGF 049 ULGF 007 ULGF 011 ULGF 048 ULGF 008
03/10/05 GCGBal1 21/03/07 GCGBal2 27/08/13 GCGBal3 28/10/05 21/03/07 27/08/13 11/12/06

170 Receipts & Payments Account

105 105 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105
Sources of funds
Policyholders’ funds
Policyholder contribution F-1 (47,688) (431,090) 3,413,109 19,070 (179,326) 1,772,145 27,627

171 Schedules
Revenue account 144,071 1,863,110 1,545,505 25,920 985,411 463,995 38,555
Total 96,383 1,432,020 4,958,614 44,990 806,085 2,236,140 66,182
Application of funds
Investments F-2 93,254 1,382,003 4,814,431 43,262 775,551 2,176,777 64,373
Annexures (Continued)

Current assets F-3 3,248 52,174 150,873 1,731 30,576 59,470 2,035
Less: Current liabilities and provisions F-4 119 2,157 6,690 3 42 107 226
Net current assets 3,129 50,017 144,183 1,728 30,534 59,363 1,809
Total 96,383 1,432,020 4,958,614 44,990 806,085 2,236,140 66,182
(a) Net asset as per balance sheet (total assets less current 96,383 1,432,020 4,958,614 44,990 806,085 2,236,140 66,182
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 2,885 45,115 267,441 1,058 23,523 119,387 2,155
(c) NAV per unit (a)/(b) (`) 33.4066 31.7417 18.5410 42.5198 34.2672 18.7302 30.7154

(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Group SA Debt
Guarantee Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short
Balanced Fund Fund
Particulars Schedule Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 ULGF 050 ULGF 009 ULGF 047 ULGF 051 ULGF 055 ULGF 052

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

05/07/07 27/08/13 16/03/07 27/08/13 03/04/03 GSBLN 24/02/04 03/04/03 GSDBT
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 105 GSCGSTD 105 105
Sources of funds
Policyholders’ funds
Policyholder contribution F-1 120,387 420,810 1,562,256 1,297,291 6,385,321 77,400 3,158,879

237 Annexures
Revenue account 136,139 142,014 3,304,683 451,375 2,633,063 23,170 1,725,625
Total 256,526 562,824 4,866,939 1,748,666 9,018,384 100,570 4,884,504
Application of funds
Investments F-2 249,470 546,965 4,796,207 1,721,597 8,709,215 99,143 4,639,856
Current assets F-3 7,894 17,696 70,968 27,150 321,028 1,431 244,867
Less: Current liabilities and provisions F-4 838 1,837 236 81 11,859 4 219
Net current assets 7,056 15,859 70,732 27,069 309,169 1,427 244,648
Total 256,526 562,824 4,866,939 1,748,666 9,018,384 100,570 4,884,504
(a) Net asset as per balance sheet (total assets less current 256,526 562,824 4,866,939 1,748,666 9,018,384 100,570 4,884,504
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 8,360 33,708 186,690 112,976 171,157 3,233 120,105
(c) NAV per unit (a)/(b) (`) 30.6855 16.6972 26.0696 15.4782 52.6908 31.1122 40.6685

289
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.14 Fund Balance Sheet at March 31, 2021 (Contd.)

290
Form A-BS(UL)
(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Fund Term Debt Fund Debt Fund II
Particulars Schedule Grand Total*
ULGF 054 ULGF 053 ULGF 046 Total
30/10/03 GSGF 03/04/03 GSSTD 27/08/13
105 105 GSTDebt2 105

149 Management Report

Sources of funds
Policyholders’ funds
Policyholder contribution F-1 3,620,986 1,239,021 (97,062) 22,359,136 659,254,613
Revenue account 1,746,027 397,044 103,932 15,729,639 734,324,319
Total 5,367,013 1,636,065 6,870 38,088,775 1,393,578,932
Application of funds
Investments F-2 5,238,504 1,613,198 6,835 36,970,641 1,377,976,505
Annexures (Continued)

Current assets F-3 151,153 22,938 35 1,165,267 22,109,925

Less: Current liabilities and provisions F-4 22,644 71 - 47,133 6,507,498
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Net current assets 128,509 22,867 35 1,118,134 15,602,427

Total 5,367,013 1,636,065 6,870 38,088,775 1,393,578,932

157 Independent Auditors’ Report and Certificates

(a) Net asset as per balance sheet (total assets less current 5,367,013 1,636,065 6,870 38,088,775 1,393,578,932
liabilities and provisions) (` '000)
(b) Number of Units outstanding (in '000) 63,060 50,675 476
(c) NAV per unit (a)/(b) (`) 85.1096 32.2854 14.4186

*includes ` 8,087,519 thousands of assets pertaining to unclaimed amount of policyholders disclosed in ‘Schedule 12 Advance and other assets’ of the financial statements.

166 Revenue Account

168 Profit and Loss Account
169 Balance Sheet
Annual Report 2021-22
 SCHEDULE: F - 1
Policyholders’ Contribution at March 31, 2021
(` ‘000)
Linked Life Funds
Active Asset
Allocation Balanced Anmol Nivesh Fund Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Fund

170 Receipts & Payments Account

ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09
AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105
Opening balance 24,837,377 (3,008) (8,884,505) (2,716,637) (238,350) (156,815) 14,527,956
Add: Additions during the year* 8,941,214 - 187,701 128,589 128 26,775 8,450,483
Less: Deductions during the year** 5,174,430 40 698,262 323,296 12,324 50,969 3,789,630

171 Schedules
Closing balance 28,604,161 (3,048) (9,395,066) (2,911,344) (250,546) (181,009) 19,188,809
* Represents unit creation
** Represents unit cancellations
Annexures (Continued)

(` ‘000)
Linked Life Funds
Discontinued Fund Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund Dynamic P/E Fund Flexi Balanced Fund
Particulars - Life Fund II Fund III Fund IV
ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07
LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Opening balance 1,130,928 70,560,562 4,837,934 (490,509) 112,598 (13,907) (41,990)
Add: Additions during the year* 73,190 77,207,776 593,188 36,454 40,370 99 14,499
Less: Deductions during the year** 1,233,403 63,451,985 8,174,331 44,335 95,535 7,161 14,088
Closing balance (29,285) 84,316,353 (2,743,209) (498,390) 57,433 (20,969) (41,579)
* Represents unit creation
** Represents unit cancellations

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(` ‘000)
Linked Life Funds
Flexi Growth Fund Flexi Growth Fund II Flexi Growth Fund III Flexi Growth Fund IV Focus 50 Fund Highest NAV Fund B Income Fund
Particulars
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105

237 Annexures
Opening balance (17,319,368) (946,481) (421,869) (4,489,685) 8,295,581 16,541,698 86,384,618
Add: Additions during the year* 148,376 269,223 1,928 133,500 7,441,214 454 83,582,661
Less: Deductions during the year** 710,112 1,131,594 58,539 680,344 2,277,100 4,014,360 60,461,828
Closing balance (17,881,104) (1,808,852) (478,480) (5,036,529) 13,459,695 12,527,792 109,505,451
* Represents unit creation
** Represents unit cancellations

291
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 1

292
Policyholders’ Contribution at March 31, 2021 (Contd.)

(` ‘000)
Linked Life Funds
Invest Shield Cash Invest Shield Fund
India Growth Fund Life Growth Fund Life Secure Fund Maximise India Fund Maximiser Fund
Particulars Fund - Life

149 Management Report

ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105
Opening balance 3,096,684 541,734 (548,501) 17,955,966 20,354,970 3,820,825 (39,178,708)
Add: Additions during the year* 3,690,784 81,126 13,023 2,923,129 9,492,717 1,416,895 635,876
Less: Deductions during the year** 673,916 301,479 364,935 9,565,037 5,310,738 1,285,510 3,095,127
Closing balance 7,461,384 321,381 (900,413) 11,314,058 24,536,949 3,952,210 (41,637,959)
* Represents unit creation
Annexures (Continued)

** Represents unit cancellations

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

(` ‘000)
Linked Life Funds

157 Independent Auditors’ Report and Certificates

Multi Cap Balanced Multi Cap Growth
Maximiser Fund II Maximiser Fund III Maximiser Fund IV Maximiser Fund V Money Market Fund
Particulars Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105
Opening balance (9,236,014) (1,885,649) (425,146) 314,289,090 30,222,145 15,305,076 108,431,476
Add: Additions during the year* 169,953 1,212 4,243 75,702,156 24,080,429 3,823,464 36,924,038

166 Revenue Account

Less: Deductions during the year** 1,172,539 142,055 14,911 77,860,149 20,752,574 3,415,739 33,672,976
Closing balance (7,893,522) (2,026,492) (435,814) 312,131,097 33,550,000 15,712,801 111,682,538
* Represents unit creation
** Represents unit cancellations

(` ‘000)
Linked Life Funds

168 Profit and Loss Account

New Invest Shield
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Opportunities Fund Pinnacle Fund
Particulars Balanced Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09
LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105
Opening balance (7,640,974) 49,694 (48,234) (338,582) (1,262,621) 6,694,723 (3,344,263)
Add: Additions during the year* 56,362 55,127 4,262 20,114 11,472 3,607,877 135

169 Balance Sheet

Less: Deductions during the year** 198,669 234,594 6,426 37,919 50,594 2,425,034 1,608,293
Closing balance (7,783,281) (129,773) (50,398) (356,387) (1,301,743) 7,877,566 (4,952,421)
* Represents unit creation
** Represents unit cancellations
Annual Report 2021-22
 SCHEDULE: F - 1
Policyholders’ Contribution at March 31, 2021 (Contd.)

(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars

170 Receipts & Payments Account

ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105
Opening balance 1,603,225 (383,012) 10,036 13,247 (2,847,476) (840,596) (110,412)
Add: Additions during the year* - 401,028 5,518 38,104 539,261 385,980 9,208

171 Schedules
Less: Deductions during the year** 4,313,955 568,935 37,819 50,765 569,425 420,255 34,542
Closing balance 5,917,180 (550,919) (22,265) 586 (2,877,640) (874,871) (135,746)
* Represents unit creation
** Represents unit cancellations
Annexures (Continued)

(` ‘000)
Linked Life Funds
Return Guarantee Return Guarantee Return Guarantee Return Guarantee
Protector Fund IV RICH Fund RICH Fund II
Particulars Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Opening balance (741,226) 17,153 20,731 31,649 1,277 (4,410,323) 971,050
Add: Additions during the year* 345,517 - - - - 30,420 205,822
Less: Deductions during the year** 210,398 108,486 195,481 327,788 838 142,819 799,881
Closing balance (185,311) (91,333) (174,750) (296,139) 439 (4,522,722) 376,991
* Represents unit creation
** Represents unit cancellations

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(` ‘000)
Linked Life Funds
Secure Save Builder Secure Save Secure Opportunities
RICH Fund III RICH Fund IV Secure Plus Fund Value Enhancer Fund
Particulars Fund Guarantee Fund Fund

237 Annexures
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105
Opening balance (212,343) (995,639) (2,271) (7,485) (19,994) 1,870,010 27,857,168
Add: Additions during the year* 256 61,625 7,358 - - 2,546,261 14,183,341
Less: Deductions during the year** 23,613 200,315 87,745 639 1,894 323,181 6,397,039
Closing balance (235,700) (1,134,329) (82,658) (8,124) (21,888) 4,093,090 35,643,470
* Represents unit creation
** Represents unit cancellations

293
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 1

294
Policyholders’ Contribution at March 31, 2021 (Contd.)

(` ‘000)
Linked Life Funds
Unclaimed fund
Particulars
ULIF 137 27/11/15 Total

149 Management Report

UNCLAIM 105
Opening balance 6,557,633 676,742,221
Add: Additions during the year* 7,633,973 376,385,888
Less: Deductions during the year** 8,292,240 337,700,933
Closing balance 5,899,366 715,427,176
* Represents unit creation
** Represents unit cancellations
Annexures (Continued)

(` ‘000)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Linked Pension Funds

Discontinued Fund- Easy Retirement Easy Retirement Easy Retirement SP Invest Shield Fund - Pension Balancer Pension Balancer

157 Independent Auditors’ Report and Certificates

Particulars Pension Balanced Fund Secure Fund Balanced Fund Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105
Opening balance 1,092,362 3,942,081 1,068,279 207,358 (56,261) (2,227,111) (4,268,947)
Add: Additions during the year* 539,816 560,711 293,810 32,340 5,891 126,352 104,685
Less: Deductions during the year** 1,157,294 1,128,833 260,789 52,266 53,266 369,991 448,757

166 Revenue Account

Closing balance 474,884 3,373,959 1,101,300 187,432 (103,636) (2,470,750) (4,613,019)
* Represents unit creation
** Represents unit cancellations

(` ‘000)
Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Growth Pension Flexi Growth Pension Growth Fund
Particulars Fund P/E Fund Balanced Fund Balanced Fund II Fund Fund II

168 Profit and Loss Account

ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105
Opening balance 6,910 118,266 (252,770) (746,101) (10,509,189) (17,825,459) (80,600)
Add: Additions during the year* 23,429 83,638 6,891 19,204 192,900 146,093 3,181
Less: Deductions during the year** 314,404 2,214,582 87,055 62,330 1,794,804 1,191,559 51,860

169 Balance Sheet

Closing balance (284,065) (2,012,678) (332,934) (789,227) (12,111,093) (18,870,925) (129,279)
* Represents unit creation
** Represents unit cancellations
Annual Report 2021-22
 SCHEDULE: F - 1
Policyholders’ Contribution at March 31, 2021 (Contd.)

(` ‘000)
Linked Pension Funds
Pension Maximiser Pension Maximiser Pension Money Pension Multi Cap Pension Multi Cap Pension Multiplier
Pension Income Fund

170 Receipts & Payments Account

Particulars Fund Fund II Market Fund Balanced Fund Growth Fund Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105
Opening balance 1,098,996 (3,335,912) (16,599,431) (169,600) (272,904) (2,581,980) (1,398,985)
Add: Additions during the year* 421,283 93,449 174,953 176,919 11,785 147,992 34,463

171 Schedules
Less: Deductions during the year** 2,620,633 561,115 1,330,723 580,778 410,104 1,947,530 338,062
Closing balance (1,100,354) (3,803,578) (17,755,201) (573,459) (671,223) (4,381,518) (1,702,584)
* Represents unit creation
Annexures (Continued)

** Represents unit cancellations

(` ‘000)
Linked Pension Funds
Pension Return
Pension Multiplier Pension Pension Preserver Pension Protector Pension Protector Pension Return
Guarantee Fund IX
Particulars Fund II Opportunities Fund Fund Fund Fund II Guarantee Fund VIII
(10 Yrs)
ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Opening balance (1,294,715) (1,089,749) (1,695,354) (3,486,837) (3,017,968) 1,022 19,233
Add: Additions during the year* 26,532 27,511 222,816 766,170 414,873 - -
Less: Deductions during the year** 134,023 670,510 684,988 1,487,216 643,507 33,957 127,452
Closing balance (1,402,206) (1,732,748) (2,157,526) (4,207,883) (3,246,602) (32,935) (108,219)
* Represents unit creation

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

** Represents unit cancellations

(` ‘000)
Linked Pension Funds

237 Annexures
Pension Return Pension Return Secure Plus Pension
Guarantee Fund X Guarantee Fund XI Pension RICH Fund Pension RICH Fund II Pension Secure Fund
Particulars Fund
(10 Yrs) (10 Yrs) Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03
PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105
Opening balance 8,380 2,621 (8,388,453) (8,439,637) 693,914 14,251 (79,464,290)
Add: Additions during the year* - 162 99,581 60,236 41,946 3,884 4,863,496
Less: Deductions during the year** 80,013 2,860 1,026,658 511,865 135,617 12,834 22,528,235
Closing balance (71,633) (77) (9,315,530) (8,891,266) 600,243 5,301 (97,129,029)
* Represents unit creation
** Represents unit cancellations

295
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 1

296
Policyholders’ Contribution at March 31, 2021 (Contd.)

(` ‘000)
Linked Health Funds
Health Flexi Health Flexi Growth Health Multiplier Health Preserver Health Protector
Health Balancer Fund
Particulars Balanced Fund Fund Fund Fund Fund
Total

149 Management Report

ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105
Opening balance 630,707 882,811 8,379,001 981,731 119,265 2,811,137 13,804,652
Add: Additions during the year* 41,207 55,431 430,766 54,197 14,133 378,381 974,115
Less: Deductions during the year** 6,500 9,469 302,856 9,657 2,905 40,196 371,583
Closing balance 665,414 928,773 8,506,911 1,026,271 130,493 3,149,322 14,407,184
* Represents unit creation
Annexures (Continued)

** Represents unit cancellations

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

(` ‘000)
Linked Group Life Funds

157 Independent Auditors’ Report and Certificates

Group Capital
Group Balanced
Group Balanced Fund Guarantee Short Term Group Debt Fund Group Debt Fund II Group Equity Fund II Group Growth Fund
Particulars Fund II Debt Fund
ULGF 001 03/04/03 ULGF 041 30/04/13 ULGF 005 24/02/04 ULGF 002 03/04/03 ULGF 040 30/04/13 ULGF 043 30/04/13 ULGF 004 30/10/03
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 GDebt 105 GDebt2 105 GEquity2 105 GGrowth 105
Opening balance (5,404,396) 13,573,824 (94,490) (5,230,076) 4,545,488 20,190 (5,264,977)
Add: Additions during the year* 1,429,833 9,058,670 102 2,006,713 8,548,909 6,731 117,795

166 Revenue Account

Less: Deductions during the year** 2,540,455 6,201,393 830 1,757,180 6,742,758 4,343 466,333
Closing balance (6,515,018) 16,431,101 (95,218) (4,980,543) 6,351,639 22,578 (5,613,515)
* Represents unit creation
** Represents unit cancellations

(` ‘000)
Linked Group Life Funds

168 Profit and Loss Account

Group Leave Group Leave
Group Growth Group Short Term Group Short Term
Encashment Encashment Income
Particulars Fund II Debt Fund Debt Fund III
Balance Fund Fund Total
ULGF 042 30/04/13 ULGF 013 02/04/08 ULGF 014 02/04/08 ULGF 003 03/04/03 ULGF 039 30/04/13
GGrowth2 105 GLEBal 105 GLEIncome 105 GSTDebt 105 GSTDebt3 105
Opening balance 685,262 397,588 60,299 (3,151,987) 709,118 845,843

169 Balance Sheet

Add: Additions during the year* 1,027,981 6,757 4,247 51,111 1,487,981 23,746,830
Less: Deductions during the year** 916,497 158,428 - 624,774 989,536 20,402,527
Closing balance 796,746 245,917 64,546 (3,725,650) 1,207,563 4,190,146
* Represents unit creation
** Represents unit cancellations
Annual Report 2021-22
 SCHEDULE: F - 1
Policyholders’ Contribution at March 31, 2021 (Contd.)

(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Group Capital

170 Receipts & Payments Account

Guarantee Balanced Guarantee Balanced Guarantee Balanced Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Fund Fund II Fund III Guarantee Debt Fund Fund II Fund III Fund
ULGF 006 03/10/05 ULGF 010 21/03/07 ULGF 049 27/08/13 ULGF 007 28/10/05 ULGF 011 21/03/07 ULGF 048 27/08/13 ULGF 008 11/12/06
GCGBal1 105 GCGBal2 105 GCGBal3 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105
Opening balance (33,640) 297,485 2,942,758 21,403 (144,000) 665,669 26,415

171 Schedules
Add: Additions during the year* 4,911 46,499 2,261,283 1,169 58,129 2,424,525 3,665
Less: Deductions during the year** 18,959 775,074 1,790,932 3,502 93,455 1,318,049 2,453
Closing balance (47,688) (431,090) 3,413,109 19,070 (179,326) 1,772,145 27,627
Annexures (Continued)

* Represents unit creation

** Represents unit cancellations

(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Balanced
Guarantee Growth Guarantee Growth Guarantee Short Term Guarantee Short Term Guarantee Short Term Group SA Debt Fund
Particulars Fund
Fund II Fund III Debt Fund II Debt Fund III Debt Fund
ULGF 012 05/07/07 ULGF 050 27/08/13 ULGF 009 16/03/07 ULGF 047 27/08/13 ULGF 051 03/04/03 ULGF 055 24/02/04 ULGF 052 03/04/03
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 GSBLN 105 GSCGSTD 105 GSDBT 105
Opening balance 134,453 368,440 1,683,707 1,202,077 6,589,329 79,416 3,907,761
Add: Additions during the year* 14,086 188,346 189,807 459,898 409,953 1,464 669,019
Less: Deductions during the year** 28,152 135,976 311,258 364,684 613,961 3,480 1,417,901
Closing balance 120,387 420,810 1,562,256 1,297,291 6,385,321 77,400 3,158,879

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

* Represents unit creation
** Represents unit cancellations

(` ‘000)

237 Annexures
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Particulars Fund Term Debt Fund Debt Fund II Grand Total
Total
ULGF 054 30/10/03 ULGF 053 03/04/03 ULGF 046 27/08/13
GSGF 105 GSSTD 105 GSTDebt2 105
Opening balance 3,920,234 1,324,002 (87,500) 22,898,009 634,826,435
Add: Additions during the year* 99,672 114,004 - 6,946,430 412,916,759
Less: Deductions during the year** 398,920 198,985 9,562 7,485,303 388,488,581
Closing balance 3,620,986 1,239,021 (97,062) 22,359,136 659,254,613
* Represents unit creation
** Represents unit cancellations

297
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 2

298
Investments at March 31, 2021
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Fund
Balanced Fund
ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09
AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105

149 Management Report

Approved investments
Government bonds 7,299,557 - 2,534,511 920,025 58,330 201,972 -
Corporate bonds 2,886,193 - 808,415 293,554 17,843 40,663 60
Infrastructure bonds 3,646,259 - 983,149 377,299 23,532 72,546 -
Equity 13,177,036 - 2,289,472 861,795 52,322 173,658 20,650,780
Money market 2,196,638 - 735,997 325,680 17,553 76,627 889,765
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - 45,312 9,795 701 2,611 -
Total 29,205,683 - 7,396,856 2,788,148 170,281 568,077 21,540,605
Annexures (Continued)

Other investments
Corporate bonds 201,590 - 29,397 9,258 - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Infrastructure bonds - - - - - - -
Equity 1,231,886 - 215,026 81,032 4,908 16,282 1,827,554

157 Independent Auditors’ Report and Certificates

Money market - - - - - - -
Mutual funds 1,898,661 - 326,671 123,161 7,448 24,737 3,640,784
Venture fund - - - - - - -
Total 3,332,137 - 571,094 213,451 12,356 41,019 5,468,338
Grand total 32,537,820 - 7,967,950 3,001,599 182,637 609,096 27,008,943
% of approved investments to Total 89.76% 0.00% 92.83% 92.89% 93.23% 93.27% 79.75%
% of other investments to Total 10.24% 0.00% 7.17% 7.11% 6.77% 6.73% 20.25%

166 Revenue Account

(` ‘000)
Linked Life Funds
Discontinued Fund Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund Dynamic P/E Fund
Particulars - Life Fund Fund II Fund III Fund IV
ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07
LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Approved investments
Government bonds 1,044,003 86,560,636 6,674,784 136,256 168,410 11,781 50,401
Corporate bonds 368,787 - 17 27,444 44,982 3,138 8,567
Infrastructure bonds 522,925 - 841 42,029 78,265 1,014 18,966

168 Profit and Loss Account

Equity - - 1,648,464 258,492 370,377 19,457 100,189
Money market 304,539 20,250,348 55,930 31,812 39,627 3,580 12,402
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - 2,818 2,101 - 796
Total 2,240,254 106,810,984 8,380,036 498,851 703,762 38,970 191,321
Other investments

169 Balance Sheet

Corporate bonds - - - - 1,029 - -
Infrastructure bonds - - - - - - -
Equity - - 68,069 16,758 24,060 1,683 7,113
Money market - - - - - - -
Mutual funds - - 183,114 33,758 48,856 2,802 13,493
Venture fund - - - - - - -
Total - - 251,183 50,516 73,945 4,485 20,606
Grand total 2,240,254 106,810,984 8,631,219 549,367 777,707 43,455 211,927
% of approved investments to Total 100.00% 100.00% 97.09% 90.80% 90.49% 89.68% 90.28%
Annual Report 2021-22

% of other investments to Total 0.00% 0.00% 2.91% 9.20% 9.51% 10.32% 9.72%
 SCHEDULE: F - 2
Investments at March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Flexi Growth Flexi Growth Flexi Growth Highest NAV
Flexi Growth Fund Focus 50 Fund Income Fund
Particulars Fund II Fund III Fund IV Fund B
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105

170 Receipts & Payments Account

Approved investments
Government bonds - - - - - - 45,951,247
Corporate bonds 1 14 1 7 - - 34,349,725
Infrastructure bonds - - - - - - 27,434,722
Equity 4,775,360 7,030,550 476,412 3,643,418 12,669,644 - -
Money market 60,079 33,556 2,144 5,598 764,812 28,080,277 17,071,111

171 Schedules
Mutual funds - - - - - - -
Deposit with banks - - - - - - 603,900
Preference shares - - - - - - -
Total 4,835,440 7,064,120 478,557 3,649,023 13,434,456 28,080,277 125,410,705
Annexures (Continued)

Other investments
Corporate bonds - - - - - - 896,392
Infrastructure bonds - - - - - - -
Equity 303,756 483,805 29,047 223,099 978,299 - -
Money market - - - - - - -
Mutual funds 663,178 945,075 63,927 472,564 2,278,781 - -
Venture fund - - - - - - -
Total 966,934 1,428,880 92,974 695,663 3,257,080 - 896,392
Grand total 5,802,374 8,493,000 571,531 4,344,686 16,691,536 28,080,277 126,307,097
% of approved investments to Total 83.34% 83.18% 83.73% 83.99% 80.49% 100.00% 99.29%
% of other investments to Total 16.66% 16.82% 16.27% 16.01% 19.51% 0.00% 0.71%

(` ‘000)
Linked Life Funds
Invest Shield Cash Invest Shield Fund Maximise India
India Growth Fund Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Approved investments
Government bonds - 1,114,484 200,257 - 10,737,999 - -
Corporate bonds - 557,045 42,730 83 7,238,517 - 50
Infrastructure bonds - 652,907 48,054 - 6,063,962 - -
Equity 5,859,258 - 49,399 12,679,673 - 3,889,141 25,028,564
Money market 271,660 449,026 35,182 117,205 4,495,546 206,255 367,261

237 Annexures
Mutual funds - - - - - - -
Deposit with banks - - - - 1,100 - -
Preference shares - - 1,539 - - - -
Total 6,130,918 2,773,462 377,161 12,796,961 28,537,124 4,095,396 25,395,875
Other investments
Corporate bonds - 19,544 - - 113,584 - -
Infrastructure bonds - - - - - - -
Equity 591,337 - 4,993 1,186,625 - 389,069 2,569,754
Money market - - - - - - -
Mutual funds 850,523 - 8,743 1,789,107 - 494,390 3,664,940
Venture fund - - - - - - -
Total 1,441,860 19,544 13,736 2,975,732 113,584 883,459 6,234,694
Grand total 7,572,778 2,793,006 390,897 15,772,693 28,650,708 4,978,855 31,630,569
% of approved investments to Total 80.96% 99.30% 96.49% 81.13% 99.60% 82.26% 80.29%
% of other investments to Total 19.04% 0.70% 3.51% 18.87% 0.40% 17.74% 19.71%

299
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 2

300
Investments at March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Maximiser Fund Maximiser Fund Money Market Multi Cap Multi Cap Growth
Maximiser Fund II Maximiser Fund V
Particulars III IV Fund Balanced Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105
Approved investments

149 Management Report

Government bonds - - - - - 4,534,638 -
Corporate bonds 16 2 - 554 10,701,896 1,775,049 105
Infrastructure bonds - - - - 4,322,964 1,653,075 -
Equity 7,479,673 1,039,933 128,240 329,713,851 - 9,673,076 115,560,764
Money market 73,237 11,661 4,381 3,915,634 24,974,121 1,121,506 3,038,479
Mutual funds - - - - - - -
Deposit with banks - - - - 1,200,000 - -
Preference shares - - - - - 10,485 -
Total 7,552,926 1,051,596 132,621 333,630,039 41,198,981 18,767,829 118,599,348
Annexures (Continued)

Other investments
Corporate bonds - - - - - 14,401 -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Infrastructure bonds - - - - - - -
Equity 769,054 106,287 12,859 34,018,430 - 940,187 11,524,727
Money market - - - - - - -

157 Independent Auditors’ Report and Certificates

Mutual funds 1,093,672 152,370 19,457 50,544,113 - 1,095,173 16,304,228
Venture fund - - - - - - -
Total 1,862,726 258,657 32,316 84,562,543 - 2,049,761 27,828,955
Grand total 9,415,652 1,310,253 164,937 418,192,582 41,198,981 20,817,590 146,428,303
% of approved investments to Total 80.22% 80.26% 80.41% 79.78% 100.00% 90.15% 80.99%
% of other investments to Total 19.78% 19.74% 19.59% 20.22% 0.00% 9.85% 19.01%

(` ‘000)

166 Revenue Account

Linked Life Funds
New Invest Shield Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Pinnacle Fund
Particulars Balanced Fund Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09
LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105
Approved investments
Government bonds - - - - 173,187 - -
Corporate bonds 9 7 - 2 61,597 - -
Infrastructure bonds - - - - 79,796 - -
Equity 1,675,342 1,370,907 75,667 384,790 53,881 10,204,449 -

168 Profit and Loss Account

Money market 43,741 29,472 3,999 11,380 51,635 429,290 541
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - 7,393 - -
Total 1,719,092 1,400,386 79,666 396,172 427,489 10,633,739 541
Other investments
Corporate bonds - - - - - - -

169 Balance Sheet

Infrastructure bonds - - - - - - -
Equity 147,634 120,551 6,711 33,893 5,093 1,210,626 -
Money market - - - - - - -
Mutual funds 295,575 241,171 13,373 67,852 7,361 1,406,084 -
Venture fund - - - - 1,894 - -
Total 443,209 361,722 20,084 101,745 14,348 2,616,710 -
Grand total 2,162,301 1,762,108 99,750 497,917 441,837 13,250,449 541
% of approved investments to Total 79.50% 79.47% 79.87% 79.57% 96.75% 80.25% 100.00%
% of other investments to Total 20.50% 20.53% 20.13% 20.43% 3.25% 19.75% 0.00%
Annual Report 2021-22
 SCHEDULE: F - 2
Investments at March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105
Approved investments

170 Receipts & Payments Account

Government bonds - - - - 1,851,088 1,074,091 105,008
Corporate bonds - 639,795 21,097 59,304 1,093,285 475,310 55,158
Infrastructure bonds - 314,314 11,222 22,387 1,050,531 960,119 65,902
Equity - - - - - - -
Money market 16,900 2,203,153 143,600 233,471 689,207 149,324 41,383
Mutual funds - - - - - - -

171 Schedules
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 16,900 3,157,262 175,919 315,162 4,684,111 2,658,844 267,451
Other investments
Annexures (Continued)

Corporate bonds - - - - 137,538 53,118 1,029

Infrastructure bonds - - - - - - -
Equity - - - - - - -
Money market - - - - - - -
Mutual funds - - - - - - -
Venture fund - - - - - - -
Total - - - - 137,538 53,118 1,029
Grand total 16,900 3,157,262 175,919 315,162 4,821,649 2,711,962 268,480
% of approved investments to Total 100.00% 100.00% 100.00% 100.00% 97.15% 98.04% 99.62%
% of other investments to Total 0.00% 0.00% 0.00% 0.00% 2.85% 1.96% 0.38%

(` ‘000)
Linked Life Funds
Return Guarantee Return Guarantee Return Guarantee Return Guarantee
Protector Fund IV RICH Fund RICH Fund II
Particulars Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Approved investments
Government bonds 926,767 - - - 1,098 - -
Corporate bonds 358,026 - - - - - -
Infrastructure bonds 521,925 - - - 322 - -
Equity - - - - - 957,378 5,057,846
Money market 485,047 - - - 8,365 16,382 77,493

237 Annexures
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 2,291,765 - - - 9,785 973,760 5,135,339
Other investments
Corporate bonds - - - - - - -
Infrastructure bonds - - - - - - -
Equity - - - - - 113,321 598,627
Money market - - - - - - -
Mutual funds - - - - - 131,250 692,910
Venture fund - - - - - - -
Total - - - - - 244,571 1,291,537
Grand total 2,291,765 0 0 0 9,785 1,218,331 6,426,876
% of approved investments to Total 100.00% 0.00% 0.00% 0.00% 100.00% 79.93% 79.90%
% of other investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 20.07% 20.10%

301
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 2

302
Investments at March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Secure Save Secure Save Secure Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund
Particulars Builder Fund Guarantee Fund Opportunities Fund Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105
Approved investments

149 Management Report

Government bonds - - 108,392 1,326 14,445 43,876 -
Corporate bonds - - 21,466 - 3,261 1,990,103 -
Infrastructure bonds - - 33,975 - 2,092 1,638,895 -
Equity 179,706 1,594,270 29,769 6,873 11,696 - 35,230,278
Money market 3,343 32,633 30,157 2,349 5,277 21,907 844,853
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 183,049 1,626,903 223,759 10,548 36,771 3,694,781 36,075,131
Annexures (Continued)

Other investments
Corporate bonds - - 3,021 - - 315,569 -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Infrastructure bonds - - - - - - -
Equity 21,182 188,626 2,739 667 1,143 - 5,111,486
Money market - - - - - - -

157 Independent Auditors’ Report and Certificates

Mutual funds 24,657 218,146 4,110 1,199 2,052 - 115,068
Venture fund - - - - - - -
Total 45,839 406,772 9,870 1,866 3,195 315,569 5,226,554
Grand total 228,888 2,033,675 233,629 12,414 39,966 4,010,350 41,301,685
% of approved investments to Total 79.97% 80.00% 95.78% 84.97% 92.01% 92.13% 87.35%
% of other investments to Total 20.03% 20.00% 4.22% 15.03% 7.99% 7.87% 12.65%

(` ‘000)

166 Revenue Account

Linked Life Funds
Unclaimed Fund
Particulars
ULIF 137 27/11/15 Total
UNCLAIM 105
Approved investments
Government bonds - 172,498,569
Corporate bonds - 63,943,878
Infrastructure bonds - 50,643,989
Equity - 636,131,850
Money market 7,786,338 123,400,469

168 Profit and Loss Account

Mutual funds - -
Deposit with banks 300,000 2,105,000
Preference shares - 83,551
Total 8,086,338 1,048,807,306
Other investments
Corporate bonds - 1,795,470
Infrastructure bonds - -

169 Balance Sheet

Equity - 65,187,998
Money market - -
Mutual funds - 89,964,534
Venture fund - 1,894
Total - 156,949,896
Grand total 8,086,338 1,205,757,202
% of approved investments to Total 100.00% 86.98%
% of other investments to Total 0.00% 13.02%
Annual Report 2021-22
 SCHEDULE: F - 2
Investments at March 31, 2021 (Contd.)
(` ‘000)
Linked Pension Funds
Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Fund Pension Balancer Pension Balancer
Particulars Fund-Pension Balanced Fund Secure Fund SP Balanced Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105

170 Receipts & Payments Account

Approved investments
Government bonds 812,788 1,315,468 495,989 63,671 82,208 774,634 778,000
Corporate bonds - 217,594 375,130 21,061 27,321 282,168 349,184
Infrastructure bonds - 527,919 245,585 22,011 33,018 332,631 362,622
Equity - 1,846,610 - 93,326 24,822 770,211 786,716
Money market 29,636 542,387 250,471 29,068 26,560 271,804 224,352

171 Schedules
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - 380 - - 363 19,568 12,444
Total 842,424 4,450,358 1,367,175 229,137 194,292 2,451,016 2,513,318
Annexures (Continued)

Other investments
Corporate bonds - 47,123 1,029 - 2,146 41,271 27,898
Infrastructure bonds - - - - - - -
Equity - 160,870 - 8,018 2,214 72,316 73,786
Money market - - - - - - -
Mutual funds - 254,484 - 12,660 3,859 109,833 111,706
Venture fund - - - - - - -
Total - 462,477 1,029 20,678 8,219 223,420 213,390
Grand total 842,424 4,912,835 1,368,204 249,815 202,511 2,674,436 2,726,708
% of approved investments to Total 100.00% 90.59% 99.92% 91.72% 95.94% 91.65% 92.17%
% of other investments to Total 0.00% 9.41% 0.08% 8.28% 4.06% 8.35% 7.83%

(` ‘000)
Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth
Particulars Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Approved investments
Government bonds - 1,317,142 109,770 102,196 - - -
Corporate bonds 5 6 14,761 17,957 - - -
Infrastructure bonds - - 29,216 42,222 - - -
Equity 480,500 441,222 193,544 211,018 6,367,397 5,013,426 97,997
Money market 9,617 609,042 30,935 34,284 102,758 108,189 667

237 Annexures
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - 2,848 3,275 - - -
Total 490,122 2,367,412 381,074 410,952 6,470,155 5,121,615 98,664
Other investments
Corporate bonds - - - - - - -
Infrastructure bonds - - - - - - -
Equity 42,378 17,801 14,258 16,281 406,289 365,435 7,942
Money market - - - - - - -
Mutual funds 84,934 50,865 24,648 27,031 848,520 637,266 16,568
Venture fund - - - - - - -
Total 127,312 68,666 38,906 43,312 1,254,809 1,002,701 24,510
Grand total 617,434 2,436,078 419,980 454,264 7,724,964 6,124,316 123,174
% of approved investments to Total 79.38% 97.18% 90.74% 90.47% 83.76% 83.63% 80.10%
% of other investments to Total 20.62% 2.82% 9.26% 9.53% 16.24% 16.37% 19.90%

303
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 2

304
Investments at March 31, 2021 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Income Pension Pension Pension Money Pension Multi Cap Pension Multi Cap Pension Multiplier
Particulars Fund Maximiser Fund Maximiser Fund II Market Fund Balanced Fund Growth Fund Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105
Approved investments

149 Management Report

Government bonds 1,134,770 - - - 135,632 - -
Corporate bonds 387,557 - - 157,050 19,089 11 10
Infrastructure bonds 768,237 - - 79,377 35,105 - -
Equity - 4,132,106 7,213,298 - 241,677 3,958,167 1,369,836
Money market 146,356 69,416 104,394 547,081 34,058 41,429 35,443
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - 4,009 - -
Total 2,436,920 4,201,522 7,317,692 783,508 469,570 3,999,607 1,405,289
Annexures (Continued)

Other investments
Corporate bonds - - - - - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Infrastructure bonds - - - - - - -
Equity - 385,089 672,617 - 16,432 224,817 120,811
Money market - - - - - - -

157 Independent Auditors’ Report and Certificates

Mutual funds - 590,443 1,028,325 - 31,979 483,714 241,056
Venture fund - - - - - - -
Total - 975,532 1,700,942 - 48,411 708,531 361,867
Grand total 2,436,920 5,177,054 9,018,634 783,508 517,981 4,708,138 1,767,156
% of approved investments to Total 100.00% 81.16% 81.14% 100.00% 90.65% 84.95% 79.52%
% of other investments to Total 0.00% 18.84% 18.86% 0.00% 9.35% 15.05% 20.48%

(` ‘000)

166 Revenue Account

Linked Pension Funds
Pension Return Pension Return
Pension Multiplier Pension Pension Preserver Pension Protector Pension Protector Guarantee Fund IX Guarantee Fund
Particulars Fund II Opportunities Fund Fund Fund Fund II (10 Yrs) VIII
ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Approved investments
Government bonds - - - 2,365,815 885,008 - -
Corporate bonds 4 - 237,898 1,297,016 423,029 - -
Infrastructure bonds - - 194,579 1,297,618 969,845 - -

168 Profit and Loss Account

Equity 657,507 990,051 - - - - -
Money market 11,099 15,862 1,515,970 669,460 146,973 - -
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - -
Total 668,610 1,005,913 1,948,447 5,629,909 2,424,855 - -
Other investments

169 Balance Sheet

Corporate bonds - - - 7,416 8,229 - -
Infrastructure bonds - - - - - - -
Equity 57,952 117,225 - - - - -
Money market - - - - - - -
Mutual funds 116,152 135,495 - - - - -
Venture fund - - - - - - -
Total 174,104 252,720 - 7,416 8,229 - -
Grand total 842,714 1,258,633 1,948,447 5,637,325 2,433,084 0 0
% of approved investments to Total 79.34% 79.92% 100.00% 99.87% 99.66% 0.00% 0.00%
Annual Report 2021-22

% of other investments to Total 20.66% 20.08% 0.00% 0.13% 0.34% 0.00% 0.00%
 SCHEDULE: F - 2
Investments at March 31, 2021 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus
Guarantee Fund X Guarantee Fund XI
Particulars Fund Fund II Fund Pension Fund
(10 Yrs) (10 Yrs) Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03
PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105

170 Receipts & Payments Account

Approved investments
Government bonds - 2,607 - - 374,940 50,421 10,801,059
Corporate bonds - - - - 257,469 14,763 4,099,083
Infrastructure bonds - - - - 265,290 24,316 5,229,591
Equity - - 3,868,895 2,276,635 - 17,563 41,052,524

171 Schedules
Money market 9,975 3,081 36,808 24,029 209,208 27,277 5,917,689
Mutual funds - - - - - - -
Deposit with banks - 1,800 - - - - 1,800
Preference shares - - - - - - 42,887
Total 9,975 7,488 3,905,703 2,300,664 1,106,907 134,340 67,144,633
Annexures (Continued)

Other investments
Corporate bonds - - - - - 1,073 136,185
Infrastructure bonds - - - - - - -
Equity - - 457,585 269,480 - 1,426 3,511,022
Money market - - - - - - -
Mutual funds - - 529,383 311,984 - 2,930 5,653,835
Venture fund - - - - - - -
Total - - 986,968 581,464 - 5,429 9,301,042
Grand total 9,975 7,488 4,892,671 2,882,128 1,106,907 139,769 76,445,675
% of approved investments to Total 100.00% 100.00% 79.83% 79.83% 100.00% 96.12% 87.83%
% of other investments to Total 0.00% 0.00% 20.17% 20.17% 0.00% 3.88% 12.17%

(` ‘000)
Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Fund Balanced Fund Growth Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105
Approved investments
Government bonds 140,612 146,498 - - - 749,872 1,036,982
Corporate bonds 41,854 32,557 - 3 13,328 415,629 503,371
Infrastructure bonds 52,759 52,309 - - 6,112 405,669 516,849
Equity 133,085 292,971 4,509,868 598,678 - - 5,534,602

237 Annexures
Money market 65,290 32,358 135,481 20,550 68,608 484,747 807,034
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares 750 786 - - - - 1,536
Total 434,350 557,479 4,645,349 619,231 88,048 2,055,917 8,400,374
Other investments
Corporate bonds 1,029 1,029 - - - 19,069 21,127
Infrastructure bonds - - - - - - -
Equity 12,540 19,826 293,927 52,782 - - 379,075
Money market - - - - - - -
Mutual funds 19,007 38,444 603,871 105,512 - - 766,834
Venture fund - - - - - - -
Total 32,576 59,299 897,798 158,294 - 19,069 1,167,036
Grand total 466,926 616,778 5,543,147 777,525 88,048 2,074,986 9,567,410
% of approved investments to Total 93.02% 90.39% 83.80% 79.64% 100.00% 99.08% 87.80%

305
Powering Sustainable Growth

% of other investments to Total 6.98% 9.61% 16.20% 20.36% 0.00% 0.92% 12.20%

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 2

306
Investments at March 31, 2021 (Contd.)
(` ‘000)
Linked Group Life Funds
Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Particulars Fund Fund II Fund II Fund II Fund
Term Debt Fund
ULGF 001 03/04/03 ULGF 041 30/04/13 ULGF 005 24/02/04 ULGF 002 03/04/03 ULGF 040 30/04/13 ULGF 043 30/04/13 ULGF 004 30/10/03
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 GDebt 105 GDebt2 105 GEquity2 105 GGrowth 105

149 Management Report

Approved investments
Government bonds 3,590,274 8,627,793 - 1,487,904 2,860,503 - 177,842
Corporate bonds 1,334,472 2,593,624 2,006 1,013,107 1,952,556 - 49,043
Infrastructure bonds 1,653,522 4,404,167 1,017 1,121,051 1,648,288 - 80,460
Equity 1,125,627 2,703,986 - - - 26,070 388,666
Money market 1,213,011 3,270,075 17,313 663,784 1,285,086 1,542 95,135
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares - - - - - - 7,404
Annexures (Continued)

Total 8,916,906 21,599,645 20,336 4,285,846 7,746,433 27,612 798,550

Other investments
Corporate bonds 152,134 110,053 - 44,808 131,515 - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Infrastructure bonds - - - - - - -
Equity 112,953 279,964 - - - 2,440 37,067

157 Independent Auditors’ Report and Certificates

Money market - - - - - - -
Mutual funds 160,885 393,423 - - - 3,763 56,243
Venture fund - - - - - - -
Total 425,972 783,440 - 44,808 131,515 6,203 93,310
Grand total 9,342,878 22,383,085 20,336 4,330,654 7,877,948 33,815 891,860
% of approved investments to Total 95.44% 96.50% 100.00% 98.97% 98.33% 81.66% 89.54%
% of other investments to Total 4.56% 3.50% 0.00% 1.03% 1.67% 18.34% 10.46%

166 Revenue Account

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short TermGroup Short Term
Encashment Encashment
Particulars Fund II Debt Fund Debt Fund III
Balance Fund Income Fund Total
ULGF 042 30/04/13 ULGF 013 02/04/08 ULGF 014 02/04/08 ULGF 003 03/04/03 ULGF 039 30/04/13
GGrowth2 105 GLEBal 105 GLEIncome 105 GSTDebt 105 GSTDebt3 105
Approved investments
Government bonds 259,704 420,756 83,052 - - 17,507,828
Corporate bonds 59,355 162,199 30,713 91,324 182,349 7,470,748
Infrastructure bonds 78,821 179,305 44,284 54,937 88,527 9,354,379

168 Profit and Loss Account

Equity 473,031 139,719 - - - 4,857,099
Money market 80,176 199,027 21,371 438,208 1,109,376 8,394,104
Mutual funds - - - - - -
Deposit with banks - - - - - -
Preference shares - 1,488 - - - 8,892
Total 951,087 1,102,494 179,420 584,469 1,380,252 47,593,050

169 Balance Sheet

Other investments
Corporate bonds - 10,597 - - - 449,107
Infrastructure bonds - - - - - -
Equity 46,424 13,298 - - - 492,146
Money market - - - - - -
Mutual funds 67,023 19,937 - - - 701,274
Venture fund - - - - - -
Total 113,447 43,832 - - - 1,642,527
Grand total 1,064,534 1,146,326 179,420 584,469 1,380,252 49,235,577
% of approved investments to Total 89.34% 96.18% 100.00% 100.00% 100.00% 96.66%
Annual Report 2021-22

% of other investments to Total 10.66% 3.82% 0.00% 0.00% 0.00% 3.34%

 SCHEDULE: F - 2
Investments at March 31, 2021 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund
ULGF 006 03/10/05 ULGF 010 21/03/07 ULGF 049 27/08/13 ULGF 007 28/10/05 ULGF 011 21/03/07 ULGF 048 27/08/13 ULGF 008 11/12/06
GCGBal1 105 GCGBal2 105 GCGBal3 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105

170 Receipts & Payments Account

Approved investments
Government bonds 35,436 556,127 1,691,407 24,176 303,392 900,287 23,679
Corporate bonds 14,614 216,060 521,766 6,178 201,146 439,937 3,128
Infrastructure bonds 10,845 236,840 876,407 6,197 183,653 332,587 5,350
Equity 11,450 169,184 588,937 - - - 18,202

171 Schedules
Money market 13,876 138,439 868,428 6,711 84,274 502,937 9,515
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares 148 2,945 - - - - 86
Total 86,369 1,319,595 4,546,945 43,262 772,465 2,175,748 59,960
Annexures (Continued)

Other investments
Corporate bonds 4,094 21,238 123,248 - 3,086 1,029 -
Infrastructure bonds - - - - - - -
Equity 1,159 16,980 60,240 - - - 1,805
Money market - - - - - - -
Mutual funds 1,632 24,190 83,998 - - - 2,608
Venture fund - - - - - - -
Total 6,885 62,408 267,486 - 3,086 1,029 4,413
Grand total 93,254 1,382,003 4,814,431 43,262 775,551 2,176,777 64,373
% of approved investments to Total 92.62% 95.48% 94.44% 100.00% 99.60% 99.95% 93.14%
% of other investments to Total 7.38% 4.52% 5.56% 0.00% 0.40% 0.05% 6.86%
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Group SA Debt
Guarantee Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short
Particulars Balanced Fund Fund
Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 05/07/07 ULGF 050 27/08/13 ULGF 009 16/03/07 ULGF 047 27/08/13 ULGF 051 03/04/03 ULGF 055 24/02/04 ULGF 052 03/04/03

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 GSBLN 105 GSCGSTD 105 GSDBT 105
Approved investments
Government bonds 79,349 222,092 - - 3,119,178 - 1,699,477
Corporate bonds 22,437 31,513 858,625 267,075 1,307,481 14,586 1,452,063
Infrastructure bonds 30,872 46,790 437,178 169,645 1,362,667 9,139 1,152,532
Equity 70,772 154,812 - - 1,067,038 - -

237 Annexures
Money market 27,667 54,230 3,500,404 1,284,877 1,243,224 75,418 286,410
Mutual funds - - - - - - -
Deposit with banks - - - - - - -
Preference shares 182 - - - - - -
Total 231,279 509,437 4,796,207 1,721,597 8,099,588 99,143 4,590,482
Other investments
Corporate bonds 1,073 - - - 349,026 - 49,374
Infrastructure bonds - - - - - - -
Equity 6,997 15,335 - - 107,722 - -
Money market - - - - - - -
Mutual funds 10,121 22,193 - - 152,879 - -
Venture fund - - - - - - -
Total 18,191 37,528 - - 609,627 - 49,374
Grand total 249,470 546,965 4,796,207 1,721,597 8,709,215 99,143 4,639,856
% of approved investments to Total 92.71% 93.14% 100.00% 100.00% 93.00% 100.00% 98.94%

307
Powering Sustainable Growth

% of other investments to Total 7.29% 6.86% 0.00% 0.00% 7.00% 0.00% 1.06%

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 2

308
Investments at March 31, 2021 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Particulars Fund Term Debt Fund Debt Fund II Grand Total
Total
ULGF 054 30/10/03 ULGF 053 03/04/03 ULGF 046 27/08/13
GSGF 105 GSSTD 105 GSTDebt2 105
Approved investments

149 Management Report

Government bonds 1,295,184 - - 9,949,784 211,794,222
Corporate bonds 252,025 284,584 - 5,893,218 81,910,298
Infrastructure bonds 455,456 179,109 - 5,495,267 71,240,075
Equity 2,340,382 - - 4,420,777 691,996,852
Money market 332,323 1,149,505 6,835 9,585,073 148,104,369
Mutual funds - - - - -
Deposit with banks - - - - 2,106,800
Preference shares - - - 3,361 140,227
Total 4,675,370 1,613,198 6,835 35,347,480 1,207,292,843
Annexures (Continued)

Other investments
Corporate bonds - - - 552,168 2,954,057
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Infrastructure bonds - - - - -
Equity 229,650 - - 439,888 70,010,129
Money market - - - - -

157 Independent Auditors’ Report and Certificates

Mutual funds 333,484 - - 631,105 97,717,582
Venture fund - - - - 1,894
Total 563,134 - - 1,623,161 170,683,662
Grand total 5,238,504 1,613,198 6,835 36,970,641 1,377,976,505
% of approved investments to Total 89.25% 100.00% 100.00% 95.61% 87.61%
% of other investments to Total 10.75% 0.00% 0.00% 4.39% 12.39%

166 Revenue Account

168 Profit and Loss Account
169 Balance Sheet
Annual Report 2021-22
 SCHEDULE: F - 3
Current Assets at March 31, 2021
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Fund
Balanced Fund
ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09

170 Receipts & Payments Account

AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105
Accrued interest 334,606 - 104,533 37,490 2,170 6,362 3
Cash & bank balance 803 - 292 136 12 36 417
Dividend receivable 1,808 - 3,177 737 51 189 2,975
Receivable for sale of investments 452,645 - 108,778 41,300 2,511 7,843 275,592

171 Schedules
Unit collection a/c* 101,897 - - - - 107 30,481
Other current assets (for Investments) 40 - 7 3 - 1 63
Total 891,799 - 216,787 79,666 4,744 14,538 309,531
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
Linked Life Funds
Discontinued Fund Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund Dynamic P/E Fund
Particulars - Life Fund Fund II Fund III Fund IV
ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07
LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Accrued interest 40,134 1,744,755 166,494 3,602 6,145 285 1,425
Cash & bank balance 131 459 171 16 18 6 9
Dividend receivable - - 472 201 157 3 59
Receivable for sale of investments 26,583 - 430,827 4,539 6,766 553 1,694
Unit collection a/c* - - - 4 - 78 805
Other current assets (for Investments) 2 - 39 - - - -
Total 66,850 1,745,214 598,003 8,362 13,086 925 3,992
* Represents inter fund receivables, if any

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(` ‘000)
Linked Life Funds
Flexi Growth Flexi Growth Flexi Growth Highest NAV
Flexi Growth Fund Focus 50 Fund Income Fund
Particulars Fund II Fund III Fund IV Fund B
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09

237 Annexures
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105
Accrued interest - 1 - - - - 2,789,056
Cash & bank balance 33 21 6 8 4,477 1,168 175
Dividend receivable 403 635 41 313 2,928 - -
Receivable for sale of investments - 12,724 856 6,509 89,784 - 1,184,807
Unit collection a/c* - - 14,350 886 260,827 - 935,111
Other current assets (for Investments) - 1 - 1 57 - 2
Total 436 13,382 15,253 7,717 358,073 1,168 4,909,151
* Represents inter fund receivables, if any

309
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 3

310
Current Assets at March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Invest Shield Cash Invest Shield Fund Maximise India
India Growth Fund Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105
Accrued interest - 60,170 5,882 4 618,769 - 2

149 Management Report

Cash & bank balance 131 194 21 59 906 505 1,929
Dividend receivable 808 - 103 1,766 - 901 435
Receivable for sale of investments 50,509 28,622 4,581 234,634 173,901 33,072 141,068
Unit collection a/c* 61,615 - - 32,088 18,658 22,112 2,328
Other current assets (for Investments) 17 - - 36 2 13 28
Total 113,080 88,986 10,587 268,587 812,236 56,603 145,790
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Linked Life Funds

Maximiser Fund Maximiser Fund Money Market Multi Cap Multi Cap Growth
Maximiser Fund II Maximiser Fund V
Particulars III IV Fund Balanced Fund Fund

157 Independent Auditors’ Report and Certificates

ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105
Accrued interest 1 - - 25 461,745 181,245 5
Cash & bank balance 561 83 16 24,100 1,192 1,033 7,958
Dividend receivable 125 20 2 5,996 - 2,467 22,016
Receivable for sale of investments 44,337 5,874 705 1,861,083 - 248,574 938,387
Unit collection a/c* - - - 900,819 144,727 44,379 526,192

166 Revenue Account

Other current assets (for Investments) 9 1 - 370 - 13 295
Total 45,033 5,978 723 2,792,393 607,664 477,711 1,494,853
* Represents inter fund receivables, if any

(` ‘000)
Linked Life Funds
New Invest Shield Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Pinnacle Fund
Particulars Balanced Fund Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09

168 Profit and Loss Account

LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105
Accrued interest - - - - 7,287 - -
Cash & bank balance 25 19 7 10 28 204 5
Dividend receivable 243 199 11 56 474 1,486 -
Receivable for sale of investments 26,394 21,869 909 5,780 4,624 150,200 -
Unit collection a/c* - - - - - - -

169 Balance Sheet

Other current assets (for Investments) 5 4 - 1 - 30 -
Total 26,667 22,091 927 5,847 12,413 151,920 5
* Represents inter fund receivables, if any
Annual Report 2021-22
 SCHEDULE: F - 3
Current Assets at March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105
Accrued interest - 19,255 607 1,724 113,256 68,831 6,164

170 Receipts & Payments Account

Cash & bank balance 6 97 10 15 291 56 22
Dividend receivable - - - - - - -
Receivable for sale of investments - - - - 48,300 28,344 2,839
Unit collection a/c* - - - - 10,351 - -
Other current assets (for Investments) - - - - - - -

171 Schedules
Total 6 19,352 617 1,739 172,198 97,231 9,025
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
Linked Life Funds
Return Guarantee Return Guarantee Return Guarantee Return Guarantee
Protector Fund IV RICH Fund RICH Fund II
Particulars Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Accrued interest 41,884 - - - 25 - -
Cash & bank balance 215 - - - 9 13 41
Dividend receivable - - - - - 140 739
Receivable for sale of investments 21,801 - - - - 17,402 92,506
Unit collection a/c* - - - - - - -
Other current assets (for Investments) - - - - - 3 14
Total 63,900 - - - 34 17,558 93,300
* Represents inter fund receivables, if any

(` ‘000)

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Linked Life Funds
Secure Save Secure Save Secure Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund
Particulars Builder Fund Guarantee Fund Opportunities Fund Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105

237 Annexures
Accrued interest - - 3,338 15 361 156,375 -
Cash & bank balance 7 20 19 6 7 15 396
Dividend receivable 26 232 4 1 2 - 2,813
Receivable for sale of investments 3,260 27,838 2,701 147 800 - -
Unit collection a/c* - 924 - - - 46,080 150,163
Other current assets (for Investments) 1 4 - - - - 14
Total 3,294 29,018 6,062 169 1,170 202,470 153,386
* Represents inter fund receivables, if any

311
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 3

312
Current Assets at March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Unclaimed fund
Particulars
ULIF 137 27/11/15 Total
UNCLAIM 105
Accrued interest 22,412 7,006,443

149 Management Report

Cash & bank balance 32 48,657
Dividend receivable - 55,214
Receivable for sale of investments - 6,875,372
Unit collection a/c* - 3,304,982
Other current assets (for Investments) - 1,076
Total 22,444 17,291,744
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
Linked Pension Funds
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Fund Pension Balancer Pension Balancer
Particulars Fund-Pension Balanced Fund Secure Fund SP Balanced Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04

157 Independent Auditors’ Report and Certificates

PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105
Accrued interest 10,454 45,293 30,675 2,292 3,493 29,653 34,313
Cash & bank balance 6 302 112 21 17 113 90
Dividend receivable - 263 - 10 26 1,342 895
Receivable for sale of investments - 55,077 13,340 2,979 2,096 36,241 36,220
Unit collection a/c* 25,234 - 15,665 499 - - -
Other current assets (for Investments) - 2 - - - 2 2

166 Revenue Account

Total 35,694 100,937 59,792 5,801 5,632 67,351 71,520
* Represents inter fund receivables, if any

(` ‘000)
Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth
Particulars Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105

168 Profit and Loss Account

Accrued interest - 34,673 2,644 3,059 - - -
Cash & bank balance 9 320 17 18 53 55 10
Dividend receivable 70 106 181 207 143 - 21
Receivable for sale of investments 8,671 18,314 3,555 3,919 - - 898
Unit collection a/c* - - 859 - 1,870 - -
Other current assets (for Investments) 1 1 - - - - -

169 Balance Sheet

Total 8,751 53,414 7,256 7,203 2,066 55 929
* Represents inter fund receivables, if any
Annual Report 2021-22
 SCHEDULE: F - 3
Current Assets at March 31, 2021 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Income Pension Pension Pension Money Pension Multi Cap Pension Multi Cap Pension Multiplier
Particulars Fund Maximiser Fund Maximiser Fund II Market Fund Balanced Fund Growth Fund Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105

170 Receipts & Payments Account

Accrued interest 65,374 - - 5,732 3,374 1 -
Cash & bank balance 56 37 53 28 17 24 21
Dividend receivable - 575 1,008 - 277 389 198
Receivable for sale of investments 20,951 64,393 112,980 - 5,413 - 21,866
Unit collection a/c* - - - 430 73 - -

171 Schedules
Other current assets (for Investments) - 11 19 - - - 4
Total 86,381 65,016 114,060 6,190 9,154 414 22,089
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
Linked Pension Funds
Pension Return Pension Return
Pension Multiplier Pension Pension Preserver Pension Protector Pension Protector Guarantee Fund IX Guarantee Fund
Particulars Fund II Opportunities Fund Fund Fund Fund II (10 Yrs) VIII
ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Accrued interest - - 11,625 127,060 61,551 - -
Cash & bank balance 10 12 51 277 57 - -
Dividend receivable 95 146 - - - - -
Receivable for sale of investments 11,935 17,716 - 59,802 24,685 - -
Unit collection a/c* - 243 - 5,152 - - -
Other current assets (for Investments) 2 3 - - - - -
Total 12,042 18,120 11,676 192,291 86,293 - -
* Represents inter fund receivables, if any

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(` ‘000)
Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus
Guarantee Fund X Guarantee Fund XI
Particulars Fund Fund II Fund Pension Fund
(10 Yrs) (10 Yrs) Total

237 Annexures
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03
PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105
Accrued interest - 1,388 - - 22,015 2,191 496,860
Cash & bank balance 10 6 22 16 96 18 1,954
Dividend receivable - - 572 336 - 2 6,862
Receivable for sale of investments - - 73,921 44,739 106,395 1,318 747,424
Unit collection a/c* - - - - 156 46 50,227
Other current assets (for Investments) - - 11 6 1 - 65
Total 10 1,394 74,526 45,097 128,663 3,575 1,303,392
* Represents inter fund receivables, if any

313
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 3

314
Current Assets at March 31, 2021 (Contd.)
(` ‘000)
Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Fund Balanced Fund Growth Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105
Accrued interest 5,277 4,370 - - 409 42,126 52,182

149 Management Report

Cash & bank balance 32 16 68 15 8 216 355
Dividend receivable 66 76 377 87 - - 606
Receivable for sale of investments 6,177 5,210 - 9,096 - 19,414 39,897
Unit collection a/c* 1,021 790 5,609 1,036 10 1,906 10,372
Other current assets (for Investments) - - - 2 - - 2
Total 12,573 10,462 6,054 10,236 427 63,662 103,414
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Linked Group Life Funds

Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Particulars Fund Fund II Fund II Fund II Fund
Term Debt Fund

157 Independent Auditors’ Report and Certificates

ULGF 001 03/04/03 ULGF 041 30/04/13 ULGF 005 24/02/04 ULGF 002 03/04/03 ULGF 040 30/04/13 ULGF 043 30/04/13 ULGF 004 30/10/03
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 GDebt 105 GDebt2 105 GEquity2 105 GGrowth 105
Accrued interest 135,939 355,359 58 91,811 164,525 - 4,934
Cash & bank balance 504 1,369 6 283 548 6 43
Dividend receivable 152 366 - - - 4 520
Receivable for sale of investments 91,646 205,713 - 36,807 63,178 234 11,200

166 Revenue Account

Unit collection a/c* 345,861 210,907 141 52,717 361,228 791 5,817
Other current assets (for Investments) 3 8 - - - - 1
Total 574,105 773,722 205 181,618 589,479 1,035 22,515
* Represents inter fund receivables, if any

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short Term
Group Short Term
Encashment Encashment
Particulars Fund II Debt Fund Debt Fund III
Balance Fund Income Fund

168 Profit and Loss Account

Total
ULGF 042 30/04/13 ULGF 013 02/04/08 ULGF 014 02/04/08 ULGF 003 03/04/03 ULGF 039 30/04/13
GGrowth2 105 GLEBal 105 GLEIncome 105 GSTDebt 105 GSTDebt3 105
Accrued interest 7,141 17,229 4,631 4,305 4,364 790,296
Cash & bank balance 35 90 14 35 73 3,006
Dividend receivable 65 113 - - - 1,220

169 Balance Sheet

Receivable for sale of investments 14,572 11,414 1,681 - - 436,445
Unit collection a/c* 8,363 11,806 1,476 8,781 7,240 1,015,128
Other current assets (for Investments) 1 - - - - 13
Total 30,177 40,652 7,802 13,121 11,677 2,246,108
* Represents inter fund receivables, if any
Annual Report 2021-22
 SCHEDULE: F - 3
Current Assets at March 31, 2021 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund
ULGF 006 03/10/05 ULGF 010 21/03/07 ULGF 049 27/08/13 ULGF 007 28/10/05 ULGF 011 21/03/07 ULGF 048 27/08/13 ULGF 008 11/12/06

170 Receipts & Payments Account

GCGBal1 105 GCGBal2 105 GCGBal3 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105
Accrued interest 1,406 21,931 71,802 789 17,856 40,828 684
Cash & bank balance 11 60 374 8 39 229 9
Dividend receivable 11 209 81 - - - 8
Receivable for sale of investments 975 17,517 45,792 549 6,586 11,430 782

171 Schedules
Unit collection a/c* 845 12,456 32,822 385 6,095 6,983 552
Other current assets (for Investments) - 1 2 - - - -
Total 3,248 52,174 150,873 1,731 30,576 59,470 2,035
* Represents inter fund receivables, if any
Annexures (Continued)

(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Group SA Debt
Guarantee Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short
Particulars Balanced Fund Fund
Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 05/07/07 ULGF 050 27/08/13 ULGF 009 16/03/07 ULGF 047 27/08/13 ULGF 051 03/04/03 ULGF 055 24/02/04 ULGF 052 03/04/03
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 GSBLN 105 GSCGSTD 105 GSDBT 105
Accrued interest 2,748 6,001 23,085 12,571 149,178 576 118,480
Cash & bank balance 16 27 142 54 521 8 102
Dividend receivable 21 21 - - 146 - -
Receivable for sale of investments 3,170 6,442 - - 89,567 - 45,974
Unit collection a/c* 1,939 5,205 47,741 14,525 81,613 847 80,311
Other current assets (for Investments) - - - - 3 - -
Total 7,894 17,696 70,968 27,150 321,028 1,431 244,867

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

* Represents inter fund receivables, if any

(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Particulars Fund Term Debt Fund Debt Fund II Grand Total

237 Annexures
Total
ULGF 054 30/10/03 ULGF 053 03/04/03 ULGF 046 27/08/13
GSGF 105 GSSTD 105 GSTDebt2 105
Accrued interest 34,279 9,726 - 511,940 8,857,721
Cash & bank balance 124 51 5 1,780 55,752
Dividend receivable 322 - - 819 64,721
Receivable for sale of investments 77,427 - - 306,211 8,405,349
Unit collection a/c* 38,994 13,161 30 344,504 4,725,213
Other current assets (for Investments) 7 - - 13 1,169
Total 151,153 22,938 35 1,165,267 22,109,925
* Represents inter fund receivables, if any

315
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 4

316
Current Liabilities at March 31, 2021
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Fund
Balanced Fund
ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09

149 Management Report

AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105
Payable for purchase of investments 166,031 - 19,770 7,563 507 1,744 274,295
Other current liabilities 1,451 - 592 99 14 20 1,181
Unit payable a/c* - - 16,783 5,802 4 - -
Total 167,482 - 37,145 13,464 525 1,764 275,476
* Represents inter fund payables, if any
Annexures (Continued)

(` ‘000)
Linked Life Funds
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Discontinued Dynamic P/E Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund
Particulars Fund - Life Fund Fund Fund II Fund III Fund IV

157 Independent Auditors’ Report and Certificates

ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07
LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Payable for purchase of investments 190,416 41 9,756 1 2 - -
Other current liabilities 86 1,755 401 40 25 3 7
Unit payable a/c* 31,032 1,645,035 199,853 - 1,379 - -
Total 221,534 1,646,831 210,010 41 1,406 3 7

166 Revenue Account

* Represents inter fund payables, if any

(` ‘000)
Linked Life Funds
Flexi Growth Flexi Growth Flexi Growth Flexi Growth Highest NAV
Focus 50 Fund Income Fund
Particulars Fund Fund II Fund III Fund IV Fund B
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105

168 Profit and Loss Account

Payable for purchase of investments 1 1 - - 424,082 83 378
Other current liabilities 418 407 41 208 702 1,679 5,686
Unit payable a/c* 8,231 9,908 - - - 208,812 -
Total 8,650 10,316 41 208 424,784 210,574 6,064
* Represents inter fund payables, if any

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 4
Current Liabilities at March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
India Growth Invest Shield Invest Shield Maximise India
Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Fund Cash Fund Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01

170 Receipts & Payments Account

IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105
Payable for purchase of investments 120,557 11 2 80,781 256,273 53,472 49,828
Other current liabilities 323 116 16 957 1,746 214 2,319
Unit payable a/c* - 384 1,538 - - - -
Total 120,880 511 1,556 81,738 258,019 53,686 52,147

171 Schedules
* Represents inter fund payables, if any

(` ‘000)
Annexures (Continued)

Linked Life Funds

Maximiser Maximiser Maximiser Maximiser Money Market Multi Cap Multi Cap Growth
Particulars Fund II Fund III Fund IV Fund V Fund Balanced Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105
Payable for purchase of investments 19,640 2,067 307 658,000 53 11,733 1,000,577
Other current liabilities 459 95 8 18,465 1,010 921 6,298
Unit payable a/c* 2,980 25,113 - - - - -
Total 23,079 27,275 315 676,465 1,063 12,654 1,006,875
* Represents inter fund payables, if any

(` ‘000)
Linked Life Funds

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

New Invest Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Shield Balanced Pinnacle Fund
Particulars Fund
Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09
LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105
Payable for purchase of investments 17,625 13,444 1,290 4,310 166 112,238 -

237 Annexures
Other current liabilities 157 85 7 24 18 581 -
Unit payable a/c* 1,060 2,687 3 285 118 4,779 -
Total 18,842 16,216 1,300 4,619 302 117,598 -
* Represents inter fund payables, if any

317
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 4

318
Current Liabilities at March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105

149 Management Report

Payable for purchase of investments - 6 - - 18 6 1
Other current liabilities 1 77 4 8 242 68 13
Unit payable a/c* 4,999 5,563 989 42 - 951 9
Total 5,000 5,646 993 50 260 1,025 23
* Represents inter fund payables, if any

(` ‘000)
Annexures (Continued)

Linked Life Funds

Return Guarantee Return Guarantee Return Guarantee Return Guarantee
Protector Fund IV RICH Fund RICH Fund II
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Particulars Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105

157 Independent Auditors’ Report and Certificates

Payable for purchase of investments 8 - - - - 6,947 33,722
Other current liabilities 57 - - - - 89 311
Unit payable a/c* 1,456 - - - - 8 9,616
Total 1,521 - - - - 7,044 43,649
* Represents inter fund payables, if any

166 Revenue Account

(` ‘000)
Linked Life Funds
Secure
Secure Save Secure Save Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund Opportunities
Particulars Builder Fund Guarantee Fund Fund
Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105
Payable for purchase of investments 1,344 12,256 1 57 115 - 61,101

168 Profit and Loss Account

Other current liabilities 17 98 10 - 2 182 1,799
Unit payable a/c* 407 - 2,160 - - - -
Total 1,768 12,354 2,171 57 117 182 62,900
* Represents inter fund payables, if any

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 4
Current Liabilities at March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Unclaimed fund
Particulars
ULIF 137 27/11/15 Total
UNCLAIM 105

170 Receipts & Payments Account

Payable for purchase of investments 19 3,612,646
Other current liabilities 52 51,664
Unit payable a/c* 21,192 2,213,178
Total 21,263 5,877,488

171 Schedules
* Represents inter fund payables, if any

(` ‘000)
Annexures (Continued)

Linked Pension Funds

Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Pension Balancer Pension Balancer
Particulars Fund-Pension Balanced Fund Secure Fund SP Balanced Fund Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105
Payable for purchase of investments - 15 5 116 1 5,850 6,201
Other current liabilities 14 298 66 13 8 198 90
Unit payable a/c* - 40,111 - - 597 2,427 3,553
Total 14 40,424 71 129 606 8,475 9,844
* Represents inter fund payables, if any

(` ‘000)
Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Particulars Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105
Payable for purchase of investments 4,413 2,195 1 1 1 1 -
Other current liabilities 27 108 31 15 557 293 5

237 Annexures
Unit payable a/c* 42 615 - 766 - 9,021 14
Total 4,482 2,918 32 782 558 9,315 19
* Represents inter fund payables, if any

319
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 4

320
Current Liabilities at March 31, 2021 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Multi
Pension Income Pension Pension Pension Money Pension Multi Pension
Cap Balanced
Particulars Fund Maximiser Fund Maximiser Fund II Market Fund Cap Growth Fund Multiplier Fund
Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08

149 Management Report

PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105
Payable for purchase of investments 7 34,870 56,333 1 1 - 13,677
Other current liabilities 110 376 435 19 23 203 128
Unit payable a/c* 9,048 13,810 7,248 - - 1,485 801
Total 9,165 49,056 64,016 20 24 1,688 14,606
* Represents inter fund payables, if any
Annexures (Continued)

(` ‘000)
Linked Pension Funds
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Pension Pension Return Pension Return

Pension Pension Pension Protector Pension Protector
Opportunities Guarantee Fund IX Guarantee Fund
Particulars Multiplier Fund II Preserver Fund Fund Fund II
Fund (10 Yrs) VIII

157 Independent Auditors’ Report and Certificates

ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Payable for purchase of investments 6,018 6,610 3 16 5 - -
Other current liabilities 41 55 48 282 61 - -
Unit payable a/c* 3,185 - 3,402 - 890 - -
Total 9,244 6,665 3,453 298 956 - -

166 Revenue Account

* Represents inter fund payables, if any

(` ‘000)
Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus
Guarantee Fund X Guarantee Fund XI
Particulars Fund Fund II Fund Pension Fund
(10 Yrs) (10 Yrs) Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03

168 Profit and Loss Account

PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105
Payable for purchase of investments - - 22,524 13,320 198,431 1 370,617
Other current liabilities - - 357 140 45 6 4,052
Unit payable a/c* 9,606 - 17,143 3,909 - - 127,673
Total 9,606 - 40,024 17,369 198,476 7 502,342

169 Balance Sheet

* Represents inter fund payables, if any
Annual Report 2021-22
 SCHEDULE: F - 4
Current Liabilities at March 31, 2021 (Contd.)

(` ‘000)
Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Fund Balanced Fund Growth Fund Fund Fund Fund

170 Receipts & Payments Account

Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105
Payable for purchase of investments 1,371 1 1 9,220 - 9 10,602
Other current liabilities 15 20 265 37 2 52 391

171 Schedules
Unit payable a/c* - - - - - - -
Total 1,386 21 266 9,257 2 61 10,993
* Represents inter fund payables, if any
Annexures (Continued)

(` ‘000)
Linked Group Life Funds
Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Fund Fund II Fund II Fund II Fund
Particulars Term Debt Fund
ULGF 001 ULGF 041 ULGF 005 ULGF 002 ULGF 040 ULGF 043 ULGF 004
03/04/03 30/04/13 24/02/04 03/04/03 GDebt 30/04/13 GDebt2 30/04/13 GEquity2 30/10/03 GGrowth
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 105 105 105 105
Payable for purchase of investments 18,844 34,932 - 15 24 527 5,947
Other current liabilities 401 961 1 187 341 1 38
Unit payable a/c* - - - - - - -
Total 19,245 35,893 1 202 365 528 5,985
* Represents inter fund payables, if any

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short Term Group Short Term
Encashment Encashment
Fund II Debt Fund Debt Fund III
Particulars Balance Fund Income Fund

237 Annexures
Total
ULGF 042 ULGF 013 ULGF 014 ULGF 003 ULGF 039
30/04/13 02/04/08 GLEBal 02/04/08 03/04/03 GSTDebt 30/04/13
GGrowth2 105 105 GLEIncome 105 105 GSTDebt3 105
Payable for purchase of investments 5,415 1,718 - 1 4 67,427
Other current liabilities 45 49 8 25 58 2,115
Unit payable a/c* - - - - - -
Total 5,460 1,767 8 26 62 69,542
* Represents inter fund payables, if any

321
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 4

322
Current Liabilities at March 31, 2021 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund
ULGF 006 ULGF 010 ULGF 049 ULGF 007 ULGF 011 ULGF 048 ULGF 008

149 Management Report

03/10/05 GCGBal1 21/03/07 GCGBal2 27/08/13 GCGBal3 28/10/05 21/03/07 27/08/13 11/12/06
105 105 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105
Payable for purchase of investments 112 2,079 6,467 - 2 6 220
Other current liabilities 7 78 223 3 40 101 6
Unit payable a/c* - - - - - - -
Total 119 2,157 6,690 3 42 107 226
* Represents inter fund payables, if any
Annexures (Continued)

(` ‘000)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Linked Group Pension Funds

Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Group SA Debt
Guarantee Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short

157 Independent Auditors’ Report and Certificates

Balanced Fund Fund
Particulars Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 ULGF 050 ULGF 009 ULGF 047 ULGF 051 ULGF 055 ULGF 052
05/07/07 27/08/13 16/03/07 27/08/13 03/04/03 GSBLN 24/02/04 03/04/03 GSDBT
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 105 GSCGSTD 105 105
Payable for purchase of investments 821 1,811 10 3 11,484 - 17
Other current liabilities 17 26 226 78 375 4 202

166 Revenue Account

Unit payable a/c* - - - - - - -
Total 838 1,837 236 81 11,859 4 219
* Represents inter fund payables, if any

(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Fund Term Debt Fund Debt Fund II
Particulars Grand Total

168 Profit and Loss Account

ULGF 054 ULGF 053 ULGF 046 Total
30/10/03 GSGF 03/04/03 GSSTD 27/08/13
105 105 GSTDebt2 105
Payable for purchase of investments 22,422 3 - 45,457 4,106,749
Other current liabilities 222 68 - 1,676 59,898
Unit payable a/c* - - - - 2,340,851

169 Balance Sheet

Total 22,644 71 - 47,133 6,507,498
* Represents inter fund payables, if any
Annual Report 2021-22
 ANNEXURE 2
3.15 Fund Revenue Account for the year ended March 31, 2022
Form A-RA(UL)
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Schedule Balanced Fund Fund

170 Receipts & Payments Account

ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09
AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105
Income from investments
Interest income 1,198,669 - 326,131 123,615 7,569 25,296 25,619
Dividend income 175,598 - 30,523 11,083 669 2,299 291,873

171 Schedules
Profit/(loss) on sale of investment 2,252,354 - 464,091 170,246 10,540 33,255 3,085,647
Profit/(loss) on inter fund transfer/ sale of investment 108,992 - 63,962 25,395 1,631 4,656 250,470
Unrealised gain/(loss)* 602,618 - (59,460) (19,667) (1,736) (2,145) 1,756,002
Income on unclaimed amount of policyholders - - - - - - -
Annexures (Continued)

Total income (A) 4,338,231 - 825,247 310,672 18,673 63,361 5,409,611

Fund management expenses 510,167 - 81,935 30,829 4,228 6,355 425,305
Fund administration expenses - - 103,151 - - - -
Other charges F-5 251,344 - 18,825 15,745 673 3,051 246,237
Service tax/GST 208,105 - 37,819 8,546 883 1,694 176,673
Total expenditure (B) 969,616 - 241,730 55,120 5,784 11,100 848,215
Net income for the year (A-B) 3,368,615 - 583,517 255,552 12,889 52,261 4,561,396
Add: Fund revenue account at the beginning of the year 4,657,976 3,048 17,542,658 5,979,145 437,402 802,879 7,854,189
Fund revenue account at the end of the year 8,026,591 3,048 18,126,175 6,234,697 450,291 855,140 12,415,585
*Net change in mark to market value of investments

(` ‘000)
Linked Life Funds
Discontinued Fund Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund Dynamic P/E Fund
Particulars Schedule - Life Fund Fund II Fund III Fund IV

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07
LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Income from investments
Interest income 83,256 7,324,859 267,493 15,970 23,120 1,212 6,511
Dividend income - - 34,005 2,746 3,845 205 1,051

237 Annexures
Profit/(loss) on sale of investment (9,522) (193,717) 845,751 62,229 85,992 4,707 23,666
Profit/(loss) on inter fund transfer/ sale of investment 21,941 (13,840) (10,536) 5,773 8,355 512 1,855
Unrealised gain/(loss)* (24,164) (2,231,560) (169,206) (19,765) (27,291) (1,399) (7,172)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 71,511 4,885,742 967,507 66,953 94,021 5,237 25,911
Fund management expenses 16,252 555,041 101,152 13,055 8,302 999 2,317
Fund administration expenses - - - - - - -
Other charges F-5 13,800 239 (28,094) 2,192 5,472 224 1,268
Service tax/GST 5,719 99,895 27,529 2,837 2,522 220 645
Total expenditure (B) 35,771 655,175 100,587 18,084 16,296 1,443 4,230
Net income for the year (A-B) 35,740 4,230,567 866,920 48,869 77,725 3,794 21,681
Add: Fund revenue account at the beginning of the year 2,114,855 22,593,014 11,762,421 1,056,078 731,954 65,346 257,491
Fund revenue account at the end of the year 2,150,595 26,823,581 12,629,341 1,104,947 809,679 69,140 279,172
*Net change in mark to market value of investments

323
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.15 Fund Revenue Account for the year ended March 31, 2022 (Contd.)

324
Form A-RA(UL)
(` ‘000)
Linked Life Funds
Flexi Growth Flexi Growth Flexi Growth Highest NAV
Focus 50 Fund Income Fund
Particulars Schedule Flexi Growth Fund Fund II Fund III Fund IV Fund B
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105
Income from investments

149 Management Report

Interest income 2,480 2,995 379 1,652 15,597 756,013 7,824,822
Dividend income 47,076 68,306 4,680 35,037 246,788 - -
Profit/(loss) on sale of investment 1,111,957 1,598,532 108,030 871,893 1,565,585 - (55,272)
Profit/(loss) on inter fund transfer/ sale of investment 156,271 246,393 16,719 142,943 56,346 (1) (2,182)
Unrealised gain/(loss)* (323,545) (431,861) (31,511) (305,342) 1,784,262 - (1,523,148)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 994,239 1,484,365 98,297 746,183 3,668,578 756,012 6,244,220
Fund management expenses 137,491 133,464 13,662 66,798 290,594 396,159 1,617,966
Annexures (Continued)

Fund administration expenses - - - - - - -

Other charges F-5 23,354 68,281 2,660 27,146 276,845 32,229 1,116,663
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Service tax/GST 29,871 36,755 2,940 16,927 166,150 130,026 770,856

Total expenditure (B) 190,716 238,500 19,262 110,871 733,589 558,414 3,505,485
Net income for the year (A-B) 803,523 1,245,865 79,035 635,312 2,934,989 197,598 2,738,735

157 Independent Auditors’ Report and Certificates

Add: Fund revenue account at the beginning of the year 23,675,264 10,304,918 1,065,223 9,388,724 3,165,130 15,343,079 21,704,733
Fund revenue account at the end of the year 24,478,787 11,550,783 1,144,258 10,024,036 6,100,119 15,540,677 24,443,468
*Net change in mark to market value of investments

(` ‘000)
Linked Life Funds

166 Revenue Account

Invest Shield Cash Invest Shield Fund Maximise India
Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Schedule India Growth Fund Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105
Income from investments
Interest income 8,742 172,777 19,632 6,543 1,841,614 4,622 18,342
Dividend income 100,479 - 555 138,272 - 48,134 315,989
Profit/(loss) on sale of investment 783,706 (17,045) 13,453 3,061,417 (196,548) 940,009 4,641,110
Profit/(loss) on inter fund transfer/ sale of investment 45,234 6,316 663 568,787 (271) 42,181 20,410

168 Profit and Loss Account

Unrealised gain/(loss)* 952,271 (29,042) (7,259) (971,675) (283,867) (68,874) 1,144,001
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 1,890,432 133,006 27,044 2,803,344 1,360,928 966,072 6,139,852
Fund management expenses 161,244 34,111 4,716 254,770 550,933 79,295 333,848
Fund administration expenses - - - - - - 425,480
Other charges F-5 207,408 29,721 3,054 124,563 163,857 50,735 62,201

169 Balance Sheet

Service tax/GST 124,341 11,859 1,445 84,865 148,320 36,700 152,776
Total expenditure (B) 492,993 75,691 9,215 464,198 863,110 166,730 974,305
Net income for the year (A-B) 1,397,439 57,315 17,829 2,339,146 497,818 799,342 5,165,547
Add: Fund revenue account at the beginning of the year 1,451,426 2,560,100 1,300,341 4,645,484 4,667,976 1,029,562 73,362,171
Fund revenue account at the end of the year 2,848,865 2,617,415 1,318,170 6,984,630 5,165,794 1,828,904 78,527,718
*Net change in mark to market value of investments
Annual Report 2021-22
 3.15 Fund Revenue Account for the year ended March 31, 2022 (Contd.)
Form A-RA(UL)
(` ‘000)
Linked Life Funds
Maximiser Fund Maximiser Fund Money Market Multi Cap Multi Cap Growth
Maximiser Fund V
Particulars Schedule Maximiser Fund II III IV Fund Balanced Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105

170 Receipts & Payments Account

Income from investments
Interest income 5,185 811 138 279,207 2,002,737 648,525 108,847
Dividend income 93,711 12,388 1,666 4,293,850 - 110,401 1,442,220
Profit/(loss) on sale of investment 1,433,295 184,398 21,944 53,749,837 (287,494) 2,226,294 26,939,505
Profit/(loss) on inter fund transfer/ sale of investment 6,090 12,161 395 178,984 (22,956) 158,315 1,641,856

171 Schedules
Unrealised gain/(loss)* 288,063 28,677 7,278 23,821,289 (76,419) (5,970) 1,258,878
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 1,826,344 238,435 31,421 82,323,167 1,615,868 3,137,565 31,391,306
Fund management expenses 149,220 30,113 2,693 6,220,406 298,812 316,376 2,293,485
Annexures (Continued)

Fund administration expenses - - - - - - -

Other charges F-5 48,063 3,792 1,107 2,456,033 203,706 133,695 1,174,323
Service tax/GST 36,046 6,105 684 2,074,797 151,471 108,885 896,953
Total expenditure (B) 233,329 40,010 4,484 10,751,236 653,989 558,956 4,364,761
Net income for the year (A-B) 1,593,015 198,425 26,937 71,571,931 961,879 2,578,609 27,026,545
Add: Fund revenue account at the beginning of the year 19,676,206 3,315,448 601,159 108,177,413 8,255,582 5,569,846 35,233,743
Fund revenue account at the end of the year 21,269,221 3,513,873 628,096 179,749,344 9,217,461 8,148,455 62,260,288
*Net change in mark to market value of investments

(` ‘000)
Linked Life Funds
New Invest Shield Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Pinnacle Fund
Particulars Schedule Balanced Fund Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09
LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Income from investments
Interest income 1,247 927 96 295 22,093 17,921 18
Dividend income 22,182 18,030 996 5,135 963 139,690 -
Profit/(loss) on sale of investment 287,681 241,469 11,523 67,092 17,622 1,436,640 -
Profit/(loss) on inter fund transfer/ sale of investment 29,696 25,320 6,745 6,005 896 62,323 -
Unrealised gain/(loss)* 78,773 52,098 (700) 18,374 (9,271) 1,151,261 -

237 Annexures
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 419,579 337,844 18,660 96,901 32,303 2,807,835 18
Fund management expenses 52,550 28,239 2,398 8,045 5,270 222,855 7
Fund administration expenses - - - - - - 1
Other charges F-5 7,082 12,364 339 3,955 3,166 104,957 (8)
Service tax/GST 11,055 7,483 493 2,161 1,570 89,556 (1)
Total expenditure (B) 70,687 48,086 3,230 14,161 10,006 417,368 (1)
Net income for the year (A-B) 348,892 289,758 15,430 82,740 22,297 2,390,467 19
Add: Fund revenue account at the beginning of the year 9,953,407 1,897,756 149,775 855,532 1,755,691 5,407,205 4,952,967
Fund revenue account at the end of the year 10,302,299 2,187,514 165,205 938,272 1,777,988 7,797,672 4,952,986
*Net change in mark to market value of investments

325
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.15 Fund Revenue Account for the year ended March 31, 2022 (Contd.)

326
Form A-RA(UL)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars Schedule
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105
Income from investments
Interest income 19 145,040 7,885 13,363 302,664 173,943 17,089

149 Management Report

Dividend income - - - - - - -
Profit/(loss) on sale of investment - (20,775) (1,052) (769) (32,984) (16,100) (1,649)
Profit/(loss) on inter fund transfer/ sale of investment - (1,148) (144) (48) 1,067 12,988 406
Unrealised gain/(loss)* - (6,161) (195) (922) (38,710) (27,058) (2,045)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 19 116,956 6,494 11,624 232,037 143,773 13,801
Fund management expenses 7 22,462 1,252 2,240 11,916 20,240 4,121
Fund administration expenses 1 - - - 59,578 - -
Annexures (Continued)

Other charges F-5 (228) 11,920 462 2,281 16,507 16,622 855
Service tax/GST 1 6,595 309 817 16,588 6,787 896
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Total expenditure (B) (219) 40,977 2,023 5,338 104,589 43,649 5,872
Net income for the year (A-B) 238 75,979 4,471 6,286 127,448 100,124 7,929
Add: Fund revenue account at the beginning of the year 2,722,636 3,721,887 197,808 316,265 7,871,227 3,683,039 413,228

157 Independent Auditors’ Report and Certificates

Fund revenue account at the end of the year 2,722,874 3,797,866 202,279 322,551 7,998,675 3,783,163 421,157
*Net change in mark to market value of investments

(` ‘000)
Linked Life Funds
Return Guarantee Return Guarantee Return Guarantee Return Guarantee

166 Revenue Account

Protector Fund IV RICH Fund RICH Fund II
Particulars Schedule Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Income from investments
Interest income 149,421 - - - 13 753 3,489
Dividend income - - - - - 11,658 60,964
Profit/(loss) on sale of investment (13,551) - - - - 171,979 942,638
Profit/(loss) on inter fund transfer/ sale of investment - - - - 37 14,799 87,771
Unrealised gain/(loss)* (22,065) - - - (35) 42,956 179,458

168 Profit and Loss Account

Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 113,805 - - - 15 242,145 1,274,320
Fund management expenses 18,788 - - - 5 29,684 102,421
Fund administration expenses - - - - - - -
Other charges F-5 18,408 - - (1) 2 4,622 53,891
Service tax/GST 6,704 - - - 1 6,386 28,485

169 Balance Sheet

Total expenditure (B) 43,900 - - (1) 8 40,692 184,797
Net income for the year (A-B) 69,905 - - 1 7 201,453 1,089,523
Add: Fund revenue account at the beginning of the year 2,960,251 91,333 174,750 296,139 9,380 5,751,567 6,099,536
Fund revenue account at the end of the year 3,030,156 91,333 174,750 296,140 9,387 5,953,020 7,189,059
*Net change in mark to market value of investments
Annual Report 2021-22
 3.15 Fund Revenue Account for the year ended March 31, 2022 (Contd.)
Form A-RA(UL)
(` ‘000)
Linked Life Funds
Secure Save Secure Save Secure Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund
Particulars Schedule Builder Fund Guarantee Fund Opportunities Fund Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105

170 Receipts & Payments Account

Income from investments
Interest income 180 1,415 12,171 200 1,568 308,769 54,866
Dividend income 2,173 19,734 297 91 149 - 479,333
Profit/(loss) on sale of investment 30,730 278,086 7,641 1,611 2,833 (11,989) 8,843,553
Profit/(loss) on inter fund transfer/ sale of investment 10,341 21,225 384 161 407 - 582,196

171 Schedules
Unrealised gain/(loss)* 1,969 88,230 (4,004) (183) (752) (47,886) (1,648,256)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 45,393 408,690 16,489 1,880 4,205 248,894 8,311,692
Fund management expenses 5,558 33,510 2,908 165 720 60,876 696,797
Annexures (Continued)

Fund administration expenses - - - - - - -

Other charges F-5 974 13,326 2,155 - - 72,647 443,165
Service tax/GST 1,176 8,451 963 30 130 40,780 317,770
Total expenditure (B) 7,708 55,287 6,026 195 850 174,303 1,457,732
Net income for the year (A-B) 37,685 353,403 10,463 1,685 3,355 74,591 6,853,960
Add: Fund revenue account at the beginning of the year 466,114 3,184,668 320,178 20,650 62,907 119,548 5,748,701
Fund revenue account at the end of the year 503,799 3,538,071 330,641 22,335 66,262 194,139 12,602,661
*Net change in mark to market value of investments

(` ‘000)
Linked Life Funds
Balanced Sustainable Equity Unclaimed fund
Particulars Schedule Advantage Fund Fund
Total
ULIF 144 03/06/21 ULIF 145 03/06/21 ULIF 137 27/11/15
BalanceAdv 105 SustainEqu 105 UNCLAIM 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Income from investments
Interest income 49,691 2,744 - 24,438,860
Dividend income 10,681 3,630 - 8,289,155
Profit/(loss) on sale of investment (18,045) (328) - 117,753,701
Profit/(loss) on inter fund transfer/ sale of investment (1,205) - - 4,604,042
Unrealised gain/(loss)* (55,095) (82,428) - 24,688,614

237 Annexures
Income on unclaimed amount of policyholders - - 410,851 410,851
Total income (A) (13,973) (76,382) 410,851 180,185,223
Fund management expenses 35,499 13,167 21,262 16,545,055
Fund administration expenses - - - 588,211
Other charges F-5 138,694 54,084 - 7,722,653
Service tax/GST 101,860 44,874 3,827 6,267,606
Total expenditure (B) 276,053 112,125 25,089 31,123,525
Net income for the year (A-B) (290,026) (188,507) 385,762 149,061,698
Add: Fund revenue account at the beginning of the year - - 2,188,153 501,744,282
Fund revenue account at the end of the year (290,026) (188,507) 2,573,915 650,805,980
*Net change in mark to market value of investments

327
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.15 Fund Revenue Account for the year ended March 31, 2022 (Contd.)

328
Form A-RA(UL)
(` ‘000)
Linked Pension Funds
Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Fund Pension Balancer Pension Balancer
Particulars Schedule Fund-Pension Balanced Fund Secure Fund SP Balanced Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105
Income from investments

149 Management Report

Interest income 59,793 171,158 84,997 9,417 10,756 110,776 115,975
Dividend income - 18,074 - 999 272 10,451 10,270
Profit/(loss) on sale of investment (25,079) 458,631 (8,065) 20,283 6,340 152,447 153,590
Profit/(loss) on inter fund transfer/ sale of investment (6,800) 16,505 502 858 339 24,949 23,321
Unrealised gain/(loss)* 6,263 (101,450) (12,021) (2,169) (3,772) (23,759) (21,579)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 34,177 562,918 65,413 29,388 13,935 274,864 281,577
Fund management expenses 4,010 94,405 19,885 4,321 2,491 27,182 27,964
Annexures (Continued)

Fund administration expenses - - - - - 34,223 -

Other charges F-5 2 11,227 3,135 26 1,906 384 1,636
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Service tax/GST 722 20,255 4,541 798 731 11,368 5,496

Total expenditure (B) 4,734 125,887 27,561 5,145 5,128 73,157 35,096
Net income for the year (A-B) 29,443 437,031 37,852 24,243 8,807 201,707 246,481

157 Independent Auditors’ Report and Certificates

Add: Fund revenue account at the beginning of the year 403,220 1,599,389 326,625 68,055 311,173 5,204,062 7,401,403
Fund revenue account at the end of the year 432,663 2,036,420 364,477 92,298 319,980 5,405,769 7,647,884
*Net change in mark to market value of investments

(` ‘000)
Linked Pension Funds

166 Revenue Account

Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth
Particulars Schedule Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105
Income from investments
Interest income 385 76,976 12,195 13,203 3,241 3,292 102
Dividend income 6,419 10,792 2,247 2,448 61,558 48,813 985
Profit/(loss) on sale of investment 81,116 258,756 42,752 47,132 1,378,125 1,067,630 26,883
Profit/(loss) on inter fund transfer/ sale of investment 15,745 891 5,271 6,108 262,957 171,764 1,711

168 Profit and Loss Account

Unrealised gain/(loss)* 17,832 (50,509) (9,928) (11,508) (369,086) (224,016) (8,502)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 121,497 296,906 52,537 57,383 1,336,795 1,067,483 21,179
Fund management expenses 9,099 33,204 9,993 4,747 176,814 94,248 1,599
Fund administration expenses - - - - - - -
Other charges F-5 (144) (1,040) 17 (224) 79 2,369 824

169 Balance Sheet

Service tax/GST 1,655 6,032 1,809 923 31,882 18,525 436
Total expenditure (B) 10,610 38,196 11,819 5,446 208,775 115,142 2,859
Net income for the year (A-B) 110,887 258,710 40,718 51,937 1,128,020 952,341 18,320
Add: Fund revenue account at the beginning of the year 905,768 4,499,252 760,138 1,249,912 19,837,565 24,985,981 253,363
Fund revenue account at the end of the year 1,016,655 4,757,962 800,856 1,301,849 20,965,585 25,938,322 271,683
*Net change in mark to market value of investments
Annual Report 2021-22
 3.15 Fund Revenue Account for the year ended March 31, 2022 (Contd.)
Form A-RA(UL)
(` ‘000)
Linked Pension Funds
Pension Income Pension Pension Pension Money Pension Multi Cap Pension Multi Cap Pension Multiplier
Particulars Schedule Fund Maximiser Fund Maximiser Fund II Market Fund Balanced Fund Growth Fund Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105

170 Receipts & Payments Account

Income from investments
Interest income 159,312 3,280 5,339 34,794 14,426 2,188 827
Dividend income - 52,339 90,214 - 2,672 38,135 17,817
Profit/(loss) on sale of investment (920) 768,598 1,379,063 (1,606) 58,581 914,636 252,495
Profit/(loss) on inter fund transfer/ sale of investment 10,903 72,921 156,378 (650) 7,353 185,943 28,794

171 Schedules
Unrealised gain/(loss)* (40,626) 111,462 111,033 (3,057) (21,138) (338,175) 37,333
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 128,669 1,008,600 1,742,027 29,481 61,894 802,727 337,266
Fund management expenses 32,766 54,967 142,027 5,713 7,344 64,664 41,788
Annexures (Continued)

Fund administration expenses - 70,125 - - - - -

Other charges F-5 (613) 792 7,416 18 (139) (1,367) 166
Service tax/GST 5,976 23,145 27,101 1,065 1,337 11,762 7,578
Total expenditure (B) 38,129 149,029 176,544 6,796 8,542 75,059 49,532
Net income for the year (A-B) 90,540 859,571 1,565,483 22,685 53,352 727,668 287,734
Add: Fund revenue account at the beginning of the year 3,614,490 8,996,592 26,823,879 1,363,137 1,198,334 9,088,382 3,477,223
Fund revenue account at the end of the year 3,705,030 9,856,163 28,389,362 1,385,822 1,251,686 9,816,050 3,764,957
*Net change in mark to market value of investments

(` ‘000)
Linked Pension Funds
Pension Return Pension Return
Pension Multiplier Pension Pension Preserver Pension Protector Pension Protector Guarantee Fund IX Guarantee Fund
Particulars Schedule Fund II Opportunities Fund Fund Fund Fund II (10 Yrs) VIII
ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Income from investments
Interest income 466 812 86,121 357,034 156,947 - -
Dividend income 8,565 11,974 - - - - -
Profit/(loss) on sale of investment 115,216 174,570 (9,207) (23,279) (17,090) - -
Profit/(loss) on inter fund transfer/ sale of investment 16,806 14,637 (1,372) 2,464 11,581 - -

237 Annexures
Unrealised gain/(loss)* 17,922 46,731 (4,973) (69,211) (27,334) - -
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 158,975 248,724 70,569 267,008 124,104 - -
Fund management expenses 13,415 18,264 13,581 13,998 17,852 - -
Fund administration expenses - - - 69,992 - - -
Other charges F-5 607 (137) 38 471 (2,057) - -
Service tax/GST 2,623 3,333 2,610 15,404 3,690 - -
Total expenditure (B) 16,645 21,460 16,229 99,865 19,485 - -
Net income for the year (A-B) 142,330 227,264 54,340 167,143 104,619 - -
Add: Fund revenue account at the beginning of the year 2,247,718 3,002,836 4,114,196 10,037,201 5,765,023 32,935 108,219
Fund revenue account at the end of the year 2,390,048 3,230,100 4,168,536 10,204,344 5,869,642 32,935 108,219
*Net change in mark to market value of investments

329
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.15 Fund Revenue Account for the year ended March 31, 2022 (Contd.)

330
Form A-RA(UL)
(` ‘000)
Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus
Fund X Guarantee Fund XI
Particulars Schedule Guarantee Fund Fund II Fund Pension Fund
(10 Yrs) (10 Yrs) Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03
PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105

149 Management Report

Income from investments
Interest income 4 49 2,314 1,478 63,415 7,672 1,568,744
Dividend income - - 45,478 27,166 - 180 467,868
Profit/(loss) on sale of investment - - 738,439 431,910 (5,166) 4,224 8,441,005
Profit/(loss) on inter fund transfer/ sale of investment - 17 78,639 49,906 2,289 225 1,160,955
Unrealised gain/(loss)* - (18) 85,739 57,979 (12,320) (2,392) (865,249)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 4 48 950,609 568,439 48,218 9,909 10,773,323
Annexures (Continued)

Fund management expenses - 20 114,842 45,565 13,517 1,803 1,112,088

Fund administration expenses - - - - - - 174,340
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Other charges F-5 (7) (117) 5 3,499 6,616 1,318 36,706

Service tax/GST - 4 20,686 9,079 3,625 591 244,782
Total expenditure (B) (7) (93) 135,533 58,143 23,758 3,712 1,567,916

157 Independent Auditors’ Report and Certificates

Net income for the year (A-B) 11 141 815,076 510,296 24,460 6,197 9,205,407
Add: Fund revenue account at the beginning of the year 72,012 8,959 14,242,703 11,801,122 436,851 138,036 174,375,754
Fund revenue account at the end of the year 72,023 9,100 15,057,779 12,311,418 461,311 144,233 183,581,161
*Net change in mark to market value of investments

(` ‘000)

166 Revenue Account

Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Schedule Fund Balanced Fund Growth Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105
Income from investments
Interest income 19,291 18,347 4,162 485 3,752 132,482 178,519
Dividend income 1,690 2,975 44,852 8,044 - - 57,561
Profit/(loss) on sale of investment 25,411 70,213 996,559 96,529 (279) (9,182) 1,179,251

168 Profit and Loss Account

Profit/(loss) on inter fund transfer/ sale of investment 3,221 7,380 119,119 9,171 (24) 1,907 140,774
Unrealised gain/(loss)* (1,354) (24,192) (217,941) 37,924 (130) (23,398) (229,091)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 48,259 74,723 946,751 152,153 3,319 101,809 1,327,014
Fund management expenses 4,877 6,486 87,555 12,729 641 16,518 128,806
Fund administration expenses - - - - - - -

169 Balance Sheet

Other charges F-5 41,906 59,646 520,337 64,886 7,642 200,520 894,937
Service tax/GST 8,474 12,001 109,908 14,020 1,498 39,294 185,195
Total expenditure (B) 55,257 78,133 717,800 91,635 9,781 256,332 1,208,938
Net income for the year (A-B) (6,998) (3,410) 228,951 60,518 (6,462) (154,523) 118,076
Add: Fund revenue account at the beginning of the year (187,301) (301,554) (2,957,976) (247,767) (42,020) (1,010,735) (4,747,353)
Fund revenue account at the end of the year (194,299) (304,964) (2,729,025) (187,249) (48,482) (1,165,258) (4,629,277)
*Net change in mark to market value of investments
Annual Report 2021-22
 3.14 Fund Revenue Account for the year ended March 31, 2022 (Contd.)
Form A-RA(UL)
(` ‘000)
Linked Group Life Funds
Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Particulars Schedule Fund Fund II Fund II Fund II Fund
Term Debt Fund
ULGF 001 03/04/03 ULGF 041 30/04/13 ULGF 005 24/02/04 ULGF 002 03/04/03 ULGF 040 30/04/13 ULGF 043 30/04/13 ULGF 004 30/10/03
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 GDebt 105 GDebt2 105 GEquity2 105 GGrowth 105

170 Receipts & Payments Account

Income from investments
Interest income 514,112 1,316,067 876 243,294 590,929 46 24,524
Dividend income 14,116 35,173 - - - 364 5,220
Profit/(loss) on sale of investment 203,281 347,875 (66) (7,388) (15,416) 3,424 62,785
Profit/(loss) on inter fund transfer/ sale of investment 60,825 52,880 - 27,112 18,377 187 21,182

171 Schedules
Unrealised gain/(loss)* (123,689) (51,849) (16) (60,802) (93,043) 2,979 (1,995)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 668,645 1,700,146 794 202,216 500,847 7,000 111,716
Annexures (Continued)

Fund management expenses 123,409 323,603 249 48,427 127,341 523 11,751
Fund administration expenses - - - - - - -
Other charges F-5 (89,777) (289,839) (147) (30,908) (110,805) (374) (9,081)
Service tax/GST 22,214 58,249 45 8,717 22,921 94 2,115
Total expenditure (B) 55,846 92,013 147 26,236 39,457 243 4,785
Net income for the year (A-B) 612,799 1,608,133 647 175,980 461,390 6,757 106,931
Add: Fund revenue account at the beginning of the year 16,412,756 6,689,813 115,758 9,492,613 2,115,423 11,744 6,521,905
Fund revenue account at the end of the year 17,025,555 8,297,946 116,405 9,668,593 2,576,813 18,501 6,628,836
*Net change in mark to market value of investments

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short Term
Group Short Term
Encashment Encashment
Particulars Schedule Fund II Debt FundDebt Fund III
Balance Fund Income Fund Total
ULGF 042 30/04/13 ULGF 013 02/04/08 ULGF 014 02/04/08 ULGF 003 03/04/03 ULGF 039 30/04/13

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

GGrowth2 105 GLEBal 105 GLEIncome 105 GSTDebt 105 GSTDebt3 105
Income from investments
Interest income 36,018 55,982 9,476 25,113 59,480 2,875,917
Dividend income 6,631 1,695 - - - 63,199
Profit/(loss) on sale of investment 79,060 34,933 (368) (2,808) (5,046) 700,266

237 Annexures
Profit/(loss) on inter fund transfer/ sale of investment 9,780 8,610 1,690 (27) (418) 200,198
Unrealised gain/(loss)* 24,677 (23,077) (3,469) (1,111) (2,893) (334,288)
Income on unclaimed amount of policyholders - - - - - -
Total income (A) 156,166 78,143 7,329 21,167 51,123 3,505,292
Fund management expenses 16,772 13,650 1,944 7,121 17,084 691,874
Fund administration expenses - - - - - -
Other charges F-5 (13,175) (10,896) (1,204) (4,525) (13,969) (574,700)
Service tax/GST 3,019 2,457 350 1,282 3,075 124,538
Total expenditure (B) 6,616 5,211 1,090 3,878 6,190 241,712
Net income for the year (A-B) 149,550 72,932 6,239 17,289 44,933 3,263,580
Add: Fund revenue account at the beginning of the year 292,505 939,294 122,668 4,323,214 184,304 47,221,997
Fund revenue account at the end of the year 442,055 1,012,226 128,907 4,340,503 229,237 50,485,577
*Net change in mark to market value of investments

331
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.15 Fund Revenue Account for the year ended March 31, 2022 (Contd.)

332
Form A-RA(UL)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Schedule Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund
ULGF 006 03/10/05 ULGF 010 21/03/07 ULGF 049 27/08/13 ULGF 007 28/10/05 ULGF 011 21/03/07 ULGF 048 27/08/13 ULGF 008 11/12/06
GCGBal1 105 GCGBal2 105 GCGBal3 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105

149 Management Report

Income from investments
Interest income 5,174 74,596 299,467 2,783 50,163 148,558 2,661
Dividend income 155 2,210 7,916 - - - 236
Profit/(loss) on sale of investment 1,962 32,917 89,593 (61) (1,494) (8,729) 3,415
Profit/(loss) on inter fund transfer/ sale of investment 346 5,725 19,901 60 2,011 4,811 479
Unrealised gain/(loss)* (820) (19,106) (43,917) (381) (10,849) (23,649) (167)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 6,817 96,342 372,960 2,401 39,831 120,991 6,624
Annexures (Continued)

Fund management expenses 2,178 23,431 82,045 794 12,440 34,907 1,837
Fund administration expenses - - - - - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Other charges F-5 (919) (12,860) (62,133) (404) (6,075) (26,991) (627)
Service tax/GST 392 4,218 14,768 143 2,239 6,283 331
Total expenditure (B) 1,651 14,789 34,680 533 8,604 14,199 1,541

157 Independent Auditors’ Report and Certificates

Net income for the year (A-B) 5,166 81,553 338,280 1,868 31,227 106,792 5,083
Add: Fund revenue account at the beginning of the year 144,071 1,863,110 1,545,505 25,920 985,411 463,995 38,555
Fund revenue account at the end of the year 149,237 1,944,663 1,883,785 27,788 1,016,638 570,787 43,638
*Net change in mark to market value of investments

(` ‘000)

166 Revenue Account

Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Group SA Debt
Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short
Particulars Schedule Guarantee Balanced Fund Fund
Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 05/07/07 ULGF 050 27/08/13 ULGF 009 16/03/07 ULGF 047 27/08/13 ULGF 051 03/04/03 ULGF 055 24/02/04 ULGF 052 03/04/03
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 GSBLN 105 GSCGSTD 105 GSDBT 105
Income from investments
Interest income 10,643 33,109 231,666 92,524 441,534 4,553 236,931
Dividend income 901 2,675 - - 12,757 - -
Profit/(loss) on sale of investment 12,442 23,218 (34,052) (11,430) 155,151 (357) (16,942)

168 Profit and Loss Account

Profit/(loss) on inter fund transfer/ sale of investment 1,480 3,642 - - 115,250 (20) 27,460
Unrealised gain/(loss)* (105) 13,111 (9,160) (5,348) (129,080) (220) (68,333)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 25,361 75,755 188,454 75,746 595,612 3,956 179,116
Fund management expenses 5,474 12,129 69,922 27,297 109,994 1,219 46,200
Fund administration expenses - - - - - - -

169 Balance Sheet

Other charges F-5 (2,251) (9,173) (49,343) (19,814) (85,289) (894) (32,760)
Service tax/GST 985 2,183 12,586 4,913 19,799 219 8,316
Total expenditure (B) 4,208 5,139 33,165 12,396 44,504 544 21,756
Net income for the year (A-B) 21,153 70,616 155,289 63,350 551,108 3,412 157,360
Add: Fund revenue account at the beginning of the year 136,139 142,014 3,304,683 451,375 2,633,063 23,170 1,725,625
Fund revenue account at the end of the year 157,292 212,630 3,459,972 514,725 3,184,171 26,582 1,882,985
*Net change in mark to market value of investments
Annual Report 2021-22
 3.15 Fund Revenue Account for the year ended March 31, 2022 (Contd.)
Form A-RA(UL)
(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Particulars Schedule Fund Term Debt Fund Debt Fund II Grand Total
Total
ULGF 054 30/10/03 ULGF 053 03/04/03 ULGF 046 27/08/13
GSGF 105 GSSTD 105 GSTDebt2 105

170 Receipts & Payments Account

Income from investments
Interest income 139,218 67,220 308 1,841,108 30,903,148
Dividend income 25,746 - - 52,596 8,930,379
Profit/(loss) on sale of investment 387,976 (6,410) (18) 627,181 128,701,404
Profit/(loss) on inter fund transfer/ sale of investment 108,345 (608) - 288,882 6,394,851

171 Schedules
Unrealised gain/(loss)* (65,076) (3,871) - (366,971) 22,893,015
Income on unclaimed amount of policyholders - - - - 410,851
Total income (A) 596,209 56,331 290 2,442,796 198,233,648
Fund management expenses 63,471 18,799 109 512,246 18,990,069
Annexures (Continued)

Fund administration expenses - - - - 762,551

Other charges F-5 (44,431) (12,360) (10) (366,334) 7,713,262
Service tax/GST 11,425 3,384 20 92,204 6,914,325
Total expenditure (B) 30,465 9,823 119 238,116 34,380,207
Net income for the year (A-B) 565,744 46,508 171 2,204,680 163,853,441
Add: Fund revenue account at the beginning of the year 1,746,027 397,044 103,932 15,729,639 734,324,319
Fund revenue account at the end of the year 2,311,771 443,552 104,103 17,934,319 898,177,760
*Net change in mark to market value of investments

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

237 Annexures
333
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

334
Other Expenses for the year ended March 31, 2022
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Fund
Balanced Fund
ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09
AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105

149 Management Report

Policy administration charge 104,485 - - 3,581 212 1,003 101,766
Surrender charge - - - 495 - - -
Switching charge 17 - 32 16 2 1 305
Mortality charge 146,887 - 16,458 8,770 459 2,032 183,484
Rider premium charge 837 - 3,660 3,224 - 15 6,434
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges 1,128 - - - - - 13,341

Policy foreclosure charges - - - - - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Miscellaneous charges (2,010) - (1,325) (341) - - (59,093)

Total 251,344 - 18,825 15,745 673 3,051 246,237

157 Independent Auditors’ Report and Certificates

(` ‘000)
Linked Life Funds
Discontinued Dynamic P/E Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund
Particulars Fund - Life Fund Fund Fund II Fund III Fund IV
ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07

166 Revenue Account

LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Policy administration charge 1,293 - 12,275 - 1,334 53 356
Surrender charge 5,269 - - - - - -
Switching charge - - 10 12 7 1 3
Mortality charge 7,211 (68) 35,735 1,986 2,914 170 889
Rider premium charge - - 2,667 319 1,253 - 20
Partial withdrawal charge - - - - - - -
Discontinued charges - 307 - - - - -

168 Profit and Loss Account

Policy foreclosure charges 27 - - - - - -
Miscellaneous charges - - (78,781) (125) (36) - -
Total 13,800 239 (28,094) 2,192 5,472 224 1,268

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 5
Other Expenses for the year ended March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Flexi Growth Flexi Growth Flexi Growth Flexi Growth Highest NAV
Focus 50 Fund Income Fund
Particulars Fund Fund II Fund III Fund IV Fund B
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105

170 Receipts & Payments Account

Policy administration charge - 20,491 1,112 10,217 110,325 37,836 417,717
Surrender charge - 20 - - - - -
Switching charge 44 47 11 27 4 1 814
Mortality charge 20,627 33,399 1,537 16,307 168,060 287,733 806,563

171 Schedules
Rider premium charge 3,260 14,403 - 610 4,604 - 26,133
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - 10,237 (2) 36,622
Annexures (Continued)

Policy foreclosure charges - - - - - - (7)

Miscellaneous charges (577) (79) - (15) (16,385) (293,339) (171,179)
Total 23,354 68,281 2,660 27,146 276,845 32,229 1,116,663

(` ‘000)
Linked Life Funds
India Growth Invest Shield Invest Shield Maximise India
Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Fund Cash Fund Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105
Policy administration charge 82,228 8,432 751 68,313 93,733 22,032 -
Surrender charge - 187 1,425 - - - -
Switching charge 13 - - - - 13 280

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Mortality charge 124,591 21,026 658 62,170 109,793 35,982 53,466
Rider premium charge 5,653 19 194 - - 4,270 14,121
Partial withdrawal charge - - - - - - -
Discontinued charges 8,492 - - 6,615 5,196 1,551 -
Policy foreclosure charges - - - - - - -

237 Annexures
Miscellaneous charges (13,569) 57 26 (12,535) (44,865) (13,113) (5,666)
Total 207,408 29,721 3,054 124,563 163,857 50,735 62,201

335
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

336
Other Expenses for the year ended March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Maximiser Maximiser Maximiser Maximiser Money Market Multi Cap Multi Cap Growth
Particulars Fund II Fund III Fund IV Fund V Fund Balanced Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105

149 Management Report

Policy administration charge 11,159 1,604 282 1,059,282 80,170 52,058 478,617
Surrender charge 998 - - - - - -
Switching charge 46 13 1 602 808 144 283
Mortality charge 29,152 2,175 753 1,882,769 189,410 104,937 780,769
Rider premium charge 8,137 - 71 43,779 3,830 2,854 22,559
Partial withdrawal charge - - - - - - -
Discontinued charges - - - 63,405 3,679 2,868 32,376
Annexures (Continued)

Policy foreclosure charges 8 - - - - - (18)

Miscellaneous charges (1,437) - - (593,804) (74,191) (29,166) (140,263)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Total 48,063 3,792 1,107 2,456,033 203,706 133,695 1,174,323

157 Independent Auditors’ Report and Certificates

(` ‘000)
Linked Life Funds
New Invest Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Shield Balanced Pinnacle Fund
Particulars Fund
Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09

166 Revenue Account

LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105
Policy administration charge - 3,511 146 812 1,270 46,810 -
Surrender charge - - - - - - -
Switching charge 33 19 3 3 - 147 -
Mortality charge 6,376 6,448 190 3,070 1,896 85,746 (14)
Rider premium charge 873 2,886 - 74 - 2,929 -
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - 3,649 -

168 Profit and Loss Account

Policy foreclosure charges - - - - - - -
Miscellaneous charges (200) (500) - (4) - (34,324) 6
Total 7,082 12,364 339 3,955 3,166 104,957 (8)

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 5
Other Expenses for the year ended March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105

170 Receipts & Payments Account

Policy administration charge - 1,277 110 566 - 3,288 219
Surrender charge - - - - - 25 -
Switching charge - 366 20 33 168 66 14
Mortality charge (2) 8,928 332 1,668 15,011 10,601 622

171 Schedules
Rider premium charge - 2,063 - 20 2,732 3,010 -
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - - -
Policy foreclosure charges - - - - - 4 -
Annexures (Continued)

Miscellaneous charges (226) (714) - (6) (1,404) (372) -

Total (228) 11,920 462 2,281 16,507 16,622 855

(` ‘000)
Linked Life Funds
Return Guarantee Return Guarantee Return Guarantee Return Guarantee
Protector Fund IV RICH Fund RICH Fund II
Particulars Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Policy administration charge 5,905 - - - - - 18,708
Surrender charge - - - - - - -
Switching charge 12 - - - - 7 8
Mortality charge 12,230 - - - 2 4,203 23,023

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Rider premium charge 269 - - - - 554 12,161
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - - -
Policy foreclosure charges - - - - - - (9)

237 Annexures
Miscellaneous charges (8) - - (1) - (142) -
Total 18,408 - - (1) 2 4,622 53,891

337
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

338
Other Expenses for the year ended March 31, 2022 (Contd.)
(` ‘000)
Linked Life Funds
Secure
Secure Save Secure Save Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund Opportunities
Particulars Builder Fund Guarantee Fund Fund
Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105

149 Management Report

Policy administration charge 431 4,550 213 - - 27,054 173,547
Surrender charge - - 1,212 - - - -
Switching charge 5 3 - - - 13 21
Mortality charge 538 8,676 730 - - 49,745 253,627
Rider premium charge - 158 - - - 1,594 4,721
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges - - - - - 4,632 13,050

Policy foreclosure charges - - - - - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Miscellaneous charges - (61) - - - (10,391) (1,801)

Total 974 13,326 2,155 - - 72,647 443,165

157 Independent Auditors’ Report and Certificates

(` ‘000)
Linked Life Funds
Balanced Sustainable Unclaimed fund
Particulars Advantage Fund Equity Fund
Total
ULIF 144 03/06/21 ULIF 145 03/06/21 ULIF 137 27/11/15

166 Revenue Account

BalanceAdv 105 SustainEqu 105 UNCLAIM 105
Policy administration charge 54,914 21,615 - 3,147,663
Surrender charge - - - 9,631
Switching charge - - - 4,498
Mortality charge 74,670 29,329 - 5,736,449
Rider premium charge 8,843 2,990 - 218,803
Partial withdrawal charge - - - -
Discontinued charges 261 59 - 207,466

168 Profit and Loss Account

Policy foreclosure charges - - - 5
Miscellaneous charges 6 91 - (1,601,862)
Total 138,694 54,084 - 7,722,653

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 5
Other Expenses for the year ended March 31, 2022 (Contd.)
(` ‘000)
Linked Pension Funds
Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Pension Balancer Pension Balancer
Particulars Fund-Pension Balanced Fund Secure Fund SP Balanced Fund Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105

170 Receipts & Payments Account

Policy administration charge - 10,747 2,880 111 296 - 1,879
Surrender charge - - - - 1,147 - 386
Switching charge - 2 3 - - 7 9
Mortality charge - - - - 103 181 170

171 Schedules
Rider premium charge - - - - 23 196 106
Partial withdrawal charge - - - - - - -
Discontinued charges 2 478 260 - - - -
Annexures (Continued)

Policy foreclosure charges - - - - - - -

Miscellaneous charges - - (8) (85) 337 - (914)
Total 2 11,227 3,135 26 1,906 384 1,636

(` ‘000)
Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth
Particulars Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105
Policy administration charge - - - 312 - 7,007 225
Surrender charge - - - - - 104 -
Switching charge 16 4 5 3 34 31 -

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Mortality charge 67 289 7 44 20 1,081 599
Rider premium charge - - 5 22 25 359 -
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - - -
Policy foreclosure charges - - - (224) - (41) -

237 Annexures
Miscellaneous charges (227) (1,333) - (381) - (6,172) -
Total (144) (1,040) 17 (224) 79 2,369 824

339
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

340
Other Expenses for the year ended March 31, 2022 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Multi
Pension Income Pension Pension Pension Money Pension Multi Pension
Cap Balanced
Particulars Fund Maximiser Fund Maximiser Fund II Market Fund Cap Growth Fund Multiplier Fund
Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105

149 Management Report

Policy administration charge - - 5,482 - - - 13
Surrender charge - - 2,388 - - - -
Switching charge 44 28 28 44 11 29 19
Mortality charge 374 292 231 154 71 620 4
Rider premium charge - 472 350 - - - 6
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges - - - - - - -
Policy foreclosure charges - - (1,063) - - - 124
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Miscellaneous charges (1,031) - - (180) (221) (2,016) -

Total (613) 792 7,416 18 (139) (1,367) 166

157 Independent Auditors’ Report and Certificates

(` ‘000)
Linked Pension Funds
Pension Pension Return Pension Return
Pension Pension Pension Protector Pension Protector
Opportunities Guarantee Fund IX Guarantee Fund
Particulars Multiplier Fund II Preserver Fund Fund Fund II
Fund (10 Yrs) VIII

166 Revenue Account

ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Policy administration charge 890 1 483 - 2,033 - -
Surrender charge (45) - 63 - 26 - -
Switching charge 13 21 122 61 45 - -
Mortality charge 190 222 135 225 448 - -
Rider premium charge 54 - 40 185 73 - -
Partial withdrawal charge - - - - - - -

168 Profit and Loss Account

Discontinued charges - - - - - - -
Policy foreclosure charges (15) (12) - - - - -
Miscellaneous charges (480) (369) (805) - (4,682) - -
Total 607 (137) 38 471 (2,057) - -

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 5
Other Expenses for the year ended March 31, 2022 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus
Guarantee Fund X Guarantee Fund XI
Particulars Fund Fund II Fund Pension Fund
(10 Yrs) (10 Yrs) Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03

170 Receipts & Payments Account

PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105
Policy administration charge - - 7 4,020 1,625 100 38,111
Surrender charge - - - - - 1,036 5,105
Switching charge - - 24 7 - - 610

171 Schedules
Mortality charge - - - 497 4,992 182 11,198
Rider premium charge - - - 255 - - 2,171
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges - - - - (1) - 739

Policy foreclosure charges - - (26) 13 - - (1,244)
Miscellaneous charges (7) (117) - (1,293) - - (19,984)
Total (7) (117) 5 3,499 6,616 1,318 36,706

(` ‘000)
Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Fund Balanced Fund Growth Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105
Policy administration charge 2,788 3,984 35,975 4,494 511 13,203 60,955
Surrender charge - - - - - - -

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Switching charge 1 2 14 15 19 16 67
Mortality charge 39,117 55,664 484,348 60,393 7,112 187,304 833,938
Rider premium charge - - - - - - -
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - - -

237 Annexures
Policy foreclosure charges - (4) - - - (3) (7)
Miscellaneous charges - - - (16) - - (16)
Total 41,906 59,646 520,337 64,886 7,642 200,520 894,937

341
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

342
Other Expenses for the year ended March 31, 2022 (Contd.)
(` ‘000)
Linked Group Life Funds
Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Fund Fund II Fund II Fund II Fund
Particulars Term Debt Fund
ULGF 001 ULGF 041 ULGF 005 ULGF 002 ULGF 040 ULGF 043 ULGF 004
03/04/03 30/04/13 24/02/04 03/04/03 GDebt 30/04/13 GDebt2 30/04/13 GEquity2 30/10/03 GGrowth

149 Management Report

GBalancer 105 GBalancer2 105 GCGSTDebt1 105 105 105 105 105
Policy administration charge - - - - - - -
Surrender charge - 1 - - - - -
Switching charge - - - - - - -
Mortality charge - - - - - - -
Rider premium charge - - - - - - -
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges - - - - - - -
Policy foreclosure charges - - - - - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Miscellaneous charges (89,777) (289,840) (147) (30,908) (110,805) (374) (9,081)

Total (89,777) (289,839) (147) (30,908) (110,805) (374) (9,081)

157 Independent Auditors’ Report and Certificates

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short Term Group Short Term
Encashment Encashment
Fund II Debt Fund Debt Fund III
Particulars Balance Fund Income Fund

166 Revenue Account

Total
ULGF 042 ULGF 013 ULGF 014 ULGF 003 ULGF 039
30/04/13 02/04/08 GLEBal 02/04/08 03/04/03 GSTDebt 30/04/13
GGrowth2 105 105 GLEIncome 105 105 GSTDebt3 105
Policy administration charge - - - - - -
Surrender charge - - - - - 1
Switching charge - - - - - -
Mortality charge - - - - - -
Rider premium charge - - - - - -

168 Profit and Loss Account

Partial withdrawal charge - - - - - -
Discontinued charges - - - - - -
Policy foreclosure charges - - - - - -
Miscellaneous charges (13,175) (10,896) (1,204) (4,525) (13,969) (574,701)
Total (13,175) (10,896) (1,204) (4,525) (13,969) (574,700)

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 5
Other Expenses for the year ended March 31, 2022 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund
ULGF 006 ULGF 010 ULGF 049 ULGF 007 ULGF 011 ULGF 048 ULGF 008

170 Receipts & Payments Account

03/10/05 GCGBal1 21/03/07 GCGBal2 27/08/13 GCGBal3 28/10/05 21/03/07 27/08/13 11/12/06
105 105 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105
Policy administration charge - - - - - - -
Surrender charge - - 1 - - - -
Switching charge - - - - - - -

171 Schedules
Mortality charge - - - - - - -
Rider premium charge - - - - - - -
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges - - - - - - -
Policy foreclosure charges - - - - - - -
Miscellaneous charges (919) (12,860) (62,134) (404) (6,075) (26,991) (627)
Total (919) (12,860) (62,133) (404) (6,075) (26,991) (627)

(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Group SA Debt
Guarantee Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short
Balanced Fund Fund
Particulars Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 ULGF 050 ULGF 009 ULGF 047 ULGF 051 ULGF 055 ULGF 052
05/07/07 27/08/13 16/03/07 27/08/13 03/04/03 GSBLN 24/02/04 03/04/03 GSDBT
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 105 GSCGSTD 105 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Policy administration charge - - - - - - -
Surrender charge - - - - - - -
Switching charge - - - - - - -
Mortality charge - - - - - - -
Rider premium charge - - - - - - -

237 Annexures
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - - -
Policy foreclosure charges - - - - - - -
Miscellaneous charges (2,251) (9,173) (49,343) (19,814) (85,289) (894) (32,760)
Total (2,251) (9,173) (49,343) (19,814) (85,289) (894) (32,760)

343
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

344
Other Expenses for the year ended March 31, 2022 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Particulars Fund Term Debt Fund Debt Fund II Grand Total
Total
ULGF 054 30/10/03 ULGF 053 03/04/03 ULGF 046 27/08/13
GSGF 105 GSSTD 105 GSTDebt2 105

149 Management Report

Policy administration charge - - - - 3,246,729
Surrender charge - - - 1 14,738
Switching charge - - - - 5,175
Mortality charge - - - - 6,581,585
Rider premium charge - - - - 220,974
Partial withdrawal charge - - - - -
Discontinued charges - - - - 208,205
Annexures (Continued)

Policy foreclosure charges - - - - (1,246)

Miscellaneous charges (44,431) (12,360) (10) (366,335) (2,562,898)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Total (44,431) (12,360) (10) (366,334) 7,713,262

157 Independent Auditors’ Report and Certificates

166 Revenue Account
168 Profit and Loss Account
169 Balance Sheet
Annual Report 2021-22
 3.15 Fund Revenue Account for the year ended March 31, 2021
Form A-RA(UL)
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Schedule Fund
Balanced Fund
ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09
AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105

170 Receipts & Payments Account

Income from investments
Interest income 934,696 - 332,117 123,714 7,549 24,586 14,656
Dividend income 143,999 - 34,373 11,984 748 2,461 201,502
Profit/(loss) on sale of investment 1,187,319 (1) 434,838 159,973 10,502 35,326 1,844,496
Profit/(loss) on inter fund transfer/ sale of investment 121,758 - 45,662 10,778 1,235 3,569 63,208

171 Schedules
Unrealised gain/(loss)* 6,455,188 - 1,115,905 422,167 25,211 81,493 8,425,822
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 8,842,960 (1) 1,962,895 728,616 45,245 147,435 10,549,684
Annexures (Continued)

Fund management expenses 376,738 - 77,569 29,067 4,011 5,764 264,524

Fund administration expenses - - 97,629 - - - -
Other charges F-5 321,984 - 22,592 15,937 818 3,196 205,061
Service tax/GST 202,900 - 36,737 8,566 869 1,611 124,692
Total expenditure (B) 901,622 - 234,527 53,570 5,698 10,571 594,277
Net income for the year (A-B) 7,941,338 (1) 1,728,368 675,046 39,547 136,864 9,955,407
Add: Fund revenue account at the beginning of the year (3,283,362) 3,049 15,814,290 5,304,099 397,855 666,015 (2,101,218)
Fund revenue account at the end of the year 4,657,976 3,048 17,542,658 5,979,145 437,402 802,879 7,854,189
*Net change in mark to market value of investments

(` ‘000)
Linked Life Funds
Discontinued Fund Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund Dynamic P/E Fund
Particulars Schedule - Life Fund Fund II Fund III Fund IV
ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07
LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Income from investments
Interest income 193,083 6,287,034 384,979 14,777 21,658 1,242 5,719
Dividend income - - 96,254 3,144 4,238 251 1,181
Profit/(loss) on sale of investment 90,498 (81,664) 556,129 7,336 10,689 780 3,481
Profit/(loss) on inter fund transfer/ sale of investment 45,084 - (4,674) 8,163 8,533 1,982 2,671

237 Annexures
Unrealised gain/(loss)* (94,006) (1,488,033) 3,394,798 118,864 177,487 8,729 45,281
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 234,659 4,717,337 4,427,486 152,284 222,605 12,984 58,333
Fund management expenses 36,002 508,681 179,739 11,160 7,243 953 1,917
Fund administration expenses - - - - - - -
Other charges F-5 22,437 1,685 (41,638) 2,647 5,735 271 1,218
Service tax/GST 11,227 91,562 49,490 2,535 2,421 221 565
Total expenditure (B) 69,666 601,928 187,591 16,342 15,399 1,445 3,700
Net income for the year (A-B) 164,993 4,115,409 4,239,895 135,942 207,206 11,539 54,633
Add: Fund revenue account at the beginning of the year 1,949,862 18,477,605 7,522,526 920,136 524,748 53,807 202,858
Fund revenue account at the end of the year 2,114,855 22,593,014 11,762,421 1,056,078 731,954 65,346 257,491
*Net change in mark to market value of investments

345
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.15 Fund Revenue Account for the year ended March 31, 2021 (Contd.)

346
Form A-RA(UL)
(` ‘000)
Linked Life Funds
Flexi Growth Flexi Growth Flexi Growth Highest NAV
Focus 50 Fund Income Fund
Particulars Schedule Flexi Growth Fund Fund II Fund III Fund IV Fund B
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105
Income from investments

149 Management Report

Interest income 5,549 7,855 540 4,357 8,278 1,827,105 7,514,336
Dividend income 51,619 75,911 5,235 40,082 142,961 - -
Profit/(loss) on sale of investment 189,053 282,156 15,636 173,623 614,694 109,459 2,199,531
Profit/(loss) on inter fund transfer/ sale of investment 34,117 43,759 3,255 17,797 (24,748) 386,487 52,087
Unrealised gain/(loss)* 2,243,750 3,278,357 229,139 1,722,910 5,089,747 (673,996) (1,447,522)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 2,524,088 3,688,038 253,805 1,958,769 5,830,932 1,649,055 8,318,432
Fund management expenses 114,935 112,089 11,605 59,095 154,006 566,642 1,520,332
Annexures (Continued)

Fund administration expenses - - - - - - -

Other charges F-5 27,078 75,912 3,199 30,140 230,291 408,124 1,326,451
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Service tax/GST 26,501 34,582 2,666 16,100 133,926 178,518 878,102

Total expenditure (B) 168,514 222,583 17,470 105,335 518,223 1,153,284 3,724,885
Net income for the year (A-B) 2,355,574 3,465,455 236,335 1,853,434 5,312,709 495,771 4,593,547

157 Independent Auditors’ Report and Certificates

Add: Fund revenue account at the beginning of the year 21,319,690 6,839,463 828,888 7,535,290 (2,147,579) 14,847,308 17,111,186
Fund revenue account at the end of the year 23,675,264 10,304,918 1,065,223 9,388,724 3,165,130 15,343,079 21,704,733
*Net change in mark to market value of investments

(` ‘000)
Linked Life Funds

166 Revenue Account

Invest Shield Cash Invest Shield Fund Maximise India
Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Schedule India Growth Fund Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105
Income from investments
Interest income 4,482 200,302 31,255 9,302 1,737,532 2,809 23,736
Dividend income 47,748 - 938 178,791 - 36,748 260,091
Profit/(loss) on sale of investment 379,542 92,025 29,366 2,146,602 605,741 209,361 2,289,522
Profit/(loss) on inter fund transfer/ sale of investment 8,324 14,249 10,419 216,292 20,855 8,541 (27,780)

168 Profit and Loss Account

Unrealised gain/(loss)* 2,123,146 (73,317) 18,572 7,140,888 (467,718) 1,772,044 12,352,163
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 2,563,242 233,259 90,550 9,691,875 1,896,410 2,029,503 14,897,732
Fund management expenses 65,999 37,389 6,947 307,502 483,107 51,548 265,994
Fund administration expenses - - - - - - 338,550
Other charges F-5 122,415 31,936 (767) 150,607 187,205 54,951 77,811

169 Balance Sheet

Service tax/GST 64,512 13,068 2,012 110,985 147,619 28,849 127,367
Total expenditure (B) 252,926 82,393 8,192 569,094 817,931 135,348 809,722
Net income for the year (A-B) 2,310,316 150,866 82,358 9,122,781 1,078,479 1,894,155 14,088,010
Add: Fund revenue account at the beginning of the year (858,890) 2,409,234 1,217,983 (4,477,297) 3,589,497 (864,593) 59,274,161
Fund revenue account at the end of the year 1,451,426 2,560,100 1,300,341 4,645,484 4,667,976 1,029,562 73,362,171
*Net change in mark to market value of investments
Annual Report 2021-22
 3.15 Fund Revenue Account for the year ended March 31, 2021 (Contd.)
Form A-RA(UL)
(` ‘000)
Linked Life Funds
Maximiser Fund Maximiser Fund Money Market Multi Cap Multi Cap Growth
Maximiser Fund V
Particulars Schedule Maximiser Fund II III IV Fund Balanced Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105

170 Receipts & Payments Account

Income from investments
Interest income 6,152 875 131 305,408 2,123,957 579,140 121,792
Dividend income 78,858 10,906 1,341 3,303,054 - 106,882 1,197,937
Profit/(loss) on sale of investment 714,618 94,899 11,466 21,283,987 (80,770) 738,363 4,094,110
Profit/(loss) on inter fund transfer/ sale of investment (8,287) (1,160) 951 (269,388) 65 157,051 500,540

171 Schedules
Unrealised gain/(loss)* 3,719,935 519,029 62,927 164,698,620 (14,718) 4,232,390 54,048,013
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 4,511,276 624,549 76,816 189,321,681 2,028,534 5,813,826 59,962,392
Fund management expenses 120,705 25,214 2,075 4,619,955 288,379 252,280 1,607,560
Annexures (Continued)

Fund administration expenses - - - - - - -

Other charges F-5 52,877 5,005 1,144 3,379,424 251,149 170,179 1,380,034
Service tax/GST 32,315 5,443 581 1,964,170 172,620 108,397 836,737
Total expenditure (B) 205,897 35,662 3,800 9,963,549 712,148 530,856 3,824,331
Net income for the year (A-B) 4,305,379 588,887 73,016 179,358,132 1,316,386 5,282,970 56,138,061
Add: Fund revenue account at the beginning of the year 15,370,827 2,726,561 528,143 (71,180,719) 6,939,196 286,876 (20,904,318)
Fund revenue account at the end of the year 19,676,206 3,315,448 601,159 108,177,413 8,255,582 5,569,846 35,233,743
*Net change in mark to market value of investments

(` ‘000)
Linked Life Funds
New Invest Shield Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Pinnacle Fund
Particulars Schedule Balanced Fund Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09
LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Income from investments
Interest income 972 770 55 247 24,803 9,071 18,081
Dividend income 19,246 16,030 856 4,340 1,511 100,889 -
Profit/(loss) on sale of investment 233,510 188,269 7,599 54,621 19,010 901,115 -
Profit/(loss) on inter fund transfer/ sale of investment 14,645 11,464 3,716 1,869 803 (38,739) -
Unrealised gain/(loss)* 743,673 625,433 31,748 166,112 23,129 4,568,455 -

237 Annexures
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 1,012,046 841,966 43,974 227,189 69,256 5,540,791 18,081
Fund management expenses 41,188 22,650 1,789 6,161 5,726 133,682 5,448
Fund administration expenses - - - - - - 404
Other charges F-5 7,881 13,899 396 3,791 3,687 77,220 (45,130)
Service tax/GST 9,189 6,724 393 1,793 1,760 61,429 1,162
Total expenditure (B) 58,258 43,273 2,578 11,745 11,173 272,331 (38,116)
Net income for the year (A-B) 953,788 798,693 41,396 215,444 58,083 5,268,460 56,197
Add: Fund revenue account at the beginning of the year 8,999,619 1,099,063 108,379 640,088 1,697,608 138,745 4,896,770
Fund revenue account at the end of the year 9,953,407 1,897,756 149,775 855,532 1,755,691 5,407,205 4,952,967
*Net change in mark to market value of investments

347
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.15 Fund Revenue Account for the year ended March 31, 2021 (Contd.)

348
Form A-RA(UL)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars Schedule
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105
Income from investments
Interest income 127,468 173,535 10,328 17,111 331,153 188,878 19,089

149 Management Report

Dividend income 8,212 - - - - - -
Profit/(loss) on sale of investment 193,506 (5,941) (570) (835) 152,986 80,181 8,448
Profit/(loss) on inter fund transfer/ sale of investment 53,108 46 2 - 7,140 25,173 601
Unrealised gain/(loss)* (12,352) 1,196 (51) 546 (116,558) (67,783) (6,398)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 369,942 168,836 9,709 16,822 374,721 226,449 21,740
Fund management expenses 43,061 24,011 1,427 2,384 12,413 21,275 4,418
Fund administration expenses 3,190 - - - 62,067 - -
Annexures (Continued)

Other charges F-5 (47,889) 13,375 549 2,355 19,336 17,004 930
Service tax/GST 14,025 7,247 356 853 17,578 7,540 963
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Total expenditure (B) 12,387 44,633 2,332 5,592 111,394 45,819 6,311
Net income for the year (A-B) 357,555 124,203 7,377 11,230 263,327 180,630 15,429
Add: Fund revenue account at the beginning of the year 2,365,081 3,597,684 190,431 305,035 7,607,900 3,502,409 397,799

157 Independent Auditors’ Report and Certificates

Fund revenue account at the end of the year 2,722,636 3,721,887 197,808 316,265 7,871,227 3,683,039 413,228
*Net change in mark to market value of investments

(` ‘000)
Linked Life Funds
Return Guarantee Return Guarantee Return Guarantee Return Guarantee

166 Revenue Account

Protector Fund IV RICH Fund RICH Fund II
Particulars Schedule Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Income from investments
Interest income 140,775 4,903 7,046 18,757 582 754 3,883
Dividend income - - - - - 10,806 56,874
Profit/(loss) on sale of investment 75,910 - (13) - - 136,982 690,528
Profit/(loss) on inter fund transfer/ sale of investment 33,105 1,455 1,254 2,851 77 1,268 (2,929)
Unrealised gain/(loss)* (84,102) (1,026) (1,165) (2,500) (57) 444,056 2,377,002

168 Profit and Loss Account

Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 165,688 5,332 7,122 19,108 602 593,866 3,125,358
Fund management expenses 16,317 1,120 1,534 4,035 155 23,406 81,830
Fund administration expenses - - - - - - -
Other charges F-5 18,382 144 219 (874) 69 4,901 60,071
Service tax/GST 6,271 228 316 910 41 5,438 26,108

169 Balance Sheet

Total expenditure (B) 40,970 1,492 2,069 4,071 265 33,745 168,009
Net income for the year (A-B) 124,718 3,840 5,053 15,037 337 560,121 2,957,349
Add: Fund revenue account at the beginning of the year 2,835,533 87,493 169,697 281,102 9,043 5,191,446 3,142,187
Fund revenue account at the end of the year 2,960,251 91,333 174,750 296,139 9,380 5,751,567 6,099,536
*Net change in mark to market value of investments
Annual Report 2021-22
 3.15 Fund Revenue Account for the year ended March 31, 2021 (Contd.)
Form A-RA(UL)
(` ‘000)
Linked Life Funds
Secure Save Secure Save Secure Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund
Particulars Schedule Builder Fund Guarantee Fund Opportunities Fund Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105

170 Receipts & Payments Account

Income from investments
Interest income 165 1,343 15,531 152 1,502 209,461 33,164
Dividend income 2,065 17,722 352 82 154 - 289,109
Profit/(loss) on sale of investment 26,178 214,720 13,180 1,478 3,448 12,024 1,654,742
Profit/(loss) on inter fund transfer/ sale of investment 5,429 2,440 2,059 132 600 7,306 425,585

171 Schedules
Unrealised gain/(loss)* 78,966 737,007 11,869 2,689 4,092 (21,950) 12,172,150
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 112,803 973,232 42,991 4,533 9,796 206,841 14,574,750
Fund management expenses 4,472 25,613 3,405 135 671 39,486 415,598
Annexures (Continued)

Fund administration expenses - - - - - - -

Other charges F-5 1,205 13,756 2,167 - - 65,520 541,560
Service tax/GST 1,022 7,090 1,070 24 121 38,995 293,604
Total expenditure (B) 6,699 46,459 6,642 159 792 144,001 1,250,762
Net income for the year (A-B) 106,104 926,773 36,349 4,374 9,004 62,840 13,323,988
Add: Fund revenue account at the beginning of the year 360,010 2,257,895 283,829 16,276 53,903 56,708 (7,575,287)
Fund revenue account at the end of the year 466,114 3,184,668 320,178 20,650 62,907 119,548 5,748,701
*Net change in mark to market value of investments

(` ‘000)
Linked Life Funds
Particulars Schedule Unclaimed fund
ULIF 137 27/11/15 Total
UNCLAIM 105
Income from investments

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Interest income - 24,220,282
Dividend income - 6,567,485
Profit/(loss) on sale of investment - 45,113,762
Profit/(loss) on inter fund transfer/ sale of investment - 2,011,855
Unrealised gain/(loss)* - 300,937,446

237 Annexures
Income on unclaimed amount of policyholders 435,390 435,390
Total income (A) 435,390 379,286,220
Fund management expenses 18,582 13,138,718
Fund administration expenses - 501,840
Other charges F-5 - 9,301,632
Service tax/GST 3,345 5,934,061
Total expenditure (B) 21,927 28,876,251
Net income for the year (A-B) 413,463 350,409,969
Add: Fund revenue account at the beginning of the year 1,774,690 151,334,313
Fund revenue account at the end of the year 2,188,153 501,744,282
*Net change in mark to market value of investments

349
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.15 Fund Revenue Account for the year ended March 31, 2021 (Contd.)

350
Form A-RA(UL)
(` ‘000)
Linked Pension Funds
Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Fund Pension Balancer Pension Balancer
Particulars Schedule Fund-Pension Balanced Fund Secure Fund SP Balanced Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105
Income from investments

149 Management Report

Interest income 77,276 171,895 89,127 8,033 12,342 113,231 119,879
Dividend income - 17,065 - 964 364 10,243 9,697
Profit/(loss) on sale of investment 1,427 240,074 30,756 7,821 8,686 172,806 171,097
Profit/(loss) on inter fund transfer/ sale of investment - 12,723 377 1,186 525 33,090 32,010
Unrealised gain/(loss)* (20,085) 1,021,568 (19,291) 49,700 11,683 344,557 363,315
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 58,618 1,463,325 100,969 67,704 33,600 673,927 695,998
Fund management expenses 6,028 88,944 19,876 3,648 2,780 26,402 27,330
Annexures (Continued)

Fund administration expenses - - - - - 33,235 -

Other charges F-5 2 13,701 3,633 119 1,660 481 2,290
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Service tax/GST 1,085 19,493 4,715 681 899 11,107 5,441

Total expenditure (B) 7,115 122,138 28,224 4,448 5,339 71,225 35,061
Net income for the year (A-B) 51,503 1,341,187 72,745 63,256 28,261 602,702 660,937

157 Independent Auditors’ Report and Certificates

Add: Fund revenue account at the beginning of the year 351,717 258,202 253,880 4,799 282,912 4,601,360 6,740,466
Fund revenue account at the end of the year 403,220 1,599,389 326,625 68,055 311,173 5,204,062 7,401,403
*Net change in mark to market value of investments

(` ‘000)
Linked Pension Funds

166 Revenue Account

Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth
Particulars Schedule Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105
Income from investments
Interest income 326 76,977 12,301 12,531 5,935 5,105 100
Dividend income 6,445 23,602 2,370 2,476 63,640 48,847 1,205
Profit/(loss) on sale of investment 73,527 (38,923) 23,401 15,693 263,809 206,981 14,393
Profit/(loss) on inter fund transfer/ sale of investment 17,622 (1,976) 14,366 13,641 358,378 232,742 2,708

168 Profit and Loss Account

Unrealised gain/(loss)* 241,541 1,037,012 86,673 94,528 3,029,836 2,368,623 54,681
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 339,461 1,096,692 139,111 138,869 3,721,598 2,862,298 73,087
Fund management expenses 7,963 40,512 9,482 4,249 162,816 83,186 1,749
Fund administration expenses - - - - - - -
Other charges F-5 (515) (2,970) 21 204 67 6,869 927

169 Balance Sheet

Service tax/GST 1,454 7,359 1,719 853 29,370 16,846 482
Total expenditure (B) 8,902 44,901 11,222 5,306 192,253 106,901 3,158
Net income for the year (A-B) 330,559 1,051,791 127,889 133,563 3,529,345 2,755,397 69,929
Add: Fund revenue account at the beginning of the year 575,209 3,447,461 632,249 1,116,349 16,308,220 22,230,584 183,434
Fund revenue account at the end of the year 905,768 4,499,252 760,138 1,249,912 19,837,565 24,985,981 253,363
*Net change in mark to market value of investments
Annual Report 2021-22
 3.15 Fund Revenue Account for the year ended March 31, 2021 (Contd.)
Form A-RA(UL)
(` ‘000)
Linked Pension Funds
Pension Income Pension Pension Pension Money Pension Multi Cap Pension Multi Cap Pension Multiplier
Particulars Schedule Fund Maximiser Fund Maximiser Fund II Market Fund Balanced Fund Growth Fund Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105

170 Receipts & Payments Account

Income from investments
Interest income 211,480 2,540 4,167 50,260 17,333 3,160 724
Dividend income - 38,665 69,749 - 4,141 49,226 16,825
Profit/(loss) on sale of investment 111,160 524,179 960,063 (1,954) 16,865 257,129 222,452
Profit/(loss) on inter fund transfer/ sale of investment 157,148 81,646 142,126 113 27,568 64,563 12,978

171 Schedules
Unrealised gain/(loss)* (184,355) 1,810,415 3,204,344 2,032 134,457 1,987,093 631,862
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 295,433 2,457,445 4,380,449 50,451 200,364 2,361,171 884,841
Fund management expenses 41,372 43,893 117,946 6,908 8,004 62,163 35,472
Annexures (Continued)

Fund administration expenses - 55,938 - - - - -

Other charges F-5 (2,181) 1,055 8,177 (1,427) (1,402) (4,079) 44
Service tax/GST 7,526 18,697 22,737 1,283 1,334 11,332 6,405
Total expenditure (B) 46,717 119,583 148,860 6,764 7,936 69,416 41,921
Net income for the year (A-B) 248,716 2,337,862 4,231,589 43,687 192,428 2,291,755 842,920
Add: Fund revenue account at the beginning of the year 3,365,774 6,658,730 22,592,290 1,319,450 1,005,906 6,796,627 2,634,303
Fund revenue account at the end of the year 3,614,490 8,996,592 26,823,879 1,363,137 1,198,334 9,088,382 3,477,223
*Net change in mark to market value of investments

(` ‘000)
Linked Pension Funds
Pension Return Pension Return
Pension Multiplier Pension Pension Preserver Pension Protector Pension Protector Guarantee Fund IX Guarantee Fund
Particulars Schedule Fund II Opportunities Fund Fund Fund Fund II (10 Yrs) VIII
ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Income from investments
Interest income 361 626 116,660 403,705 175,102 1,763 4,143
Dividend income 7,764 13,498 - - - - -
Profit/(loss) on sale of investment 96,987 174,297 (3,109) 224,822 64,698 - -
Profit/(loss) on inter fund transfer/ sale of investment 6,550 18,913 3 60,982 40,051 299 1,062

237 Annexures
Unrealised gain/(loss)* 297,399 530,073 (445) (212,204) (66,200) (226) (852)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 409,061 737,407 113,109 477,305 213,651 1,836 4,353
Fund management expenses 10,990 16,669 16,097 15,293 19,359 351 921
Fund administration expenses - - - 76,464 - - -
Other charges F-5 856 (914) 3 587 (5,054) (551) (1,952)
Service tax/GST 2,222 3,050 3,096 16,874 4,064 63 166
Total expenditure (B) 14,068 18,805 19,196 109,218 18,369 (137) (865)
Net income for the year (A-B) 394,993 718,602 93,913 368,087 195,282 1,973 5,218
Add: Fund revenue account at the beginning of the year 1,852,725 2,284,234 4,020,283 9,669,114 5,569,741 30,962 103,001
Fund revenue account at the end of the year 2,247,718 3,002,836 4,114,196 10,037,201 5,765,023 32,935 108,219
*Net change in mark to market value of investments

351
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.15 Fund Revenue Account for the year ended March 31, 2021 (Contd.)

352
Form A-RA(UL)
(` ‘000)
Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus
Fund X Guarantee Fund XI
Particulars Schedule Guarantee Fund Fund II Fund Pension Fund
(10 Yrs) (10 Yrs) Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03
PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105

149 Management Report

Income from investments
Interest income 5,101 769 2,384 1,499 71,782 7,871 1,786,488
Dividend income - - 46,245 26,544 - 173 459,748
Profit/(loss) on sale of investment (558) - 697,649 387,645 27,320 4,421 4,955,614
Profit/(loss) on inter fund transfer/ sale of investment 442 - 913 1,519 12,305 66 1,346,639
Unrealised gain/(loss)* (564) (37) 1,793,926 1,043,328 (26,902) 8,073 19,615,558
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 4,421 732 2,541,117 1,460,535 84,505 20,604 28,164,047
Annexures (Continued)

Fund management expenses 1,012 167 98,727 37,869 14,532 1,783 1,034,493
Fund administration expenses - - - - - - 165,637
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Other charges F-5 (1,336) - 30 4,426 7,233 952 30,956

Service tax/GST 182 30 17,785 7,897 3,920 528 230,695
Total expenditure (B) (142) 197 116,542 50,192 25,685 3,263 1,461,781

157 Independent Auditors’ Report and Certificates

Net income for the year (A-B) 4,563 535 2,424,575 1,410,343 58,820 17,341 26,702,266
Add: Fund revenue account at the beginning of the year 67,449 8,424 11,818,128 10,390,779 378,031 120,695 147,673,488
Fund revenue account at the end of the year 72,012 8,959 14,242,703 11,801,122 436,851 138,036 174,375,754
*Net change in mark to market value of investments

(` ‘000)

166 Revenue Account

Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Schedule Fund Balanced Fund Growth Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105
Income from investments
Interest income 18,276 17,158 6,393 343 5,020 127,443 174,633
Dividend income 1,714 3,339 48,688 6,613 - - 60,354
Profit/(loss) on sale of investment 22,741 10,898 75,489 71,159 (127) 52,407 232,567

168 Profit and Loss Account

Profit/(loss) on inter fund transfer/ sale of investment 1,489 6,915 22,495 2,900 - 4,744 38,543
Unrealised gain/(loss)* 64,829 134,742 2,211,021 267,135 24 (41,617) 2,636,134
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 109,049 173,052 2,364,086 348,150 4,917 142,977 3,142,231
Fund management expenses 4,395 5,658 72,549 9,463 637 14,590 107,292
Fund administration expenses - - - - - - -

169 Balance Sheet

Other charges F-5 42,885 60,311 528,209 62,158 7,987 201,377 902,927
Service tax/GST 8,593 12,028 109,029 12,991 1,565 39,200 183,406
Total expenditure (B) 55,873 77,997 709,787 84,612 10,189 255,167 1,193,625
Net income for the year (A-B) 53,176 95,055 1,654,299 263,538 (5,272) (112,190) 1,948,606
Add: Fund revenue account at the beginning of the year (240,477) (396,609) (4,612,275) (511,305) (36,748) (898,545) (6,695,959)
Fund revenue account at the end of the year (187,301) (301,554) (2,957,976) (247,767) (42,020) (1,010,735) (4,747,353)
*Net change in mark to market value of investments
Annual Report 2021-22
 3.15 Fund Revenue Account for the year ended March 31, 2021 (Contd.)
Form A-RA(UL)
(` ‘000)
Linked Group Life Funds
Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Particulars Schedule Fund Fund II Fund II Fund II Fund
Term Debt Fund
ULGF 001 03/04/03 ULGF 041 30/04/13 ULGF 005 24/02/04 ULGF 002 03/04/03 ULGF 040 30/04/13 ULGF 043 30/04/13 ULGF 004 30/10/03
GBalancer 105 GBalancer2 105 GCGSTDebt1 105 GDebt 105 GDebt2 105 GEquity2 105 GGrowth 105

170 Receipts & Payments Account

Income from investments
Interest income 562,300 1,124,888 1,033 287,935 470,961 23 28,355
Dividend income 15,994 31,180 - - - 222 6,650
Profit/(loss) on sale of investment 395,634 594,171 (15) 93,403 144,566 1,433 65,959
Profit/(loss) on inter fund transfer/ sale of investment 93,691 28,279 - 34,522 1,021 (1,212) 45,910

171 Schedules
Unrealised gain/(loss)* 463,870 1,078,816 (5) (70,956) (86,469) 12,313 215,442
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 1,531,489 2,857,334 1,013 344,904 530,079 12,779 362,316
Annexures (Continued)

Fund management expenses 127,600 260,620 246 54,797 91,012 310 12,546
Fund administration expenses - - - - - - -
Other charges F-5 (91,752) (233,568) (141) (39,231) (77,369) (291) (6,569)
Service tax/GST 22,968 46,912 44 9,864 16,382 56 2,258
Total expenditure (B) 58,816 73,964 149 25,430 30,025 75 8,235
Net income for the year (A-B) 1,472,673 2,783,370 864 319,474 500,054 12,704 354,081
Add: Fund revenue account at the beginning of the year 14,940,083 3,906,443 114,894 9,173,139 1,615,369 (960) 6,167,824
Fund revenue account at the end of the year 16,412,756 6,689,813 115,758 9,492,613 2,115,423 11,744 6,521,905
*Net change in mark to market value of investments

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short Term
Group Short Term
Encashment Encashment
Particulars Schedule Fund II Debt FundDebt Fund III
Balance Fund Income Fund Total
ULGF 042 30/04/13 ULGF 013 02/04/08 ULGF 014 02/04/08 ULGF 003 03/04/03 ULGF 039 30/04/13

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

GGrowth2 105 GLEBal 105 GLEIncome 105 GSTDebt 105 GSTDebt3 105
Income from investments
Interest income 25,880 64,282 12,014 52,853 48,169 2,678,693
Dividend income 4,959 1,974 - - - 60,979
Profit/(loss) on sale of investment 46,675 39,775 3,695 (1,939) (2,080) 1,381,277

237 Annexures
Profit/(loss) on inter fund transfer/ sale of investment 6,290 5,073 1,046 (122) (34) 214,464
Unrealised gain/(loss)* 228,049 62,433 (1,916) (96) 975 1,902,456
Income on unclaimed amount of policyholders - - - - - -
Total income (A) 311,853 173,537 14,839 50,696 47,030 6,237,869
Fund management expenses 11,526 14,798 2,320 12,014 11,783 599,572
Fund administration expenses - - - - - -
Other charges F-5 (9,598) (11,806) (1,476) (5,556) (10,180) (487,537)
Service tax/GST 2,075 2,664 418 2,163 2,121 107,925
Total expenditure (B) 4,003 5,656 1,262 8,621 3,724 219,960
Net income for the year (A-B) 307,850 167,881 13,577 42,075 43,306 6,017,909
Add: Fund revenue account at the beginning of the year (15,345) 771,413 109,091 4,281,139 140,998 41,204,088
Fund revenue account at the end of the year 292,505 939,294 122,668 4,323,214 184,304 47,221,997
*Net change in mark to market value of investments

353
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 3.15 Fund Revenue Account for the year ended March 31, 2021 (Contd.)

354
Form A-RA(UL)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Schedule Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund
ULGF 006 03/10/05 ULGF 010 21/03/07 ULGF 049 27/08/13 ULGF 007 28/10/05 ULGF 011 21/03/07 ULGF 048 27/08/13 ULGF 008 11/12/06
GCGBal1 105 GCGBal2 105 GCGBal3 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105

149 Management Report

Income from investments
Interest income 5,920 112,010 238,794 3,118 55,793 83,626 2,498
Dividend income 182 3,483 6,799 - - - 233
Profit/(loss) on sale of investment 3,804 71,600 152,924 871 18,311 24,944 2,824
Profit/(loss) on inter fund transfer/ sale of investment 873 39,562 7,076 399 604 1,922 440
Unrealised gain/(loss)* 4,914 70,295 232,887 (684) (11,119) (15,503) 9,111
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 15,693 296,950 638,480 3,704 63,589 94,989 15,106
Annexures (Continued)

Fund management expenses 2,173 32,203 60,132 818 12,621 18,204 1,619
Fund administration expenses - - - - - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Other charges F-5 (896) (18,265) (43,738) (398) (6,250) (14,079) (562)
Service tax/GST 391 5,797 10,824 147 2,272 3,277 291
Total expenditure (B) 1,668 19,735 27,218 567 8,643 7,402 1,348

157 Independent Auditors’ Report and Certificates

Net income for the year (A-B) 14,025 277,215 611,262 3,137 54,946 87,587 13,758
Add: Fund revenue account at the beginning of the year 130,046 1,585,895 934,243 22,783 930,465 376,408 24,797
Fund revenue account at the end of the year 144,071 1,863,110 1,545,505 25,920 985,411 463,995 38,555
*Net change in mark to market value of investments

(` ‘000)

166 Revenue Account

Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Group SA Debt
Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short
Particulars Schedule Guarantee Balanced Fund Fund
Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 05/07/07 ULGF 050 27/08/13 ULGF 009 16/03/07 ULGF 047 27/08/13 ULGF 051 03/04/03 ULGF 055 24/02/04 ULGF 052 03/04/03
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 GSBLN 105 GSCGSTD 105 GSDBT 105
Income from investments
Interest income 10,215 21,242 265,207 90,556 503,131 5,490 379,237
Dividend income 884 1,881 - - 13,808 - -
Profit/(loss) on sale of investment 11,566 21,310 (6,172) (3,153) 297,021 (171) 129,743

168 Profit and Loss Account

Profit/(loss) on inter fund transfer/ sale of investment 1,045 4,899 491 (81) 15,270 - 5,234
Unrealised gain/(loss)* 35,848 73,474 (2,657) (1,622) 447,022 (75) (88,417)
Income on unclaimed amount of policyholders - - - - - - -
Total income (A) 59,558 122,806 256,869 85,700 1,276,252 5,244 425,797
Fund management expenses 4,811 7,234 70,365 23,385 112,079 1,190 70,934
Fund administration expenses - - - - - - -

169 Balance Sheet

Other charges F-5 (2,008) (5,225) (49,806) (16,244) (85,608) (858) (45,553)
Service tax/GST 866 1,302 12,666 4,209 20,174 214 12,768
Total expenditure (B) 3,669 3,311 33,225 11,350 46,645 546 38,149
Net income for the year (A-B) 55,889 119,495 223,644 74,350 1,229,607 4,698 387,648
Add: Fund revenue account at the beginning of the year 80,250 22,519 3,081,039 377,025 1,403,456 18,472 1,337,977
Fund revenue account at the end of the year 136,139 142,014 3,304,683 451,375 2,633,063 23,170 1,725,625
*Net change in mark to market value of investments
Annual Report 2021-22
 3.15 Fund Revenue Account for the year ended March 31, 2021 (Contd.)
Form A-RA(UL)
(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Particulars Schedule Fund Term Debt Fund Debt Fund II Grand Total
Total
ULGF 054 30/10/03 ULGF 053 03/04/03 ULGF 046 27/08/13
GSGF 105 GSSTD 105 GSTDebt2 105

170 Receipts & Payments Account

Income from investments
Interest income 144,398 89,461 714 2,011,410 30,871,506
Dividend income 27,772 - - 55,042 7,203,608
Profit/(loss) on sale of investment 292,697 (2,400) (16) 1,015,703 52,698,923
Profit/(loss) on inter fund transfer/ sale of investment 27,474 (13) 1 105,196 3,716,697

171 Schedules
Unrealised gain/(loss)* 1,196,738 (356) 4 1,949,860 327,041,454
Income on unclaimed amount of policyholders - - - - 435,390
Total income (A) 1,689,079 86,692 703 5,137,211 421,967,578
Fund management expenses 62,200 21,482 191 501,641 15,381,716
Annexures (Continued)

Fund administration expenses - - - - 667,477

Other charges F-5 (41,105) (14,018) (30) (344,643) 9,403,335
Service tax/GST 11,196 3,867 34 90,295 6,546,382
Total expenditure (B) 32,291 11,331 195 247,293 31,998,910
Net income for the year (A-B) 1,656,788 75,361 508 4,889,918 389,968,668
Add: Fund revenue account at the beginning of the year 89,239 321,683 103,424 10,839,721 344,355,651
Fund revenue account at the end of the year 1,746,027 397,044 103,932 15,729,639 734,324,319
*Net change in mark to market value of investments

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

237 Annexures
355
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

356
Other Expenses for the year ended March 31, 2021
(` ‘000)
Linked Life Funds
Active Asset Anmol Nivesh
Allocation Balancer Fund Balancer Fund II Balancer Fund III Balancer Fund IV Bluechip Fund
Particulars Fund
Balanced Fund
ULIF 138 15/02/17 ULIF 072 28/04/09 ULIF 002 22/10/01 ULIF 014 17/05/04 ULIF 023 13/03/06 ULIF 039 27/08/07 ULIF 087 24/11/09
AAABF 105 LAnmolNiv 105 LBalancer1 105 LBalancer2 105 LBalancer3 105 LBalancer4 105 LBluChip 105

149 Management Report

Policy administration charge 116,087 - - 4,223 235 1,104 79,550
Surrender charge - - - 15 - - -
Switching charge 11 - 40 14 1 1 499
Mortality charge 193,174 - 19,025 9,881 582 2,051 152,861
Rider premium charge 729 - 3,865 3,215 - 18 3,656
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges 12,840 - - - - - 12,594

Policy foreclosure charges - - - - - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Miscellaneous charges (857) - (338) (1,411) - 22 (44,099)

Total 321,984 - 22,592 15,937 818 3,196 205,061

157 Independent Auditors’ Report and Certificates

(` ‘000)
Linked Life Funds
Discontinued Dynamic P/E Flexi Balanced Flexi Balanced Flexi Balanced Flexi Balanced
Cash Plus Fund
Particulars Fund - Life Fund Fund Fund II Fund III Fund IV
ULIF 008 11/08/03 ULIF 100 01/07/10 ULIF 097 11/01/10 ULIF 031 20/03/07 ULIF 032 20/03/07 ULIF 033 20/03/07 ULIF 040 27/08/07

166 Revenue Account

LCashPlus 105 LDiscont 105 LDynmicPE 105 LFlexiBal1 105 LFlexiBal2 105 LFlexiBal3 105 LFlexiBal4 105
Policy administration charge 2,578 - 22,416 - 1,549 57 375
Surrender charge 7,068 - - - - - -
Switching charge - - 19 12 3 2 1
Mortality charge 12,761 (4) 68,195 2,167 3,019 212 822
Rider premium charge - - 3,089 521 1,261 - 20
Partial withdrawal charge - - - - - - -
Discontinued charges - 1,702 - - - - -

168 Profit and Loss Account

Policy foreclosure charges 30 - (53) - - - -
Miscellaneous charges - (13) (135,304) (53) (97) - -
Total 22,437 1,685 (41,638) 2,647 5,735 271 1,218

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 5
Other Expenses for the year ended March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Flexi Growth Flexi Growth Flexi Growth Flexi Growth Highest NAV
Focus 50 Fund Income Fund
Particulars Fund Fund II Fund III Fund IV Fund B
ULIF 026 20/03/07 ULIF 027 20/03/07 ULIF 028 20/03/07 ULIF 038 27/08/07 ULIF 142 04/02/19 ULIF 116 15/03/11 ULIF 089 24/11/09
LFlexiGro1 105 LFlexiGro2 105 LFlexiGro3 105 LFlexiGro4 105 FocusFifty 105 LHighNavB 105 LIncome 105

170 Receipts & Payments Account

Policy administration charge - 24,028 1,243 11,940 97,699 54,794 489,187
Surrender charge - - - - - - -
Switching charge 64 37 9 33 3 1 1,133
Mortality charge 23,775 36,559 1,947 17,616 168,592 369,339 965,446

171 Schedules
Rider premium charge 3,441 15,580 - 682 2,922 - 19,281
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - 23,846 (4) 45,828
Annexures (Continued)

Policy foreclosure charges - - - - - - (16)

Miscellaneous charges (202) (292) - (131) (62,771) (16,006) (194,408)
Total 29,589 103,295 3,703 14,642 10,494 516,309 928,422

(` ‘000)
Linked Life Funds
India Growth Invest Shield Invest Shield Maximise India
Life Growth Fund Life Secure Fund Maximiser Fund
Particulars Fund Cash Fund Fund - Life Fund
ULIF 141 04/02/19 ULIF 020 03/01/05 ULIF 018 03/01/05 ULIF 134 19/09/13 ULIF 135 19/09/13 ULIF 136 11/20/14 ULIF 001 22/10/01
IndiaGrwth 105 LInvCash 105 LInvShld 105 LGF 105 LSF 105 MIF 105 LMaximis1 105
Policy administration charge 46,830 9,736 1,257 81,288 95,922 19,655 (1)
Surrender charge - 320 1,205 - - - -
Switching charge 6 - - - - 14 330

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Mortality charge 80,399 22,536 1,045 78,480 118,692 33,857 64,153
Rider premium charge 1,904 29 256 - - 6,537 13,740
Partial withdrawal charge - - - - - - -
Discontinued charges 12,853 - - 873 1,092 1,958 -
Policy foreclosure charges - - - - - - (283)

237 Annexures
Miscellaneous charges (19,577) (685) (4,530) (10,034) (28,501) (7,070) (128)
Total 122,415 31,936 (767) 150,607 187,205 54,951 77,811

357
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

358
Other Expenses for the year ended March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Maximiser Maximiser Maximiser Maximiser Money Market Multi Cap Multi Cap Growth
Particulars Fund II Fund III Fund IV Fund V Fund Balanced Fund Fund
ULIF 012 17/05/04 ULIF 022 13/03/06 ULIF 037 27/08/07 ULIF 114 15/03/11 ULIF 090 24/11/09 ULIF 088 24/11/09 ULIF 085 24/11/09
LMaximis2 105 LMaximis3 105 LMaximis4 105 LMaximis5 105 LMoneyMkt 105 LMCapBal 105 LMCapGro 105

149 Management Report

Policy administration charge 12,781 1,771 304 1,245,421 99,496 61,539 518,062
Surrender charge 608 - - - - - -
Switching charge 61 15 3 714 1,277 128 345
Mortality charge 34,293 3,219 770 2,309,498 232,900 127,384 947,699
Rider premium charge 8,587 - 73 33,758 3,450 2,650 20,453
Partial withdrawal charge - - - - - - -
Discontinued charges - - - 110,181 5,852 5,669 70,185
Annexures (Continued)

Policy foreclosure charges - - - - (15) - (47)

Miscellaneous charges (3,453) - (6) (320,148) (91,811) (27,191) (176,663)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Total 52,877 5,005 1,144 3,379,424 251,149 170,179 1,380,034

157 Independent Auditors’ Report and Certificates

(` ‘000)
Linked Life Funds
New Invest Opportunities
Multiplier Fund Multiplier Fund II Multiplier Fund III Multiplier Fund IV Shield Balanced Pinnacle Fund
Particulars Fund
Fund
ULIF 042 22/11/07 ULIF 044 25/02/08 ULIF 046 25/02/08 ULIF 047 25/02/08 ULIF 025 21/08/06 ULIF 086 24/11/09 ULIF 081 26/10/09

166 Revenue Account

LMultip1 105 LMultip2 105 LMultip3 105 LMultip4 105 LInvShldNw 105 LOpport 105 LPinnacle 105
Policy administration charge - 4,013 160 878 1,487 36,139 (10)
Surrender charge - - - - - - -
Switching charge 39 21 3 3 - 141 -
Mortality charge 7,261 6,903 233 2,830 2,200 72,491 614
Rider premium charge 885 3,121 - 80 - 2,007 -
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - 4,530 -

168 Profit and Loss Account

Policy foreclosure charges (32) - - - - - -
Miscellaneous charges (272) (159) - - - (38,088) (45,734)
Total 7,881 13,899 396 3,791 3,687 77,220 (45,130)

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 5
Other Expenses for the year ended March 31, 2021 (Contd.)
(` ‘000)
Linked Life Funds
Pinnacle Fund II Preserver Fund Preserver Fund III Preserver Fund IV Protector Fund Protector Fund II Protector Fund III
Particulars
ULIF 105 26/10/10 ULIF 010 17/05/04 ULIF 021 13/03/06 ULIF 036 27/08/07 ULIF 003 22/10/01 ULIF 016 17/05/04 ULIF 024 13/03/06
LPinnacle2 105 LPreserv1 105 LPreserv3 105 LPreserv4 105 LProtect1 105 LProtect2 105 LProtect3 105

170 Receipts & Payments Account

Policy administration charge 4,974 1,576 131 663 - 3,951 247
Surrender charge - - - - - 75 -
Switching charge - 374 18 43 215 60 21
Mortality charge 26,641 9,961 400 1,625 16,529 12,399 662

171 Schedules
Rider premium charge - 2,192 - 22 2,983 3,141 -
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - - -
Policy foreclosure charges - - - - - - -
Annexures (Continued)

Miscellaneous charges (79,504) (728) - 2 (391) (2,622) -

Total (47,889) 13,375 549 2,355 19,336 17,004 930

(` ‘000)
Linked Life Funds
Return Guarantee Return Guarantee Return Guarantee Return Guarantee
Protector Fund IV RICH Fund RICH Fund II
Particulars Fund IX (10 Yrs) Fund VIII (10 Yrs) Fund X (10 Yrs) Fund XI (10 Yrs)
ULIF 041 27/08/07 ULIF 107 22/12/10 ULIF 104 12/10/10 ULIF 112 13/01/11 ULIF 121 19/04/11 ULIF 048 17/03/08 ULIF 049 17/03/08
LProtect4 105 LRGF(S2) 105 LRGF(S1) 105 LRGF(S3) 105 LRGF(S4) 105 LRICH1 105 LRICH2 105
Policy administration charge 6,032 1 2 7 12 - 21,864
Surrender charge - - - - - - -
Switching charge 19 - - - - 10 7
Mortality charge 12,157 142 215 1,014 56 5,090 25,141

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Rider premium charge 270 1 2 2 1 581 13,064
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - - -
Policy foreclosure charges - - - - - - -

237 Annexures
Miscellaneous charges (96) - - (1,897) - (780) (5)
Total 18,382 144 219 (874) 69 4,901 60,071

359
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

360
Other Expenses for the year ended March 31, 2021
(` ‘000)
Linked Life Funds
Secure
Secure Save Secure Save Value Enhancer
RICH Fund III RICH Fund IV Secure Plus Fund Opportunities
Particulars Builder Fund Guarantee Fund Fund
Fund
ULIF 050 17/03/08 ULIF 051 17/03/08 ULIF 007 11/08/03 ULIF 077 29/05/09 ULIF 076 29/05/09 ULIF 140 24/11/17 ULIF 139 24/11/17
LRICH3 105 LRICH4 105 LSecPlus 105 LSSavBuil 105 LSSavGtee 105 SOF 105 VEF 105

149 Management Report

Policy administration charge 475 4,999 274 - - 24,230 188,120
Surrender charge - - 1,095 - - - -
Switching charge 4 7 - - - 18 18
Mortality charge 726 8,551 798 - - 47,187 314,370
Rider premium charge - 174 - - - 876 4,995
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges - - - - - 4,235 39,193

Policy foreclosure charges - - - - - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Miscellaneous charges - 25 - - - (11,026) (5,136)

Total 1,205 13,756 2,167 - - 65,520 541,560

157 Independent Auditors’ Report and Certificates

(` ‘000)
Linked Life Funds
Unclaimed fund
Particulars
ULIF 137 27/11/15 Total
UNCLAIM 105

166 Revenue Account

Policy administration charge - 3,401,351
Surrender charge - 10,386
Switching charge - 5,797
Mortality charge - 6,679,141
Rider premium charge - 184,114
Partial withdrawal charge - -
Discontinued charges - 353,427

168 Profit and Loss Account

Policy foreclosure charges - (416)
Miscellaneous charges - (1,332,168)
Total - 9,301,632

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 5
Other Expenses for the year ended March 31, 2021 (Contd.)
(` ‘000)
Linked Pension Funds
Discontinued Easy Retirement Easy Retirement Easy Retirement Invest Shield Pension Balancer Pension Balancer
Particulars Fund-Pension Balanced Fund Secure Fund SP Balanced Fund Fund - Pension Fund Fund II
ULIF 101 01/07/10 ULIF 132 02/11/12 ULIF 133 02/11/12 ULIF 136 25/03/13 ULIF 019 03/01/05 ULIF 005 03/05/02 ULIF 015 17/05/04
PDiscont 105 ERBF 105 ERSF 105 ERSPBF 105 PInvShld 105 PBalancer1 105 PBalancer2 105

170 Receipts & Payments Account

Policy administration charge - 12,983 3,403 134 366 - 2,260
Surrender charge - - - - 1,691 - 283
Switching charge - 5 7 - - 6 10
Mortality charge - - - - 122 256 187

171 Schedules
Rider premium charge - - - - 28 219 120
Partial withdrawal charge - - - - - - -
Discontinued charges 2 718 225 - - - -
Annexures (Continued)

Policy foreclosure charges - - - - - - -

Miscellaneous charges - (5) (2) (15) (547) - (570)
Total 2 13,701 3,633 119 1,660 481 2,290

(` ‘000)
Linked Pension Funds
Pension Bluechip Pension Dynamic Pension Flexi Pension Flexi Pension Flexi Pension Flexi Pension Growth
Particulars Fund P/E Fund Balanced Fund Balanced Fund II Growth Fund Growth Fund II Fund
ULIF 093 11/01/10 ULIF 098 11/01/10 ULIF 034 20/03/07 ULIF 035 20/03/07 ULIF 029 20/03/07 ULIF 030 20/03/07 ULIF 127 01/12/11
PBluChip 105 PDynmicPE 105 PFlexiBal1 105 PFlexiBal2 105 PFlexiGro1 105 PFlexiGro2 105 PGROWTH 105
Policy administration charge - - - 382 (14) 8,313 274
Surrender charge - - - - - - -
Switching charge 27 9 6 4 46 38 -

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Mortality charge 81 341 10 72 46 1,494 653
Rider premium charge - - 5 23 40 412 -
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - - -
Policy foreclosure charges - - - - (83) - -

237 Annexures
Miscellaneous charges (623) (3,320) - (277) 32 (3,388) -
Total (515) (2,970) 21 204 67 6,869 927

361
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

362
Other Expenses for the year ended March 31, 2021 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Multi
Pension Income Pension Pension Pension Money Pension Multi Pension
Cap Balanced
Particulars Fund Maximiser Fund Maximiser Fund II Market Fund Cap Growth Fund Multiplier Fund
Fund
ULIF 095 11/01/10 ULIF 004 03/05/02 ULIF 013 17/05/04 ULIF 096 11/01/10 ULIF 094 11/01/10 ULIF 091 11/01/10 ULIF 043 25/02/08
PIncome 105 PMaximis1 105 PMaximis2 105 PMoneyMkt 105 PMCapBal 105 PMCapGro 105 PMultip1 105

149 Management Report

Policy administration charge (80) (1) 6,386 - (221) (59) -
Surrender charge - - 956 - - - -
Switching charge 58 46 55 67 13 43 27
Mortality charge 494 534 387 149 75 853 10
Rider premium charge - 489 393 - - - 7
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges - - - - - - -
Policy foreclosure charges (171) (13) - - (819) (217) -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Miscellaneous charges (2,482) - - (1,643) (450) (4,699) -

Total (2,181) 1,055 8,177 (1,427) (1,402) (4,079) 44

157 Independent Auditors’ Report and Certificates

(` ‘000)
Linked Pension Funds
Pension Pension Return Pension Return
Pension Pension Pension Protector Pension Protector
Opportunities Guarantee Fund IX Guarantee Fund
Particulars Multiplier Fund II Preserver Fund Fund Fund II
Fund (10 Yrs) VIII

166 Revenue Account

ULIF 045 25/02/08 ULIF 092 11/01/10 ULIF 011 17/05/04 ULIF 006 03/05/02 ULIF 017 17/05/04 ULIF 108 22/12/10 ULIF 102 12/10/10
PMultip2 105 POpport 105 PPreserv 105 PProtect1 105 PProtect2 105 PRGF(S2) 105 PRGF(S1) 105
Policy administration charge 1,011 (14) 612 (1) 2,469 - -
Surrender charge - - 6 - 25 - -
Switching charge 17 17 172 82 58 - -
Mortality charge 247 252 152 287 517 - -
Rider premium charge 58 - 45 225 92 - -
Partial withdrawal charge - - - - - - -

168 Profit and Loss Account

Discontinued charges - - - - - - -
Policy foreclosure charges - - - (11) - - -
Miscellaneous charges (477) (1,169) (984) 5 (8,215) (551) (1,952)
Total 856 (914) 3 587 (5,054) (551) (1,952)

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 5
Other Expenses for the year ended March 31, 2021 (Contd.)
(` ‘000)
Linked Pension Funds
Pension Return Pension Return Pension RICH Pension RICH Pension Secure Secure Plus
Guarantee Fund X Guarantee Fund XI
Particulars Fund Fund II Fund Pension Fund
(10 Yrs) (10 Yrs) Total
ULIF 113 13/01/11 ULIF 122 19/04/11 ULIF 052 17/03/08 ULIF 053 17/03/08 ULIF 128 01/12/11 ULIF 009 17/11/03

170 Receipts & Payments Account

PRGF(S3) 105 PRGF(S4) 105 PRICH1 105 PRICH2 105 PSECURE 105 PSecPlus 105
Policy administration charge - - - 4,805 1,852 114 44,974
Surrender charge - - - - - 660 3,621
Switching charge - - 30 11 - - 854

171 Schedules
Mortality charge - - - 820 5,383 178 13,600
Rider premium charge - - - 291 - - 2,447
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges - - - - (2) - 943

Policy foreclosure charges - - - - - - (1,314)
Miscellaneous charges (1,336) - - (1,501) - - (34,169)
Total (1,336) - 30 4,426 7,233 952 30,956

(` ‘000)
Linked Health Funds
Health Balancer Health Flexi Health Flexi Health Multiplier Health Preserver Health Protector
Particulars Fund Balanced Fund Growth Fund Fund Fund Fund
Total
ULIF 059 15/01/09 ULIF 060 15/01/09 ULIF 057 15/01/09 ULIF 058 15/01/09 ULIF 056 15/01/09 ULIF 061 15/01/09
HBalancer 105 HFlexiBal 105 HFlexiGro 105 HMultip 105 HPreserv 105 HProtect 105
Policy administration charge 2,948 4,163 37,637 4,465 562 13,653 63,428
Surrender charge - - - - - - -

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Switching charge 2 2 18 18 25 22 87
Mortality charge 39,935 56,146 490,556 57,675 7,400 187,702 839,414
Rider premium charge - - - - - - -
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - - -

237 Annexures
Policy foreclosure charges - - (2) - - - (2)
Miscellaneous charges - - - - - - -
Total 42,885 60,311 528,209 62,158 7,987 201,377 902,927

363
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

364
Other Expenses for the year ended March 31, 2021 (Contd.)
(` ‘000)
Linked Group Life Funds
Group Capital
Group Balanced Group Balanced Group Debt Group Equity Group Growth
Guarantee Short Group Debt Fund
Fund Fund II Fund II Fund II Fund
Particulars Term Debt Fund
ULGF 001 ULGF 041 ULGF 005 ULGF 002 ULGF 040 ULGF 043 ULGF 004
03/04/03 30/04/13 24/02/04 03/04/03 GDebt 30/04/13 GDebt2 30/04/13 GEquity2 30/10/03 GGrowth

149 Management Report

GBalancer 105 GBalancer2 105 GCGSTDebt1 105 105 105 105 105
Policy administration charge - - - - - - -
Surrender charge - - - - 5 - -
Switching charge - - - - - - -
Mortality charge - - - - - - -
Rider premium charge - - - - - - -
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges - - - - - - -
Policy foreclosure charges - - - - - - -
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Miscellaneous charges (91,752) (233,568) (141) (39,231) (77,374) (291) (6,569)

Total (91,752) (233,568) (141) (39,231) (77,369) (291) (6,569)

157 Independent Auditors’ Report and Certificates

(` ‘000)
Linked Group Life Funds
Group Leave Group Leave
Group Growth Group Short Term Group Short Term
Encashment Encashment
Fund II Debt Fund Debt Fund III
Particulars Balance Fund Income Fund

166 Revenue Account

Total
ULGF 042 ULGF 013 ULGF 014 ULGF 003 ULGF 039
30/04/13 02/04/08 GLEBal 02/04/08 03/04/03 GSTDebt 30/04/13
GGrowth2 105 105 GLEIncome 105 105 GSTDebt3 105
Policy administration charge - - - - - -
Surrender charge - - - - 1 6
Switching charge - - - - - -
Mortality charge - - - - - -
Rider premium charge - - - - - -

168 Profit and Loss Account

Partial withdrawal charge - - - - - -
Discontinued charges - - - - - -
Policy foreclosure charges - - - - - -
Miscellaneous charges (9,598) (11,806) (1,476) (5,556) (10,181) (487,543)
Total (9,598) (11,806) (1,476) (5,556) (10,180) (487,537)

169 Balance Sheet

Annual Report 2021-22
 SCHEDULE: F - 5
Other Expenses for the year ended March 31, 2021 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital Group Capital
Guarantee Guarantee Guarantee Guarantee Debt Guarantee Debt Guarantee Debt Guarantee Growth
Particulars Balanced Fund Balanced Fund II Balanced Fund III Fund Fund II Fund III Fund
ULGF 006 ULGF 010 ULGF 049 ULGF 007 ULGF 011 ULGF 048 ULGF 008

170 Receipts & Payments Account

03/10/05 GCGBal1 21/03/07 GCGBal2 27/08/13 GCGBal3 28/10/05 21/03/07 27/08/13 11/12/06
105 105 105 GCGDebt1 105 GCGDebt2 105 GCGDebt3 105 GCGGrowth1 105
Policy administration charge - - - - - - -
Surrender charge - - - - - - -
Switching charge - - - - - - -

171 Schedules
Mortality charge - - - - - - -
Rider premium charge - - - - - - -
Partial withdrawal charge - - - - - - -
Annexures (Continued)

Discontinued charges - - - - - - -
Policy foreclosure charges - - - - - - -
Miscellaneous charges (896) (18,265) (43,738) (398) (6,250) (14,079) (562)
Total (896) (18,265) (43,738) (398) (6,250) (14,079) (562)

(` ‘000)
Linked Group Pension Funds
Group Capital Group Capital Group Capital Group Capital Group SA Capital
Group SA Group SA Debt
Guarantee Growth Guarantee Growth Guarantee Short Guarantee Short Guarantee Short
Balanced Fund Fund
Particulars Fund II Fund III Term Debt Fund II Term Debt Fund III Term Debt Fund
ULGF 012 ULGF 050 ULGF 009 ULGF 047 ULGF 051 ULGF 055 ULGF 052
05/07/07 27/08/13 16/03/07 27/08/13 03/04/03 GSBLN 24/02/04 03/04/03 GSDBT
GCGGrowth2 105 GCGGrowth3 105 GCGSTDebt2 105 GCGSTDebt3 105 105 GSCGSTD 105 105

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Policy administration charge - - - - - - -
Surrender charge - - - - - - -
Switching charge - - - - - - -
Mortality charge - - - - - - -
Rider premium charge - - - - - - -

237 Annexures
Partial withdrawal charge - - - - - - -
Discontinued charges - - - - - - -
Policy foreclosure charges - - - - - - -
Miscellaneous charges (2,008) (5,225) (49,806) (16,244) (85,608) (858) (45,553)
Total (2,008) (5,225) (49,806) (16,244) (85,608) (858) (45,553)

365
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE: F - 5

366
Other Expenses for the year ended March 31, 2021 (Contd.)
(` ‘000)
Linked Group Pension Funds
Group SA Growth Group SA Short Group Short Term
Particulars Fund Term Debt Fund Debt Fund II Grand Total
Total
ULGF 054 30/10/03 ULGF 053 03/04/03 ULGF 046 27/08/13
GSGF 105 GSSTD 105 GSTDebt2 105

149 Management Report

Policy administration charge - - - - 3,509,753
Surrender charge - - - - 14,013
Switching charge - - - - 6,738
Mortality charge - - - - 7,532,155
Rider premium charge - - - - 186,561
Partial withdrawal charge - - - - -
Discontinued charges - - - - 354,370
Annexures (Continued)

Policy foreclosure charges - - - - (1,732)

Miscellaneous charges (41,105) (14,018) (30) (344,643) (2,198,523)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Total (41,105) (14,018) (30) (344,643) 9,403,335

157 Independent Auditors’ Report and Certificates

166 Revenue Account
168 Profit and Loss Account
169 Balance Sheet
Annual Report 2021-22
 Annexure 3:
Annexure to the Revenue Account for the year ended March 31, 2022
Policyholders’ Account (Technical Account)
(` ‘000)
Linked Life Linked Pension Linked Health Linked Group Life Linked Group Pension Total Unit
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Linked
Particulars Sch (16)=(3)+
(3)=(1) (6)=(4) (9)= (7) (12)= (10) (15)= (13)
(1) (2) (4) (5) (7) (8) (10) (11) (13) (14) (6)+(9)+

170 Receipts & Payments Account

+ (2) + (5) + (8) + (11) + (14)
(12)+(15)

Premiums earned – net

(a) Premium 8,337,213 174,946,008 183,283,221 16,084 1,969,152 1,985,236 4,445 676,675 681,120 1,496 11,160,915 11,162,411 - 5,206,144 5,206,144 202,318,132
(b) Reinsurance ceded (316,448) - (316,448) (56) - (56) (501,097) - (501,097) (1) - (1) - - - (817,602)
(c) Reinsurance accepted - - - - - - - - - - - - - - - -

171 Schedules
Sub-total 8,020,765 174,946,008 182,966,773 16,028 1,969,152 1,985,180 (496,652) 676,675 180,023 1,495 11,160,915 11,162,410 - 5,206,144 5,206,144 201,500,530
Income from Investments
(a) Interest, Dividend & Rent - Gross 578,795 30,097,912 30,676,707 14,025 1,962,777 1,976,802 52,994 231,435 284,429 41,785 2,853,862 2,895,647 20,587 1,695,102 1,715,689 37,549,274
(b) Profit on sale/redemption of investments 507 129,298,897 129,299,404 - 10,225,380 10,225,380 - 1,381,168 1,381,168 - 1,352,127 1,352,127 - 1,256,922 1,256,922 143,515,001
(c) (Loss) on sale/redemption of investments (128) (6,941,152) (6,941,280) (26) (623,421) (623,447) (51) (61,143) (61,194) - (451,664) (451,664) - (340,855) (340,855) (8,418,440)
Annexures (Continued)

(d) Unrealised gain/(loss) - 24,688,617 24,688,617 - (865,250) (865,250) - (229,093) (229,093) - (334,289) (334,289) - (366,971) (366,971) 22,893,014
(e) Accretion of discount/(amortisation of premium) 114,545 2,630,104 2,744,649 23,902 73,838 97,740 16,027 4,647 20,674 (904) 85,253 84,349 1,366 198,600 199,966 3,147,378
Sub-total 693,719 179,774,378 180,468,097 37,901 10,773,324 10,811,225 68,970 1,327,014 1,395,984 40,881 3,505,289 3,546,170 21,953 2,442,798 2,464,751 198,686,227
Other income
(a) Linked income UL1 24,855,925 (24,855,925) - 1,323,142 (1,323,142) - 1,023,743 (1,023,743) - 117,174 (117,174) - 145,913 (145,913) - -
(b) Contribution from the Shareholders' a/c - - - - - - 509,476 - 509,476 - - - - - - 509,476
(c) Income on unclaimed amount of policyholders - 410,851 410,851 - - - - - - - - - - - - 410,851
(d) Fees & charges 248 - 248 - - - - - - - - - - - - 248
(e) Misc. income 20,078 - 20,078 231 - 231 89 - 89 2,511 - 2,511 281 - 281 23,190
Sub-total 24,876,251 (24,445,074) 431,177 1,323,373 (1,323,142) 231 1,533,308 (1,023,743) 509,565 119,685 (117,174) 2,511 146,194 (145,913) 281 943,765
TOTAL (A) 33,590,735 330,275,312 363,866,047 1,377,302 11,419,334 12,796,636 1,105,626 979,946 2,085,572 162,061 14,549,030 14,711,091 168,147 7,503,029 7,671,176 401,130,522
Commission 6,612,767 - 6,612,767 8,580 - 8,580 1,696 - 1,696 2,694 - 2,694 320 - 320 6,626,057
Operating expenses related to insurance business 9,427,807 89,071 9,516,878 139,410 (2,375) 137,035 40,002 3,405 43,407 60,887 274 61,161 29,017 (272) 28,745 9,787,226
Provision for doubtful debts 2,757 - 2,757 246 - 246 144 - 144 - - - - - - 3,147
Bad debts written off 18,206 - 18,206 80 - 80 11 - 11 (1) - (1) - - - 18,296
Provisions (other than taxation) - - - - - - - - - - - - - - -
(a) For diminution in the value of investments (Net) - - - - - - - - - - - - - - - -
(b) Others - - - - - - - - - - - - - - - -

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Goods & Service Tax charge on linked charges - 6,267,603 6,267,603 - 244,782 244,782 - 185,193 185,193 - 124,537 124,537 - 92,204 92,204 6,914,319
TOTAL (B) 16,061,537 6,356,674 22,418,211 148,316 242,407 390,723 41,853 188,598 230,451 63,580 124,811 188,391 29,337 91,932 121,269 23,349,045
Benefits paid (Net) UL2 4,773,452 202,685,378 207,458,830 7,439 13,511,746 13,519,185 411,871 214,124 625,995 958 10,187,155 10,188,113 - 7,952,236 7,952,236 239,744,359
Interim bonus paid - - - - - - - - - - - - - - - -
Change in valuation of policy liabilities - - - - - - - - - - - - - - - -
(a) Policy liabilities (non-unit/mathematical reserves)

237 Annexures
(Gross) (1,899,550) - (1,899,550) 19,120 - 19,120 651,902 - 651,902 (22,185) - (22,185) (974) - (974) (1,251,687)
(b) Amount ceded in reinsurance - - - - - - - - - - - - - - - -
(c) Amount accepted in reinsurance - - - - - - - - - - - - - - - -
(d) Fund reserve - 125,533,048 125,533,048 - (2,096,072) (2,096,072) - 577,224 577,224 - 4,237,064 4,237,064 - (541,139) (541,139) 127,710,125
(e) Funds for discontinued policies - (4,299,788) (4,299,788) - (238,747) (238,747) - - - - - - - - - (4,538,535)
TOTAL (C) 2,873,902 323,918,638 326,792,540 26,559 11,176,927 11,203,486 1,063,773 791,348 1,855,121 (21,227) 14,424,219 14,402,992 (974) 7,411,097 7,410,123 361,664,262
SURPLUS/(DEFICIT) (D) =(A)-(B)-(C) 14,655,296 - 14,655,296 1,202,427 - 1,202,427 - - - 119,708 - 119,708 139,784 - 139,784 16,117,215
Provision for taxation
(a) Current tax credit/(charge) - - - - - - - - - - - - - - - -
(b) Deferred tax credit/(charge) - - - - - - - - - - - - - - - -
SURPLUS/(DEFICIT) AFTER TAX 14,655,296 - 14,655,296 1,202,427 - 1,202,427 - - - 119,708 - 119,708 139,784 - 139,784 16,117,215
APPROPRIATIONS
Transfer to Shareholders' a/c 14,655,296 - 14,655,296 1,202,427 - 1,202,427 - - - 119,708 - 119,708 139,784 - 139,784 16,117,215
Transfer to Other Reserves - - - - - - - - - - - - - - - -
Balance being funds for future appropriations - - - - - - - - - - - - - - - -
Total (D) 14,655,296 - 14,655,296 1,202,427 - 1,202,427 - - - 119,708 - 119,708 139,784 - 139,784 16,117,215

367
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 Annexure 3:

368
Annexure to the Revenue Account for the year ended March 31, 2021
Policyholders’ Account (Technical Account)
(` ‘000)
Linked Life Linked Pension Linked Health Linked Group Life Linked Group Pension Total Unit
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Linked
Particulars Sch (16)=(3)+
(3)=(1) (6)=(4) (9)= (7) (12)= (10) (15)= (13)
(1) (2) (4) (5) (7) (8) (10) (11) (13) (14) (6)+(9)+
+ (2) + (5) + (8) + (11) + (14)
12)+(15)

149 Management Report

Premiums earned – net
(a) Premium 8,610,342 187,305,408 195,915,750 19,493 2,235,734 2,255,227 7,667 737,955 745,622 7,570 21,826,770 21,834,340 - 5,905,045 5,905,045 226,655,984
(b) Reinsurance ceded (412,543) - (412,543) (79) - (79) (340,886) - (340,886) (9) - (9) - - - (753,517)
(c) Reinsurance accepted - - - - - - - - - - - - - - - -
Sub-total 8,197,799 187,305,408 195,503,207 19,414 2,235,734 2,255,148 (333,219) 737,955 404,736 7,561 21,826,770 21,834,331 - 5,905,045 5,905,045 225,902,467
Income from Investments
(a) Interest, Dividend & Rent - Gross 506,234 26,384,106 26,890,340 25,192 2,118,031 2,143,223 52,213 231,953 284,166 31,480 2,665,755 2,697,235 6,906 1,794,109 1,801,015 33,815,979
(b) Profit on sale/redemption of investments 82,099 89,833,857 89,915,956 4,971 10,056,682 10,061,653 2,126 805,488 807,614 - 2,192,332 2,192,332 - 1,618,264 1,618,264 104,595,819
(c) (Loss) on sale/redemption of investments (102) (42,708,234) (42,708,336) - (3,754,428) (3,754,428) - (534,376) (534,376) - (596,588) (596,588) - (497,367) (497,367) (48,091,095)
Annexures (Continued)

(d) Unrealised gain/(loss) - 300,937,447 300,937,447 - 19,615,556 19,615,556 - 2,636,134 2,636,134 - 1,902,457 1,902,457 - 1,949,860 1,949,860 327,041,454
(e) Accretion of discount/(amortisation of premium) 66,246 4,403,667 4,469,913 7,977 128,210 136,187 3,988 3,033 7,021 (972) 73,917 72,945 49 272,346 272,395 4,958,461
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Sub-total 654,477 378,850,843 379,505,320 38,140 28,164,051 28,202,191 58,327 3,142,232 3,200,559 30,508 6,237,873 6,268,381 6,955 5,137,212 5,144,167 422,320,618
Other income
(a) Linked income UL1 22,942,189 (22,942,189) - 1,231,088 (1,231,088) - 1,010,218 (1,010,218) - 112,035 (112,035) - 156,998 (156,998) - -

157 Independent Auditors’ Report and Certificates

(b) Contribution from the Shareholders' a/c - - - - - - - - - - - - - - - -
(c) Income on unclaimed amount of policyholders - 435,391 435,391 - - - - - - - - - - - - 435,391
(d) Fees & charges 310 - 310 - - - - - - - - - - - - 310
(e) Misc. income 5,554 - 5,554 66 - 66 19 - 19 663 - 663 58 - 58 6,360
Sub-total 22,948,053 (22,506,798) 441,255 1,231,154 (1,231,088) 66 1,010,237 (1,010,218) 19 112,698 (112,035) 663 157,056 (156,998) 58 442,061
TOTAL (A) 31,800,329 543,649,453 575,449,782 1,288,708 29,168,697 30,457,405 735,345 2,869,969 3,605,314 150,767 27,952,608 28,103,375 164,011 10,885,259 11,049,270 648,665,146
Commission 6,333,540 - 6,333,540 10,101 - 10,101 2,759 - 2,759 367 - 367 - - - 6,346,767
Operating expenses related to insurance business 6,590,902 137,664 6,728,566 131,028 2,335 133,363 37,510 2,372 39,882 112,323 135 112,458 32,728 (421) 32,307 7,046,576

166 Revenue Account

Provision for doubtful debts 8,470 - 8,470 338 - 338 183 - 183 - - - (62) - (62) 8,929
Bad debts written off 9,852 - 9,852 32 - 32 4 - 4 9 - 9 64 - 64 9,961
Provisions (other than taxation) - - - - - - - - - - - - - - -
(a) For diminution in the value of investments (Net) - - - - - - - - - - - - - - - -
(b) Others - - - - - - - - - - - - - - - -
Goods & Service Tax charge on linked charges - 5,934,060 5,934,060 - 230,692 230,692 - 183,406 183,406 - 107,923 107,923 - 90,296 90,296 6,546,377
TOTAL (B) 12,942,764 6,071,724 19,014,488 141,499 233,027 374,526 40,456 185,778 226,234 112,699 108,058 220,757 32,730 89,875 122,605 19,958,610
Benefits paid (Net) UL2 3,454,675 148,237,982 151,692,657 5,350 19,898,147 19,903,497 351,020 133,054 484,074 1,330 18,482,345 18,483,675 - 6,444,332 6,444,332 197,008,235
Interim bonus paid - - - - - - - - - - - - - - - -
Change in valuation of policy liabilities - - - - - - - - - - - - - - - -
(a) Policy liabilities (non-unit/mathematical reserves)

168 Profit and Loss Account

(Gross) (358,150) - (358,150) (218,899) - (218,899) (47,135) - (47,135) 5,799 - 5,799 8,648 - 8,648 (609,737)
(b) Amount ceded in reinsurance - - - - - - - - - - - - - - - -
(c) Amount accepted in reinsurance - - - - - - - - - - - - - - - -
(d) Fund reserve - 371,468,546 371,468,546 - 9,603,500 9,603,500 - 2,551,137 2,551,137 - 9,362,205 9,362,205 - 4,351,052 4,351,052 397,336,440
(e) Funds for discontinued policies - 17,871,201 17,871,201 - (565,977) (565,977) - - - - - - - - - 17,305,224
TOTAL (C) 3,096,525 537,577,729 540,674,254 (213,549) 28,935,670 28,722,121 303,885 2,684,191 2,988,076 7,129 27,844,550 27,851,679 8,648 10,795,384 10,804,032 611,040,162
SURPLUS/(DEFICIT) (D) =(A)-(B)-(C) 15,761,040 - 15,761,040 1,360,758 - 1,360,758 391,004 - 391,004 30,939 - 30,939 122,633 - 122,633 17,666,374

169 Balance Sheet

Provision for taxation
(a) Current tax credit/(charge) - - - - - - - - - - - - - - - -
(b) Deferred tax credit/(charge) - - - - - - - - - - - - - - - -
SURPLUS/(DEFICIT) AFTER TAX 15,761,040 - 15,761,040 1,360,758 - 1,360,758 391,004 - 391,004 30,939 - 30,939 122,633 - 122,633 17,666,374
APPROPRIATIONS
Transfer to Shareholders' a/c 15,761,040 - 15,761,040 1,360,758 - 1,360,758 391,004 - 391,004 30,939 - 30,939 122,632 - 122,632 17,666,373
Transfer to Other Reserves - - - - - - - - - - - - - - - -
Balance being funds for future appropriations - - - - - - - - - - - - - - - -
Total (D) 15,761,040 - 15,761,040 1,360,758 - 1,360,758 391,004 - 391,004 30,939 - 30,939 122,632 - 122,632 17,666,373
Annual Report 2021-22
 Schedule-UL1
Linked Income (recovered from linked funds)* for the year ended March 31, 2022
(` ‘000)
Linked Group Pension
Life Linked Unit Pension Linked Unit Linked Health Unit Linked Group Life Unit Total
Unit
Particulars
(6)= (1) +(2) +(3)+
(1) (2) (3) (4) (5)
(4)+ (5)

170 Receipts & Payments Account

Fund administration charges 588,210 174,341 - - - 762,551
Fund management charge 16,545,053 1,112,090 128,808 691,874 512,247 18,990,072
Policy administration charge 3,147,663 38,112 60,955 - - 3,246,730
Surrender charge 9,631 5,106 - 1 1 14,739

171 Schedules
Switching charge 4,498 610 66 - - 5,174
Mortality charge 5,736,451 11,200 833,938 - - 6,581,589
Rider premium charge 218,805 2,171 - - - 220,976
Annexures (Continued)

Partial withdrawal charge - - - - - -

Policy foreclosure charge 5 (1,244) (8) - - (1,247)
Discontinued charges 207,467 739 - - - 208,206
Miscellaneous charge (1,601,858) (19,983) (16) (574,701) (366,335) (2,562,893)
TOTAL (UL-1) 24,855,925 1,323,142 1,023,743 117,174 145,913 27,465,897
* net of Goods and Service tax, if any

Linked Income (recovered from linked funds)* for the year ended March 31, 2021
(` ‘000)
Linked Group Pension
Life Linked Unit Pension Linked Unit Linked Health Unit Linked Group Life Unit Total
Unit
Particulars
(6)= (1)+(2)+(3)+
(1) (2) (3) (4) (5)
(4)+(5)

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

Fund administration charges 501,839 165,637 - - - 667,476
Fund management charge 13,138,718 1,034,495 107,292 599,572 501,642 15,381,719
Policy administration charge 3,401,349 44,977 63,428 - - 3,509,754
Surrender charge 10,385 3,621 - 6 - 14,012

237 Annexures
Switching charge 5,801 854 87 - - 6,742
Mortality charge 6,679,140 13,599 839,413 - - 7,532,152
Rider premium charge 184,112 2,447 - - - 186,559
Partial withdrawal charge - - - - - -
Policy foreclosure charge (415) (1,313) (2) - - (1,730)
Discontinued charges 353,425 942 - - - 354,367
Miscellaneous charge (1,332,165) (34,171) - (487,543) (344,644) (2,198,523)
TOTAL (UL-1) 22,942,189 1,231,088 1,010,218 112,035 156,998 25,452,528
* net of Goods and Service tax, if any

369
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
 SCHEDULE–UL2

370
Benefits Paid [Net] for the year ended March 31, 2022
(` ‘000)
Linked Life Linked Pension Linked Health Linked Group Life Linked Group Pension Total Unit
Non Unit Unit Linked Life Non-Unit Unit Linked Non-Unit Unit Linked Non-Unit Unit Linked Non-Unit Unit Linked Linked
Sl. Pension Health Group Group
Particulars
No. (1) (2) (3)= (4) (5) (6)= (7) (8) (9)= (10) (11) (12)= (13) (14) (15)= (16)= (3)+
(1)+(2) (4)+(5) (7)+(8) (10)+(11) (13)+(14) (6)+ (9)+
(12)+ (15)

149 Management Report

1 Insurance claims
(a) Claims by death 5,303,845 3,943,966 9,247,811 6,886 335,033 341,919 112 41,721 41,833 958 144,181 145,139 - 99,791 99,791 9,876,493
(b) Claims by maturity - 31,130,216 31,130,216 - 2,848,973 2,848,973 - - - - - - - - - 33,979,189
(c) Annuities / Pension payment - - - - - - - - - - - - - - - -
(d) Other benefits - - - - - - - - - - - - - - - -
- Surrender/Withdrawal 5,748 167,225,434 167,231,182 501 10,327,740 10,328,241 - - - - 10,042,974 10,042,974 - 7,852,445 7,852,445 195,454,842
- Survival - - - - - - - - - - - - - - - -
- Rider 36,307 - 36,307 52 - 52 994 - 994 - - - - - - 37,353
Annexures (Continued)

- Health - - - - - - 883,326 172,403 1,055,729 - - - - - - 1,055,729

- Interest on unclaimed amounts - 385,762 385,762 - - - - - - - - - - - - 385,762
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Sub Total (A) 5,345,900 202,685,378 208,031,278 7,439 13,511,746 13,519,185 884,432 214,124 1,098,556 958 10,187,155 10,188,113 - 7,952,236 7,952,236 240,789,368
2 Amount ceded in reinsurance
(a) Claims by death (569,548) - (569,548) - - - - - - - - - - - - (569,548)

157 Independent Auditors’ Report and Certificates

(b) Claims by maturity - - - - - - - - - - - - - - - -
(c) Annuities / Pension payment - - - - - - - - - - - - - - - -
(d) Other benefits - - - - - - - - - - - - - - - -
- Surrender/Withdrawal - - - - - - - - - - - - - - - -
- Survival - - - - - - - - - - - - - - - -
- Rider (2,900) - (2,900) - - - - - - - - - - - - (2,900)
- Health - - - - - - (472,561) - (472,561) - - - - - - (472,561)

166 Revenue Account

Sub Total (B) (572,448) - (572,448) - - - (472,561) - (472,561) - - - - - - (1,045,009)
3 Amount ceded in reinsurance
(a) Claims by death - - - - - - - - - - - - - - - -
(b) Claims by maturity - - - - - - - - - - - - - - - -
(c) Annuities / Pension payment - - - - - - - - - - - - - - - -
(d) Other benefits - - - - - - - - - - - - - - - -
- Surrender - - - - - - - - - - - - -
- Survival - - - - - - - - - - - - -
- Rider - - - - - - - - - - - - -

168 Profit and Loss Account

- Health - - - - - - - - - - - - -
Sub Total (C) - - - - - - - - - - - - - - - -
Total (A) + (B) + (C) 4,773,452 202,685,378 207,458,830 7,439 13,511,746 13,519,185 411,871 214,124 625,995 958 10,187,155 10,188,113 - 7,952,236 7,952,236 239,744,359
Benefits paid to claimants:
In India 5,345,900 202,685,378 208,031,278 7,439 13,511,746 13,519,185 884,432 214,124 1,098,556 958 10,187,155 10,188,113 - 7,952,236 7,952,236 240,789,368
Outside India - - - - - - - - - - - - - - - -

169 Balance Sheet

TOTAL (UL2) 5,345,900 202,685,378 208,031,278 7,439 13,511,746 13,519,185 884,432 214,124 1,098,556 958 10,187,155 10,188,113 - 7,952,236 7,952,236 240,789,368
Annual Report 2021-22
 SCHEDULE–UL2
Benefits Paid [Net] for the year ended March 31, 2021
(` ‘000)
Linked Life Linked Pension Linked Health Linked Group Life Linked Group Pension Total Unit
Non Unit Unit Linked Life Non-Unit Unit Linked Non-Unit Unit Linked Non-Unit Unit Linked Non-Unit Unit Linked Linked
Sl. Pension Health Group Group
Particulars
No. (1) (2) (3)= (4) (5) (6)= (7) (8) (9)= (10) (11) (12)= (13) (14) (15)= (16)= (3)+
(1)+(2) (4)+(5) (7)+(8) (10)+(11) (13)+(14) (6)+ (9)+

170 Receipts & Payments Account

(12)+ (15)

1 Insurance claims
(a) Claims by death 3,952,374 2,258,313 6,210,687 5,047 247,442 252,489 171 27,129 27,300 1,330 78,434 79,764 - 23,553 23,553 6,593,793
(b) Claims by maturity 141 25,839,016 25,839,157 - 6,657,895 6,657,895 - - - - - - - - - 32,497,052
(c) Annuities / Pension payment - - - - - - - - - - - - - - - -

171 Schedules
(d) Other benefits - - - - - - - - - - - - - - - -
- Surrender/Withdrawal 256 119,727,189 119,727,445 71 12,992,810 12,992,881 - 2 2 - 18,403,911 18,403,911 - 6,420,779 6,420,779 157,545,018
- Survival - - - - - - - - - - - - - - - -
- Rider 29,736 - 29,736 232 - 232 710 - 710 - - - - - - 30,678
Annexures (Continued)

- Health - - - - - - 731,533 105,923 837,456 - - - - - - 837,456

- Interest on unclaimed amounts - 413,464 413,464 - - - - - - - - - - - - 413,464
Sub Total (A) 3,982,507 148,237,982 152,220,489 5,350 19,898,147 19,903,497 732,414 133,054 865,468 1,330 18,482,345 18,483,675 - 6,444,332 6,444,332 197,917,461
2 Amount ceded in reinsurance
(a) Claims by death (527,832) - (527,832) - - - - - - - - - - - - (527,832)
(b) Claims by maturity - - - - - - - - - - - - - - - -
(c) Annuities / Pension payment - - - - - - - - - - - - - - - -
(d) Other benefits - - - - - - - - - - - - - - - -
- Surrender/Withdrawal - - - - - - - - - - - - - - - -
- Survival - - - - - - - - - - - - - - - -
- Rider - - - - - - - - - - - - - - - -
- Health - - - - - - (381,394) - (381,394) - - - - - - (381,394)
Sub Total (B) (527,832) - (527,832) - - - (381,394) - (381,394) - - - - - - (909,226)
3 Amount ceded in reinsurance
(a) Claims by death - - - - - - - - - - - - - - - -
(b) Claims by maturity - - - - - - - - - - - - - - - -

236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I)

(c) Annuities / Pension payment - - - - - - - - - - - - - - - -
(d) Other benefits - - - - - - - - - - - - - - - -
- Surrender - - - - - - - - - - - - -
- Survival - - - - - - - - - - - - -
- Rider - - - - - - - - - - - - -

237 Annexures
- Health - - - - - - - - - - - - -
Sub Total (C) - - - - - - - - - - - - - - - -
Total (A) + (B) + (C) 3,454,675 148,237,982 151,692,657 5,350 19,898,147 19,903,497 351,020 133,054 484,074 1,330 18,482,345 18,483,675 - 6,444,332 6,444,332 197,008,235
Benefits paid to claimants:
In India 3,982,507 148,237,982 152,220,489 5,350 19,898,147 19,903,497 732,414 133,054 865,468 1,330 18,482,345 18,483,675 - 6,444,332 6,444,332 197,917,461
Outside India - - - - - - - - - - - - - - - -
TOTAL (UL2) 3,982,507 148,237,982 152,220,489 5,350 19,898,147 19,903,497 732,414 133,054 865,468 1,330 18,482,345 18,483,675 - 6,444,332 6,444,332 197,917,461

371
Powering Sustainable Growth

592 - 595 585 - 591 INFORMATION 522 - 584 VALUE RESULTS 149 - 521 FINANCIAL STATEMENTS 79 - 148 FINANCIAL STATEMENTS 01 - 78 REPORTS OVERVIEW
ADDITIONAL EMBEDDED CONSOLIDATED STANDALONE STATUTORY CORPORATE
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
2. Performance of fund (absolute growth %) for the year ended March 31, 2022

Growth over previous year Growth

Financial since
Fund name SFIN year of FY2022 FY2021 FY2020 inception
inception
In percentage (%)
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 2018 10.86 36.77 (9.76) 47.13
Anmol Nivesh Fund ULIF 072 28/04/09 LAnmolNiv 105 2010 NA NA 4.48 NA
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 2002 7.59 25.78 (5.22) 729.87
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 2005 9.16 27.38 (3.82) 555.26
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 2006 7.67 26.00 (4.90) 285.33
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 2008 9.13 28.13 (3.31) 300.36
Bluechip Fund ULIF 087 24/11/09 LBluChip 105 2010 17.89 73.17 (27.22) 220.92
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 2004 3.63 6.44 11.40 287.09
Discontinued Fund - Life ULIF 100 01/07/10 LDiscont 105 2011 3.89 4.20 5.92 107.25
Discontinued Fund-Pension ULIF 101 01/07/10 PDiscont 105 2014 3.72 4.21 5.70 66.07
Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 2010 11.15 35.73 (18.64) 161.67
Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 2014 9.17 33.11 (7.15) 116.05
Easy Retirement Secure Fund ULIF 133 02/11/12 ERSF 105 2014 3.07 6.14 11.20 95.12
Easy Retirement SP Balanced Fund ULIF 136 25/03/13 ERSPBF 105 2015 9.36 31.32 (6.83) 100.38
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 2007 9.28 33.56 (14.02) 241.31
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 2007 10.87 35.14 (12.59) 323.16
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 2007 9.53 32.35 (13.43) 239.26
Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 2008 10.76 34.91 (12.52) 272.94
Flexi Growth Fund ULIF 026 20/03/07 LFlexiGro1 105 2007 14.64 61.51 (30.84) 304.76
Flexi Growth Fund II ULIF 027 20/03/07 LFlexiGro2 105 2007 15.97 62.60 (30.07) 355.22
Flexi Growth Fund III ULIF 028 20/03/07 LFlexiGro3 105 2007 14.59 60.78 (30.86) 308.73
Flexi Growth Fund IV ULIF 038 27/08/07 LFlexiGro4 105 2008 15.67 62.75 (30.32) 285.88
Focus 50 Fund ULIF 142 04/02/19 FocusFifty 105 2019 17.57 68.04 (27.33) 44.52
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 2004 5.48 15.05 4.39 460.41
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 2014 5.54 14.25 4.02 94.99
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 2006 4.33 13.70 3.32 248.53
Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 2007 4.97 14.66 3.93 233.18
Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 2014 5.21 14.42 3.86 95.08
Group Capital Guarantee Debt Fund ULGF 007 28/10/05 GCGDebt1 105 2006 3.27 6.18 10.87 339.08
Group Capital Guarantee Debt Fund II ULGF 011 21/03/07 GCGDebt2 105 2007 3.18 6.20 11.25 253.56
Group Capital Guarantee Debt fund III ULGF 048 27/08/13 GCGDebt3 105 2014 3.30 6.33 11.25 93.49
Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 2007 6.67 25.29 (5.62) 227.63
Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 2008 7.47 26.30 (4.76) 229.77
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 2015 8.16 26.33 (3.92) 80.60
Group Capital Guarantee Short Term Debt Fund ULGF 005 24/02/04 GCGSTDebt1 105 2004 2.44 3.59 5.41 215.98
Group Capital Guarantee Short Term Debt Fund II ULGF 009 16/03/07 GCGSTDebt2 105 2007 2.22 3.65 5.51 166.49
Group Capital Guarantee Short Term Debt Fund III ULGF 047 27/08/13 GCGSTDebt3 105 2014 2.25 3.56 5.53 58.26
Group Debt Fund ULGF 002 03/04/03 GDebt 105 2004 3.88 6.92 12.06 327.24
Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 2014 3.73 6.88 11.83 103.58
Group Equity Fund II ULGF 043 30/04/13 GEquity2 105 2016 18.12 75.51 (26.79) 87.40
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 2004 11.35 42.13 (11.65) 855.41
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 2014 11.42 41.38 (11.18) 122.71
Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 2009 5.47 14.64 4.08 220.25
Group Leave Encashment Income Fund ULGF 014 02/04/08 GLEIncome 105 2008 3.41 7.14 11.41 186.13
Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 2004 5.42 14.37 4.32 455.49
Group SA Capital Guarantee Short Term Debt Fund ULGF 055 24/02/04 GSCGSTD 105 2004 2.51 3.95 5.67 218.93
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 2004 3.52 6.55 11.76 321.02

372 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
2. Performance of fund (absolute growth %) for the year ended March 31, 2022 (Contd.)

Growth over previous year Growth

Financial since
Fund name SFIN year of FY2022 FY2021 FY2020 inception
inception

01 - 78 REPORTS
In percentage (%)
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 2004 11.45 41.05 (11.17) 848.58

STATUTORY
Group SA Short Term Debt Fund ULGF 053 03/04/03 GSSTD 105 2004 2.40 3.78 5.69 230.60
Group Short Term Debt Fund ULGF 003 03/04/03 GSTDebt 105 2004 2.36 3.82 5.69 231.30
Group Short Term Debt Fund II ULGF 046 27/08/13 GSTDebt2 105 2015 2.04 3.33 5.22 47.13
Group Short Term Debt Fund III ULGF 039 30/04/13 GSTDebt3 105 2015 2.39 3.78 5.59 52.90
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 2009 9.08 27.16 (3.76) 293.30
Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 2009 10.89 34.97 (12.51) 355.66
Health Flexi Growth Fund ULIF 057 15/01/09 HFlexiGro 105 2009 15.48 61.71 (29.38) 459.48

79 - 148 FINANCIAL STATEMENTS

Health Multiplier Fund ULIF 058 15/01/09 HMultip 105 2009 17.78 73.65 (27.06) 514.15
Health Preserver Fund ULIF 056 15/01/09 HPreserv 105 2009 3.05 5.06 6.67 152.41

STANDALONE
Health Protector Fund ULIF 061 15/01/09 HProtect 105 2009 3.84 6.98 12.19 216.51
Highest NAV Fund B ULIF 116 15/03/11 LHighNavB 105 2011 1.37 3.20 6.79 88.12
Income Fund ULIF 089 24/11/09 LIncome 105 2010 3.65 6.54 11.54 164.31
India Growth Fund ULIF 141 04/02/19 IndiaGrwth 105 2020 18.38 74.78 NA 55.35
Invest Shield Cash Fund ULIF 020 03/01/05 LInvCash 105 2005 3.36 6.48 11.48 269.03
Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 2005 5.73 14.57 4.52 356.14
Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 2005 5.58 14.28 4.05 345.55

149 - 521 FINANCIAL STATEMENTS

Life Growth Fund ULIF 134 19/09/13 LGF 105 2014 17.56 74.40 (28.08) 136.70
Life Secure Fund ULIF 135 19/09/13 LSF 105 2014 2.44 5.63 10.66 83.21
Maximise India Fund ULIF 136 11/20/14 MIF 105 2015 17.48 70.01 (22.72) 90.16

CONSOLIDATED
Maximiser Fund ULIF 001 22/10/01 LMaximis1 105 2002 16.86 72.13 (30.50) 1,907.16
Maximiser Fund II ULIF 012 17/05/04 LMaximis2 105 2005 17.91 74.22 (29.93) 1,143.42
Maximiser Fund III ULIF 022 13/03/06 LMaximis3 105 2006 16.72 72.53 (30.58) 416.15
Maximiser Fund IV ULIF 037 27/08/07 LMaximis4 105 2008 17.55 73.87 (30.09) 344.50
Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105 2012 17.90 73.58 (30.10) 255.66
Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105 2010 3.23 4.55 6.50 131.74
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 2010 12.90 35.15 (12.57) 207.63

522 - 584 VALUE RESULTS

Multi Cap Growth Fund ULIF 085 24/11/09 LMCapGro 105 2010 19.28 64.61 (28.55) 260.38
Multiplier Fund ULIF 042 22/11/07 LMultip1 105 2008 16.66 72.11 (27.99) 194.38

EMBEDDED
Multiplier Fund II ULIF 044 25/02/08 LMultip2 105 2008 17.64 73.69 (27.30) 263.89
Multiplier Fund III ULIF 046 25/02/08 LMultip3 105 2008 16.61 72.52 (27.69) 227.01
Multiplier Fund IV ULIF 047 25/02/08 LMultip4 105 2008 17.68 73.63 (27.19) 263.01
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 2007 6.01 14.72 4.36 300.73
Opportunities Fund ULIF 086 24/11/09 LOpport 105 2010 18.19 76.43 (28.62) 272.84
Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 2003 7.57 25.96 (3.92) 602.77
Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 2005 9.15 27.68 (2.82) 506.32
585 - 591 INFORMATION

Pension Bluechip Fund ULIF 093 11/01/10 PBluChip 105 2010 18.01 73.97 (27.24) 212.50
Pension Dynamic P/E Fund ULIF 098 11/01/10 PDynmicPE 105 2010 10.91 35.94 (19.24) 155.54
Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 2007 9.40 35.89 (11.35) 261.85
ADDITIONAL

Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 2007 11.70 37.79 (10.17) 333.66
Pension Flexi Growth Fund ULIF 029 20/03/07 PFlexiGro1 105 2007 15.00 63.87 (26.95) 328.81
Pension Flexi Growth Fund II ULIF 030 20/03/07 PFlexiGro2 105 2007 16.13 65.87 (26.36) 395.95
Pension Growth Fund ULIF 127 01/12/11 PGROWTH 105 2013 16.26 71.79 (23.81) 173.96
Pension Income Fund ULIF 095 11/01/10 PIncome 105 2010 3.75 7.18 12.18 163.86
Pension Maximiser Fund ULIF 004 03/05/02 PMaximis1 105 2003 16.86 72.13 (25.60) 2,071.06
Pension Maximiser Fund II ULIF 013 17/05/04 PMaximis2 105 2005 17.90 73.29 (24.67) 1,293.95
592 - 595

Pension Money Market Fund ULIF 096 11/01/10 PMoneyMkt 105 2010 3.04 4.55 6.35 130.29

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 373
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
2. Performance of fund (absolute growth %) for the year ended March 31, 2022 (Contd.)

Growth over previous year Growth

Financial since
Fund name SFIN year of FY2022 FY2021 FY2020 inception
inception
In percentage (%)
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 2010 10.37 35.58 (13.35) 183.66
Pension Multi Cap Growth Fund ULIF 091 11/01/10 PMCapGro 105 2010 16.03 63.68 (30.17) 230.83
Pension Multiplier Fund ULIF 043 25/02/08 PMultip1 105 2008 16.68 72.55 (28.19) 189.26
Pension Multiplier Fund II ULIF 045 25/02/08 PMultip2 105 2008 17.75 73.65 (27.36) 231.43
Pension Opportunities Fund ULIF 092 11/01/10 POpport 105 2010 18.45 77.87 (28.94) 269.99
Pension Preserver Fund ULIF 011 17/05/04 PPreserv 105 2005 3.07 4.45 6.36 247.13
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 2003 2.99 6.19 11.66 317.14
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 2005 4.40 7.75 13.36 310.40
Pension Return Guarantee Fund IX (10 Yrs) ULIF 108 22/12/10 PRGF(S2) 105 2011 NA NA 7.33 NA
Pension Return Guarantee Fund VIII ULIF 102 12/10/10 PRGF(S1) 105 2011 NA NA 7.28 NA
Pension Return Guarantee Fund X (10 Yrs) ULIF 113 13/01/11 PRGF(S3) 105 2011 NA 4.56 7.60 NA
Pension Return Guarantee Fund XI (10 Yrs) ULIF 122 19/04/11 PRGF(S4) 105 2012 NA 4.91 6.96 NA
Pension RICH Fund ULIF 052 17/03/08 PRICH1 105 2008 17.31 75.59 (29.61) 321.15
Pension RICH Fund II ULIF 053 17/03/08 PRICH2 105 2008 18.32 77.07 (28.91) 368.94
Pension Secure Fund ULIF 128 01/12/11 PSECURE 105 2013 3.25 6.39 11.28 101.14
Pinnacle Fund ULIF 081 26/10/09 LPinnacle 105 2010 1.60 2.10 3.29 113.72
Pinnacle Fund II ULIF 105 26/10/10 LPinnacle2 105 2011 NA 8.44 (2.11) NA
Preserver Fund ULIF 010 17/05/04 LPreserv1 105 2005 3.07 4.50 6.46 250.96
Preserver Fund III ULIF 021 13/03/06 LPreserv3 105 2006 3.06 4.32 6.32 212.24
Preserver Fund IV ULIF 036 27/08/07 LPreserv4 105 2008 3.06 4.53 6.38 182.68
Protector Fund ULIF 003 22/10/01 LProtect1 105 2002 3.10 6.11 11.29 367.80
Protector Fund II ULIF 016 17/05/04 LProtect2 105 2005 4.49 7.52 12.86 320.54
Protector Fund III ULIF 024 13/03/06 LProtect3 105 2006 3.13 6.06 11.31 238.11
Protector Fund IV ULIF 041 27/08/07 LProtect4 105 2008 3.80 7.29 12.82 237.92
Return Guarantee Fund IX (10 Yrs) ULIF 107 22/12/10 LRGF(S2) 105 2011 NA NA 6.96 NA
Return Guarantee Fund VIII (10 Yrs) ULIF 104 12/10/10 LRGF(S1) 105 2011 NA NA 6.64 NA
Return Guarantee Fund X (10 Yrs) ULIF 112 13/01/11 LRGF(S3) 105 2011 NA NA 7.43 NA
Return Guarantee Fund XI (10 Yrs) ULIF 121 19/04/11 LRGF(S4) 105 2012 NA 3.83 6.74 NA
RICH Fund ULIF 048 17/03/08 LRICH1 105 2008 17.23 74.90 (29.35) 267.68
RICH Fund II ULIF 049 17/03/08 LRICH2 105 2008 18.28 76.63 (28.83) 313.43
RICH Fund III ULIF 050 17/03/08 LRICH3 105 2008 17.14 75.19 (29.45) 269.14
RICH Fund IV ULIF 051 17/03/08 LRICH4 105 2008 18.21 76.26 (28.83) 311.33
Secure Opportunities Fund ULIF 140 24/11/17 SOF 105 2019 4.07 6.80 9.67 30.74
Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 2004 5.72 14.95 4.69 291.57
Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 2004 5.51 13.98 3.88 261.14
Secure Save Builder Fund ULIF 077 29/05/09 LSSavBuil 105 2010 13.62 50.93 (17.46) 224.88
Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 2010 8.48 26.95 (4.81) 168.34
Value Enhancer Fund ULIF 139 24/11/17 VEF 105 2019 18.23 62.50 (22.53) 37.78
Notes:
1. NA represents fund not in existence during relevant period
2. Performace of funds which are in existence for more than 1 year are shown

3. Investment Management Activities Outsourced

Activities outsourced Basis of payment of fees Payments made

For the financial year ended March 31, 2022

Nil Not applicable
For the financial year ended March 31, 2021
Nil Not applicable

374 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
4. Related party transactions
I. Brokerage, custodial fee or any other payments and receipts made to/from related parties (as defined in AS 18 issued by ICAI)
(a) Brokerage payments made to ICICI Securities Limited for the year ended March 31, 2022
(` ‘000)

01 - 78 REPORTS
Fund name SFIN Brokerage

STATUTORY
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 581
Balanced Advantage Fund ULIF 144 03/06/21 BalanceAdv 105 158
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 91
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 34
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 2
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 7
Bluechip Fund ULIF 087 24/11/09 LBluChip 105 948
Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 57

79 - 148 FINANCIAL STATEMENTS

Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 105
Easy Retirement SP Balanced Fund ULIF 136 25/03/13 ERSPBF 105 5

STANDALONE
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 11
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 16
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 1
Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 4
Flexi Growth Fund ULIF 026 20/03/07 LFlexiGro1 105 203
Flexi Growth Fund II ULIF 027 20/03/07 LFlexiGro2 105 299
Flexi Growth Fund III ULIF 028 20/03/07 LFlexiGro3 105 19

149 - 521 FINANCIAL STATEMENTS

Flexi Growth Fund IV ULIF 038 27/08/07 LFlexiGro4 105 151
Focus 50 Fund ULIF 142 04/02/19 FocusFifty 105 117
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 47

CONSOLIDATED
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 115
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 1
Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 7
Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 27
Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 1
Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 3
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 9

522 - 584 VALUE RESULTS

Group Equity Fund II ULGF 043 30/04/13 GEquity2 105 1
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 16

EMBEDDED
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 22
Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 7
Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 39
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 81
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 5
Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 12
Health Flexi Growth Fund ULIF 057 15/01/09 HFlexiGro 105 186
Health Multiplier Fund ULIF 058 15/01/09 HMultip 105 24
585 - 591 INFORMATION

India Growth Fund ULIF 141 04/02/19 IndiaGrwth 105 474

Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 3
ADDITIONAL

Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 2

Life Growth Fund ULIF 134 19/09/13 LGF 105 621
Maximise India Fund ULIF 136 11/20/14 MIF 105 339
Maximiser Fund ULIF 001 22/10/01 LMaximis1 105 1,054
Maximiser Fund II ULIF 012 17/05/04 LMaximis2 105 317
Maximiser Fund III ULIF 022 13/03/06 LMaximis3 105 40
Maximiser Fund IV ULIF 037 27/08/07 LMaximis4 105 5
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 375
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
4. Related party transactions (Contd.)
(a) Brokerage payments made to ICICI Securities Limited for the year ended March 31, 2022 (Contd.)
(` ‘000)
Fund name SFIN Brokerage
Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105 14,718
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 616
Multi Cap Growth Fund ULIF 085 24/11/09 LMCapGro 105 9,613
Multiplier Fund ULIF 042 22/11/07 LMultip1 105 69
Multiplier Fund II ULIF 044 25/02/08 LMultip2 105 56
Multiplier Fund III ULIF 046 25/02/08 LMultip3 105 4
Multiplier Fund IV ULIF 047 25/02/08 LMultip4 105 15
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 3
Opportunities Fund ULIF 086 24/11/09 LOpport 105 571
Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 30
Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 30
Pension Bluechip Fund ULIF 093 11/01/10 PBluChip 105 20
Pension Dynamic P/E Fund ULIF 098 11/01/10 PDynmicPE 105 12
Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 9
Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 9
Pension Flexi Growth Fund ULIF 029 20/03/07 PFlexiGro1 105 332
Pension Flexi Growth Fund II ULIF 030 20/03/07 PFlexiGro2 105 206
Pension Growth Fund ULIF 127 01/12/11 PGROWTH 105 5
Pension Maximiser Fund ULIF 004 03/05/02 PMaximis1 105 188
Pension Maximiser Fund II ULIF 013 17/05/04 PMaximis2 105 321
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 10
Pension Multi Cap Growth Fund ULIF 091 11/01/10 PMCapGro 105 161
Pension Multiplier Fund ULIF 043 25/02/08 PMultip1 105 55
Pension Multiplier Fund II ULIF 045 25/02/08 PMultip2 105 27
Pension Opportunities Fund ULIF 092 11/01/10 POpport 105 44
Pension RICH Fund ULIF 052 17/03/08 PRICH1 105 168
Pension RICH Fund II ULIF 053 17/03/08 PRICH2 105 101
RICH Fund ULIF 048 17/03/08 LRICH1 105 43
RICH Fund II ULIF 049 17/03/08 LRICH2 105 225
RICH Fund III ULIF 050 17/03/08 LRICH3 105 9
RICH Fund IV ULIF 051 17/03/08 LRICH4 105 73
Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 2
Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 1
Secure Save Builder Fund ULIF 077 29/05/09 LSSavBuil 105 0
Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 0
Sustainable Equity Fund ULIF 145 03/06/21 SustainEqu 105 30
Value Enhancer Fund ULIF 139 24/11/17 VEF 105 2,256
Total 36,303

Brokerage payments made to ICICI Securities Limited for the year ended March 31, 2021
(` ‘000)
Fund name SFIN Brokerage
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 853
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 172
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 64
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 4
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 13
Bluechip Fund ULIF 087 24/11/09 LBluChip 105 1,113

376 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
4. Related party transactions (Contd.)
Brokerage payments made to ICICI Securities Limited for the year ended March 31, 2021 (Contd.)
(` ‘000)
Fund name SFIN Brokerage

01 - 78 REPORTS
Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 2,428

STATUTORY
Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 77
Easy Retirement SP Balanced Fund ULIF 136 25/03/13 ERSPBF 105 3
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 12
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 18
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 1
Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 4
Flexi Growth Fund ULIF 026 20/03/07 LFlexiGro1 105 176
Flexi Growth Fund II ULIF 027 20/03/07 LFlexiGro2 105 279

79 - 148 FINANCIAL STATEMENTS

Flexi Growth Fund III ULIF 028 20/03/07 LFlexiGro3 105 24
Flexi Growth Fund IV ULIF 038 27/08/07 LFlexiGro4 105 156

STANDALONE
Focus 50 Fund ULIF 142 04/02/19 FocusFifty 105 168
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 89
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 202
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 2
Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 18
Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 40
Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 1

149 - 521 FINANCIAL STATEMENTS

Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 5
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 11

CONSOLIDATED
Group Equity Fund II ULGF 043 30/04/13 GEquity2 105 1
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 68
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 31
Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 10
Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 98
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 190
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 10

522 - 584 VALUE RESULTS

Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 13
Health Flexi Growth Fund ULIF 057 15/01/09 HFlexiGro 105 183

EMBEDDED
Health Multiplier Fund ULIF 058 15/01/09 HMultip 105 33
India Growth Fund ULIF 141 04/02/19 IndiaGrwth 105 305
Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 3
Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 1
Life Growth Fund ULIF 134 19/09/13 LGF 105 826
Maximise India Fund ULIF 136 11/20/14 MIF 105 186
Maximiser Fund ULIF 001 22/10/01 LMaximis1 105 1,396
585 - 591 INFORMATION

Maximiser Fund II ULIF 012 17/05/04 LMaximis2 105 429

Maximiser Fund III ULIF 022 13/03/06 LMaximis3 105 59
Maximiser Fund IV ULIF 037 27/08/07 LMaximis4 105 7
ADDITIONAL

Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105 18,335

Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 653
Multi Cap Growth Fund ULIF 085 24/11/09 LMCapGro 105 8,789
Multiplier Fund ULIF 042 22/11/07 LMultip1 105 96
Multiplier Fund II ULIF 044 25/02/08 LMultip2 105 81
Multiplier Fund III ULIF 046 25/02/08 LMultip3 105 11
Multiplier Fund IV ULIF 047 25/02/08 LMultip4 105 21
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 377
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
4. Related party transactions (Contd.)
Brokerage payments made to ICICI Securities Limited for the year ended March 31, 2021 (Contd.)
(` ‘000)
Fund name SFIN Brokerage
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 2
Opportunities Fund ULIF 086 24/11/09 LOpport 105 808
Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 75
Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 79
Pension Bluechip Fund ULIF 093 11/01/10 PBluChip 105 28
Pension Dynamic P/E Fund ULIF 098 11/01/10 PDynmicPE 105 485
Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 6
Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 5
Pension Flexi Growth Fund ULIF 029 20/03/07 PFlexiGro1 105 167
Pension Flexi Growth Fund II ULIF 030 20/03/07 PFlexiGro2 105 152
Pension Growth Fund ULIF 127 01/12/11 PGROWTH 105 5
Pension Maximiser Fund ULIF 004 03/05/02 PMaximis1 105 298
Pension Maximiser Fund II ULIF 013 17/05/04 PMaximis2 105 529
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 19
Pension Multi Cap Growth Fund ULIF 091 11/01/10 PMCapGro 105 195
Pension Multiplier Fund ULIF 043 25/02/08 PMultip1 105 81
Pension Multiplier Fund II ULIF 045 25/02/08 PMultip2 105 40
Pension Opportunities Fund ULIF 092 11/01/10 POpport 105 89
Pension RICH Fund ULIF 052 17/03/08 PRICH1 105 326
Pension RICH Fund II ULIF 053 17/03/08 PRICH2 105 182
Pinnacle Fund II ULIF 105 26/10/10 LPinnacle2 105 148
RICH Fund ULIF 048 17/03/08 LRICH1 105 74
RICH Fund II ULIF 049 17/03/08 LRICH2 105 385
RICH Fund III ULIF 050 17/03/08 LRICH3 105 21
RICH Fund IV ULIF 051 17/03/08 LRICH4 105 120
Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 1
Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 1
Secure Save Builder Fund ULIF 077 29/05/09 LSSavBuil 105 1
Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 1
Value Enhancer Fund ULIF 139 24/11/17 VEF 105 1,986
Total 44,076

(b) Purchase of investments for the year ended March 31, 2022
(` ‘000)
ICICI Securities
Fund name SFIN ICICI Bank Limited Primary Dealership Total
Limited
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 1,138,902 810,315 1,949,217
Balanced Advantage Fund ULIF 144 03/06/21 BalanceAdv 105 39,065 15,231 54,296
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 278,023 197,734 475,757
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 49,251 74,786 124,036
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 3,073 4,270 7,343
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 9,120 15,095 24,216
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 25,345 49,793 75,137
Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 69,507 119,512 189,019
Easy Retirement Secure Fund ULIF 133 02/11/12 ERSF 105 32,547 40,903 73,449
Easy Retirement SP Balanced Fund ULIF 136 25/03/13 ERSPBF 105 4,032 6,555 10,586

378 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
4. Related party transactions (Contd.)
(b) Purchase of investments for the year ended March 31, 2022 (Contd.)
(` ‘000)
ICICI Securities

01 - 78 REPORTS
Fund name SFIN ICICI Bank Limited Primary Dealership Total
Limited

STATUTORY
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 6,625 13,220 19,845
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 9,120 18,680 27,800
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 - 1,195 1,195
Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 3,073 5,166 8,239
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 338,223 346,265 684,488
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 533,002 838,994 1,371,996
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 959 3,522 4,481

79 - 148 FINANCIAL STATEMENTS

Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 27,938 49,442 77,379
Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 128,056 185,433 313,489

STANDALONE
Group Capital Guarantee Debt Fund ULGF 007 28/10/05 GCGDebt1 105 480 1,687 2,167
Group Capital Guarantee Debt Fund II ULGF 011 21/03/07 GCGDebt2 105 19,777 23,326 43,102
Group Capital Guarantee Debt Fund III ULGF 048 27/08/13 GCGDebt3 105 63,841 67,078 130,919
Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 480 2,133 2,613
Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 4,032 8,491 12,522
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 14,688 23,324 38,012
Group Debt Fund ULGF 002 03/04/03 GDebt 105 82,659 125,553 208,212

149 - 521 FINANCIAL STATEMENTS

Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 258,145 254,045 512,190
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 9,120 28,875 37,995

CONSOLIDATED
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 15,265 36,017 51,283
Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 18,240 39,084 57,324
Group Leave Encashment Income Fund ULGF 014 02/04/08 GLEIncome 105 3,073 5,466 8,539
Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 319,219 312,583 631,802
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 78,627 87,272 165,899
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 53,762 149,276 203,038
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 8,161 11,622 19,783

522 - 584 VALUE RESULTS

Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 7,104 14,708 21,812
Health Protector Fund ULIF 061 15/01/09 HProtect 105 54,242 62,629 116,871
Income Fund ULIF 089 24/11/09 LIncome 105 2,558,760 3,168,859 5,727,619

EMBEDDED
Invest Shield Cash Fund ULIF 020 03/01/05 LInvCash 105 62,021 82,718 144,739
Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 7,104 9,630 16,735
Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 4,032 5,061 9,093
Life Secure Fund ULIF 135 19/09/13 LSF 105 720,609 648,375 1,368,984
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 654,226 511,218 1,165,444
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 8,161 11,019 19,180
Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 42,146 66,344 108,491
585 - 591 INFORMATION

Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 44,739 67,733 112,472
Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 4,032 10,139 14,171
ADDITIONAL

Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 5,088 10,930 16,018
Pension Income Fund ULIF 095 11/01/10 PIncome 105 134,355 64,919 199,274
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 6,048 12,324 18,372
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 131,048 167,699 298,747
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 54,819 72,084 126,903
Pension Secure Fund ULIF 128 01/12/11 PSECURE 105 24,386 29,882 54,267
Protector Fund ULIF 003 22/10/01 LProtect1 105 256,005 144,374 400,379
592 - 595

Protector Fund II ULIF 016 17/05/04 LProtect2 105 147,060 81,219 228,279

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 379
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
4. Related party transactions (Contd.)
(b) Purchase of investments for the year ended March 31, 2022 (Contd.)
(` ‘000)
ICICI Securities
Fund name SFIN ICICI Bank Limited Primary Dealership Total
Limited
Protector Fund III ULIF 024 13/03/06 LProtect3 105 5,568 9,240 14,808
Protector Fund IV ULIF 041 27/08/07 LProtect4 105 63,362 70,259 133,621
Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 4,032 5,659 9,691
Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 3,073 3,574 6,646
Secure Save Builder Fund ULIF 077 29/05/09 LSSavBuil 105 - 299 299
Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 - 896 896
Total 8,647,446 9,303,730 17,951,176

Purchase of investments for the year ended March 31, 2021

(` ‘000)
ICICI Lombard ICICI Securities
ICICI Bank General Primary ICICI Securities
Fund name SFIN Total
Limited Insurance Dealership Limited
Company Limited Limited
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 185,935 - 320,410 48,058 554,403
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 47,555 - 122,062 21,025 190,642
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 17,308 - 45,793 8,010 71,111
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 1,092 - 3,021 1,001 5,115
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 3,277 - 8,714 2,002 13,994
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 59,041 - 74,538 7,008 140,587
Discontinued Fund - Life ULIF 100 01/07/10 LDiscont 105 - 553,085 827,466 - 1,380,551
Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 - - 497,786 - 497,786
Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 29,154 - 66,271 13,016 108,440
Easy Retirement Secure Fund ULIF 133 02/11/12 ERSF 105 27,658 - 31,897 4,005 63,560
Easy Retirement SP Balanced Fund ULIF 136 25/03/13 ERSPBF 105 1,092 - 3,672 1,001 5,766
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 3,277 - 4,984 1,001 9,262
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 5,377 - 7,924 2,002 15,303
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 - - 132 - 132
Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 1,092 - 2,780 1,001 4,873
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 57,216 - 153,388 - 210,604
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 129,470 - 283,120 - 412,589
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 - - 2,244 - 2,244
Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 10,839 - 30,372 - 41,211
Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 24,870 - 64,015 - 88,885
Group Capital Guarantee Debt Fund ULGF 007 28/10/05 GCGDebt1 105 1,000 - 622 - 1,622
Group Capital Guarantee Debt Fund II ULGF 011 21/03/07 GCGDebt2 105 17,379 - 14,427 - 31,807
Group Capital Guarantee Debt Fund III ULGF 048 27/08/13 GCGDebt3 105 25,658 - 19,832 - 45,489
Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 - - 622 - 622
Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 1,092 - 2,918 - 4,010
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 2,185 - 6,405 - 8,590
Group Capital Guarantee Short Term ULGF 009 16/03/07 GCGSTDebt2 105 200,116 - - - 200,116
Debt Fund II
Group Capital Guarantee Short Term ULGF 047 27/08/13 GCGSTDebt3 105 50,029 - 25,194 - 75,223
Debt Fund III
Group Debt Fund ULGF 002 03/04/03 GDebt 105 83,889 - 71,734 - 155,624
Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 139,384 - 114,847 - 254,231

380 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
4. Related party transactions (Contd.)
Purchase of investments for the year ended March 31, 2021 (Contd.)
(` ‘000)
ICICI Lombard ICICI Securities

01 - 78 REPORTS
ICICI Bank General Primary ICICI Securities
Fund name SFIN Total
Limited Insurance Dealership Limited

STATUTORY
Company Limited Limited
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 5,377 - 9,055 - 14,432
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 6,469 - 6,765 - 13,235
Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 6,469 - 17,145 - 23,614
Group Leave Encashment Income Fund ULGF 014 02/04/08 GLEIncome 105 4,093 - 2,866 - 6,959
Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 51,839 - 131,215 - 183,054
Group SA Capital Guarantee Short Term ULGF 055 24/02/04 GSCGSTD 105 - - 1,008 - 1,008

79 - 148 FINANCIAL STATEMENTS

Debt Fund
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 111,356 - 96,852 - 208,208

STANDALONE
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 30,247 - 42,110 - 72,357
Group SA Short Term Debt Fund ULGF 053 03/04/03 GSSTD 105 50,029 - 27,209 - 77,238
Group Short Term Debt Fund ULGF 003 03/04/03 GSTDebt 105 - - 2,016 - 2,016
Group Short Term Debt Fund III ULGF 039 30/04/13 GSTDebt3 105 50,029 - 3,023 - 53,052
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 2,185 - 7,477 1,001 10,663
Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 3,277 - 6,848 2,002 12,128
Health Preserver Fund ULIF 056 15/01/09 HPreserv 105 - - 3,023 - 3,023

149 - 521 FINANCIAL STATEMENTS

Health Protector Fund ULIF 061 15/01/09 HProtect 105 37,852 - 43,772 5,006 86,629
Income Fund ULIF 089 24/11/09 LIncome 105 1,553,941 - 2,213,161 180,243 3,947,346
Invest Shield Cash Fund ULIF 020 03/01/05 LInvCash 105 60,225 - 72,173 8,010 140,408

CONSOLIDATED
Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 2,185 - 13,865 1,001 17,051
Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 1,092 - 4,646 1,001 6,739
Life Secure Fund ULIF 135 19/09/13 LSF 105 512,332 - 428,275 124,938 1,065,546
Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105 1,290,664 - 95,737 - 1,386,401
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 118,887 - 202,995 51,061 372,943
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 2,185 - 9,343 1,001 12,529
Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 16,216 - 41,828 7,008 65,052

522 - 584 VALUE RESULTS

Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 16,216 - 44,195 7,008 67,419
Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 2,185 - 4,851 1,001 8,038

EMBEDDED
Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 2,185 - 4,851 1,001 8,038
Pension Income Fund ULIF 095 11/01/10 PIncome 105 15,123 - 66,545 - 81,668
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 2,185 - 8,131 1,001 11,317
Pension Preserver Fund ULIF 011 17/05/04 PPreserv 105 - - 69,535 - 69,535
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 123,550 - 147,355 16,019 286,925
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 52,131 - 61,427 7,008 120,566
Pension Secure Fund ULIF 128 01/12/11 PSECURE 105 22,473 - 25,467 3,004 50,944
585 - 591 INFORMATION

Preserver Fund ULIF 010 17/05/04 LPreserv1 105 100,058 - 22,171 - 122,229
Preserver Fund III ULIF 021 13/03/06 LPreserv3 105 - - 1,008 - 1,008
ADDITIONAL

Preserver Fund IV ULIF 036 27/08/07 LPreserv4 105 - - 2,016 - 2,016

Protector Fund ULIF 003 22/10/01 LProtect1 105 99,169 - 116,264 13,016 228,449
Protector Fund II ULIF 016 17/05/04 LProtect2 105 57,225 - 66,175 7,008 130,408
Protector Fund III ULIF 024 13/03/06 LProtect3 105 6,094 - 7,374 1,001 14,469
Protector Fund IV ULIF 041 27/08/07 LProtect4 105 42,945 - 49,068 6,007 98,020
Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 1,092 - 6,591 1,001 8,685
Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 1,092 - 2,970 - 4,062
592 - 595

Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 - - 213 - 213
Total 5,585,661 553,085 6,995,804 555,481 13,690,031

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 381
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
4. Related party transactions (Contd.)
(c) Sale/redemption of investments for the year ended March 31, 2022
(` ‘000)
ICICI Bank ICICI Securities Primary
Fund name SFIN Total
Limited Dealership Limited
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 - 90,000 90,000
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 - 30,000 30,000
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 - 10,000 10,000
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 - 10,000 10,000
Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 - 725,066 725,066
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 - 20,000 20,000
Group Capital Guarantee Debt Fund II ULGF 011 21/03/07 GCGDebt2 105 7,029 - 7,029
Group Capital Guarantee Debt Fund III ULGF 048 27/08/13 GCGDebt3 105 19,079 - 19,079
Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 74,306 - 74,306
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 - 10,000 10,000
Income Fund ULIF 089 24/11/09 LIncome 105 - 274,103 274,103
Life Secure Fund ULIF 135 19/09/13 LSF 105 - 10,000 10,000
Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105 - 110,000 110,000
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 - 10,000 10,000
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 - 10,000 10,000
Total 100,414 1,309,169 1,409,583

Sale/redemption of investments for the year ended March 31, 2021

(` ‘000)
ICICI Bank ICICI Lombard General
Fund name SFIN Total
Limited Insurance Company Limited
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 91,791 24,144 115,935
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 39,958 10,170 50,128
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 11,622 3,805 15,427
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 1,059 247 1,306
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 3,185 797 3,982
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 26,365 9,552 35,917
Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 19,052 5,646 24,698
Easy Retirement Secure Fund ULIF 133 02/11/12 ERSF 105 17,985 3,345 21,330
Easy Retirement SP Balanced Fund ULIF 136 25/03/13 ERSPBF 105 1,059 269 1,329
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 2,122 516 2,639
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 2,122 775 2,897
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 - 56 56
Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 1,059 191 1,250
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 35,968 17,567 53,535
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 72,696 46,942 119,638
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 1,059 191 1,250
Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 10,559 3,558 14,117
Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 24,355 8,576 32,931
Group Capital Guarantee Debt Fund ULGF 007 28/10/05 GCGDebt1 105 - 224 224
Group Capital Guarantee Debt Fund II ULGF 011 21/03/07 GCGDebt2 105 8,429 2,054 10,483
Group Capital Guarantee Debt Fund III ULGF 048 27/08/13 GCGDebt3 105 11,610 3,985 15,595

382 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
4. Related party transactions (Contd.)
Sale/redemption of investments for the year ended March 31, 2021 (Contd.)
(` ‘000)
ICICI Bank ICICI Lombard General
Fund name SFIN Total

01 - 78 REPORTS
Limited Insurance Company Limited

Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 - 79 79

STATUTORY
Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 1,059 370 1,430
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 2,122 606 2,728
Group Debt Fund ULGF 002 03/04/03 GDebt 105 10,171 111,289 121,460
Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 45,779 175,214 220,993
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 3,185 1,459 4,645
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 2,122 876 2,998

79 - 148 FINANCIAL STATEMENTS

Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 5,308 2,133 7,440
Group Leave Encashment Income Fund ULGF 014 02/04/08 GLEIncome 105 1,059 281 1,340

STANDALONE
Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 46,276 14,233 60,509
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 46,155 8,127 54,282
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 16,930 5,624 22,553
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 2,122 539 2,661
Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 2,122 550 2,672
Health Protector Fund ULIF 061 15/01/09 HProtect 105 9,451 5,904 15,355
Income Fund ULIF 089 24/11/09 LIncome 105 595,389 2,959,745 3,555,134

149 - 521 FINANCIAL STATEMENTS

Invest Shield Cash Fund ULIF 020 03/01/05 LInvCash 105 33,519 8,879 42,398
Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 3,185 1,179 4,364

CONSOLIDATED
Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 2,122 404 2,526
Life Secure Fund ULIF 135 19/09/13 LSF 105 200,032 61,511 261,544
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 50,756 17,252 68,008
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 2,122 718 2,841
Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 12,685 3,805 16,490
Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 12,685 3,985 16,670

522 - 584 VALUE RESULTS

Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 2,122 494 2,616
Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 2,122 483 2,605
Pension Income Fund ULIF 095 11/01/10 PIncome 105 20,822 5,118 25,941

EMBEDDED
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 1,059 1,122 2,182
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 28,102 5,792 33,894
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 25,354 39,359 64,713
Pension Secure Fund ULIF 128 01/12/11 PSECURE 105 11,610 3,177 14,787
Protector Fund ULIF 003 22/10/01 LProtect1 105 23,154 14,042 37,196
Protector Fund II ULIF 016 17/05/04 LProtect2 105 13,699 43,306 57,005
585 - 591 INFORMATION

Protector Fund III ULIF 024 13/03/06 LProtect3 105 2,122 819 2,942
Protector Fund IV ULIF 041 27/08/07 LProtect4 105 4,131 3,233 7,364
ADDITIONAL

Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 2,122 483 2,605
Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 1,059 247 1,306
Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 - 67 67
Total 1,625,896 3,645,113 5,271,009
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 383
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
4. Related party transactions (Contd.)
(d) Placement of fixed deposits with ICICI Bank Limited during the financial year
(` ‘000)
Fund SFIN FY2022 FY2021
NIL

(e) Redemption of fixed deposits from ICICI Bank Limited during the financial year
(` ‘000)
Fund SFIN FY2022 FY2021
NIL

(f) Interest income earned during the year ended March 31, 2022
(` ‘000)
ICICI Securities
Fund name SFIN Primary Dealership Total
Limited
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 9,107 9,107
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 2,116 2,116
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 705 705
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 705 705
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 454 454
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 1,662 1,662
Income Fund ULIF 089 24/11/09 LIncome 105 14,321 14,321
Life Secure Fund ULIF 135 19/09/13 LSF 105 705 705
Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105 2,586 2,586
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 12,532 12,532
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 705 705
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 705 705
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 1,380 1,380
Total 47,682 47,682

Interest income earned during the year ended March 31, 2021
(` ‘000)
ICICI Securities
Fund name SFIN Primary Dealership Total
Limited
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 11,078 11,078
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 2,919 2,919
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 973 973
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 973 973
Group Debt Fund ULGF 002 03/04/03 GDebt 105 892 892
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 2,919 2,919
Income Fund ULIF 089 24/11/09 LIncome 105 14,793 14,793
Life Secure Fund ULIF 135 19/09/13 LSF 105 973 973
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 17,607 17,607
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 973 973
Pension Income Fund ULIF 095 11/01/10 PIncome 105 160 160
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 973 973
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 1,819 1,819
Total 57,053 57,053

384 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
4. Related party transactions (Contd.)
II. Company wise details of investments held in the promoter group companies at March 31, 2022
(` ‘000)
ICICI Securities % of
% of

01 - 78 REPORTS
Fund name SFIN Primary Dealership fundwise Total
assets held
Limited assets held

STATUTORY
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 31,309 0.08% 31,309 0.08%
Income Fund ULIF 089 24/11/09 LIncome 105 130,456 0.12% 130,456 0.12%
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 83,492 0.35% 83,492 0.35%
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 15,655 0.74% 15,655 0.74%
Total 260,912 260,912
% of total assets held in ULIP 0.02% 0.02%

79 - 148 FINANCIAL STATEMENTS

Company wise details of investments held in the promoter group companies at March 31, 2021
(` ‘000)

STANDALONE
ICICI Securities % of
% of
Fund name SFIN Primary Dealership fundwise Total
assets held
Limited assets held
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 126,068 0.38% 126,068 0.38%
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 31,188 0.38% 31,188 0.38%
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 10,396 0.34% 10,396 0.34%

149 - 521 FINANCIAL STATEMENTS

Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 10,396 0.50% 10,396 0.50%
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 31,188 0.64% 31,188 0.64%
Income Fund ULIF 089 24/11/09 LIncome 105 177,016 0.13% 177,016 0.13%

CONSOLIDATED
Life Secure Fund ULIF 135 19/09/13 LSF 105 10,396 0.04% 10,396 0.04%
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 201,033 0.94% 201,033 0.94%
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 10,396 2.29% 10,396 2.29%
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 10,396 0.18% 10,396 0.18%
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 16,252 0.65% 16,252 0.65%
Total 634,725 634,725

522 - 584 VALUE RESULTS

% of total assets held in ULIP 0.05% 0.05%

EMBEDDED
5. Unclaimed redemption of units
(` ‘000)
FY2022 FY2021
Fund name SFIN
Units Values Units Values
NIL NIL
585 - 591 INFORMATION
ADDITIONAL
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 385
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
6. Net Asset Value (NAV): Highest, lowest and closing at year ended March 31, 2022
(` per unit)
Fund name SFIN Highest Lowest Closing
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 15.0815 13.1108 14.7130
Balanced Advantage Fund ULIF 144 03/06/21 BalanceAdv 105 10.5746 9.4112 10.0618
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 84.5834 76.4881 82.9868
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 66.3500 59.5729 65.5255
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 39.2588 35.4824 38.5332
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 40.5430 36.4054 40.0356
Bluechip Fund ULIF 087 24/11/09 LBluChip 105 34.0052 26.3928 32.0916
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 38.8039 37.3568 38.7085
Discontinued Fund - Life ULIF 100 01/07/10 LDiscont 105 20.7248 19.9511 20.7246
Discontinued Fund-Pension ULIF 101 01/07/10 PDiscont 105 16.6069 16.0144 16.6069
Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 26.4795 23.4818 26.1674
Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 22.3798 19.6419 21.6054
Easy Retirement Secure Fund ULIF 133 02/11/12 ERSF 105 19.5427 18.9325 19.5116
Easy Retirement SP Balanced Fund ULIF 136 25/03/13 ERSPBF 105 20.7083 18.2074 20.0383
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 35.4960 30.7745 34.1308
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 43.7340 37.6584 42.3159
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 35.1896 30.4828 33.9256
Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 38.5163 33.2070 37.2939
Flexi Growth Fund ULIF 026 20/03/07 LFlexiGro1 105 43.6082 34.3631 40.4761
Flexi Growth Fund II ULIF 027 20/03/07 LFlexiGro2 105 48.7928 38.2114 45.5223
Flexi Growth Fund III ULIF 028 20/03/07 LFlexiGro3 105 43.9778 34.7125 40.8732
Flexi Growth Fund IV ULIF 038 27/08/07 LFlexiGro4 105 41.4177 32.4824 38.5878
Focus 50 Fund ULIF 142 04/02/19 FocusFifty 105 15.3418 11.9502 14.4519
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 56.2678 52.9801 56.0414
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 19.5689 18.4297 19.4989
Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 33.5200 31.6477 33.3180
Group Capital Guarantee Debt Fund II ULGF 011 21/03/07 GCGDebt2 105 35.4056 34.2701 35.3560
Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 33.6248 30.4213 32.9772
Group Capital Guarantee Short Term Debt Fund ULGF 005 24/02/04 GCGSTDebt1 105 31.5982 30.8479 31.5982
Group Capital Guarantee Short Term Debt Fund II ULGF 009 16/03/07 GCGSTDebt2 105 26.6489 26.0694 26.6489
Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 19.5973 18.4718 19.5079
Group Capital Guarantee Debt Fund III ULGF 048 27/08/13 GCGDebt3 105 19.3816 18.7323 19.3487
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 35.1215 33.2919 34.8527
Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 33.5349 30.4497 32.7629
Group Capital Guarantee Debt Fund ULGF 007 28/10/05 GCGDebt1 105 44.0764 42.5244 43.9083
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 18.3477 16.5629 18.0602
Group Capital Guarantee Short Term Debt Fund III ULGF 047 27/08/13 GCGSTDebt3 105 15.8257 15.4790 15.8257
Group Debt Fund ULGF 002 03/04/03 GDebt 105 42.7395 41.1327 42.7243
Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 20.3584 19.6282 20.3584
Group Equity Fund II ULGF 043 30/04/13 GEquity2 105 19.8487 15.4628 18.7396
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 98.3072 84.6382 95.5408
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 22.9138 19.7196 22.2713
Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 32.1562 30.2810 32.0249
Group Leave Encashment Income Fund ULGF 014 02/04/08 GLEIncome 105 28.6688 27.6612 28.6129

386 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
6. Net Asset Value (NAV): Highest, lowest and closing at year ended March 31, 2022 (Contd.)
(` per unit)
Fund name SFIN Highest Lowest Closing

Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 55.7399 52.5485 55.5486

01 - 78 REPORTS
Group SA Capital Guarantee Short Term Debt Fund ULGF 055 24/02/04 GSCGSTD 105 31.8931 31.1141 31.8931

STATUTORY
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 42.1280 40.6735 42.1018
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 97.5955 83.9507 94.8580
Group SA Short Term Debt Fund ULGF 053 03/04/03 GSSTD 105 33.0599 32.2873 33.0599
Group Short Term Debt Fund ULGF 003 03/04/03 GSTDebt 105 33.1304 32.3687 33.1304
Group Short Term Debt Fund II ULGF 046 27/08/13 GSTDebt2 105 14.7132 14.4193 14.7132
Group Short Term Debt Fund III ULGF 039 30/04/13 GSTDebt3 105 15.2904 14.9351 15.2904
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 39.8294 35.7855 39.3300

79 - 148 FINANCIAL STATEMENTS

Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 47.0715 40.5228 45.5655
Health Flexi Growth Fund ULIF 057 15/01/09 HFlexiGro 105 59.9884 47.1840 55.9477

STANDALONE
Health Multiplier Fund ULIF 058 15/01/09 HMultip 105 65.1566 50.5534 61.4146
Health Preserver Fund ULIF 056 15/01/09 HPreserv 105 25.2412 24.4972 25.2412
Health Protector Fund ULIF 061 15/01/09 HProtect 105 31.6514 30.4849 31.6514
Highest Nav Fund B ULIF 116 15/03/11 LHighNavB 105 18.8115 18.5571 18.8115
Income Fund ULIF 089 24/11/09 LIncome 105 26.4468 25.5034 26.4312
India Growth Fund ULIF 141 04/02/19 IndiaGrwth 105 16.4693 12.7918 15.5348

149 - 521 FINANCIAL STATEMENTS

Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 45.8584 43.0454 45.6141
Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 44.8219 42.1438 44.5549

CONSOLIDATED
Invest Shield Cash Fund ULIF 020 03/01/05 LInvCash 105 36.9195 35.7063 36.9028
Life Growth Fund ULIF 134 19/09/13 LGF 105 25.1502 19.6175 23.6695
Life Secure Fund ULIF 135 19/09/13 LSF 105 18.3552 17.8862 18.3209
Maximise India Fund ULIF 136 11/20/14 MIF 105 20.6801 15.8592 19.0155
Maximiser Fund ULIF 001 22/10/01 LMaximis1 105 212.6809 166.4201 200.7159
Maximiser Fund II ULIF 012 17/05/04 LMaximis2 105 131.1905 102.2194 124.3422
Maximiser Fund III ULIF 022 13/03/06 LMaximis3 105 54.6891 42.8287 51.6153

522 - 584 VALUE RESULTS

Maximiser Fund IV ULIF 037 27/08/07 LMaximis4 105 46.9474 36.6634 44.4502
Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105 37.5277 29.2533 35.5663

EMBEDDED
Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105 23.1743 22.4514 23.1743
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 31.9531 26.9949 30.7629
Multi Cap Growth Fund ULIF 085 24/11/09 LMCapGro 105 38.8500 29.5600 36.0382
Multiplier Fund ULIF 042 22/11/07 LMultip1 105 31.3814 24.4514 29.4382
Multiplier Fund II ULIF 044 25/02/08 LMultip2 105 38.6661 29.9871 36.3890
Multiplier Fund III ULIF 046 25/02/08 LMultip3 105 34.8589 27.1677 32.7007
585 - 591 INFORMATION

Multiplier Fund IV ULIF 047 25/02/08 LMultip4 105 38.5291 29.9043 36.3008
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 40.2074 37.7516 40.0731
ADDITIONAL

Opportunities Fund ULIF 086 24/11/09 LOpport 105 39.6152 30.6584 37.2842
Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 71.6913 64.7708 70.2772
Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 61.4436 55.1179 60.6323
Pension Bluechip Fund ULIF 093 11/01/10 PBluChip 105 33.1169 25.6713 31.2499
Pension Dynamic P/E Fund ULIF 098 11/01/10 PDynmicPE 105 25.8415 22.9683 25.5541
Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 37.6691 32.6535 36.1847
Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 44.7409 38.3637 43.3662
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 387
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
6. Net Asset Value (NAV): Highest, lowest and closing at year ended March 31, 2022 (Contd.)
(` per unit)
Fund name SFIN Highest Lowest Closing

Pension Flexi Growth Fund ULIF 029 20/03/07 PFlexiGro1 105 46.1873 36.3789 42.8806
Pension Flexi Growth Fund II ULIF 030 20/03/07 PFlexiGro2 105 53.2366 41.7060 49.5947
Pension Growth Fund ULIF 127 01/12/11 PGROWTH 105 29.6681 22.9757 27.3955
Pension Income Fund ULIF 095 11/01/10 PIncome 105 26.3863 25.4218 26.3863
Pension Maximiser Fund ULIF 004 03/05/02 PMaximis1 105 231.2180 180.9355 217.1055
Pension Maximiser Fund II ULIF 013 17/05/04 PMaximis2 105 147.8866 115.1663 139.3945
Pension Money Market Fund ULIF 096 11/01/10 PMoneyMkt 105 23.0291 22.3512 23.0291
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 29.3970 25.3534 28.3663
Pension Multi Cap Growth Fund ULIF 091 11/01/10 PMCapGro 105 35.4420 27.7843 33.0834
Pension Multiplier Fund ULIF 043 25/02/08 PMultip1 105 30.8446 24.0224 28.9261
Pension Multiplier Fund II ULIF 045 25/02/08 PMultip2 105 35.1792 27.2853 33.1427
Pension Opportunities Fund ULIF 092 11/01/10 POpport 105 39.3761 30.3443 36.9987
Pension Preserver Fund ULIF 011 17/05/04 PPreserv 105 34.7134 33.6809 34.7134
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 41.7884 40.5072 41.7143
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 41.0397 39.3174 41.0397
Pension Return Guarantee Fund X (10 Yrs)* ULIF 113 13/01/11 PRGF(S3) 105 20.6614 20.5022 20.6614
Pension Return Guarantee Fund XI (10 Yrs)* ULIF 122 19/04/11 PRGF(S4) 105 20.2738 20.1928 20.2738
Pension Rich Fund ULIF 052 17/03/08 PRICH1 105 45.0484 34.8744 42.1151
Pension Rich Fund II ULIF 053 17/03/08 PRICH2 105 49.9490 38.5106 46.8940
Pension Secure Fund ULIF 128 01/12/11 PSECURE 105 20.1358 19.4811 20.1143
Pinnacle Fund ULIF 081 26/10/09 LPinnacle 105 21.3724 21.0371 21.3724
Pinnacle Fund II* ULIF 105 26/10/10 LPinnacle2 105 17.7989 17.7396 17.7989
Preserver Fund ULIF 010 17/05/04 LPreserv1 105 35.0955 34.0516 35.0955
Preserver Fund III ULIF 021 13/03/06 LPreserv3 105 31.2239 30.2985 31.2239
Preserver Fund IV ULIF 036 27/08/07 LPreserv4 105 28.2679 27.4317 28.2679
Protector Fund ULIF 003 22/10/01 LProtect1 105 46.8064 45.3792 46.7802
Protector Fund II ULIF 016 17/05/04 LProtect2 105 42.0538 40.2517 42.0538
Protector Fund III ULIF 024 13/03/06 LProtect3 105 33.8478 32.7888 33.8107
Protector Fund IV ULIF 041 27/08/07 LProtect4 105 33.7922 32.5600 33.7922
Return Guarantee Fund XI (10 Yrs)* ULIF 121 19/04/11 LRGF(S4) 105 19.9245 19.9038 19.9192
Rich Fund ULIF 048 17/03/08 LRICH1 105 39.3234 30.4721 36.7682
RICH Fund II ULIF 049 17/03/08 LRICH2 105 44.0552 33.9685 41.3434
Rich Fund III ULIF 050 17/03/08 LRICH3 105 39.5205 30.6128 36.9140
Rich Fund IV ULIF 051 17/03/08 LRICH4 105 43.8117 33.8173 41.1326
Secure Opportunities Fund ULIF 140 24/11/17 SOF 105 13.0735 12.5561 13.0735
Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 39.3828 36.9782 39.1569
Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 36.3169 34.1831 36.1141
Secure Save Builder Fund ULIF 077 29/05/09 LSSavBuil 105 33.7755 28.0121 32.4882
Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 27.3471 24.4896 26.8336
Sustainable Equity Fund ULIF 145 03/06/21 SustainEqu 105 10.2225 8.8063 9.5530
Value Enhancer Fund ULIF 139 24/11/17 VEF 105 15.1250 11.4343 13.7775
*denotes fund closed during the year

388 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
6. Net Asset Value (NAV): Highest, lowest and closing at year ended March 31, 2021
(` per unit)
Fund name SFIN Highest Lowest Closing
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 13.4674 9.4109 13.2718

01 - 78 REPORTS
Anmol Nivesh Fund* ULIF 072 28/04/09 LAnmolNiv 105 20.9754 20.8847 20.9718
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 77.9883 59.8945 77.1326

STATUTORY
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 60.6055 46.0401 60.0282
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 36.1741 27.7380 35.7879
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 37.0346 27.9588 36.6863
Bluechip Fund ULIF 087 24/11/09 LBluChip 105 28.1915 14.8144 27.2207
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 37.8897 34.4324 37.3522
Discontinued Fund - Life ULIF 100 01/07/10 LDiscont 105 19.9477 19.1457 19.9477
Discontinued Fund-Pension ULIF 101 01/07/10 PDiscont 105 16.0113 15.3652 16.0113

79 - 148 FINANCIAL STATEMENTS

Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 23.7834 16.4928 23.5424

STANDALONE
Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 20.0414 14.4804 19.7899
Easy Retirement Secure Fund ULIF 133 02/11/12 ERSF 105 19.1878 17.5395 18.9304
Easy Retirement SP Balanced Fund ULIF 136 25/03/13 ERSPBF 105 18.5901 13.6092 18.3231
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 31.7429 22.6352 31.2316
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 38.8108 27.3307 38.1685
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 31.6314 22.6650 30.9744
Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 34.2246 24.1595 33.6721

149 - 521 FINANCIAL STATEMENTS

Flexi Growth Fund ULIF 026 20/03/07 LFlexiGro1 105 36.3827 20.7250 35.3078
Flexi Growth Fund II ULIF 027 20/03/07 LFlexiGro2 105 40.3974 22.8692 39.2542

CONSOLIDATED
Flexi Growth Fund III ULIF 028 20/03/07 LFlexiGro3 105 36.7246 21.0324 35.6705
Flexi Growth Fund IV ULIF 038 27/08/07 LFlexiGro4 105 34.3120 19.4571 33.3600
Focus 50 Fund ULIF 142 04/02/19 FocusFifty 105 12.7760 6.8930 12.2918
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 53.5224 45.5567 53.1281
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 18.6220 15.9668 18.4759
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 33.8349 28.9927 33.4066
Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 32.0017 27.3271 31.7417

522 - 584 VALUE RESULTS

Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 18.7169 15.9981 18.5410
Group Capital Guarantee Debt Fund ULGF 007 28/10/05 GCGDebt1 105 43.3338 39.1973 42.5198

EMBEDDED
Group Capital Guarantee Debt Fund II ULGF 011 21/03/07 GCGDebt2 105 34.7863 31.6126 34.2672
Group Capital Guarantee Debt Fund III ULGF 048 27/08/13 GCGDebt3 105 18.9979 17.2084 18.7302
Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 31.1027 23.9473 30.7154
Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 31.0323 23.7323 30.6855
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 16.8813 12.9190 16.6972
Group Capital Guarantee Short Term Debt Fund ULGF 005 24/02/04 GCGSTDebt1 105 30.8459 29.7787 30.8459
Group Capital Guarantee Short Term Debt Fund II ULGF 009 16/03/07 GCGSTDebt2 105 26.0696 25.1532 26.0696
585 - 591 INFORMATION

Group Capital Guarantee Short Term Debt Fund III ULGF 047 27/08/13 GCGSTDebt3 105 15.4782 14.9479 15.4782
Group Debt Fund ULGF 002 03/04/03 GDebt 105 41.6039 37.7006 41.1277
ADDITIONAL

Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 19.8378 18.0094 19.6259
Group Equity Fund II ULGF 043 30/04/13 GEquity2 105 16.3690 8.5347 15.8643
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 87.1519 58.3107 85.8006
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 20.3320 13.6662 19.9879
Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 30.6406 26.1575 30.3645
Group Leave Encashment Income Fund ULGF 014 02/04/08 GLEIncome 105 28.0732 25.1389 27.6695
Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 53.1200 45.4940 52.6908
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 389
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
6. Net Asset Value (NAV): Highest, lowest and closing at year ended March 31, 2021 (Contd.)
(` per unit)
Fund name SFIN Highest Lowest Closing

Group SA Capital Guarantee Short Term Debt Fund ULGF 055 24/02/04 GSCGSTD 105 31.1569 29.9330 31.1122
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 41.1957 37.4261 40.6685
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 86.5757 58.3187 85.1096
Group SA Short Term Debt Fund ULGF 053 03/04/03 GSSTD 105 32.3894 31.1130 32.2854
Group Short Term Debt Fund ULGF 003 03/04/03 GSTDebt 105 32.3667 31.1804 32.3667
Group Short Term Debt Fund II ULGF 046 27/08/13 GSTDebt2 105 14.4186 13.9555 14.4186
Group Short Term Debt Fund III ULGF 039 30/04/13 GSTDebt3 105 14.9794 14.3915 14.9342
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 36.4090 27.7160 36.0572
Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 41.7640 29.4939 41.0908
Health Flexi Growth Fund ULIF 057 15/01/09 HFlexiGro 105 49.8417 28.4197 48.4485
Health Multiplier Fund ULIF 058 15/01/09 HMultip 105 53.9824 28.2592 52.1415
Health Preserver Fund ULIF 056 15/01/09 HPreserv 105 24.4952 23.3194 24.4952
Health Protector Fund ULIF 061 15/01/09 HProtect 105 30.8564 27.9493 30.4809
Highest NAV Fund B ULIF 116 15/03/11 LHighNavB 105 18.5564 17.9693 18.5564
Income Fund ULIF 089 24/11/09 LIncome 105 25.788 23.4683 25.5003
India Growth Fund ULIF 141 04/02/19 IndiaGrwth 105 13.5332 7.0998 13.1227
Invest Shield Cash Fund ULIF 020 03/01/05 LInvCash 105 36.2041 32.8995 35.7020
Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 43.6255 37.2212 43.1417
Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 42.6348 36.5067 42.2021
Life Growth Fund ULIF 134 19/09/13 LGF 105 20.7918 10.9090 20.1343
Life Secure Fund ULIF 135 19/09/13 LSF 105 18.1444 16.6061 17.8851
Maximise India Fund ULIF 136 11/20/14 MIF 105 16.5794 9.0862 16.1866
Maximiser Fund ULIF 001 22/10/01 LMaximis1 105 177.4597 93.8187 171.7590
Maximiser Fund II ULIF 012 17/05/04 LMaximis2 105 108.8437 56.9097 105.4567
Maximiser Fund III ULIF 022 13/03/06 LMaximis3 105 45.6979 24.0914 44.2222
Maximiser Fund IV ULIF 037 27/08/07 LMaximis4 105 39.0357 20.4579 37.8140
Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105 31.1442 16.3466 30.1664
Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105 22.4516 21.4748 22.4494
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 27.5609 19.5315 27.2479
Multi Cap Growth Fund ULIF 085 24/11/09 LMCapGro 105 31.0978 17.4263 30.2126
Multiplier Fund ULIF 042 22/11/07 LMultip1 105 26.1585 13.7936 25.2336
Multiplier Fund II ULIF 044 25/02/08 LMultip2 105 32.0278 16.7557 30.9315
Multiplier Fund III ULIF 046 25/02/08 LMultip3 105 29.0577 15.2899 28.0424
Multiplier Fund IV ULIF 047 25/02/08 LMultip4 105 31.9370 16.7144 30.8469
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 38.0644 32.5390 37.8007
Opportunities Fund ULIF 086 24/11/09 LOpport 105 32.4862 16.9131 31.5462
Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 66.0297 50.7135 65.3289
Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 56.0513 42.5558 55.5480
Pension Bluechip Fund ULIF 093 11/01/10 PBluChip 105 27.3950 14.3118 26.4808
Pension Dynamic P/E Fund ULIF 098 11/01/10 PDynmicPE 105 23.2543 16.1017 23.0396
Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 33.6803 23.6171 33.0743
Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 39.4689 27.3241 38.8224
Pension Flexi Growth Fund ULIF 029 20/03/07 PFlexiGro1 105 38.5001 21.6186 37.2875
Pension Flexi Growth Fund II ULIF 030 20/03/07 PFlexiGro2 105 44.0156 24.4470 42.7068
Pension Growth Fund ULIF 127 01/12/11 PGROWTH 105 24.3607 13.0491 23.5644

390 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
6. Net Asset Value (NAV): Highest, lowest and closing at year ended March 31, 2021 (Contd.)
(` per unit)
Fund name SFIN Highest Lowest Closing

Pension Income Fund ULIF 095 11/01/10 PIncome 105 25.7315 23.1635 25.4314

01 - 78 REPORTS
Pension Maximiser Fund ULIF 004 03/05/02 PMaximis1 105 191.9494 102.3460 185.7878

STATUTORY
Pension Maximiser Fund II ULIF 013 17/05/04 PMaximis2 105 122.0718 64.6844 118.2284
Pension Money Market Fund ULIF 096 11/01/10 PMoneyMkt 105 22.3494 21.3805 22.3494
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 26.1018 18.3524 25.7009
Pension Multi Cap Growth Fund ULIF 091 11/01/10 PMCapGro 105 29.2880 16.5263 28.5130
Pension Multiplier Fund ULIF 043 25/02/08 PMultip1 105 25.6993 13.5120 24.7909
Pension Multiplier Fund II ULIF 045 25/02/08 PMultip2 105 29.1580 15.2383 28.1471
Pension Opportunities Fund ULIF 092 11/01/10 POpport 105 32.1693 16.5896 31.2357

79 - 148 FINANCIAL STATEMENTS

Pension Preserver Fund ULIF 011 17/05/04 PPreserv 105 33.6783 32.2490 33.6783
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 41.0931 37.3169 40.5026

STANDALONE
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 39.5871 35.6995 39.3114
Pension Return Guarantee Fund IX (10 Yrs)* ULIF 108 22/12/10 PRGF(S2) 105 20.7256 19.7318 20.7256
Pension Return Guarantee Fund VIII* ULIF 102 12/10/10 PRGF(S1) 105 20.4998 19.8693 20.4998
Pension Return Guarantee Fund X (10 Yrs) ULIF 113 13/01/11 PRGF(S3) 105 20.4537 19.5491 20.4537
Pension Return Guarantee Fund XI (10 Yrs) ULIF 122 19/04/11 PRGF(S4) 105 20.1901 19.2384 20.1901
Pension RICH Fund ULIF 052 17/03/08 PRICH1 105 37.0118 19.3257 35.9009
Pension RICH Fund II ULIF 053 17/03/08 PRICH2 105 40.8280 21.1532 39.6316

149 - 521 FINANCIAL STATEMENTS

Pension Secure Fund ULIF 128 01/12/11 PSECURE 105 19.7399 17.9514 19.4821
Pinnacle Fund ULIF 081 26/10/09 LPinnacle 105 21.0362 20.6063 21.0362

CONSOLIDATED
Pinnacle Fund II ULIF 105 26/10/10 LPinnacle2 105 17.7382 16.2385 17.7382
Preserver Fund ULIF 010 17/05/04 LPreserv1 105 34.0610 32.5867 34.0489
Preserver Fund III ULIF 021 13/03/06 LPreserv3 105 30.2961 29.0467 30.2961
Preserver Fund IV ULIF 036 27/08/07 LPreserv4 105 27.4770 26.2442 27.4294
Protector Fund ULIF 003 22/10/01 LProtect1 105 45.9943 41.9521 45.3741
Protector Fund II ULIF 016 17/05/04 LProtect2 105 40.5705 36.6824 40.2457
Protector Fund III ULIF 024 13/03/06 LProtect3 105 33.2407 30.4139 32.7851

522 - 584 VALUE RESULTS

Protector Fund IV ULIF 041 27/08/07 LProtect4 105 32.9636 29.6380 32.5557
Return Guarantee Fund IX (10 Yrs)* ULIF 107 22/12/10 LRGF(S2) 105 20.4433 19.6494 20.4433

EMBEDDED
Return Guarantee Fund VIII (10 Yrs)* ULIF 104 12/10/10 LRGF(S1) 105 20.2763 19.7175 20.2763
Return Guarantee Fund X (10 Yrs)* ULIF 112 13/01/11 LRGF(S3) 105 20.7639 19.7914 20.7532
Return Guarantee Fund XI (10 Yrs) ULIF 121 19/04/11 LRGF(S4) 105 19.9027 19.0900 19.9027
RICH Fund ULIF 048 17/03/08 LRICH1 105 32.3352 16.9573 31.3632
RICH Fund II ULIF 049 17/03/08 LRICH2 105 36.0138 18.7127 34.9537
RICH Fund III ULIF 050 17/03/08 LRICH3 105 32.4916 17.0091 31.5119
RICH Fund IV ULIF 051 17/03/08 LRICH4 105 35.8506 18.6700 34.7951
585 - 591 INFORMATION

Secure Opportunities Fund ULIF 140 24/11/17 SOF 105 12.6604 11.6318 12.5623
Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 37.4284 31.8369 37.0372
ADDITIONAL

Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 34.5801 29.6931 34.2293
Secure Save Builder Fund ULIF 077 29/05/09 LSSavBuil 105 29.3033 18.1496 28.5940
Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 25.0525 19.0051 24.7367
Value Enhancer Fund ULIF 139 24/11/17 VEF 105 11.8767 6.9597 11.6531
*Funds closed during the year
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 391
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
7. Annualised expense ratio and gross income ratio (including unrealised gains/losses) to average daily net assets of the fund for the year
ended March 31, 2022
Fund Name SFIN Expenses Ratio (%) Gross Income Ratio (%)
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 1.58 11.40
Balanced Advantage Fund ULIF 144 03/06/21 BalanceAdv 105 1.57 (0.52)
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 2.65 10.00
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 1.17 10.01
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 2.65 9.90
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 1.17 9.90
Bluechip Fund ULIF 087 24/11/09 LBluChip 105 1.56 16.86
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 1.48 5.50
Discontinued Fund - Life ULIF 100 01/07/10 LDiscont 105 0.59 4.40
Discontinued Fund - Pension ULIF 101 01/07/10 PDiscont 105 0.59 4.26
Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 1.59 12.86
Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 2.17 10.98
Easy Retirement Secure Fund ULIF 133 02/11/12 ERSF 105 1.71 4.77
Easy Retirement Sp Balanced Fund ULIF 136 25/03/13 ERSPBF 105 1.82 10.48
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 2.64 11.48
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 1.17 11.20
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 2.64 11.74
Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 1.17 11.06
Flexi Growth Fund ULIF 026 20/03/07 LFlexiGro1 105 2.63 16.13
Flexi Growth Fund III ULIF 028 20/03/07 LFlexiGro3 105 2.63 16.06
Flexi Growth Fund II ULIF 027 20/03/07 LFlexiGro2 105 1.75 16.47
Flexi Growth Fund IV ULIF 038 27/08/07 LFlexiGro4 105 1.75 16.56
Focus 50 Fund ULIF 142 04/02/19 FocusFifty 105 1.56 16.73
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 1.53 7.03
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 1.53 6.81
Group Capital Guarantee Debt Fund II ULGF 011 21/03/07 GCGDebt2 105 1.83 4.96
Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 2.41 9.47
Group Capital Guarantee Short Term Debt Fund ULGF 005 24/02/04 GCGSTDebt1 105 1.42 3.83
Group Capital Guarantee Short Term Debt Fund II ULGF 009 16/03/07 GCGSTDebt2 105 1.71 3.91
Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 1.65 6.35
Group Capital Guarantee Debt Fund III ULGF 048 27/08/13 GCGDebt3 105 1.65 4.85
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 2.53 6.72
Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 2.00 6.98
Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 3.18 9.71
Group Capital Guarantee Debt Fund ULGF 007 28/10/05 GCGDebt1 105 2.07 5.29
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 1.70 9.01
Group Capital Guarantee Short Term Debt Fund III ULGF 047 27/08/13 GCGSTDebt3 105 1.65 3.88
Group Debt Fund ULGF 002 03/04/03 GDebt 105 1.53 5.43
Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 1.53 5.11
Group Equity Fund II ULGF 043 30/04/13 GEquity2 105 1.51 17.13
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 1.52 12.26
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 1.52 12.00
Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 1.53 7.43
Group Leave Encashment Income Fund ULGF 014 02/04/08 GLEIncome 105 1.53 4.90
Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 1.53 7.02

392 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
7. Annualised expense ratio and gross income ratio (including unrealised gains/losses) to average daily net assets of the fund for the year
ended March 31, 2022 (Contd.)
Fund Name SFIN Expenses Ratio (%) Gross Income Ratio (%)

Group SA Capital Guarantee Short Term Debt Fund ULGF 055 24/02/04 GSCGSTD 105 1.42 3.90

01 - 78 REPORTS
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 1.53 5.04

STATUTORY
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 1.52 12.10
Group SA Short Term Debt Fund ULGF 053 03/04/03 GSSTD 105 1.53 3.90
Group Short Term Debt Fund ULGF 003 03/04/03 GSTDebt 105 1.53 3.86
Group Short Term Debt Fund II ULGF 046 27/08/13 GSTDebt2 105 1.65 3.72
Group Short Term Debt Fund III ULGF 039 30/04/13 GSTDebt3 105 1.53 3.89
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 1.17 9.82
Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 1.17 11.39

79 - 148 FINANCIAL STATEMENTS

Health Flexi Growth Fund ULIF 057 15/01/09 HFlexiGro 105 1.75 16.01
Health Multiplier Fund ULIF 058 15/01/09 HMultip 105 1.74 17.65

STANDALONE
Health Preserver Fund ULIF 056 15/01/09 HPreserv 105 0.88 3.88
Health Protector Fund ULIF 061 15/01/09 HProtect 105 0.89 4.62
Highest Nav Fund B ULIF 116 15/03/11 LHighNavB 105 2.18 3.53
Income Fund ULIF 089 24/11/09 LIncome 105 1.59 5.21
India Growth Fund ULIF 141 04/02/19 IndiaGrwth 105 1.57 15.58
Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 1.47 7.15
Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 1.47 6.97

149 - 521 FINANCIAL STATEMENTS

Invest Shield Cash Fund ULIF 020 03/01/05 LInvCash 105 1.48 4.87
Life Growth Fund ULIF 134 19/09/13 LGF 105 2.16 20.13

CONSOLIDATED
Life Secure Fund ULIF 135 19/09/13 LSF 105 2.18 4.57
Maximise India Fund ULIF 136 11/20/14 MIF 105 1.57 16.22
Maximiser Fund ULIF 001 22/10/01 LMaximis1 105 2.63 18.04
Maximiser Fund II ULIF 012 17/05/04 LMaximis2 105 1.75 18.13
Maximiser Fund III ULIF 022 13/03/06 LMaximis3 105 2.63 17.66
Maximiser Fund IV ULIF 037 27/08/07 LMaximis4 105 1.75 17.28
Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105 1.57 17.61

522 - 584 VALUE RESULTS

Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105 0.88 4.06
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 1.58 13.29

EMBEDDED
Multi Cap Growth Fund ULIF 085 24/11/09 LMCapGro 105 1.57 18.21
Multiplier Fund ULIF 042 22/11/07 LMultip1 105 2.63 17.77
Multiplier Fund II ULIF 044 25/02/08 LMultip2 105 1.74 17.66
Multiplier Fund III ULIF 046 25/02/08 LMultip3 105 2.63 17.32
Multiplier Fund IV ULIF 047 25/02/08 LMultip4 105 1.74 17.77
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 1.47 7.64
585 - 591 INFORMATION

Opportunities Fund ULIF 086 24/11/09 LOpport 105 1.57 16.77

Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 2.65 10.04
Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 1.17 10.00
ADDITIONAL

Pension Bluechip Fund ULIF 093 11/01/10 PBluChip 105 1.57 17.71
Pension Dynamic P/E Fund ULIF 098 11/01/10 PDynmicPE 105 1.59 12.02
Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 2.64 11.77
Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 1.17 11.96
Pension Flexi Growth Fund ULIF 029 20/03/07 PFlexiGro1 105 2.63 16.86
Pension Flexi Growth Fund II ULIF 030 20/03/07 PFlexiGro2 105 1.75 16.77
592 - 595

Pension Growth Fund ULIF 127 01/12/11 PGROWTH 105 1.57 17.57

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 393
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
7. Annualised expense ratio and gross income ratio (including unrealised gains/losses) to average daily net assets of the fund for the year
ended March 31, 2022 (Contd.)
Fund Name SFIN Expenses Ratio (%) Gross Income Ratio (%)

Pension Income Fund ULIF 095 11/01/10 PIncome 105 1.59 5.30
Pension Maximiser Fund ULIF 004 03/05/02 PMaximis1 105 2.63 17.98
Pension Maximiser Fund II ULIF 013 17/05/04 PMaximis2 105 1.75 18.17
Pension Money Market Fund ULIF 096 11/01/10 PMoneyMkt 105 0.89 3.87
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 1.58 11.28
Pension Multi Cap Growth Fund ULIF 091 11/01/10 PMCapGro 105 1.57 16.53
Pension Multiplier Fund ULIF 043 25/02/08 PMultip1 105 2.63 17.97
Pension Multiplier Fund II ULIF 045 25/02/08 PMultip2 105 1.74 17.49
Pension Opportunities Fund ULIF 092 11/01/10 POpport 105 1.57 18.14
Pension Preserver Fund ULIF 011 17/05/04 PPreserv 105 0.89 3.90
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 1.77 4.77
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 0.89 5.21
Pension Return Guarantee Fund X (10 Yrs)* ULIF 113 13/01/11 PRGF(S3) 105 1.77 18.50
Pension Return Guarantee Fund XI (10 Yrs)* ULIF 122 19/04/11 PRGF(S4) 105 1.77 3.49
Pension Rich Fund ULIF 052 17/03/08 PRICH1 105 2.63 18.48
Pension Rich Fund II ULIF 053 17/03/08 PRICH2 105 1.75 18.49
Pension Secure Fund ULIF 128 01/12/11 PSECURE 105 1.59 4.82
Pinnacle Fund ULIF 081 26/10/09 LPinnacle 105 1.71 3.30
Pinnacle Fund II* ULIF 105 26/10/10 LPinnacle2 105 1.72 3.67
Preserver Fund ULIF 010 17/05/04 LPreserv1 105 0.89 3.91
Preserver Fund III ULIF 021 13/03/06 LPreserv3 105 0.89 3.89
Preserver Fund IV ULIF 036 27/08/07 LPreserv4 105 0.89 3.89
Protector Fund ULIF 003 22/10/01 LProtect1 105 1.77 4.87
Protector Fund II ULIF 016 17/05/04 LProtect2 105 0.89 5.33
Protector Fund III ULIF 024 13/03/06 LProtect3 105 1.77 5.02
Protector Fund IV ULIF 041 27/08/07 LProtect4 105 0.89 4.54
Return Guarantee Fund XI (10 Yrs)* ULIF 121 19/04/11 LRGF(S4) 105 1.77 4.30
Rich Fund ULIF 048 17/03/08 LRICH1 105 2.63 18.21
RICH Fund II ULIF 049 17/03/08 LRICH2 105 1.75 18.44
Rich Fund III ULIF 050 17/03/08 LRICH3 105 2.63 18.23
Rich Fund IV ULIF 051 17/03/08 LRICH4 105 1.75 18.07
Secure Opportunities Fund ULIF 140 24/11/17 SOF 105 1.59 5.52
Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 1.47 7.07
Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 1.47 6.85
Secure Save Builder Fund ULIF 077 29/05/09 LSSavBuil 105 1.45 14.07
Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 2.05 10.17
Sustainable Equity Fund ULIF 145 03/06/21 SustainEqu 105 1.56 (7.67)
Value Enhancer Fund ULIF 139 24/11/17 VEF 105 1.59 16.08
* denotes fund in existence for part of the year. In these cases, the ratios have been annualised.

394 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
7. Annualised expense ratio and gross income ratio (including unrealised gains/losses) to average daily net assets of the fund for the year
ended March 31, 2021
Fund Name SFIN Expenses Ratio (%) Gross Income Ratio (%)
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 1.58 31.47

01 - 78 REPORTS
Anmol Nivesh Fund* ULIF 072 28/04/09 LAnmolNiv 105 1.19 5.02

STATUTORY
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 2.65 25.13
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 1.17 24.90
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 2.65 25.30
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 1.17 25.40
Bluechip Fund ULIF 087 24/11/09 LBluChip 105 1.57 52.93
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 1.48 8.15
Discontinued Fund - Life ULIF 100 01/07/10 LDiscont 105 0.59 4.64
Discontinued Fund-Pension ULIF 101 01/07/10 PDiscont 105 0.59 4.86

79 - 148 FINANCIAL STATEMENTS

Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 1.59 33.17

STANDALONE
Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 2.17 30.30
Easy Retirement Secure Fund ULIF 133 02/11/12 ERSF 105 1.71 7.37
Easy Retirement SP Balanced Fund ULIF 136 25/03/13 ERSPBF 105 1.82 28.61
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 2.65 30.61
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 1.17 30.52
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 2.65 30.59
Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 1.17 30.21

149 - 521 FINANCIAL STATEMENTS

Flexi Growth Fund ULIF 026 20/03/07 LFlexiGro1 105 2.64 49.12
Flexi Growth Fund II ULIF 027 20/03/07 LFlexiGro2 105 1.75 48.93
Flexi Growth Fund III ULIF 028 20/03/07 LFlexiGro3 105 2.64 48.92

CONSOLIDATED
Flexi Growth Fund IV ULIF 038 27/08/07 LFlexiGro4 105 1.76 49.30
Focus 50 Fund ULIF 142 04/02/19 FocusFifty 105 1.57 50.25
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 1.53 15.57
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 1.53 14.22
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 2.53 15.50
Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 2.00 15.66

522 - 584 VALUE RESULTS

Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 1.65 14.83
Group Capital Guarantee Debt Fund ULGF 007 28/10/05 GCGDebt1 105 2.06 7.93
Group Capital Guarantee Debt Fund II ULGF 011 21/03/07 GCGDebt2 105 1.83 7.81

EMBEDDED
Group Capital Guarantee Debt fund III ULGF 048 27/08/13 GCGDebt3 105 1.65 7.30
Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 3.18 25.13
Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 2.41 25.30
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 1.70 24.49
Group Capital Guarantee Short Term Debt Fund ULGF 005 24/02/04 GCGSTDebt1 105 1.42 4.95
Group Capital Guarantee Short Term Debt Fund II ULGF 009 16/03/07 GCGSTDebt2 105 1.71 5.29
Group Capital Guarantee Short Term Debt Fund III ULGF 047 27/08/13 GCGSTDebt3 105 1.65 5.13
585 - 591 INFORMATION

Group Debt Fund ULGF 002 03/04/03 GDebt 105 1.53 8.18
Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 1.53 7.57
ADDITIONAL

Group Equity Fund II ULGF 043 30/04/13 GEquity2 105 1.51 52.86
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 1.52 37.26
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 1.52 34.90
Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 1.53 15.21
Group Leave Encashment Income Fund ULGF 014 02/04/08 GLEIncome 105 1.53 8.32
Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 1.53 14.77
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 395
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
7. Annualised expense ratio and gross income ratio (including unrealised gains/losses) to average daily net assets of the fund for the year
ended March 31, 2021 (Contd.)

Fund Name SFIN Expenses Ratio (%) Gross Income Ratio (%)
Group SA Capital Guarantee Short Term Debt Fund ULGF 055 24/02/04 GSCGSTD 105 1.42 5.29
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 1.53 7.80
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 1.52 35.02
Group SA Short Term Debt Fund ULGF 053 03/04/03 GSSTD 105 1.53 5.25
Group Short Term Debt Fund ULGF 003 03/04/03 GSTDebt 105 1.53 5.49
Group Short Term Debt Fund II ULGF 046 27/08/13 GSTDebt2 105 1.65 5.15
Group Short Term Debt Fund III ULGF 039 30/04/13 GSTDebt3 105 1.53 5.19
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 1.17 24.64
Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 1.17 30.37
Health Flexi Growth Fund ULIF 057 15/01/09 HFlexiGro 105 1.75 48.44
Health Multiplier Fund ULIF 058 15/01/09 HMultip 105 1.74 54.36
Health Preserver Fund ULIF 056 15/01/09 HPreserv 105 0.89 5.79
Health Protector Fund ULIF 061 15/01/09 HProtect 105 0.89 7.35
Highest NAV Fund B ULIF 116 15/03/11 LHighNavB 105 2.18 5.38
Income Fund ULIF 089 24/11/09 LIncome 105 1.59 7.39
India Growth Fund ULIF 141 04/02/19 IndiaGrwth 105 1.57 51.65
Invest Shield Cash Fund ULIF 020 03/01/05 LInvCash 105 1.48 7.80
Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 1.47 16.26
Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 1.47 15.08
Life Growth Fund ULIF 134 19/09/13 LGF 105 2.16 57.71
Life Secure Fund ULIF 135 19/09/13 LSF 105 2.18 7.26
Maximise India Fund ULIF 136 11/20/14 MIF 105 1.57 52.50
Maximiser Fund ULIF 001 22/10/01 LMaximis1 105 2.63 55.01
Maximiser Fund II ULIF 012 17/05/04 LMaximis2 105 1.75 55.39
Maximiser Fund III ULIF 022 13/03/06 LMaximis3 105 2.63 55.29
Maximiser Fund IV ULIF 037 27/08/07 LMaximis4 105 1.75 54.88
Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105 1.57 54.57
Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105 0.88 5.28
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 1.58 30.95
Multi Cap Growth Fund ULIF 085 24/11/09 LMCapGro 105 1.58 49.87
Multiplier Fund ULIF 042 22/11/07 LMultip1 105 2.63 54.74
Multiplier Fund II ULIF 044 25/02/08 LMultip2 105 1.74 54.92
Multiplier Fund III ULIF 046 25/02/08 LMultip3 105 2.63 54.78
Multiplier Fund IV ULIF 047 25/02/08 LMultip4 105 1.74 54.48
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 1.47 15.09
Opportunities Fund ULIF 086 24/11/09 LOpport 105 1.57 55.30
Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 2.65 25.35
Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 1.17 25.29
Pension Bluechip Fund ULIF 093 11/01/10 PBluChip 105 1.57 56.63
Pension Dynamic P/E Fund ULIF 098 11/01/10 PDynmicPE 105 1.59 36.47
Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 2.64 32.87
Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 1.17 32.33
Pension Flexi Growth Fund ULIF 029 20/03/07 PFlexiGro1 105 2.63 50.97
Pension Flexi Growth Fund II ULIF 030 20/03/07 PFlexiGro2 105 1.75 50.94
Pension Growth Fund ULIF 127 01/12/11 PGROWTH 105 1.57 55.68
Pension Income Fund ULIF 095 11/01/10 PIncome 105 1.59 9.64
Pension Maximiser Fund ULIF 004 03/05/02 PMaximis1 105 2.63 54.92

396 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
7. Annualised expense ratio and gross income ratio (including unrealised gains/losses) to average daily net assets of the fund for the year
ended March 31, 2021 (Contd.)

Fund Name SFIN Expenses Ratio (%) Gross Income Ratio (%)
Pension Maximiser Fund II ULIF 013 17/05/04 PMaximis2 105 1.75 55.03

01 - 78 REPORTS
Pension Money Market Fund ULIF 096 11/01/10 PMoneyMkt 105 0.89 5.48

STATUTORY
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 1.59 33.64
Pension Multi Cap Growth Fund ULIF 091 11/01/10 PMCapGro 105 1.58 50.84
Pension Multiplier Fund ULIF 043 25/02/08 PMultip1 105 2.63 55.58
Pension Multiplier Fund II ULIF 045 25/02/08 PMultip2 105 1.74 55.00
Pension Opportunities Fund ULIF 092 11/01/10 POpport 105 1.57 59.04
Pension Preserver Fund ULIF 011 17/05/04 PPreserv 105 0.89 5.27
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 1.77 7.80
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 0.89 8.28

79 - 148 FINANCIAL STATEMENTS

Pension Return Guarantee Fund IX (10 Yrs)* ULIF 108 22/12/10 PRGF(S2) 105 1.77 7.84
Pension Return Guarantee Fund VIII* ULIF 102 12/10/10 PRGF(S1) 105 1.77 7.09

STANDALONE
Pension Return Guarantee Fund X (10 Yrs) ULIF 113 13/01/11 PRGF(S3) 105 1.77 6.56
Pension Return Guarantee Fund XI (10 Yrs) ULIF 122 19/04/11 PRGF(S4) 105 1.77 6.58
Pension RICH Fund ULIF 052 17/03/08 PRICH1 105 2.64 57.51
Pension RICH Fund II ULIF 053 17/03/08 PRICH2 105 1.75 57.25
Pension Secure Fund ULIF 128 01/12/11 PSECURE 105 1.59 7.85
Pinnacle Fund ULIF 081 26/10/09 LPinnacle 105 1.71 4.49
Pinnacle Fund II ULIF 105 26/10/10 LPinnacle2 105 1.71 11.60

149 - 521 FINANCIAL STATEMENTS

Preserver Fund ULIF 010 17/05/04 LPreserv1 105 0.89 5.27
Preserver Fund III ULIF 021 13/03/06 LPreserv3 105 0.89 5.10

CONSOLIDATED
Preserver Fund IV ULIF 036 27/08/07 LPreserv4 105 0.89 5.29
Protector Fund ULIF 003 22/10/01 LProtect1 105 1.77 7.55
Protector Fund II ULIF 016 17/05/04 LProtect2 105 0.89 7.98
Protector Fund III ULIF 024 13/03/06 LProtect3 105 1.77 7.38
Protector Fund IV ULIF 041 27/08/07 LProtect4 105 0.89 7.62
Return Guarantee Fund IX (10 Yrs)* ULIF 107 22/12/10 LRGF(S2) 105 1.77 7.14
Return Guarantee Fund VIII (10 Yrs)* ULIF 104 12/10/10 LRGF(S1) 105 1.77 6.96

522 - 584 VALUE RESULTS

Return Guarantee Fund X (10 Yrs)* ULIF 112 13/01/11 LRGF(S3) 105 1.77 7.09
Return Guarantee Fund XI (10 Yrs) ULIF 121 19/04/11 LRGF(S4) 105 1.77 5.54

EMBEDDED
RICH Fund ULIF 048 17/03/08 LRICH1 105 2.64 56.69
RICH Fund II ULIF 049 17/03/08 LRICH2 105 1.75 56.69
RICH Fund III ULIF 050 17/03/08 LRICH3 105 2.64 56.37
RICH Fund IV ULIF 051 17/03/08 LRICH4 105 1.75 56.40
Secure Opportunities Fund ULIF 140 24/11/17 SOF 105 1.59 7.07
Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 1.47 15.75
Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 1.47 14.41
585 - 591 INFORMATION

Secure Save Builder Fund ULIF 077 29/05/09 LSSavBuil 105 1.45 41.24
Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 2.05 25.40
ADDITIONAL

Value Enhancer Fund ULIF 139 24/11/17 VEF 105 1.59 47.30

* denotes fund in existence for part of the year. In these cases, the ratios have been annualised.

8. Provision for doubtful debts on assets of the respective funds

FY2022 : Nil
FY2021 : Nil
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 397
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
9. Fund-wise disclosure of appreciation and / or depreciation in value of investments segregated asset class wise for the year ended
March 31, 2022
(` ‘000)
Government Debentures and
Fund name SFIN Equity Total
securities other securities
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 766,742 (99,635) (64,489) 602,618
Balanced Advantage Fund ULIF 144 03/06/21 BalanceAdv 105 (51,785) (14,206) 10,895 (55,095)
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 (3,408) (31,837) (24,215) (59,460)
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 4,460 (12,572) (11,555) (19,667)
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 (183) (688) (865) (1,736)
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 3,344 (3,109) (2,379) (2,145)
Bluechip Fund ULIF 087 24/11/09 LBluChip 105 1,755,998 - 5 1,756,002
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 - (4,663) (19,501) (24,164)
Discontinued Fund - Life ULIF 100 01/07/10 LDiscont 105 - (2,231,560) - (2,231,560)
Discontinued Fund - Pension ULIF 101 01/07/10 PDiscont 105 - 6,263 - 6,263
Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 (302,456) 133,269 (19) (169,206)
Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 (72,213) (17,807) (11,430) (101,450)
Easy Retirement Secure Fund ULIF 133 02/11/12 ERSF 105 - (2,999) (9,022) (12,021)
Easy Retirement SP Balanced Fund ULIF 136 25/03/13 ERSPBF 105 (703) (881) (585) (2,169)
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 (16,578) (1,788) (1,398) (19,765)
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 (22,818) (2,355) (2,118) (27,291)
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 (1,208) (191) (0) (1,399)
Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 (5,909) (750) (513) (7,172)
Flexi Growth Fund ULIF 026 20/03/07 LFlexiGro1 105 (323,546) - 1 (323,545)
Flexi Growth Fund II ULIF 027 20/03/07 LFlexiGro2 105 (431,863) - 2 (431,861)
Flexi Growth Fund III ULIF 028 20/03/07 LFlexiGro3 105 (31,511) - 0 (31,511)
Flexi Growth Fund IV ULIF 038 27/08/07 LFlexiGro4 105 (305,343) - 1 (305,342)
Focus 50 Fund ULIF 142 04/02/19 FocusFifty 105 1,784,257 - 5 1,784,262
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 (25,173) (33,317) (65,198) (123,689)
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 138,118 (103,113) (86,854) (51,849)
Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 (3,582) (5,429) (10,095) (19,106)
Group Capital Guarantee Debt Fund II ULGF 011 21/03/07 GCGDebt2 105 - (3,849) (7,000) (10,849)
Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 1,990 (1,027) (1,068) (105)
Group Capital Guarantee Short Term Debt Fund ULGF 005 24/02/04 GCGSTDebt1 105 - (1) (16) (16)
Group Capital Guarantee Short Term Debt Fund II ULGF 009 16/03/07 GCGSTDebt2 105 - (158) (9,002) (9,160)
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 185 (441) (563) (820)
Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 256 (323) (100) (167)
Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 23,362 (36,494) (30,786) (43,917)
Group Capital Guarantee Debt Fund ULGF 007 28/10/05 GCGDebt1 105 - (287) (94) (381)
Group Capital Guarantee Debt Fund III ULGF 048 27/08/13 GCGDebt3 105 - (12,759) (10,889) (23,649)
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 16,654 (894) (2,649) 13,111
Group Capital Guarantee Short Term Debt Fund III ULGF 047 27/08/13 GCGSTDebt3 105 - (80) (5,268) (5,348)
Group Debt Fund ULGF 002 03/04/03 GDebt 105 - (15,153) (45,649) (60,802)
Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 - (37,142) (55,901) (93,043)
Group Equity Fund II ULGF 043 30/04/13 GEquity2 105 2,979 - 0 2,979
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 3,451 (2,191) (3,255) (1,995)
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 30,126 (3,847) (1,601) 24,677
Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 (10,985) (5,115) (6,977) (23,077)
Group Leave Encashment Income Fund ULGF 014 02/04/08 GLEIncome 105 - (2,053) (1,416) (3,469)
Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 (61,685) (41,233) (26,162) (129,080)
Group SA Capital Guarantee Short Term Debt Fund ULGF 055 24/02/04 GSCGSTD 105 - (2) (218) (220)

398 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
9. Fund-wise disclosure of appreciation and / or depreciation in value of investments segregated asset class wise for the year ended
March 31, 2022 (Contd.)
(` ‘000)
Government Debentures and
Fund name SFIN Equity Total

01 - 78 REPORTS
securities other securities
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 - (19,619) (48,714) (68,333)

STATUTORY
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 (40,319) (15,771) (8,986) (65,076)
Group SA Short Term Debt Fund ULGF 053 03/04/03 GSSTD 105 - (35) (3,836) (3,871)
Group Short Term Debt fund ULGF 003 03/04/03 GSTDebt 105 - (13) (1,098) (1,111)
Group Short Term Debt Fund II ULGF 046 27/08/13 GSTDebt2 105 - (0) - (0)
Group Short Term Debt Fund III ULGF 039 30/04/13 GSTDebt3 105 - (52) (2,841) (2,893)
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 2,213 (2,020) (1,547) (1,354)
Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 (20,908) (2,065) (1,220) (24,192)

79 - 148 FINANCIAL STATEMENTS

Health Flexi Growth Fund ULIF 057 15/01/09 HFlexiGro 105 (217,943) - 1 (217,941)
Health Multiplier Fund ULIF 058 15/01/09 HMultip 105 37,924 - 0 37,924

STANDALONE
Health Preserver Fund ULIF 056 15/01/09 HPreserv 105 - (2) (127) (130)
Health Protector Fund ULIF 061 15/01/09 HProtect 105 - (6,317) (17,082) (23,398)
Highest NAV Fund B ULIF 116 15/03/11 LHighNavB 105 - - - -
Income Fund ULIF 089 24/11/09 LIncome 105 - (509,404) (1,013,743) (1,523,148)
India Growth Fund ULIF 141 04/02/19 IndiaGrwth 105 952,269 - 2 952,271
Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 (3,538) (1,805) (1,916) (7,259)
Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 (1,473) (1,159) (1,140) (3,772)

149 - 521 FINANCIAL STATEMENTS

Invest Shield Cash Fund ULIF 020 03/01/05 LInvCash 105 - (3,802) (25,241) (29,042)
Life Growth Fund ULIF 134 19/09/13 LGF 105 (971,676) - 1 (971,675)

CONSOLIDATED
Life Secure Fund ULIF 135 19/09/13 LSF 105 - (95,072) (188,795) (283,867)
Maximise India Fund ULIF 136 11/20/14 MIF 105 (68,874) - - (68,874)
Maximiser Fund ULIF 001 22/10/01 LMaximis1 105 1,144,002 - (1) 1,144,001
Maximiser Fund II ULIF 012 17/05/04 LMaximis2 105 288,064 - (0) 288,063
Maximiser Fund III ULIF 022 13/03/06 LMaximis3 105 28,677 - (0) 28,677
Maximiser Fund IV ULIF 037 27/08/07 LMaximis4 105 7,278 - (0) 7,278
Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105 23,821,304 - (16) 23,821,289

522 - 584 VALUE RESULTS

Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105 - (2,037) (74,381) (76,419)
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 92,067 (68,903) (29,133) (5,970)
Multi Cap Growth Fund ULIF 085 24/11/09 LMCapGro 105 1,258,881 - (3) 1,258,878

EMBEDDED
Multiplier Fund ULIF 042 22/11/07 LMultip1 105 78,773 - 0 78,773
Multiplier Fund II ULIF 044 25/02/08 LMultip2 105 52,098 - 0 52,098
Multiplier Fund III ULIF 046 25/02/08 LMultip3 105 (700) - 0 (700)
Multiplier Fund IV ULIF 047 25/02/08 LMultip4 105 18,374 - 0 18,374
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 (3,783) (1,053) (4,435) (9,271)
Opportunities Fund ULIF 086 24/11/09 LOpport 105 1,151,261 - - 1,151,261
Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 (96) (11,462) (12,202) (23,759)
585 - 591 INFORMATION

Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 4,130 (11,307) (14,402) (21,579)
Pension Bluechip Fund ULIF 093 11/01/10 PBluChip 105 17,832 - 0 17,832
ADDITIONAL

Pension Dynamic P/E Fund ULIF 098 11/01/10 PDynmicPE 105 (64,684) 14,175 0 (50,509)
Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 (6,702) (1,753) (1,473) (9,928)
Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 (8,423) (1,519) (1,566) (11,508)
Pension Flexi Growth Fund ULIF 029 20/03/07 PFlexiGro1 105 (369,088) - 2 (369,086)
Pension Flexi Growth Fund II ULIF 030 20/03/07 PFlexiGro2 105 (224,017) - 2 (224,016)
Pension Growth Fund ULIF 127 01/12/11 PGROWTH 105 (8,502) - - (8,502)
Pension Income Fund ULIF 095 11/01/10 PIncome 105 - (16,200) (24,426) (40,626)
592 - 595

Pension Maximiser Fund ULIF 004 03/05/02 PMaximis1 105 111,461 - 1 111,462

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 399
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
9. Fund-wise disclosure of appreciation and / or depreciation in value of investments segregated asset class wise for the year ended
March 31, 2022 (Contd.)
(` ‘000)
Government Debentures and
Fund name SFIN Equity Total
securities other securities

Pension Maximiser Fund II ULIF 013 17/05/04 PMaximis2 105 111,031 - 2 111,033
Pension Money Market Fund ULIF 096 11/01/10 PMoneyMkt 105 - (32) (3,024) (3,057)
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 (17,309) (2,425) (1,404) (21,138)
Pension Multi Cap Growth Fund ULIF 091 11/01/10 PMCapGro 105 (338,176) - 1 (338,175)
Pension Multiplier Fund ULIF 043 25/02/08 PMultip1 105 37,333 - 0 37,333
Pension Multiplier Fund II ULIF 045 25/02/08 PMultip2 105 17,922 - 0 17,922
Pension Opportunities Fund ULIF 092 11/01/10 POpport 105 46,731 - - 46,731
Pension Preserver Fund ULIF 011 17/05/04 PPreserv 105 - (88) (4,885) (4,973)
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 - (20,534) (48,677) (69,211)
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 - 2,997 (30,331) (27,334)
Pension Return Guarantee Fund X-10Yr ULIF 113 13/01/11 PRGF(S3) 105 - - - -
Pension Return Guarantee Fund XI-10 Yrs ULIF 122 19/04/11 PRGF(S4) 105 - (18) - (18)
Pension Rich Fund ULIF 052 17/03/08 PRICH1 105 85,739 - - 85,739
Pension Rich Fund II ULIF 053 17/03/08 PRICH2 105 57,979 - - 57,979
Pension Secure Fund ULIF 128 01/12/11 PSECURE 105 - (2,917) (9,403) (12,320)
Pinnacle Fund ULIF 081 26/10/09 LPinnacle 105 - - - -
Pinnacle Fund II ULIF 105 26/10/10 LPinnacle2 105 - - - -
Preserver Fund ULIF 010 17/05/04 LPreserv1 105 - (150) (6,011) (6,161)
Preserver Fund III ULIF 021 13/03/06 LPreserv3 105 - (14) (181) (195)
Preserver Fund IV ULIF 036 27/08/07 LPreserv4 105 - (8) (914) (922)
Protector Fund ULIF 003 22/10/01 LProtect1 105 - (4,338) (34,372) (38,710)
Protector Fund II ULIF 016 17/05/04 LProtect2 105 - 4,844 (31,902) (27,058)
Protector Fund III ULIF 024 13/03/06 LProtect3 105 - (63) (1,982) (2,045)
Protector Fund IV ULIF 041 27/08/07 LProtect4 105 - (7,816) (14,249) (22,065)
Return Guarantee Fund XI-10Yr ULIF 121 19/04/11 LRGF(S4) 105 - (33) (2) (35)
RICH Fund ULIF 048 17/03/08 LRICH1 105 42,956 - - 42,956
RICH Fund II ULIF 049 17/03/08 LRICH2 105 179,458 - - 179,458
RICH Fund III ULIF 050 17/03/08 LRICH3 105 1,969 - - 1,969
RICH Fund IV ULIF 051 17/03/08 LRICH4 105 88,230 - - 88,230
Secure Opportunities Fund ULIF 140 24/11/17 SOF 105 - (984) (46,901) (47,886)
Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 (1,712) (1,248) (1,045) (4,004)
Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 (755) (791) (846) (2,392)
Secure Save Builder Fund ULIF 077 29/05/09 LSSavBuil 105 (125) (59) 0 (183)
Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 (537) (175) (40) (752)
Sustainable Equity Fund ULIF 145 03/06/21 SustainEqu 105 (82,428) - - (82,428)
Value Enhancer Fund ULIF 139 24/11/17 VEF 105 (1,648,288) - 33 (1,648,256)
Total 28,496,872 (3,381,464) (2,222,393) 22,893,015

400 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
9. Fund-wise disclosure of appreciation and / or depreciation in value of investments segregated asset class wise for the year ended
March 31, 2021
(` ‘000)
Government Debentures and
Fund name SFIN Equity Total

01 - 78 REPORTS
securities other securities
Active Asset Allocation Balanced Fund ULIF 138 15/02/17 AAABF 105 6,715,329 (166,013) (94,128) 6,455,188

STATUTORY
Balancer Fund ULIF 002 22/10/01 LBalancer1 105 1,215,052 (62,159) (36,988) 1,115,905
Balancer Fund II ULIF 014 17/05/04 LBalancer2 105 457,022 (24,089) (10,766) 422,167
Balancer Fund III ULIF 023 13/03/06 LBalancer3 105 27,479 (1,623) (645) 25,211
Balancer Fund IV ULIF 039 27/08/07 LBalancer4 105 90,150 (6,363) (2,294) 81,493
Bluechip Fund ULIF 087 24/11/09 LBluChip 105 8,425,822 - - 8,425,822
Cash Plus Fund ULIF 008 11/08/03 LCashPlus 105 - (41,808) (52,198) (94,006)

79 - 148 FINANCIAL STATEMENTS

Discontinued Fund - Life ULIF 100 01/07/10 LDiscont 105 - (1,488,033) - (1,488,033)
Discontinued Fund-Pension ULIF 101 01/07/10 PDiscont 105 - (20,085) - (20,085)

STANDALONE
Dynamic P/E Fund ULIF 097 11/01/10 LDynmicPE 105 3,611,334 (216,548) 11 3,394,797
Easy Retirement Balanced Fund ULIF 132 02/11/12 ERBF 105 1,073,839 (34,811) (17,460) 1,021,568
Easy Retirement Secure Fund ULIF 133 02/11/12 ERSF 105 - (15,598) (3,693) (19,291)
Easy Retirement SP Balanced Fund ULIF 136 25/03/13 ERSPBF 105 51,705 (1,694) (311) 49,700
Flexi Balanced Fund ULIF 031 20/03/07 LFlexiBal1 105 123,994 (3,432) (1,697) 118,865
Flexi Balanced Fund II ULIF 032 20/03/07 LFlexiBal2 105 185,163 (6,172) (1,504) 177,487
Flexi Balanced Fund III ULIF 033 20/03/07 LFlexiBal3 105 9,447 (418) (300) 8,729

149 - 521 FINANCIAL STATEMENTS

Flexi Balanced Fund IV ULIF 040 27/08/07 LFlexiBal4 105 47,596 (1,784) (532) 45,280
Flexi Growth Fund ULIF 026 20/03/07 LFlexiGro1 105 2,243,750 - - 2,243,750

CONSOLIDATED
Flexi Growth Fund II ULIF 027 20/03/07 LFlexiGro2 105 3,278,357 - - 3,278,357
Flexi Growth Fund III ULIF 028 20/03/07 LFlexiGro3 105 229,139 - - 229,139
Flexi Growth Fund IV ULIF 038 27/08/07 LFlexiGro4 105 1,722,910 - - 1,722,910
Focus 50 Fund ULIF 142 04/02/19 FocusFifty 105 5,089,747 - - 5,089,747
Group Balanced Fund ULGF 001 03/04/03 GBalancer 105 630,982 (101,038) (66,073) 463,871
Group Balanced Fund II ULGF 041 30/04/13 GBalancer2 105 1,392,243 (185,143) (128,285) 1,078,815
Group Capital Guarantee Balanced Fund II ULGF 010 21/03/07 GCGBal2 105 111,206 (24,134) (16,777) 70,295

522 - 584 VALUE RESULTS

Group Capital Guarantee Debt Fund II ULGF 011 21/03/07 GCGDebt2 105 - (4,743) (6,376) (11,119)
Group Capital Guarantee Growth Fund II ULGF 012 05/07/07 GCGGrowth2 105 38,346 (1,726) (772) 35,848

EMBEDDED
Group Capital Guarantee Short Term Debt Fund ULGF 005 24/02/04 GCGSTDebt1 105 - - (5) (5)
Group Capital Guarantee Short Term Debt Fund II ULGF 009 16/03/07 GCGSTDebt2 105 - 37 (2,694) (2,657)
Group Capital Guarantee Balanced Fund III ULGF 049 27/08/13 GCGBal3 105 293,502 (37,797) (22,818) 232,887
Group Capital Guarantee Debt Fund III ULGF 048 27/08/13 GCGDebt3 105 - (8,836) (6,667) (15,503)
Group Capital Guarantee Balanced Fund ULGF 006 03/10/05 GCGBal1 105 6,651 (1,089) (648) 4,914
Group Capital Guarantee Growth Fund ULGF 008 11/12/06 GCGGrowth1 105 9,650 (294) (245) 9,111
585 - 591 INFORMATION

Group Capital Guarantee Debt Fund ULGF 007 28/10/05 GCGDebt1 105 - (205) (479) (684)
Group Capital Guarantee Growth Fund III ULGF 050 27/08/13 GCGGrowth3 105 80,813 (4,597) (2,741) 73,475
ADDITIONAL

Group Capital Guarantee Short Term Debt Fund III ULGF 047 27/08/13 GCGSTDebt3 105 - 10 (1,632) (1,622)
Group Debt Fund ULGF 002 03/04/03 GDebt 105 - (37,536) (33,420) (70,956)
Group Debt Fund II ULGF 040 30/04/13 GDebt2 105 - (52,110) (34,359) (86,469)
Group Equity Fund II ULGF 043 30/04/13 GEquity2 105 12,313 - - 12,313
Group Growth Fund ULGF 004 30/10/03 GGrowth 105 224,934 (5,532) (3,960) 215,442
Group Growth Fund II ULGF 042 30/04/13 GGrowth2 105 235,370 (6,009) (1,311) 228,050
Group Leave Encashment Balance Fund ULGF 013 02/04/08 GLEBal 105 80,232 (9,658) (8,141) 62,433
592 - 595

Group Leave Encashment Income Fund ULGF 014 02/04/08 GLEIncome 105 - (697) (1,218) (1,915)

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 401
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
9. Fund-wise disclosure of appreciation and / or depreciation in value of investments segregated asset class wise for the year ended
March 31, 2021 (Contd.)
(` ‘000)
Government Debentures and
Fund name SFIN Equity Total
securities other securities

Group SA Balanced Fund ULGF 051 03/04/03 GSBLN 105 587,614 (71,936) (68,656) 447,022
Group SA Short Term Debt Fund ULGF 053 03/04/03 GSSTD 105 - - (356) (356)
Group SA Capital Guarantee Short Term Debt Fund ULGF 055 24/02/04 GSCGSTD 105 - 2 (76) (74)
Group SA Growth Fund ULGF 054 30/10/03 GSGF 105 1,244,418 (28,055) (19,625) 1,196,738
Group SA Debt Fund ULGF 052 03/04/03 GSDBT 105 - (47,632) (40,785) (88,417)
Group Short Term Debt Fund ULGF 003 03/04/03 GSTDebt 105 - 10 (106) (96)
Group Short Term Debt Fund II ULGF 046 27/08/13 GSTDebt2 105 - 1 3 4
Group Short Term Debt Fund III ULGF 039 30/04/13 GSTDebt3 105 - 5 970 975
Health Balancer Fund ULIF 059 15/01/09 HBalancer 105 69,883 (3,895) (1,159) 64,829
Health Flexi Balanced Fund ULIF 060 15/01/09 HFlexiBal 105 140,682 (3,782) (2,158) 134,742
Health Flexi Growth Fund ULIF 057 15/01/09 HFlexiGro 105 2,211,021 - - 2,211,021
Health Multiplier Fund ULIF 058 15/01/09 HMultip 105 267,135 - - 267,135
Health Preserver Fund ULIF 056 15/01/09 HPreserv 105 - - 24 24
Health Protector Fund ULIF 061 15/01/09 HProtect 105 - (24,712) (16,905) (41,617)
Highest NAV Fund B ULIF 116 15/03/11 LHighNavB 105 - (575,012) (98,983) (673,995)
Income Fund ULIF 089 24/11/09 LIncome 105 - (887,939) (559,583) (1,447,522)
India Growth Fund ULIF 141 04/02/19 IndiaGrwth 105 2,123,146 - - 2,123,146
Invest Shield Fund - Life ULIF 018 03/01/05 LInvShld 105 34,985 (7,465) (8,949) 18,571
Invest Shield Fund - Pension ULIF 019 03/01/05 PInvShld 105 14,806 (2,499) (624) 11,683
Invest Shield Cash Fund ULIF 020 03/01/05 LInvCash 105 - (44,394) (28,923) (73,317)
Life Growth Fund ULIF 134 19/09/13 LGF 105 7,140,888 - - 7,140,888
Life Secure Fund ULIF 135 19/09/13 LSF 105 - (281,820) (185,898) (467,718)
Maximise India Fund ULIF 136 11/20/14 MIF 105 1,772,044 - - 1,772,044
Maximiser Fund ULIF 001 22/10/01 LMaximis1 105 12,352,162 - - 12,352,162
Maximiser Fund II ULIF 012 17/05/04 LMaximis2 105 3,719,935 - - 3,719,935
Maximiser Fund III ULIF 022 13/03/06 LMaximis3 105 519,029 - - 519,029
Maximiser Fund IV ULIF 037 27/08/07 LMaximis4 105 62,927 - - 62,927
Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105 164,698,619 - 1 164,698,620
Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105 - 120 (14,837) (14,717)
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105 4,440,275 (113,076) (94,809) 4,232,390
Multi Cap Growth Fund ULIF 085 24/11/09 LMCapGro 105 54,048,013 - - 54,048,013
Multiplier Fund ULIF 042 22/11/07 LMultip1 105 743,673 - - 743,673
Multiplier Fund II ULIF 044 25/02/08 LMultip2 105 625,433 - - 625,433
Multiplier Fund III ULIF 046 25/02/08 LMultip3 105 31,748 - - 31,748
Multiplier Fund IV ULIF 047 25/02/08 LMultip4 105 166,112 - - 166,112
New Invest Shield Balanced Fund ULIF 025 21/08/06 LInvShldNw 105 29,808 (5,112) (1,566) 23,130
Opportunities Fund ULIF 086 24/11/09 LOpport 105 4,568,455 - - 4,568,455
Pension Balancer Fund ULIF 005 03/05/02 PBalancer1 105 379,299 (23,678) (11,064) 344,557
Pension Balancer Fund II ULIF 015 17/05/04 PBalancer2 105 398,118 (23,595) (11,208) 363,315
Pension Bluechip Fund ULIF 093 11/01/10 PBluChip 105 241,541 - - 241,541
Pension Dynamic P/E Fund ULIF 098 11/01/10 PDynmicPE 105 1,081,631 (44,620) - 1,037,011
Pension Flexi Balanced Fund ULIF 034 20/03/07 PFlexiBal1 105 92,008 (3,621) (1,715) 86,672
Pension Flexi Balanced Fund II ULIF 035 20/03/07 PFlexiBal2 105 99,109 (2,968) (1,614) 94,527

402 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
9. Fund-wise disclosure of appreciation and / or depreciation in value of investments segregated asset class wise for the year ended
March 31, 2021 (Contd.)
(` ‘000)
Government Debentures and
Fund name SFIN Equity Total

01 - 78 REPORTS
securities other securities

Pension Flexi Growth Fund ULIF 029 20/03/07 PFlexiGro1 105 3,029,836 - - 3,029,836

STATUTORY
Pension Flexi Growth Fund II ULIF 030 20/03/07 PFlexiGro2 105 2,368,623 - - 2,368,623
Pension Growth Fund ULIF 127 01/12/11 PGROWTH 105 54,681 - - 54,681
Pension Income Fund ULIF 095 11/01/10 PIncome 105 - (41,227) (143,128) (184,355)
Pension Maximiser Fund ULIF 004 03/05/02 PMaximis1 105 1,810,415 - - 1,810,415
Pension Maximiser Fund II ULIF 013 17/05/04 PMaximis2 105 3,204,344 - - 3,204,344
Pension Money Market Fund ULIF 096 11/01/10 PMoneyMkt 105 - 12 2,020 2,032
Pension Multi Cap Balanced Fund ULIF 094 11/01/10 PMCapBal 105 148,875 (8,485) (5,933) 134,457

79 - 148 FINANCIAL STATEMENTS

Pension Multi Cap Growth Fund ULIF 091 11/01/10 PMCapGro 105 1,987,092 - - 1,987,092

STANDALONE
Pension Multiplier Fund ULIF 043 25/02/08 PMultip1 105 631,862 - - 631,862
Pension Multiplier Fund II ULIF 045 25/02/08 PMultip2 105 297,399 - - 297,399
Pension Opportunities Fund ULIF 092 11/01/10 POpport 105 530,073 - - 530,073
Pension Preserver Fund ULIF 011 17/05/04 PPreserv 105 - 25 (470) (445)
Pension Protector Fund ULIF 006 03/05/02 PProtect1 105 - (99,914) (112,290) (212,204)
Pension Protector Fund II ULIF 017 17/05/04 PProtect2 105 - (28,197) (38,003) (66,200)
Pension Return Guarantee Fund X (10 Yrs) ULIF 113 13/01/11 PRGF(S3) 105 - (28) (537) (565)

149 - 521 FINANCIAL STATEMENTS

Pension Return Guarantee Fund XI (10 Yrs) ULIF 122 19/04/11 PRGF(S4) 105 - (22) (16) (38)
Pension RICH Fund ULIF 052 17/03/08 PRICH1 105 1,793,926 - - 1,793,926

CONSOLIDATED
Pension RICH Fund II ULIF 053 17/03/08 PRICH2 105 1,043,328 - - 1,043,328
Pension Secure Fund ULIF 128 01/12/11 PSECURE 105 - (13,277) (13,625) (26,902)
Pinnacle Fund ULIF 081 26/10/09 LPinnacle 105 - - - -
Pinnacle Fund II ULIF 105 26/10/10 LPinnacle2 105 35,089 (47,441) - (12,352)
Preserver Fund ULIF 010 17/05/04 LPreserv1 105 - 15 1,181 1,196
Preserver Fund III ULIF 021 13/03/06 LPreserv3 105 - 3 (54) (51)
Preserver Fund IV ULIF 036 27/08/07 LPreserv4 105 - 2 544 546

522 - 584 VALUE RESULTS

Protector Fund ULIF 003 22/10/01 LProtect1 105 - (62,457) (54,101) (116,558)
Protector Fund II ULIF 016 17/05/04 LProtect2 105 - (32,088) (35,695) (67,783)

EMBEDDED
Protector Fund III ULIF 024 13/03/06 LProtect3 105 - (3,916) (2,482) (6,398)
Protector Fund IV ULIF 041 27/08/07 LProtect4 105 - (36,817) (47,285) (84,102)
Return Guarantee Fund XI (10 Yrs) ULIF 121 19/04/11 LRGF(S4) 105 - 5 (62) (57)
RICH Fund ULIF 048 17/03/08 LRICH1 105 444,056 - - 444,056
RICH Fund II ULIF 049 17/03/08 LRICH2 105 2,377,002 - - 2,377,002
RICH Fund III ULIF 050 17/03/08 LRICH3 105 78,966 - - 78,966
585 - 591 INFORMATION

RICH Fund IV ULIF 051 17/03/08 LRICH4 105 737,007 - - 737,007

Secure Opportunities Fund ULIF 140 24/11/17 SOF 105 - 452 (22,402) (21,950)
ADDITIONAL

Secure Plus Fund ULIF 007 11/08/03 LSecPlus 105 18,091 (3,694) (2,527) 11,870
Secure Plus Pension Fund ULIF 009 17/11/03 PSecPlus 105 10,205 (1,479) (652) 8,074
Secure Save Builder Fund ULIF 077 29/05/09 LSSavBuil 105 2,746 (56) - 2,690
Secure Save Guarantee Fund ULIF 076 29/05/09 LSSavGtee 105 4,738 (431) (215) 4,092
Value Enhancer Fund ULIF 139 24/11/17 VEF 105 12,172,150 - - 12,172,150
Total 334,399,098 (5,146,415) (2,205,459) 327,047,224
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 403
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above)

Active Asset Allocation Balanced Fund - ULIF 138 15/02/17 AAABF 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 1,282,173 3.11% 1,176,744 3.54%
insurance and pension funding Housing Development Finance Corporation Limited Equity 895,790 2.18% 850,641 2.56%
Axis Bank Limited Equity 660,366 1.61% 460,480 1.38%
Bajaj Finance Limited 2022 CP 526,333 1.28% - 0.00%
5.83% State Bank of India 2030 NCD 454,583 1.11% 224,083 0.67%
6.24% State Bank of India 2025 NCD 413,681 1.01% 172,510 0.52%
Axis Bank Limited 2022 CD 412,375 1.01% - 0.00%
Bajaj Finance Limited Equity 386,571 0.94% 59,455 0.18%
State Bank of India Equity 366,289 0.89% 197,540 0.59%
6.44% HDFC Bank Limited 2028 NCD 352,662 0.86% - 0.00%
Axis Bank Limited 2023 CD 332,490 0.81% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 293,009 0.71% 291,960 0.88%
Kotak Mahindra Bank Limited Equity 285,213 0.69% 281,768 0.85%
9% Housing Development Finance Corporation Limited 2028 NCD 239,847 0.58% 221,824 0.67%
8.37% Rural Electrification Corporation Limited 2028 NCD 217,997 0.53% 211,862 0.64%
National Agriculture Bank for Rural Development 2023 CD 201,959 0.49% - 0.00%
8.54% Rural Electrification Corporation Limited 2028 NCD 194,763 0.47% 199,046 0.60%
8.72% Shriram Transport Finance Company Limited 2023 NCD 163,595 0.40% 10,678 0.03%
6.88% Rural Electrification Corporation Limited 2025 NCD 160,426 0.39% 158,870 0.48%
6.63% Rural Electrification Corporation Limited 2031 NCD 158,819 0.39% 164,803 0.50%
8.8% Rural Electrification Corporation Limited 2029 NCD 145,868 0.35% 148,543 0.45%
HDFC Bank Limited 2022 CD 133,843 0.33% - 0.00%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 123,311 0.30% - 0.00%
8.55% Housing Development Finance Corporation Limited 2029 NCD 122,681 0.30% 126,716 0.38%
7.78% Housing Development Finance Corporation Limited 2027 NCD 106,213 0.26% - 0.00%
7.74% Power Finance Corporation Limited 2028 NCD 105,342 0.26% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 98,427 0.24% 101,731 0.31%
7.17% Power Finance Corporation Limited 2025 NCD 92,366 0.22% 210,321 0.63%
7.43% National Agriculture Bank for Rural Development 2030 NCD 84,877 0.21% 85,789 0.26%
Kotak Mahindra Investments Limited 2023 CP 83,776 0.20% - 0.00%
8.44% HDFC Bank Limited 2028 NCD 81,010 0.20% 83,364 0.25%
L&T Finance Limited Equity 80,715 0.20% 127,968 0.38%
6.42% National Agriculture Bank for Rural Development 2030 NCD 79,307 0.19% 80,208 0.24%
6.80% Rural Electrification Corporation Limited 2030 NCD 70,823 0.17% 71,735 0.22%
Cholamandalam Investment & Finance Limited Equity 67,932 0.17% 117,364 0.35%
8.23% Rural Electrification Corporation Limited 2025 NCD 62,624 0.15% 62,472 0.19%
7.24% Rural Electrification Corporation Limited 2022 NCD 61,017 0.15% 62,327 0.19%
7.45% LIC Housing Finance Limited 2022 NCD 57,758 0.14% - 0.00%
Bajaj Holdings & Investment Limited Equity 56,921 0.14% 17,776 0.05%
7.85% Power Finance Corporation Limited 2028 NCD 45,862 0.11% 46,362 0.14%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 45,840 0.11% 46,679 0.14%
SBI Cards & Payment Services Limited Equity 44,994 0.11% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 43,757 0.11% - 0.00%
9.02% Rural Electrification Corporation Limited 2022 NCD 43,055 0.10% 119,116 0.36%
8.85% Rural Electrification Corporation Limited 2029 NCD 41,435 0.10% 42,189 0.13%
Bajaj Finserv Limited Equity 41,218 0.10% - 0.00%
7.14% Rural Electrification Corporation Limited 2030 NCD 35,516 0.09% 20,545 0.06%
Kotak Mahindra Prime Limited 2022 CP 34,949 0.08% - 0.00%
AU Small Finance Bank Limited Equity 32,528 0.08% - 0.00%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 31,652 0.08% - 0.00%
9.2% ICICI Securities Primary Dealership Limited 2023 NCD 31,309 0.08% 32,504 0.10%

404 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Active Asset Allocation Balanced Fund - ULIF 138 15/02/17 AAABF 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
Max Financial Services Limited Equity 28,462 0.07% 60,219 0.18%
7.39% LIC Housing Finance Limited 2022 NCD 25,236 0.06% - 0.00%
7.50% HDFC Bank Limited 2025 NCD 23,962 0.06% 55,327 0.17%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 19,228 0.05% 24,239 0.07%
8.5% National Agriculture Bank for Rural Development 2029 NCD 14,170 0.03% 14,634 0.04%
Equitas Holdings Limited Equity 12,283 0.03% - 0.00%
8.80% Rural Electrification Corporation Limited 2029 NCD 11,097 0.03% - 0.00%
7.65% Axis Bank Limited 2027 NCD 9,466 0.02% 50,832 0.15%
7.35% Bajaj Finance Limited 2022 NCD 8,115 0.02% 8,299 0.02%

79 - 148 FINANCIAL STATEMENTS

8.85% Bajaj Finance Limited 2024 NCD 7,417 0.02% 10,867 0.03%
5.81% Rural Electrification Corporation Limited 2025 NCD 3,935 0.01% 3,927 0.01%

STANDALONE
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 207,786 0.62%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 35,244 0.11%
9.75% ICICI Securities Primary Dealership Limited 2021 NCD - 0.00% 93,564 0.28%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 583,791 1.76%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 6,453 0.02%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 33,128 0.10%
8.5% IDFC Bank Limited 2023 NCD - 0.00% 21,303 0.06%

149 - 521 FINANCIAL STATEMENTS

7.83% Indian Railway Finance Corporation Limited 2027 NCD - 0.00% 160,348 0.48%
Axis Bank Ltd 2021 CD - 0.00% 469,680 1.41%
6.39% National Agriculture Bank for Rural Development 2030 NCD - 0.00% 75,158 0.23%

CONSOLIDATED
8.15% Rural Electrification Corporation Limited 2021 NCD - 0.00% 151,332 0.45%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 24,033 0.07%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 55,792 0.17%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 10,202 0.03%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 12,670 0.04%
Financial service activities, 10,349,240 25.20% 8,454,799 25.43%
except insurance and pension
funding Total

522 - 584 VALUE RESULTS

Others 30,013,266 72.95% 24,083,021 72.39%
Net Current Assets 761,876 1.85% 724,316 2.18%
Grand Total 41,124,382 100.00% 33,262,136 100.00%

EMBEDDED
Balanced Advantage Fund - ULIF 144 03/06/21 BalanceAdv 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 431,909 5.73% - 0.00%
and related activities Tata Consultancy Services Limited Equity 104,659 1.39% - 0.00%
585 - 591 INFORMATION

Wipro Limited Equity 97,463 1.29% - 0.00%

Persistent System Limited Equity 43,579 0.58% - 0.00%
Mphasis Limited Equity 36,406 0.48% - 0.00%
ADDITIONAL

HCL Technologies Limited Equity 28,157 0.37% - 0.00%

KPIT Engineering Limited Equity 20,355 0.27% - 0.00%
Computer programming, consultancy 762,527 10.11% - 0.00%
and related activities Total
Financial service activities, except 6.24% State Bank of India 2025 NCD 454,040 6.03% - 0.00%
insurance and pension funding
7.10% Housing Development Finance Corporation 2023 NCD 300,852 3.99% - 0.00%
HDFC Bank Limited Equity 296,195 3.93% - 0.00%
592 - 595

Housing Development Finance Corporation Limited Equity 156,750 2.08% - 0.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 405
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Balanced Advantage Fund - ULIF 144 03/06/21 BalanceAdv 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Bajaj Finance Limited Equity 115,956 1.54% - 0.00%

5.83% State Bank of India 2030 NCD 112,657 1.50% - 0.00%
Kotak Mahindra Bank Limited Equity 100,596 1.34% - 0.00%
State Bank of India Equity 87,179 1.16% - 0.00%
Central Depository Services (India) Limited Equity 40,920 0.54% - 0.00%
Muthoot Finance Limited Equity 34,834 0.46% - 0.00%
Axis Bank Limited 2023 CD 29,664 0.39% - 0.00%
Axis Bank Limited Equity 25,161 0.33% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 22,531 0.30% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 21,107 0.28% - 0.00%
City Union Bank Limited Equity 19,837 0.26% - 0.00%
Shriram Transport Finance Company Limited Equity 14,780 0.20% - 0.00%
Axis Bank Limited 2022 CD 12,606 0.17% - 0.00%
Kotak Mahindra Investments Limited 2023 CP 9,520 0.13% - 0.00%
HDFC Bank Limited 2022 CD 8,729 0.12% - 0.00%
6% Housing Development Finance Corporation Limited 2026 NCD 6,923 0.09% - 0.00%
L&T Finance Limited Equity 5,329 0.07% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 3,495 0.05% - 0.00%
Financial service activities, 1,879,662 24.96% - 0.00%
except insurance and pension
funding Total
Others 5,100,018 67.70% - 0.00%
Net Current Assets (208,074) -2.76% - 0.00%
Grand Total 7,534,134 100.00% - 0.00%

Balancer Fund - ULIF 002 22/10/01 LBalancer1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 175,491 2.20% 202,528 2.49%
insurance and pension funding Bajaj Finance Limited 2022 CP 134,957 1.69% - 0.00%
Housing Development Finance Corporation Limited Equity 122,737 1.54% 146,304 1.80%
5.83% State Bank of India 2030 NCD 121,551 1.52% 62,190 0.76%
6.24% State Bank of India 2025 NCD 105,943 1.33% 48,142 0.59%
Axis Bank Limited 2022 CD 105,069 1.32% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 95,023 1.19% - 0.00%
Axis Bank Limited Equity 89,989 1.13% 79,281 0.97%
6.43% Housing Development Finance Corporation Limited 2025 NCD 88,207 1.11% 87,891 1.08%
8.54% Rural Electrification Corporation Limited 2028 NCD 88,029 1.10% 89,964 1.10%
Axis Bank Limited 2023 CD 87,068 1.09% - 0.00%
Bajaj Finance Limited Equity 52,976 0.66% 10,284 0.13%
National Agriculture Bank for Rural Development 2023 CD 51,809 0.65% - 0.00%
State Bank of India Equity 49,840 0.62% 34,361 0.42%
8.37% Rural Electrification Corporation Limited 2028 NCD 47,721 0.60% 49,063 0.60%
Kotak Mahindra Bank Limited Equity 39,700 0.50% 48,905 0.60%
7.17% Power Finance Corporation Limited 2025 NCD 39,437 0.49% 88,066 1.08%
6.88% Rural Electrification Corporation Limited 2025 NCD 39,078 0.49% 38,949 0.48%
9% Housing Development Finance Corporation Limited 2028 NCD 38,107 0.48% 38,876 0.48%
6.63% Rural Electrification Corporation Limited 2031 NCD 36,274 0.45% 40,704 0.50%

406 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Balancer Fund - ULIF 002 22/10/01 LBalancer1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
HDFC Bank Limited 2022 CD 35,885 0.45% - 0.00%
7.50% HDFC Bank Limited 2025 NCD 34,380 0.43% 34,449 0.42%
8.8% Rural Electrification Corporation Limited 2029 NCD 34,257 0.43% 35,422 0.43%
8.44% HDFC Bank Limited 2028 NCD 33,484 0.42% 34,457 0.42%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 33,115 0.42% 41,868 0.51%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 30,076 0.38% - 0.00%
7.85% Power Finance Corporation Limited 2028 NCD 28,797 0.36% 29,111 0.36%
8.23% Rural Electrification Corporation Limited 2025 NCD 23,351 0.29% 23,696 0.29%
8.7% LIC Housing Finance Limited 2029 NCD 22,966 0.29% 23,737 0.29%

79 - 148 FINANCIAL STATEMENTS

7.43% National Agriculture Bank for Rural Development 2030 NCD 22,772 0.29% 23,017 0.28%
Kotak Mahindra Investments Limited 2023 CP 21,420 0.27% - 0.00%

STANDALONE
6.42% National Agriculture Bank for Rural Development 2030 NCD 21,278 0.27% 21,519 0.26%
7.78% Housing Development Finance Corporation Limited 2027 NCD 21,243 0.27% - 0.00%
8.55% Housing Development Finance Corporation Limited 2029 NCD 15,199 0.19% 15,699 0.19%
6.80% Rural Electrification Corporation Limited 2030 NCD 14,755 0.18% 14,945 0.18%
8.85% Rural Electrification Corporation Limited 2029 NCD 14,558 0.18% 14,823 0.18%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 12,006 0.15% 12,225 0.15%
L&T Finance Limited Equity 11,414 0.14% 22,316 0.27%

149 - 521 FINANCIAL STATEMENTS

7.45% LIC Housing Finance Limited 2022 NCD 11,146 0.14% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 10,939 0.14% - 0.00%
Cholamandalam Investment & Finance Limited Equity 9,463 0.12% 20,402 0.25%

CONSOLIDATED
9.02% Rural Electrification Corporation Limited 2022 NCD 9,226 0.12% 9,572 0.12%
Kotak Mahindra Prime Limited 2022 CP 8,987 0.11% - 0.00%
Bajaj Holdings & Investment Limited Equity 7,943 0.10% 3,230 0.04%
SBI Cards & Payment Services Limited Equity 6,318 0.08% - 0.00%
Bajaj Finserv Limited Equity 5,613 0.07% - 0.00%
7.65% Axis Bank Limited 2027 NCD 5,259 0.07% 25,416 0.31%
AU Small Finance Bank Limited Equity 4,538 0.06% - 0.00%
Max Financial Services Limited Equity 3,877 0.05% 10,827 0.13%

522 - 584 VALUE RESULTS

Equitas Holdings Limited Equity 1,775 0.02% - 0.00%
9.75% ICICI Securities Primary Dealership Limited 2021 NCD - 0.00% 31,188 0.38%

EMBEDDED
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 17,344 0.21%
8.15% Rural Electrification Corporation Limited 2021 NCD - 0.00% 50,444 0.62%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 152,029 1.87%
Axis Bank Ltd 2021 CD - 0.00% 116,929 1.44%
6.39% National Agriculture Bank for Rural Development 2030 NCD - 0.00% 20,498 0.25%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 10,136 0.12%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 9,035 0.11%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 6,008 0.07%
585 - 591 INFORMATION

5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 68,258 0.84%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 77,094 0.95%
Financial service activities, 2,125,047 26.66% 2,041,204 25.03%
ADDITIONAL

except insurance and pension

funding Total
Others 5,709,281 71.56% 5,926,746 72.77%
Net Current Assets 141,997 1.78% 179,641 2.20%
Grand Total 7,976,326 100.00% 8,147,592 100.00%
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 407
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Balancer Fund II - ULIF 014 17/05/04 LBalancer2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 65,842 2.19% 76,246 2.49%
insurance and pension funding Bajaj Finance Limited 2022 CP 50,984 1.70% - 0.00%
5.83% State Bank of India 2030 NCD 46,446 1.54% 23,692 0.77%
Housing Development Finance Corporation Limited Equity 46,113 1.53% 55,076 1.80%
6.24% State Bank of India 2025 NCD 41,368 1.38% 18,053 0.59%
Axis Bank Limited 2022 CD 39,280 1.31% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 37,225 1.24% - 0.00%
Axis Bank Limited Equity 33,780 1.12% 29,847 0.97%
6.43% Housing Development Finance Corporation Limited 2025 NCD 33,458 1.11% 33,338 1.09%
Axis Bank Limited 2023 CD 33,009 1.10% - 0.00%
8.54% Rural Electrification Corporation Limited 2028 NCD 31,910 1.06% 32,612 1.06%
Bajaj Finance Limited Equity 19,856 0.66% 3,868 0.13%
National Agriculture Bank for Rural Development 2023 CD 19,668 0.65% - 0.00%
State Bank of India Equity 18,736 0.62% 12,943 0.42%
8.37% Rural Electrification Corporation Limited 2028 NCD 17,353 0.58% 17,841 0.58%
8.5% National Agriculture Bank for Rural Development 2029 NCD 15,260 0.51% 15,760 0.51%
Kotak Mahindra Bank Limited Equity 14,873 0.49% 18,398 0.60%
9% Housing Development Finance Corporation Limited 2028 NCD 14,570 0.48% 14,865 0.48%
7.17% Power Finance Corporation Limited 2025 NCD 14,529 0.48% 32,118 1.05%
6.88% Rural Electrification Corporation Limited 2025 NCD 14,397 0.48% 14,350 0.47%
6.63% Rural Electrification Corporation Limited 2031 NCD 13,725 0.46% 14,892 0.49%
8.8% Rural Electrification Corporation Limited 2029 NCD 13,261 0.44% 13,712 0.45%
HDFC Bank Limited 2022 CD 13,093 0.44% - 0.00%
8.44% HDFC Bank Limited 2028 NCD 11,881 0.40% 12,227 0.40%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 11,751 0.39% 15,425 0.50%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 11,028 0.37% - 0.00%
7.85% Power Finance Corporation Limited 2028 NCD 10,666 0.35% 10,782 0.35%
7.78% Housing Development Finance Corporation Limited 2027 NCD 10,621 0.35% - 0.00%
8.23% Rural Electrification Corporation Limited 2025 NCD 10,614 0.35% 10,771 0.35%
7.43% National Agriculture Bank for Rural Development 2030 NCD 8,281 0.28% 8,370 0.27%
Kotak Mahindra Investments Limited 2023 CP 8,092 0.27% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 7,737 0.26% 7,825 0.26%
6.39% National Agriculture Bank for Rural Development 2030 NCD 7,722 0.26% 7,809 0.25%
8.55% Housing Development Finance Corporation Limited 2029 NCD 6,514 0.22% 6,728 0.22%
7.50% HDFC Bank Limited 2025 NCD 6,251 0.21% 6,263 0.20%
6.80% Rural Electrification Corporation Limited 2030 NCD 5,902 0.20% 5,978 0.19%
8.85% Rural Electrification Corporation Limited 2029 NCD 5,599 0.19% 5,701 0.19%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 4,366 0.15% 4,446 0.14%
L&T Finance Limited Equity 4,290 0.14% 8,400 0.27%
7.45% LIC Housing Finance Limited 2022 NCD 4,053 0.13% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 3,978 0.13% - 0.00%
Cholamandalam Investment & Finance Limited Equity 3,555 0.12% 7,673 0.25%
Kotak Mahindra Prime Limited 2022 CP 3,495 0.12% - 0.00%
Bajaj Holdings & Investment Limited Equity 2,982 0.10% 1,218 0.04%
SBI Cards & Payment Services Limited Equity 2,362 0.08% - 0.00%
Bajaj Finserv Limited Equity 2,133 0.07% - 0.00%
7.65% Axis Bank Limited 2027 NCD 2,104 0.07% 13,767 0.45%
AU Small Finance Bank Limited Equity 1,694 0.06% - 0.00%
Max Financial Services Limited Equity 1,464 0.05% 4,081 0.13%
8.7% LIC Housing Finance Limited 2029 NCD 1,094 0.04% 1,130 0.04%
Equitas Holdings Limited Equity 668 0.02% - 0.00%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 56,757 1.85%

408 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Balancer Fund II - ULIF 014 17/05/04 LBalancer2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 27,103 0.88%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 17,738 0.58%
9.75% ICICI Securities Primary Dealership Limited 2021 NCD - 0.00% 10,396 0.34%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 2,003 0.07%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 9,182 0.30%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 3,012 0.10%
Axis Bank Ltd 2021 CD - 0.00% 44,217 1.44%
Financial service activities, 809,633 26.95% 736,610 24.01%
except insurance and pension

79 - 148 FINANCIAL STATEMENTS

funding Total
Others 2,156,188 71.68% 2,264,989 73.83%

STANDALONE
Net Current Assets 41,325 1.37% 66,202 2.16%
Grand Total 3,007,146 100.00% 3,067,801 100.00%

Balancer Fund III - ULIF 023 13/03/06 LBalancer3 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

149 - 521 FINANCIAL STATEMENTS

Financial service activities, except HDFC Bank Limited Equity 4,048 2.25% 4,636 2.48%
insurance and pension funding 5.83% State Bank of India 2030 NCD 3,953 2.20% 1,974 1.06%
Bajaj Finance Limited 2022 CP 2,999 1.67% - 0.00%

CONSOLIDATED
Axis Bank Limited 2022 CD 2,936 1.64% - 0.00%
Housing Development Finance Corporation Limited Equity 2,833 1.58% 3,350 1.79%
8.54% Rural Electrification Corporation Limited 2028 NCD 2,201 1.23% 2,249 1.20%
Axis Bank Limited Equity 2,079 1.16% 1,815 0.97%
6.24% State Bank of India 2025 NCD 2,018 1.12% 1,003 0.54%
6.44% HDFC Bank Limited 2028 NCD 1,959 1.09% - 0.00%
Axis Bank Limited 2023 CD 1,913 1.06% - 0.00%

522 - 584 VALUE RESULTS

Bajaj Finance Limited Equity 1,220 0.68% 237 0.13%
State Bank of India Equity 1,147 0.64% 785 0.42%
9% Housing Development Finance Corporation Limited 2028 NCD 1,121 0.62% 1,143 0.61%

EMBEDDED
8.8% Rural Electrification Corporation Limited 2029 NCD 1,105 0.62% 1,143 0.61%
8.7% LIC Housing Finance Limited 2029 NCD 1,094 0.61% 1,130 0.60%
8.5% National Agriculture Bank for Rural Development 2029 NCD 1,090 0.61% 1,126 0.60%
8.37% Rural Electrification Corporation Limited 2028 NCD 1,085 0.60% 1,115 0.60%
8.44% HDFC Bank Limited 2028 NCD 1,080 0.60% 1,112 0.59%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 1,068 0.59% 1,102 0.59%
7.85% Power Finance Corporation Limited 2028 NCD 1,067 0.59% 1,078 0.58%
8.23% Rural Electrification Corporation Limited 2025 NCD 1,061 0.59% 1,077 0.58%
585 - 591 INFORMATION

7.50% HDFC Bank Limited 2025 NCD 1,042 0.58% 1,044 0.56%
7.17% Power Finance Corporation Limited 2025 NCD 1,038 0.58% 2,072 1.11%
ADDITIONAL

7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.58% 1,046 0.56%
6.88% Rural Electrification Corporation Limited 2025 NCD 1,028 0.57% 1,025 0.55%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 1,003 0.56% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 980 0.55% 993 0.53%
HDFC Bank Limited 2022 CD 970 0.54% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.54% 978 0.52%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.54% 976 0.52%
National Agriculture Bank for Rural Development 2023 CD 959 0.53% - 0.00%
592 - 595

Kotak Mahindra Bank Limited Equity 924 0.51% 1,113 0.60%

Kotak Mahindra Investments Limited 2023 CP 476 0.27% - 0.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 409
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Balancer Fund III - ULIF 023 13/03/06 LBalancer3 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

L&T Finance Limited Equity 264 0.15% 504 0.27%

Cholamandalam Investment & Finance Limited Equity 221 0.12% 465 0.25%
Bajaj Holdings & Investment Limited Equity 185 0.10% 72 0.04%
SBI Cards & Payment Services Limited Equity 146 0.08% - 0.00%
Bajaj Finserv Limited Equity 119 0.07% - 0.00%
AU Small Finance Bank Limited Equity 106 0.06% - 0.00%
Max Financial Services Limited Equity 87 0.05% 248 0.13%
Equitas Holdings Limited Equity 41 0.02% - 0.00%
7.65% Axis Bank Limited 2027 NCD - 0.00% 2,118 1.13%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 4,054 2.17%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,004 0.54%
Axis Bank Ltd 2021 CD - 0.00% 2,948 1.58%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 1,020 0.55%
Financial service activities, 51,634 28.76% 47,757 25.56%
except insurance and pension
funding Total
Others 124,390 69.27% 134,881 72.18%
Net Current Assets 3,545 1.97% 4,220 2.26%
Grand Total 179,569 100.00% 186,858 100.00%

Balancer Fund IV - ULIF 039 27/08/07 LBalancer4 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 14,017 2.21% 15,425 2.48%
insurance and pension funding Bajaj Finance Limited 2022 CP 10,497 1.65% - 0.00%
Housing Development Finance Corporation Limited Equity 9,798 1.54% 11,144 1.79%
6.24% State Bank of India 2025 NCD 8,072 1.27% 3,009 0.48%
Axis Bank Limited 2022 CD 7,840 1.23% - 0.00%
Axis Bank Limited Equity 7,199 1.13% 6,038 0.97%
Axis Bank Limited 2023 CD 6,697 1.05% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 5,878 0.92% - 0.00%
8.37% Rural Electrification Corporation Limited 2028 NCD 5,423 0.85% 5,575 0.90%
5.83% State Bank of India 2030 NCD 4,941 0.78% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 4,483 0.71% 4,574 0.74%
8.7% LIC Housing Finance Limited 2029 NCD 4,375 0.69% 4,521 0.73%
8.5% National Agriculture Bank for Rural Development 2029 NCD 4,360 0.69% 4,503 0.72%
Bajaj Finance Limited Equity 4,233 0.67% 778 0.13%
State Bank of India Equity 3,990 0.63% 2,605 0.42%
National Agriculture Bank for Rural Development 2023 CD 3,838 0.60% - 0.00%
8.8% Rural Electrification Corporation Limited 2029 NCD 3,315 0.52% 3,428 0.55%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 3,205 0.50% 4,407 0.71%
7.85% Power Finance Corporation Limited 2028 NCD 3,200 0.50% 3,235 0.52%
8.23% Rural Electrification Corporation Limited 2025 NCD 3,184 0.50% 3,231 0.52%
Kotak Mahindra Bank Limited Equity 3,155 0.50% 3,699 0.59%
6.88% Rural Electrification Corporation Limited 2025 NCD 3,085 0.49% 3,075 0.49%
6.63% Rural Electrification Corporation Limited 2031 NCD 2,941 0.46% 2,978 0.48%
HDFC Bank Limited 2022 CD 2,910 0.46% - 0.00%
8.44% HDFC Bank Limited 2028 NCD 2,160 0.34% 2,223 0.36%
7.17% Power Finance Corporation Limited 2025 NCD 2,076 0.33% 5,180 0.83%
7.43% National Agriculture Bank for Rural Development 2030 NCD 2,070 0.33% 2,092 0.34%
6.43% Housing Development Finance Corporation Limited 2025 NCD 2,028 0.32% 2,020 0.32%

410 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Balancer Fund IV - ULIF 039 27/08/07 LBalancer4 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type

01 - 78 REPORTS
(` ‘000) held (` ‘000) held

6.97% National Bank For Agriculture & Rural Development 2031 NCD 2,005 0.32% - 0.00%

STATUTORY
6.42% National Agriculture Bank for Rural Development 2030 NCD 1,934 0.30% 1,956 0.31%
6.39% National Agriculture Bank for Rural Development 2030 NCD 1,931 0.30% 1,952 0.31%
Kotak Mahindra Investments Limited 2023 CP 1,904 0.30% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.18% 1,140 0.18%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.17% 1,111 0.18%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.17% 1,121 0.18%
7.50% HDFC Bank Limited 2025 NCD 1,042 0.16% 1,044 0.17%
7.45% LIC Housing Finance Limited 2022 NCD 1,013 0.16% - 0.00%

79 - 148 FINANCIAL STATEMENTS

6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.16% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 984 0.15% 996 0.16%

STANDALONE
L&T Finance Limited Equity 906 0.14% 1,678 0.27%
Cholamandalam Investment & Finance Limited Equity 754 0.12% 1,548 0.25%
Bajaj Holdings & Investment Limited Equity 631 0.10% 240 0.04%
SBI Cards & Payment Services Limited Equity 500 0.08% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 499 0.08% - 0.00%
Bajaj Finserv Limited Equity 444 0.07% - 0.00%
AU Small Finance Bank Limited Equity 359 0.06% - 0.00%
Max Financial Services Limited Equity 309 0.05% 814 0.13%

149 - 521 FINANCIAL STATEMENTS

Equitas Holdings Limited Equity 139 0.02% - 0.00%
Axis Bank Ltd 2021 CD - 0.00% 8,843 1.42%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.16%

CONSOLIDATED
7.65% Axis Bank Limited 2027 NCD - 0.00% 2,118 0.34%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 5,019 0.81%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 11,149 1.79%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 3,061 0.49%
Financial service activities, 158,613 24.95% 138,537 22.27%
except insurance and pension
funding Total
Others 465,558 73.25% 470,559 75.68%
Net Current Assets 11,411 1.80% 12,774 2.05%

522 - 584 VALUE RESULTS

Grand Total 635,582 100.00% 621,869 100.00%

EMBEDDED
Bluechip Fund - ULIF 087 24/11/09 LBluChip 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 3,042,717 8.45% 2,178,897 8.06%
and related activities Tata Consultancy Services Limited Equity 882,598 2.45% 749,261 2.77%
HCL Technologies Limited Equity 624,567 1.73% 528,134 1.95%
Wipro Limited Equity 239,548 0.67% - 0.00%
585 - 591 INFORMATION

Tech Mahindra Limited Equity 227,374 0.63% 241,952 0.89%

KPIT Engineering Limited Equity 105,537 0.29% 131,658 0.49%
ADDITIONAL

Mphasis Limited Equity - 0.00% 154,378 0.57%

Computer programming, 5,122,341 14.22% 3,984,281 14.74%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 2,642,981 7.34% 2,285,951 8.45%
insurance and pension funding Housing Development Finance Corporation Limited Equity 1,516,726 4.21% 1,296,661 4.79%
Axis Bank Limited Equity 1,372,729 3.81% 1,018,235 3.77%
Bajaj Finance Limited Equity 799,328 2.22% 122,396 0.45%
Kotak Mahindra Bank Limited Equity 735,949 2.04% 636,507 2.35%
592 - 595

State Bank of India Equity 711,303 1.98% 331,241 1.22%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 411
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Bluechip Fund - ULIF 087 24/11/09 LBluChip 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Bajaj Finserv Limited Equity 146,788 0.41% - 0.00%

SBI Cards & Payment Services Limited Equity 74,053 0.21% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 27,053 0.10%
Max Financial Services Limited Equity - 0.00% 76,498 0.28%
Financial service activities, except 7,999,855 22.22% 5,794,542 21.42%
insurance and pension funding Total
Manufacture of coke and refined Reliance Industries Limited Equity 3,491,054 9.70% 2,089,838 7.73%
petroleum products
Hindustan Petroleum Corporation Limited Equity 195,476 0.54% 187,207 0.69%
Indian Oil Corporation Limited Equity 95,862 0.27% 59,767 0.22%
Reliance Industries Limited - Partly Paid Equity - 0.00% 171,351 0.63%
Bharat Petroleum Corporation Limited Equity - 0.00% 87,538 0.32%
Manufacture of coke and refined 3,782,393 10.51% 2,595,703 9.59%
petroleum products Total
Others 18,857,952 52.39% 14,634,417 54.12%
Net Current Assets 238,172 0.66% 34,054 0.13%
Grand Total 36,000,713 100.00% 27,042,997 100.00%

Cash Plus Fund - ULIF 008 11/08/03 LCashPlus 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 5.83% State Bank of India 2030 NCD 32,611 3.19% 20,730 0.99%
insurance and pension funding 6.24% State Bank of India 2025 NCD 31,278 3.06% 20,059 0.96%
Bajaj Finance Limited 2022 CP 26,991 2.64% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 19,592 1.92% - 0.00%
8.44% HDFC Bank Limited 2028 NCD 19,442 1.90% 20,007 0.96%
8.5% National Agriculture Bank for Rural Development 2029 NCD 18,530 1.81% 19,137 0.92%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 18,160 1.78% 23,137 1.11%
Axis Bank Limited 2023 CD 17,223 1.69% - 0.00%
Axis Bank Limited 2022 CD 10,667 1.04% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 10,554 1.03% - 0.00%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 9,664 0.95% 9,956 0.48%
8.55% Housing Development Finance Corporation Limited 2029 NCD 8,685 0.85% 8,971 0.43%
6.80% Rural Electrification Corporation Limited 2030 NCD 7,869 0.77% 7,971 0.38%
6.42% National Agriculture Bank for Rural Development 2030 NCD 7,737 0.76% 7,825 0.38%
7.43% National Agriculture Bank for Rural Development 2030 NCD 7,246 0.71% 7,323 0.35%
HDFC Bank Limited 2022 CD 6,789 0.66% - 0.00%
6.39% National Agriculture Bank for Rural Development 2030 NCD 6,757 0.66% 6,833 0.33%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 6,015 0.59% - 0.00%
6% Housing Development Finance Corporation Limited 2026 NCD 5,934 0.58% - 0.00%
7.14% Rural Electrification Corporation Limited 2030 NCD 5,074 0.50% 71,906 3.45%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 4,284 0.42% 4,417 0.21%
Kotak Mahindra Investments Limited 2023 CP 4,284 0.42% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 1,997 0.20% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 1,989 0.19% - 0.00%
7.92% Cholamandalam Investment and Finance Com 2025 NCD - 0.00% 47,432 2.27%
Axis Bank Ltd 2021 CD - 0.00% 31,443 1.51%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 3,012 0.14%
9% Housing Development Finance Corporation Limited 2028 NCD - 0.00% 22,868 1.10%
7.74% Power Finance Corporation Limited 2028 NCD - 0.00% 191,444 9.18%

412 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Cash Plus Fund - ULIF 008 11/08/03 LCashPlus 105

At March 31, 2022 At March 31, 2021
Asset

01 - 78 REPORTS
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

STATUTORY
8.45% Indian Railway Finance Corporation Limited 2028 NCD - 0.00% 4,446 0.21%
6.63% Rural Electrification Corporation Limited 2031 NCD - 0.00% 11,913 0.57%
6.88% Rural Electrification Corporation Limited 2025 NCD - 0.00% 1,025 0.05%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 12,243 0.59%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 22,084 1.06%
9.75% ICICI Securities Primary Dealership Limited 2021 NCD - 0.00% 10,396 0.50%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 2,003 0.10%
6.43% Housing Development Finance Corporation Limited 2025 NCD - 0.00% 13,133 0.63%

79 - 148 FINANCIAL STATEMENTS

7.65% Axis Bank Limited 2027 NCD - 0.00% 7,413 0.36%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 12,917 0.62%

STANDALONE
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 18,283 0.88%
Financial service activities, 289,374 28.32% 640,328 30.72%
except insurance and pension
funding Total
Others 716,459 70.17% 1,599,926 76.70%
Net Current Assets 15,423 1.51% (154,684) -7.42%
Grand Total 1,021,257 100.00% 2,085,570 100.00%

149 - 521 FINANCIAL STATEMENTS

Discontinued Fund - Life - ULIF 100 01/07/10 LDiscont 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

CONSOLIDATED
type
(` ‘000) held (` ‘000) held
Financial service activities, except Housing Development Finance Corporation Limited 2022 CP 7,830,254 7.63% - 0.00%
insurance and pension funding LIC Housing Finance Limited 2022 CP 3,427,719 3.34% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 2,159,450 2.10% - 0.00%
HDFC Bank Limited 2022 CD 738,981 0.72% - 0.00%
Axis Bank Limited 2022 CD 688,008 0.67% - 0.00%
Bajaj Finance Limited 2022 CP 115,463 0.11% 720,914 0.67%

522 - 584 VALUE RESULTS

National Bank For Agriculture & Rural Development 2021 CP - 0.00% 4,915,764 4.60%
National Bank For Agriculture & Rural Development 2021 CD - 0.00% 9,421 0.01%
Kotak Mahindra Prime Limited 2021 CP - 0.00% 49,284 0.05%

EMBEDDED
Axis Bank Ltd 2021 CD - 0.00% 489,139 0.46%
Axis Bank Ltd 2022 CD - 0.00% 3,271,403 3.06%
National Bank For Agriculture & Rural Development 2022 CD - 0.00% 2,654,957 2.48%
HDFC Limited 2021 CP - 0.00% 1,555,942 1.46%
Housing Development Finance Corporation Limited 2021 CP - 0.00% 5,102,431 4.77%
Financial service activities, 14,959,876 14.57% 18,769,256 17.56%
except insurance and pension
funding Total
585 - 591 INFORMATION

Others 86,684,691 84.49% 88,041,729 82.35%

Net Current Assets 965,013 0.94% 98,383 0.09%
Grand Total 102,609,580 100.00% 106,909,368 100.00%
ADDITIONAL

Discontinued Fund-Pension - ULIF 101 01/07/10 PDiscont 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Others 638,121 99.81% 842,424 95.94%
Net Current Assets 1,235 0.19% 35,679 4.06%
592 - 595

Grand Total 639,356 100.00% 878,103 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 413
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Dynamic P/E Fund - ULIF 097 11/01/10 LDynmicPE 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 243,747 4.12% 132,057 1.46%
insurance and pension funding Housing Development Finance Corporation Limited Equity 237,570 4.01% 121,050 1.34%
Bajaj Finance Limited Equity 105,973 1.79% 47,554 0.53%
Kotak Mahindra Bank Limited Equity 95,892 1.62% 62,352 0.69%
Bajaj Finserv Limited Equity 56,709 0.96% 20,362 0.23%
Axis Bank Limited Equity 56,512 0.95% 26,313 0.29%
State Bank of India Equity 55,894 0.94% 21,082 0.23%
Indusind Bank Limited Equity 8,753 0.15% 8,189 0.09%
Financial service activities, 861,050 14.54% 438,959 4.86%
except insurance and pension
funding Total
Others 5,087,478 85.90% 8,192,260 90.84%
Net Current Assets (25,973) -0.44% 387,994 4.30%
Grand Total 5,922,555 100.00% 9,019,213 100.00%

Easy Retirement Balanced Fund - ULIF 132 02/11/12 ERBF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 160,627 3.17% 183,132 3.68%
insurance and pension funding Housing Development Finance Corporation Limited Equity 97,617 1.93% 125,907 2.53%
Bajaj Finance Limited 2022 CP 73,477 1.45% - 0.00%
6.24% State Bank of India 2025 NCD 64,575 1.28% 30,089 0.61%
Kotak Mahindra Bank Limited Equity 52,761 1.04% 49,391 0.99%
Bajaj Finance Limited Equity 51,989 1.03% 4,970 0.10%
Axis Bank Limited 2022 CD 49,502 0.97% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 48,981 0.97% - 0.00%
Axis Bank Limited 2023 CD 46,883 0.93% - 0.00%
State Bank of India Equity 45,834 0.91% 24,143 0.49%
8.54% Rural Electrification Corporation Limited 2028 NCD 39,613 0.78% 40,484 0.81%
5.83% State Bank of India 2030 NCD 31,623 0.62% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 28,303 0.56% - 0.00%
8.37% Rural Electrification Corporation Limited 2028 NCD 23,860 0.47% 24,531 0.49%
6.88% Rural Electrification Corporation Limited 2025 NCD 23,653 0.47% 23,574 0.47%
6.63% Rural Electrification Corporation Limited 2031 NCD 22,548 0.45% 24,820 0.50%
Axis Bank Limited Equity 22,333 0.44% 46,560 0.94%
8.5% National Agriculture Bank for Rural Development 2029 NCD 21,800 0.43% 22,514 0.45%
7.17% Power Finance Corporation Limited 2025 NCD 20,756 0.41% 45,587 0.92%
HDFC Bank Limited 2022 CD 18,428 0.36% - 0.00%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 18,046 0.36% - 0.00%
8.8% Rural Electrification Corporation Limited 2029 NCD 17,681 0.35% 18,282 0.37%
8.44% HDFC Bank Limited 2028 NCD 17,282 0.34% 17,784 0.36%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 17,092 0.34% 22,036 0.44%
7.85% Power Finance Corporation Limited 2028 NCD 14,932 0.29% 15,095 0.30%
6.42% National Agriculture Bank for Rural Development 2030 NCD 13,540 0.27% 13,694 0.28%
7.43% National Agriculture Bank for Rural Development 2030 NCD 13,456 0.27% 13,601 0.27%
6.39% National Agriculture Bank for Rural Development 2030 NCD 12,549 0.25% 12,689 0.26%
Kotak Mahindra Investments Limited 2023 CP 11,900 0.24% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 11,208 0.22% 11,434 0.23%
7.78% Housing Development Finance Corporation Limited 2027 NCD 10,621 0.21% - 0.00%
8.23% Rural Electrification Corporation Limited 2025 NCD 10,614 0.21% 10,771 0.22%

414 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Easy Retirement Balanced Fund - ULIF 132 02/11/12 ERBF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
6.80% Rural Electrification Corporation Limited 2030 NCD 8,853 0.17% 8,967 0.18%
8.55% Housing Development Finance Corporation Limited 2029 NCD 8,685 0.17% 8,971 0.18%
Shriram Transport Finance Company Limited Equity 8,175 0.16% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 7,839 0.15% 7,982 0.16%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 7,640 0.15% 7,780 0.16%
7.45% LIC Housing Finance Limited 2022 NCD 6,080 0.12% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 5,967 0.12% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 5,069 0.10% 5,051 0.10%
Kotak Mahindra Prime Limited 2022 CP 4,993 0.10% - 0.00%

79 - 148 FINANCIAL STATEMENTS

7.65% Axis Bank Limited 2027 NCD 4,207 0.08% 21,180 0.43%
City Union Bank Limited Equity 4,151 0.08% 5,916 0.12%

STANDALONE
Central Depository Services (India) Limited Equity 1,569 0.03% 10,379 0.21%
Axis Bank Ltd 2021 CD - 0.00% 71,729 1.44%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 5,019 0.10%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 4,005 0.08%
Bajaj Finserv Limited Equity - 0.00% 28,397 0.57%
Cholamandalam Investment & Finance Limited Equity - 0.00% 3,799 0.08%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 94,258 1.90%

149 - 521 FINANCIAL STATEMENTS

5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 41,156 0.83%
L&T Finance Limited Equity - 0.00% 23,287 0.47%
Max Financial Services Limited Equity - 0.00% 6,250 0.13%

CONSOLIDATED
Financial service activities, 1,187,312 23.46% 1,135,214 22.85%
except insurance and pension
funding Total
Others 3,797,344 75.02% 3,777,622 75.93%
Net Current Assets 77,074 1.52% 60,512 1.22%
Grand Total 5,061,729 100.00% 4,973,347 100.00%

Easy Retirement Secure Fund - ULIF 133 02/11/12 ERSF 105

522 - 584 VALUE RESULTS

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type

EMBEDDED
(` ‘000) held (` ‘000) held
Financial service activities, except 5.83% State Bank of India 2030 NCD 34,588 2.73% 8,884 0.62%
insurance and pension funding 8.3% Indian Railway Finance Corpn. Limit 2029 NCD 34,300 2.70% - 0.00%
Bajaj Finance Limited 2022 CP 32,990 2.60% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 24,490 1.93% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 21,640 1.71% 21,919 1.54%
8.55% Cholamandalam Investment and Finance Com 2026 NCD 21,523 1.70% 21,665 1.52%
Axis Bank Limited 2023 CD 21,049 1.66% - 0.00%
585 - 591 INFORMATION

7.92% Cholamandalam Investment and Finance Com 2025 NCD 20,046 1.58% 20,027 1.40%
6.24% State Bank of India 2025 NCD 19,171 1.51% 9,027 0.63%
ADDITIONAL

6.43% Housing Development Finance Corporation Limited 2025 NCD 17,236 1.36% 17,174 1.20%
8.30% Rural Electrification Corporation Limited 2029 NCD 16,106 1.27% 16,624 1.16%
8.54% Rural Electrification Corporation Limited 2028 NCD 15,405 1.21% 15,744 1.10%
Axis Bank Limited 2022 CD 13,576 1.07% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 12,473 0.98% - 0.00%
HDFC Bank Limited 2022 CD 8,729 0.69% - 0.00%
8.37% Rural Electrification Corporation Limited 2028 NCD 8,676 0.68% 8,921 0.62%
8.72% Shriram Transport Finance Company Limited 2023 NCD 8,283 0.65% 8,543 0.60%
592 - 595

8.44% HDFC Bank Limited 2028 NCD 7,561 0.60% 7,781 0.54%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 415
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Easy Retirement Secure Fund - ULIF 133 02/11/12 ERSF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

6.88% Rural Electrification Corporation Limited 2025 NCD 7,199 0.57% 7,175 0.50%
6% Housing Development Finance Corporation Limited 2026 NCD 6,923 0.55% - 0.00%
5.81% Rural Electrification Corporation Limited 2025 NCD 6,886 0.54% 6,873 0.48%
9% Housing Development Finance Corporation Limited 2028 NCD 6,725 0.53% 6,861 0.48%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 6,409 0.51% 7,712 0.54%
6.63% Rural Electrification Corporation Limited 2031 NCD 5,882 0.46% 6,950 0.49%
8.8% Rural Electrification Corporation Limited 2029 NCD 5,525 0.44% 5,713 0.40%
8.5% National Agriculture Bank for Rural Development 2029 NCD 5,450 0.43% 5,629 0.39%
7.85% Power Finance Corporation Limited 2028 NCD 5,333 0.42% 5,391 0.38%
Kotak Mahindra Investments Limited 2023 CP 5,236 0.41% - 0.00%
7.17% Power Finance Corporation Limited 2025 NCD 5,189 0.41% 11,397 0.80%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 5,013 0.40% - 0.00%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 4,295 0.34% 4,425 0.31%
8.23% Rural Electrification Corporation Limited 2025 NCD 4,246 0.33% 4,308 0.30%
7.43% National Agriculture Bank for Rural Development 2030 NCD 4,140 0.33% 4,185 0.29%
6.42% National Agriculture Bank for Rural Development 2030 NCD 3,869 0.30% 3,913 0.27%
6.39% National Agriculture Bank for Rural Development 2030 NCD 3,861 0.30% 3,904 0.27%
8.85% Rural Electrification Corporation Limited 2029 NCD 3,360 0.26% 3,421 0.24%
8.55% Housing Development Finance Corporation Limited 2029 NCD 3,257 0.26% 3,364 0.24%
7.35% Bajaj Finance Limited 2022 NCD 3,043 0.24% 3,112 0.22%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 2,183 0.17% 2,223 0.16%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 2,142 0.17% 2,208 0.15%
Kotak Mahindra Prime Limited 2022 CP 1,997 0.16% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 1,989 0.16% - 0.00%
7.65% Axis Bank Limited 2027 NCD 1,052 0.08% 7,413 0.52%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 12,046 0.84%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.07%
Axis Bank Ltd 2021 CD - 0.00% 19,652 1.38%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 5,068 0.35%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 11,014 0.77%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,001 0.07%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 26,352 1.85%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 5,962 0.42%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 23,331 1.63%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 7,528 0.53%
Financial service activities, 449,046 35.39% 375,440 26.28%
except insurance and pension
funding Total
Others 789,153 62.20% 992,764 69.53%
Net Current Assets 30,522 2.41% 59,719 4.18%
Grand Total 1,268,720 100.00% 1,427,924 100.00%

Easy Retirement SP Balanced Fund - ULIF 136 25/03/13 ERSPBF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 8,619 2.88% 9,293 3.64%
insurance and pension funding Housing Development Finance Corporation Limited Equity 5,290 1.77% 6,228 2.44%
Bajaj Finance Limited 2022 CP 4,499 1.51% - 0.00%
5.83% State Bank of India 2030 NCD 3,953 1.32% 1,974 0.77%

416 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Easy Retirement SP Balanced Fund - ULIF 136 25/03/13 ERSPBF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
6.44% HDFC Bank Limited 2028 NCD 3,918 1.31% - 0.00%
6.24% State Bank of India 2025 NCD 3,027 1.01% 2,006 0.79%
Kotak Mahindra Bank Limited Equity 2,939 0.98% 2,465 0.96%
Axis Bank Limited 2023 CD 2,871 0.96% - 0.00%
Bajaj Finance Limited Equity 2,839 0.95% - 0.00%
State Bank of India Equity 2,402 0.80% 1,121 0.44%
6.43% Housing Development Finance Corporation Limited 2025 NCD 2,028 0.68% 2,020 0.79%
Axis Bank Limited 2022 CD 1,939 0.65% - 0.00%

79 - 148 FINANCIAL STATEMENTS

National Agriculture Bank for Rural Development 2023 CD 1,919 0.64% - 0.00%
Axis Bank Limited Equity 1,215 0.41% 2,130 0.83%

STANDALONE
9% Housing Development Finance Corporation Limited 2028 NCD 1,121 0.38% 1,143 0.45%
8.8% Rural Electrification Corporation Limited 2029 NCD 1,105 0.37% 1,143 0.45%
8.7% LIC Housing Finance Limited 2029 NCD 1,094 0.37% 1,130 0.44%
8.5% National Agriculture Bank for Rural Development 2029 NCD 1,090 0.36% 1,126 0.44%
8.37% Rural Electrification Corporation Limited 2028 NCD 1,085 0.36% 1,115 0.44%
8.44% HDFC Bank Limited 2028 NCD 1,080 0.36% 1,112 0.44%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 1,068 0.36% 1,102 0.43%

149 - 521 FINANCIAL STATEMENTS

7.85% Power Finance Corporation Limited 2028 NCD 1,067 0.36% 1,078 0.42%
8.23% Rural Electrification Corporation Limited 2025 NCD 1,061 0.36% 1,077 0.42%

CONSOLIDATED
7.50% HDFC Bank Limited 2025 NCD 1,042 0.35% 1,044 0.41%
7.17% Power Finance Corporation Limited 2025 NCD 1,038 0.35% 2,072 0.81%
7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.35% 1,046 0.41%
6.88% Rural Electrification Corporation Limited 2025 NCD 1,028 0.34% 1,025 0.40%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 1,003 0.34% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 980 0.33% 993 0.39%
HDFC Bank Limited 2022 CD 970 0.32% - 0.00%

522 - 584 VALUE RESULTS

6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.32% 978 0.38%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.32% 976 0.38%
Kotak Mahindra Investments Limited 2023 CP 952 0.32% - 0.00%

EMBEDDED
Kotak Mahindra Prime Limited 2022 CP 499 0.17% - 0.00%
Shriram Transport Finance Company Limited Equity 418 0.14% - 0.00%
City Union Bank Limited Equity 209 0.07% 298 0.12%
Central Depository Services (India) Limited Equity 86 0.03% 524 0.20%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,004 0.39%
Bajaj Finserv Limited Equity - 0.00% 1,412 0.55%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 4,054 1.59%
585 - 591 INFORMATION

Axis Bank Ltd 2021 CD - 0.00% 3,930 1.54%

L&T Finance Limited Equity - 0.00% 936 0.37%
ADDITIONAL

Cholamandalam Investment & Finance Limited Equity - 0.00% 191 0.07%

Max Financial Services Limited Equity - 0.00% 304 0.12%
7.65% Axis Bank Limited 2027 NCD - 0.00% 1,059 0.41%
Financial service activities, 68,420 22.90% 59,110 23.14%
except insurance and pension
funding Total
Others 226,368 75.76% 190,706 74.64%
Net Current Assets 3,991 1.34% 5,673 2.22%
592 - 595

Grand Total 298,779 100.00% 255,489 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 417
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Flexi Balanced Fund - ULIF 031 20/03/07 LFlexiBal1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 17,690 3.13% 23,789 4.27%
insurance and pension funding Housing Development Finance Corporation Limited Equity 10,384 1.84% 14,629 2.62%
Kotak Mahindra Bank Limited Equity 7,640 1.35% 10,460 1.88%
6.24% State Bank of India 2025 NCD 7,063 1.25% 3,009 0.54%
5.83% State Bank of India 2030 NCD 6,918 1.23% 3,949 0.71%
Bajaj Finance Limited Equity 6,171 1.09% 129 0.02%
Bajaj Finance Limited 2022 CP 5,998 1.06% - 0.00%
State Bank of India Equity 5,535 0.98% 204 0.04%
8.54% Rural Electrification Corporation Limited 2028 NCD 4,401 0.78% 4,498 0.81%
Axis Bank Limited 2023 CD 4,305 0.76% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 3,918 0.69% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 3,281 0.58% 3,391 0.61%
6.88% Rural Electrification Corporation Limited 2025 NCD 3,085 0.55% 3,075 0.55%
6.63% Rural Electrification Corporation Limited 2031 NCD 2,941 0.52% 2,978 0.53%
Axis Bank Limited 2022 CD 2,909 0.52% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 2,399 0.42% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 2,242 0.40% 2,287 0.41%
8.8% Rural Electrification Corporation Limited 2029 NCD 2,210 0.39% 2,285 0.41%
8.5% National Agriculture Bank for Rural Development 2029 NCD 2,180 0.39% 2,251 0.40%
8.37% Rural Electrification Corporation Limited 2028 NCD 2,169 0.38% 2,230 0.40%
Central Depository Services (India) Limited Equity 2,169 0.38% - 0.00%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 2,136 0.38% 2,204 0.40%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 2,005 0.36% - 0.00%
HDFC Bank Limited 2022 CD 1,940 0.34% - 0.00%
Axis Bank Limited Equity 1,707 0.30% 7,134 1.28%
Muthoot Finance Limited Equity 1,455 0.26% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.20% 1,140 0.20%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.19% 1,111 0.20%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.19% 1,121 0.20%
8.44% HDFC Bank Limited 2028 NCD 1,080 0.19% 1,112 0.20%
7.65% Axis Bank Limited 2027 NCD 1,052 0.19% 3,177 0.57%
7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.18% 1,046 0.19%
7.45% LIC Housing Finance Limited 2022 NCD 1,013 0.18% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.18% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 984 0.17% 996 0.18%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.17% 978 0.18%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.17% 976 0.18%
Kotak Mahindra Investments Limited 2023 CP 952 0.17% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 499 0.09% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 3,372 0.60%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 9,122 1.64%
Bajaj Finserv Limited Equity - 0.00% 909 0.16%
L&T Finance Limited Equity - 0.00% 2,776 0.50%
Indusind Bank Limited Equity - 0.00% 1 0.00%
Axis Bank Ltd 2021 CD - 0.00% 7,861 1.41%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 5,019 0.90%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.18%
AU Small Finance Bank Limited Equity - 0.00% 1,854 0.33%
Financial service activities, 127,690 22.60% 132,077 23.69%
except insurance and pension
funding Total
Others 432,952 76.70% 417,290 74.82%
Net Current Assets 3,932 0.70% 8,321 1.49%
Grand Total 564,574 100.00% 557,689 100.00%

418 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Flexi Balanced Fund II - ULIF 032 20/03/07 LFlexiBal2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name

01 - 78 REPORTS
type Market value % of assets Market value % of assets
(` ‘000) held (` ‘000) held

STATUTORY
Financial service activities, except HDFC Bank Limited Equity 25,786 3.09% 33,228 4.21%
insurance and pension funding
Housing Development Finance Corporation Limited Equity 15,098 1.81% 21,451 2.72%
Kotak Mahindra Bank Limited Equity 11,502 1.38% 15,351 1.94%
Bajaj Finance Limited 2022 CP 10,497 1.26% - 0.00%
6.24% State Bank of India 2025 NCD 10,090 1.21% 5,015 0.64%
Bajaj Finance Limited Equity 8,995 1.08% 180 0.02%
State Bank of India Equity 7,966 0.95% 52 0.01%

79 - 148 FINANCIAL STATEMENTS

Axis Bank Limited 2023 CD 6,697 0.80% - 0.00%
8.54% Rural Electrification Corporation Limited 2028 NCD 6,602 0.79% 6,747 0.85%

STANDALONE
6.44% HDFC Bank Limited 2028 NCD 5,878 0.70% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 5,069 0.61% 5,051 0.64%
5.83% State Bank of India 2030 NCD 4,941 0.59% - 0.00%
6.88% Rural Electrification Corporation Limited 2025 NCD 4,113 0.49% 4,100 0.52%
6.63% Rural Electrification Corporation Limited 2031 NCD 3,921 0.47% 3,971 0.50%
Axis Bank Limited 2022 CD 3,879 0.46% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 3,838 0.46% - 0.00%

149 - 521 FINANCIAL STATEMENTS

8.7% LIC Housing Finance Limited 2029 NCD 3,281 0.39% 3,391 0.43%
8.5% National Agriculture Bank for Rural Development 2029 NCD 3,270 0.39% 3,377 0.43%

CONSOLIDATED
8.37% Rural Electrification Corporation Limited 2028 NCD 3,254 0.39% 3,345 0.42%
Central Depository Services (India) Limited Equity 3,137 0.38% - 0.00%
7.50% HDFC Bank Limited 2025 NCD 3,125 0.37% 3,132 0.40%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 3,008 0.36% - 0.00%
HDFC Bank Limited 2022 CD 2,910 0.35% - 0.00%
Axis Bank Limited Equity 2,479 0.30% 10,465 1.33%
9% Housing Development Finance Corporation Limited 2028 NCD 2,242 0.27% 2,287 0.29%

522 - 584 VALUE RESULTS

8.8% Rural Electrification Corporation Limited 2029 NCD 2,210 0.26% 2,285 0.29%
8.44% HDFC Bank Limited 2028 NCD 2,160 0.26% 2,223 0.28%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 2,136 0.26% 3,305 0.42%

EMBEDDED
7.85% Power Finance Corporation Limited 2028 NCD 2,133 0.26% 2,156 0.27%
Muthoot Finance Limited Equity 2,122 0.25% - 0.00%
7.17% Power Finance Corporation Limited 2025 NCD 2,076 0.25% 5,180 0.66%
7.43% National Agriculture Bank for Rural Development 2030 NCD 2,070 0.25% 2,092 0.27%
6.42% National Agriculture Bank for Rural Development 2030 NCD 1,934 0.23% 1,956 0.25%
6.39% National Agriculture Bank for Rural Development 2030 NCD 1,931 0.23% 1,952 0.25%
585 - 591 INFORMATION

Kotak Mahindra Investments Limited 2023 CP 1,904 0.23% - 0.00%

8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.13% 1,140 0.14%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.13% 1,111 0.14%
ADDITIONAL

8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.13% 1,121 0.14%
8.23% Rural Electrification Corporation Limited 2025 NCD 1,061 0.13% 1,077 0.14%
7.65% Axis Bank Limited 2027 NCD 1,052 0.13% 2,118 0.27%
7.45% LIC Housing Finance Limited 2022 NCD 1,013 0.12% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.12% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 984 0.12% 996 0.13%
Kotak Mahindra Prime Limited 2022 CP 499 0.06% - 0.00%
592 - 595

Axis Bank Ltd 2021 CD - 0.00% 11,791 1.49%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 419
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Flexi Balanced Fund II - ULIF 032 20/03/07 LFlexiBal2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.13%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,001 0.13%
Cholamandalam Investment & Finance Limited Equity - 0.00% 4,103 0.52%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 2,041 0.26%
L&T Finance Limited Equity - 0.00% 4,101 0.52%
Indusind Bank Limited Equity - 0.00% 1 0.00%
AU Small Finance Bank Limited Equity - 0.00% 2,478 0.31%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 6,023 0.76%
Bajaj Finserv Limited Equity - 0.00% 1,344 0.17%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 14,189 1.80%
Financial service activities, 191,154 22.90% 197,936 25.08%
except insurance and pension
funding Total
Others 644,241 77.08% 579,771 73.44%
Net Current Assets 143 0.02% 11,680 1.48%
Grand Total 835,538 100.00% 789,387 100.00%

Flexi Balanced Fund III - ULIF 033 20/03/07 LFlexiBal3 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except HDFC Bank Limited Equity 1,314 3.31% 1,881 4.24%
insurance and pension funding
8.7% LIC Housing Finance Limited 2029 NCD 1,094 2.75% 1,130 2.55%
5.83% State Bank of India 2030 NCD 988 2.49% 987 2.22%
Housing Development Finance Corporation Limited Equity 751 1.89% 1,174 2.65%
Kotak Mahindra Bank Limited Equity 540 1.36% 908 2.05%
Bajaj Finance Limited Equity 457 1.15% 201 0.45%
State Bank of India Equity 419 1.05% 289 0.65%
Central Depository Services (India) Limited Equity 160 0.40% - 0.00%
Muthoot Finance Limited Equity 109 0.27% - 0.00%
Axis Bank Limited Equity 59 0.15% 595 1.34%
AU Small Finance Bank Limited Equity - 0.00% 142 0.32%
Indusind Bank Limited Equity - 0.00% 1 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 180 0.41%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 1,020 2.30%
L&T Finance Limited Equity - 0.00% 230 0.52%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 1,014 2.28%
Axis Bank Ltd 2021 CD - 0.00% 983 2.21%
Bajaj Finserv Limited Equity - 0.00% 87 0.20%
Financial service activities, 5,891 14.83% 10,822 24.39%
except insurance and pension
funding Total
Others 33,038 83.18% 32,634 73.52%
Net Current Assets 789 1.99% 922 2.08%
Grand Total 39,718 100.00% 44,378 100.00%

420 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Flexi Balanced Fund IV - ULIF 040 27/08/07 LFlexiBal4 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
Financial service activities, except HDFC Bank Limited Equity 7,219 2.96% 9,237 4.28%
insurance and pension funding Housing Development Finance Corporation Limited Equity 4,176 1.71% 5,648 2.62%
Kotak Mahindra Bank Limited Equity 3,203 1.31% 4,093 1.90%
Bajaj Finance Limited 2022 CP 2,999 1.23% - 0.00%
Bajaj Finance Limited Equity 2,497 1.02% 67 0.03%
State Bank of India Equity 2,202 0.90% 489 0.23%
8.54% Rural Electrification Corporation Limited 2028 NCD 2,201 0.90% 2,249 1.04%
6.24% State Bank of India 2025 NCD 2,018 0.83% 1,003 0.46%

79 - 148 FINANCIAL STATEMENTS

5.83% State Bank of India 2030 NCD 1,976 0.81% - 0.00%
Axis Bank Limited 2022 CD 1,967 0.81% - 0.00%

STANDALONE
6.44% HDFC Bank Limited 2028 NCD 1,959 0.80% - 0.00%
Axis Bank Limited 2023 CD 1,913 0.78% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 1,121 0.46% 1,143 0.53%
8.8% Rural Electrification Corporation Limited 2029 NCD 1,105 0.45% 1,143 0.53%
8.7% LIC Housing Finance Limited 2029 NCD 1,094 0.45% 1,130 0.52%
8.5% National Agriculture Bank for Rural Development 2029 NCD 1,090 0.45% 1,126 0.52%
8.37% Rural Electrification Corporation Limited 2028 NCD 1,085 0.44% 1,115 0.52%
8.44% HDFC Bank Limited 2028 NCD 1,080 0.44% 1,112 0.51%

149 - 521 FINANCIAL STATEMENTS

8.23% Indian Railway Finance Corporation Limited 2029 NCD 1,068 0.44% 1,102 0.51%
7.85% Power Finance Corporation Limited 2028 NCD 1,067 0.44% 1,078 0.50%

CONSOLIDATED
8.23% Rural Electrification Corporation Limited 2025 NCD 1,061 0.43% 1,077 0.50%
7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.42% 1,046 0.48%
6.88% Rural Electrification Corporation Limited 2025 NCD 1,028 0.42% 1,025 0.47%
6.43% Housing Development Finance Corporation Limited 2025 NCD 1,014 0.42% 1,010 0.47%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 1,003 0.41% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 980 0.40% 993 0.46%
HDFC Bank Limited 2022 CD 970 0.40% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.40% 978 0.45%

522 - 584 VALUE RESULTS

6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.40% 976 0.45%
National Agriculture Bank for Rural Development 2023 CD 959 0.39% - 0.00%

EMBEDDED
Central Depository Services (India) Limited Equity 866 0.35% - 0.00%
Axis Bank Limited Equity 693 0.28% 2,878 1.33%
Muthoot Finance Limited Equity 584 0.24% - 0.00%
Kotak Mahindra Investments Limited 2023 CP 476 0.19% - 0.00%
Indusind Bank Limited Equity - 0.00% 1 0.00%
Axis Bank Ltd 2021 CD - 0.00% 2,948 1.37%
Bajaj Finserv Limited Equity - 0.00% 338 0.16%
585 - 591 INFORMATION

Cholamandalam Investment & Finance Limited Equity - 0.00% 1,092 0.51%

L&T Finance Limited Equity - 0.00% 1,071 0.50%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 4,054 1.88%
ADDITIONAL

5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,004 0.46%
7.65% Axis Bank Limited 2027 NCD - 0.00% 1,059 0.49%
AU Small Finance Bank Limited Equity - 0.00% 798 0.37%
Financial service activities, 55,643 22.78% 54,084 25.04%
except insurance and pension
funding Total
Others 185,706 76.04% 157,844 73.11%
Net Current Assets 2,879 1.18% 3,986 1.85%
592 - 595

Grand Total 244,228 100.00% 215,913 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 421
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Flexi Growth Fund - ULIF 026 20/03/07 LFlexiGro1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Computer programming, consultancy Infosys Limited Equity 526,190 8.86% 393,974 6.80%
and related activities
Tata Consultancy Services Limited Equity 139,306 2.35% 217,581 3.76%
Wipro Limited Equity 78,159 1.32% - 0.00%
Persistent System Limited Equity 33,147 0.56% - 0.00%
HCL Technologies Limited Equity 27,317 0.46% 109,465 1.89%
Mphasis Limited Equity 25,434 0.43% 35,743 0.62%
KPIT Engineering Limited Equity 24,037 0.41% - 0.00%
Tech Mahindra Limited Equity - 0.00% 48,651 0.84%
Computer programming, 853,590 14.39% 805,415 13.91%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 337,228 5.69% 437,807 7.56%
insurance and pension funding
Housing Development Finance Corporation Limited Equity 196,338 3.31% 266,770 4.60%
Kotak Mahindra Bank Limited Equity 147,255 2.48% 198,704 3.43%
Bajaj Finance Limited Equity 118,657 2.00% 1,586 0.03%
State Bank of India Equity 91,733 1.55% 21,309 0.37%
Central Depository Services (India) Limited Equity 37,260 0.63% - 0.00%
L&T Finance Limited Equity 33,243 0.56% 56,644 0.98%
Axis Bank Limited Equity 33,212 0.56% 131,266 2.27%
Muthoot Finance Limited Equity 27,780 0.47% - 0.00%
Bank of Baroda Equity 3,890 0.07% - 0.00%
Indusind Bank Limited Equity - 0.00% 1 0.00%
Bajaj Finserv Limited Equity - 0.00% 16,359 0.28%
AU Small Finance Bank Limited Equity - 0.00% 21,446 0.37%
Cholamandalam Investment & Finance Limited Equity - 0.00% 71,335 1.23%
Financial service activities, 1,026,595 17.31% 1,223,227 21.12%
except insurance and pension
funding Total
Manufacture of chemicals and Hindustan Unilever Limited Equity 219,511 3.70% 167,195 2.89%
chemical products
SRF Limited Equity 130,902 2.21% 43,184 0.75%
PI Industries Limited Equity 54,876 0.93% 46,870 0.81%
Kansai Nerolac Paints Limited Equity - 0.00% 46,197 0.80%
Coromandel International Limited Equity - 0.00% 56,226 0.97%
Solar Industries India Limited Equity - 0.00% 56,121 0.97%
Dabur India Limited Equity - 0.00% 56,123 0.97%
Asian Paints Limited Equity - 0.00% 80,080 1.38%
Aarti Industries Limited Equity - 0.00% 32,845 0.57%
Manufacture of chemicals and 405,289 6.84% 584,842 10.11%
chemical products Total
Others 3,654,297 61.64% 3,188,891 55.01%
Net Current Assets (9,916) -0.17% (8,215) -0.14%
Grand Total 5,929,856 100.00% 5,794,159 100.00%

422 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Flexi Growth Fund II - ULIF 027 20/03/07 LFlexiGro2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name

01 - 78 REPORTS
type Market value % of assets Market value % of assets
(` ‘000) held (` ‘000) held

STATUTORY
Computer programming, consultancy Infosys Limited Equity 759,157 8.76% 578,213 6.81%
and related activities
Tata Consultancy Services Limited Equity 198,939 2.29% 319,517 3.76%
Wipro Limited Equity 113,954 1.31% - 0.00%
Persistent System Limited Equity 51,918 0.60% - 0.00%
HCL Technologies Limited Equity 39,540 0.46% 153,858 1.81%
Mphasis Limited Equity 37,044 0.43% 52,547 0.62%
KPIT Engineering Limited Equity 34,904 0.40% - 0.00%

79 - 148 FINANCIAL STATEMENTS

Tech Mahindra Limited Equity - 0.00% 71,878 0.85%
Computer programming, 1,235,456 14.25% 1,176,014 13.85%
consultancy and related

STANDALONE
activities Total
Financial service activities, except HDFC Bank Limited Equity 489,769 5.65% 642,592 7.56%
insurance and pension funding
Housing Development Finance Corporation Limited Equity 282,897 3.26% 391,392 4.61%
Kotak Mahindra Bank Limited Equity 193,736 2.23% 305,899 3.60%
Bajaj Finance Limited Equity 173,251 2.00% 3,038 0.04%
State Bank of India Equity 143,680 1.66% 29,915 0.35%
Central Depository Services (India) Limited Equity 56,817 0.66% - 0.00%

149 - 521 FINANCIAL STATEMENTS

L&T Finance Limited Equity 52,715 0.61% 93,462 1.10%
Axis Bank Limited Equity 45,252 0.52% 192,628 2.27%

CONSOLIDATED
Muthoot Finance Limited Equity 40,597 0.47% - 0.00%
Bank of Baroda Equity 5,656 0.07% - 0.00%
Indusind Bank Limited Equity - 0.00% 1 0.00%
Bajaj Finserv Limited Equity - 0.00% 24,123 0.28%
AU Small Finance Bank Limited Equity - 0.00% 49,784 0.59%
Cholamandalam Investment & Finance Limited Equity - 0.00% 95,013 1.12%
Financial service activities, 1,484,370 17.13% 1,827,848 21.52%

522 - 584 VALUE RESULTS

except insurance and pension
funding Total

EMBEDDED
Manufacture of chemicals and Hindustan Unilever Limited Equity 320,819 3.70% 250,301 2.95%
chemical products
SRF Limited Equity 197,774 2.28% 72,775 0.86%
PI Industries Limited Equity 80,684 0.93% 69,206 0.81%
Kansai Nerolac Paints Limited Equity - 0.00% 67,578 0.80%
Coromandel International Limited Equity - 0.00% 82,295 0.97%
Solar Industries India Limited Equity - 0.00% 81,954 0.96%
Dabur India Limited Equity - 0.00% 81,883 0.96%
585 - 591 INFORMATION

Asian Paints Limited Equity - 0.00% 117,383 1.38%

Aarti Industries Limited Equity - 0.00% 48,177 0.57%
ADDITIONAL

Manufacture of chemicals and 599,276 6.91% 871,551 10.26%

chemical products Total
Others 5,350,233 61.72% 4,617,589 54.33%
Net Current Assets (34) 0.00% 3,066 0.04%
Grand Total 8,669,302 100.00% 8,496,067 100.00%
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 423
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Flexi Growth Fund III - ULIF 028 20/03/07 LFlexiGro3 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 52,091 8.63% 39,517 6.74%
and related activities Tata Consultancy Services Limited Equity 13,655 2.26% 22,080 3.76%
Wipro Limited Equity 8,099 1.34% - 0.00%
Persistent System Limited Equity 3,450 0.57% - 0.00%
HCL Technologies Limited Equity 2,719 0.45% 10,674 1.82%
Mphasis Limited Equity 2,512 0.42% 3,644 0.62%
KPIT Engineering Limited Equity 2,381 0.39% - 0.00%
Tech Mahindra Limited Equity - 0.00% 5,049 0.86%
Computer programming, 84,907 14.06% 80,964 13.80%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 33,340 5.52% 43,601 7.43%
insurance and pension funding Housing Development Finance Corporation Limited Equity 19,570 3.24% 26,362 4.49%
Kotak Mahindra Bank Limited Equity 14,359 2.38% 20,068 3.42%
Bajaj Finance Limited Equity 11,594 1.92% 185 0.03%
State Bank of India Equity 10,144 1.68% 2,201 0.38%
Central Depository Services (India) Limited Equity 4,081 0.68% - 0.00%
L&T Finance Limited Equity 3,253 0.54% 5,751 0.98%
Axis Bank Limited Equity 3,201 0.53% 13,155 2.24%
Muthoot Finance Limited Equity 2,735 0.45% - 0.00%
Bank of Baroda Equity 387 0.06% - 0.00%
Indusind Bank Limited Equity - 0.00% 1 0.00%
Bajaj Finserv Limited Equity - 0.00% 841 0.14%
AU Small Finance Bank Limited Equity - 0.00% 3,483 0.59%
Cholamandalam Investment & Finance Limited Equity - 0.00% 6,333 1.08%
Financial service activities, 102,665 17.00% 121,983 20.78%
except insurance and pension
funding Total
Others 414,660 68.70% 368,584 62.84%
Net Current Assets 1,476 0.24% 15,213 2.59%
Grand Total 603,708 100.00% 586,743 100.00%

Flexi Growth Fund IV - ULIF 038 27/08/07 LFlexiGro4 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 373,727 8.75% 303,689 6.98%
and related activities Tata Consultancy Services Limited Equity 98,114 2.30% 165,147 3.79%
Wipro Limited Equity 56,059 1.31% - 0.00%
Persistent System Limited Equity 25,661 0.60% - 0.00%
HCL Technologies Limited Equity 18,290 0.43% 83,338 1.91%
Mphasis Limited Equity 18,063 0.42% 27,509 0.63%
KPIT Engineering Limited Equity 17,055 0.40% - 0.00%
Tech Mahindra Limited Equity - 0.00% 38,305 0.88%
Computer programming, 606,968 14.21% 617,987 14.19%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 233,625 5.47% 326,661 7.51%
insurance and pension funding Housing Development Finance Corporation Limited Equity 141,077 3.30% 200,415 4.60%
Kotak Mahindra Bank Limited Equity 106,327 2.49% 153,407 3.52%
Bajaj Finance Limited Equity 82,974 1.94% 2,096 0.05%

424 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Flexi Growth Fund IV - ULIF 038 27/08/07 LFlexiGro4 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

State Bank of India Equity 74,544 1.74% 16,901 0.39%

STATUTORY
Central Depository Services (India) Limited Equity 27,407 0.64% - 0.00%
L&T Finance Limited Equity 24,010 0.56% 43,865 1.01%
Axis Bank Limited Equity 22,917 0.54% 99,970 2.30%
Muthoot Finance Limited Equity 19,960 0.47% - 0.00%
Bank of Baroda Equity 2,766 0.06% - 0.00%
Indusind Bank Limited Equity - 0.00% 1 0.00%
Bajaj Finserv Limited Equity - 0.00% 12,676 0.29%
AU Small Finance Bank Limited Equity - 0.00% 28,047 0.64%

79 - 148 FINANCIAL STATEMENTS

Cholamandalam Investment & Finance Limited Equity - 0.00% 41,096 0.94%
Financial service activities, 735,607 17.21% 925,133 21.25%

STANDALONE
except insurance and pension
funding Total
Manufacture of chemicals and Hindustan Unilever Limited Equity 156,974 3.67% 129,640 2.98%
chemical products SRF Limited Equity 94,822 2.22% 33,498 0.77%
PI Industries Limited Equity 40,795 0.95% 36,476 0.84%
Kansai Nerolac Paints Limited Equity - 0.00% 35,625 0.82%
Coromandel International Limited Equity - 0.00% 43,425 1.00%
Solar Industries India Limited Equity - 0.00% 43,936 1.01%

149 - 521 FINANCIAL STATEMENTS

Dabur India Limited Equity - 0.00% 44,502 1.02%
Asian Paints Limited Equity - 0.00% 62,922 1.45%
Aarti Industries Limited Equity - 0.00% 24,987 0.57%

CONSOLIDATED
Manufacture of chemicals and 292,591 6.84% 455,011 10.46%
chemical products Total
Others 2,625,903 61.48% 2,346,556 53.93%
Net Current Assets 11,186 0.26% 7,507 0.17%
Grand Total 4,272,255 100.00% 4,352,194 100.00%

Focus 50 Fund - ULIF 142 04/02/19 FocusFifty 105

522 - 584 VALUE RESULTS

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

EMBEDDED
Computer programming, consultancy Infosys Limited Equity 2,053,819 7.79% 1,131,919 6.81%
and related activities Tata Consultancy Services Limited Equity 1,040,435 3.95% 734,814 4.42%
HCL Technologies Limited Equity 332,888 1.26% 238,129 1.43%
Tech Mahindra Limited Equity 233,661 0.89% 137,163 0.83%
Wipro Limited Equity 214,312 0.81% 136,782 0.82%
Computer programming, 3,875,115 14.70% 2,378,807 14.31%
consultancy and related
activities Total
585 - 591 INFORMATION

Financial service activities, except Housing Development Finance Corporation Limited Equity 1,485,029 5.63% 1,014,981 6.11%
insurance and pension funding Axis Bank Limited Equity 1,373,760 5.21% 737,452 4.44%
ADDITIONAL

HDFC Bank Limited Equity 1,306,978 4.96% 1,024,923 6.17%

Bajaj Finance Limited Equity 664,082 2.52% 308,002 1.85%
Kotak Mahindra Bank Limited Equity 522,337 1.98% 367,020 2.21%
Bajaj Finserv Limited Equity 354,260 1.34% 131,889 0.79%
State Bank of India Equity 310,395 1.18% 100,216 0.60%
Indusind Bank Limited Equity 52,813 0.20% 38,970 0.23%
Financial service activities, 6,069,654 23.02% 3,723,454 22.40%
except insurance and pension
592 - 595

funding Total

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 425
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Focus 50 Fund - ULIF 142 04/02/19 FocusFifty 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Manufacture of coke and refined Reliance Industries Limited Equity 2,556,630 9.70% 1,559,317 9.38%
petroleum products Bharat Petroleum Corporation Limited Equity 120,736 0.46% 103,743 0.62%
Indian Oil Corporation Limited Equity 3,020 0.01% 60,675 0.36%
Manufacture of coke and refined 2,680,386 10.17% 1,723,736 10.36%
petroleum products Total
Others 13,749,896 52.13% 8,865,540 53.33%
Net Current Assets (4,620) -0.02% (66,711) -0.40%
Grand Total 26,370,430 100.00% 16,624,825 100.00%

Group Balanced Fund - ULGF 001 03/04/03 GBalancer 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 8.65% Power Finance Corporation Limited 2024 NCD 192,565 2.16% 216,199 2.18%
insurance and pension funding Bajaj Finance Limited 2022 CP 190,440 2.14% - 0.00%
8.70% Rural Electrification Corporation Limited 2028 NCD 158,775 1.78% 163,012 1.65%
6.44% HDFC Bank Limited 2028 NCD 143,024 1.61% - 0.00%
6.24% State Bank of India 2025 NCD 129,149 1.45% 61,181 0.62%
5.83% State Bank of India 2030 NCD 126,493 1.42% 38,499 0.39%
Axis Bank Limited 2023 CD 125,338 1.41% - 0.00%
8.54% Rural Electrification Corporation Limited 2028 NCD 123,240 1.38% 125,950 1.27%
9% L&T Finance Limited 2022 NCD 112,074 1.26% 117,079 1.18%
6.88% Rural Electrification Corporation Limited 2025 NCD 101,809 1.14% 49,198 0.50%
8.37% Rural Electrification Corporation Limited 2028 NCD 93,272 1.05% 95,895 0.97%
9% Housing Development Finance Corporation Limited 2028 NCD 90,783 1.02% 92,617 0.94%
Axis Bank Limited 2022 CD 84,364 0.95% - 0.00%
HDFC Bank Limited Equity 80,937 0.91% 101,495 1.03%
8.5% National Agriculture Bank for Rural Development 2029 NCD 77,392 0.87% 79,926 0.81%
National Agriculture Bank for Rural Development 2023 CD 72,916 0.82% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 65,618 0.74% 67,821 0.69%
8.8% Rural Electrification Corporation Limited 2029 NCD 65,199 0.73% 67,416 0.68%
9.1% L&T Finance Limited 2022 NCD 64,645 0.73% 67,594 0.68%
7.85% Power Finance Corporation Limited 2028 NCD 63,994 0.72% 64,691 0.65%
Housing Development Finance Corporation Limited Equity 56,617 0.64% 73,417 0.74%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 55,548 0.62% 71,616 0.72%
8.23% Rural Electrification Corporation Limited 2025 NCD 55,194 0.62% 45,238 0.46%
HDFC Bank Limited 2022 CD 53,343 0.60% - 0.00%
8.44% HDFC Bank Limited 2028 NCD 51,846 0.58% 53,353 0.54%
7.50% HDFC Bank Limited 2025 NCD 51,050 0.57% 51,151 0.52%
6% Housing Development Finance Corporation Limited 2026 NCD 44,508 0.50% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 43,136 0.48% 47,654 0.48%
6.43% Housing Development Finance Corporation Limited 2025 NCD 41,569 0.47% 41,420 0.42%
Axis Bank Limited Equity 41,512 0.47% 39,688 0.40%
9.02% Rural Electrification Corporation Limited 2022 NCD 39,979 0.45% 41,478 0.42%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 36,091 0.41% - 0.00%
8.43% LIC Housing Finance Limited 2026 NCD 34,471 0.39% 34,918 0.35%
Kotak Mahindra Investments Limited 2023 CP 30,464 0.34% - 0.00%
5.81% Rural Electrification Corporation Limited 2025 NCD 27,545 0.31% - 0.00%
8.55% Housing Development Finance Corporation Limited 2029 NCD 27,142 0.30% 28,035 0.28%

426 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Balanced Fund - ULGF 001 03/04/03 GBalancer 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
6.42% National Agriculture Bank for Rural Development 2030 NCD 27,081 0.30% 27,388 0.28%
7.43% National Agriculture Bank for Rural Development 2030 NCD 25,877 0.29% 26,155 0.26%
6.39% National Agriculture Bank for Rural Development 2030 NCD 25,098 0.28% 25,378 0.26%
Bajaj Finance Limited Equity 24,372 0.27% 5,062 0.05%
8.85% Rural Electrification Corporation Limited 2029 NCD 23,517 0.26% 23,945 0.24%
State Bank of India Equity 23,055 0.26% 16,734 0.17%
7.78% Housing Development Finance Corporation Limited 2027 NCD 21,243 0.24% - 0.00%
Kotak Mahindra Bank Limited Equity 18,291 0.21% 23,355 0.24%

79 - 148 FINANCIAL STATEMENTS

6.80% Rural Electrification Corporation Limited 2030 NCD 16,722 0.19% 16,938 0.17%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 14,189 0.16% 14,448 0.15%

STANDALONE
6.85% National Bank For Agriculture & Rural Development 2031 NCD 12,928 0.15% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 12,482 0.14% - 0.00%
7.17% Power Finance Corporation Limited 2025 NCD 12,454 0.14% 29,010 0.29%
8.30% Rural Electrification Corporation Limited 2029 NCD 10,737 0.12% - 0.00%
7.65% Axis Bank Limited 2027 NCD 9,466 0.11% 48,714 0.49%
L&T Finance Limited Equity 5,210 0.06% 11,030 0.11%
Cholamandalam Investment & Finance Limited Equity 4,406 0.05% 9,908 0.10%
Bajaj Holdings & Investment Limited Equity 3,693 0.04% 1,535 0.02%

149 - 521 FINANCIAL STATEMENTS

SBI Cards & Payment Services Limited Equity 2,851 0.03% - 0.00%
Bajaj Finserv Limited Equity 2,627 0.03% - 0.00%

CONSOLIDATED
AU Small Finance Bank Limited Equity 2,041 0.02% - 0.00%
Max Financial Services Limited Equity 1,808 0.02% 5,385 0.05%
Equitas Holdings Limited Equity 824 0.01% - 0.00%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 10,136 0.10%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 10,039 0.10%
Axis Bank Ltd 2021 CD - 0.00% 131,668 1.33%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 82,311 0.83%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 7,010 0.07%

522 - 584 VALUE RESULTS

7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 62,839 0.63%
8.85% Bajaj Finance Limited 2024 NCD - 0.00% 21,733 0.22%

EMBEDDED
Financial service activities, 3,153,014 35.43% 2,547,259 25.72%
except insurance and pension
funding Total
Others 5,391,962 60.55% 6,795,618 68.67%
Net Current Assets 357,410 4.01% 554,861 5.61%
Grand Total 8,902,386 100.00% 9,897,738 100.00%

Group Balanced Fund II - ULGF 041 30/04/13 GBalancer2 105

585 - 591 INFORMATION

At March 31, 2022 At March 31, 2021

Asset
Industry Security name Market value % of assets Market value % of assets
type
ADDITIONAL

(` ‘000) held (` ‘000) held

Financial service activities, except Bajaj Finance Limited 2022 CP 584,814 2.19% - 0.00%
insurance and pension funding 7.02% Bajaj Finance Limited 2031 NCD 498,963 1.87% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 380,091 1.42% - 0.00%
Axis Bank Limited 2023 CD 365,024 1.37% - 0.00%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 307,783 1.15% 31,119 0.13%
6.24% State Bank of India 2025 NCD 284,532 1.06% 122,362 0.53%
592 - 595

6.43% Housing Development Finance Corporation Limited 2025 NCD 266,648 1.00% 265,693 1.15%
HDFC Bank Limited Equity 248,522 0.93% 243,638 1.05%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 427
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Balanced Fund II - ULGF 041 30/04/13 GBalancer2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

9% L&T Finance Limited 2022 NCD 247,985 0.93% 204,631 0.89%

6.88% Rural Electrification Corporation Limited 2025 NCD 238,582 0.89% 237,792 1.03%
5.83% State Bank of India 2030 NCD 237,174 0.89% - 0.00%
7.78% Housing Development Finance Corporation Limited 2027 NCD 233,669 0.87% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 224,506 0.84% - 0.00%
Axis Bank Limited 2022 CD 224,001 0.84% - 0.00%
7.17% Power Finance Corporation Limited 2025 NCD 209,639 0.78% 474,518 2.05%
8.54% Rural Electrification Corporation Limited 2028 NCD 180,459 0.68% 184,427 0.80%
Housing Development Finance Corporation Limited Equity 173,479 0.65% 175,981 0.76%
8.65% Power Finance Corporation Limited 2024 NCD 158,331 0.59% 159,987 0.69%
7.10% National Agriculture Bank for Rural Development 2030 NCD 152,085 0.57% 153,707 0.66%
HDFC Bank Limited 2022 CD 144,511 0.54% - 0.00%
8.23% Rural Electrification Corporation Limited 2025 NCD 143,292 0.54% 145,409 0.63%
5.81% Rural Electrification Corporation Limited 2025 NCD 132,804 0.50% 132,543 0.57%
8.7% LIC Housing Finance Limited 2029 NCD 130,143 0.49% 134,511 0.58%
Axis Bank Limited Equity 127,627 0.48% 96,113 0.42%
8.72% Shriram Transport Finance Company Limited 2023 NCD 127,356 0.48% 13,882 0.06%
6% Housing Development Finance Corporation Limited 2026 NCD 120,665 0.45% - 0.00%
7.87% Housing Development Finance Corporation Limited 2022 NCD 114,003 0.43% 117,139 0.51%
8.37% Rural Electrification Corporation Limited 2028 NCD 103,033 0.39% 105,931 0.46%
9.1% L&T Finance Limited 2022 NCD 102,277 0.38% 85,996 0.37%
8.44% HDFC Bank Limited 2028 NCD 96,132 0.36% 98,925 0.43%
6.63% Rural Electrification Corporation Limited 2031 NCD 96,076 0.36% 107,221 0.46%
7.50% HDFC Bank Limited 2025 NCD 93,765 0.35% 93,951 0.41%
Kotak Mahindra Investments Limited 2023 CP 92,820 0.35% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 87,202 0.33% 90,058 0.39%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 83,210 0.31% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 81,817 0.31% 83,470 0.36%
7.85% Power Finance Corporation Limited 2028 NCD 75,726 0.28% 76,551 0.33%
Bajaj Finance Limited Equity 74,879 0.28% 12,066 0.05%
8.8% Rural Electrification Corporation Limited 2029 NCD 72,934 0.27% 75,414 0.33%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 72,640 0.27% 92,549 0.40%
State Bank of India Equity 70,771 0.26% 41,424 0.18%
8.70% Rural Electrification Corporation Limited 2028 NCD 70,567 0.26% 72,450 0.31%
7.43% National Agriculture Bank for Rural Development 2030 NCD 60,035 0.22% 60,680 0.26%
Kotak Mahindra Bank Limited Equity 55,757 0.21% 57,521 0.25%
6.42% National Agriculture Bank for Rural Development 2030 NCD 54,161 0.20% 54,776 0.24%
7.98% IDFC Bank Limited 2023 NCD 51,355 0.19% - 0.00%
7.14% Rural Electrification Corporation Limited 2030 NCD 50,737 0.19% - 0.00%
6.39% National Agriculture Bank for Rural Development 2030 NCD 50,195 0.19% 50,756 0.22%
8.85% Rural Electrification Corporation Limited 2029 NCD 44,794 0.17% 45,609 0.20%
6.80% Rural Electrification Corporation Limited 2030 NCD 41,313 0.15% 38,857 0.17%
Kotak Mahindra Prime Limited 2022 CP 38,943 0.15% - 0.00%
8.55% Housing Development Finance Corporation Limited 2029 NCD 34,742 0.13% 35,884 0.16%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 29,834 0.11% - 0.00%
8.43% LIC Housing Finance Limited 2026 NCD 26,931 0.10% 27,279 0.12%
7.65% Axis Bank Limited 2027 NCD 26,296 0.10% 136,611 0.59%
7.74% Power Finance Corporation Limited 2028 NCD 15,801 0.06% - 0.00%
L&T Finance Limited Equity 15,512 0.06% 26,451 0.11%

428 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Balanced Fund II - ULGF 041 30/04/13 GBalancer2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
Cholamandalam Investment & Finance Limited Equity 13,472 0.05% 24,062 0.10%
Bajaj Holdings & Investment Limited Equity 11,280 0.04% 3,705 0.02%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 10,551 0.04% - 0.00%
SBI Cards & Payment Services Limited Equity 8,646 0.03% - 0.00%
Bajaj Finserv Limited Equity 7,967 0.03% - 0.00%
AU Small Finance Bank Limited Equity 6,233 0.02% - 0.00%
Max Financial Services Limited Equity 5,503 0.02% 12,572 0.05%
Equitas Holdings Limited Equity 2,369 0.01% - 0.00%

79 - 148 FINANCIAL STATEMENTS

8.2% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 80,931 0.35%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 367,910 1.59%

STANDALONE
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 23,089 0.10%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 16,022 0.07%
8.51% National Agriculture Bank for Rural Development 2033 NCD - 0.00% 107,559 0.47%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 176,668 0.76%
Axis Bank Ltd 2021 CD - 0.00% 317,378 1.37%
7.24% Rural Electrification Corporation Limited 2021 NCD - 0.00% 254,244 1.10%
7.04% Power Finance Corporation Limited 2023 NCD - 0.00% 520,680 2.25%
Financial service activities, 8,192,962 30.67% 6,368,703 27.52%

149 - 521 FINANCIAL STATEMENTS

except insurance and pension
funding Total
Others 17,741,992 66.39% 16,014,382 69.29%

CONSOLIDATED
Net Current Assets 785,179 2.94% 737,830 3.19%
Grand Total 26,720,132 100.00% 23,120,915 100.00%

Group Capital Guarantee Balanced Fund - ULGF 006 03/10/05 GCGBal1 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

522 - 584 VALUE RESULTS

Financial service activities, except Bajaj Finance Limited 2022 CP 2,999 2.88% - 0.00%
insurance and pension funding Axis Bank Limited 2023 CD 1,435 1.38% - 0.00%

EMBEDDED
9% L&T Finance Limited 2022 NCD 1,212 1.16% 1,266 1.31%
9% Housing Development Finance Corporation Limited 2028 NCD 1,121 1.07% 1,143 1.19%
8.70% Rural Electrification Corporation Limited 2028 NCD 1,103 1.06% 1,132 1.17%
8.54% Rural Electrification Corporation Limited 2028 NCD 1,100 1.06% 1,125 1.17%
8.7% LIC Housing Finance Limited 2029 NCD 1,094 1.05% 1,130 1.17%
8.5% National Agriculture Bank for Rural Development 2029 NCD 1,090 1.05% 1,126 1.17%
8.37% Rural Electrification Corporation Limited 2028 NCD 1,085 1.04% 1,115 1.16%
585 - 591 INFORMATION

8.44% HDFC Bank Limited 2028 NCD 1,080 1.04% 1,112 1.15%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 1,068 1.02% 1,102 1.14%
7.85% Power Finance Corporation Limited 2028 NCD 1,067 1.02% 1,078 1.12%
ADDITIONAL

7.50% HDFC Bank Limited 2025 NCD 1,042 1.00% 1,044 1.08%
7.17% Power Finance Corporation Limited 2025 NCD 1,038 1.00% 1,036 1.07%
6.43% Housing Development Finance Corporation Limited 2025 NCD 1,014 0.97% 1,010 1.05%
6.24% State Bank of India 2025 NCD 1,009 0.97% 1,003 1.04%
6% Housing Development Finance Corporation Limited 2026 NCD 989 0.95% - 0.00%
HDFC Bank Limited Equity 973 0.93% 1,014 1.05%
Axis Bank Limited 2022 CD 970 0.93% - 0.00%
592 - 595

National Agriculture Bank for Rural Development 2023 CD 959 0.92% - 0.00%
Housing Development Finance Corporation Limited Equity 684 0.66% 732 0.76%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 429
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Balanced Fund - ULGF 006 03/10/05 GCGBal1 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

9.1% L&T Finance Limited 2022 NCD 561 0.54% 587 0.61%
Axis Bank Limited Equity 500 0.48% 397 0.41%
HDFC Bank Limited 2022 CD 485 0.47% - 0.00%
Kotak Mahindra Investments Limited 2023 CP 476 0.46% - 0.00%
Bajaj Finance Limited Equity 290 0.28% 52 0.05%
State Bank of India Equity 278 0.27% 172 0.18%
Kotak Mahindra Bank Limited Equity 221 0.21% 242 0.25%
L&T Finance Limited Equity 61 0.06% 111 0.12%
Cholamandalam Investment & Finance Limited Equity 53 0.05% 102 0.11%
Bajaj Holdings & Investment Limited Equity 45 0.04% 20 0.02%
SBI Cards & Payment Services Limited Equity 35 0.03% - 0.00%
Bajaj Finserv Limited Equity 34 0.03% - 0.00%
AU Small Finance Bank Limited Equity 25 0.02% - 0.00%
Max Financial Services Limited Equity 21 0.02% 56 0.06%
Equitas Holdings Limited Equity 10 0.01% - 0.00%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,004 1.04%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 1,014 1.05%
Axis Bank Ltd 2021 CD - 0.00% 983 1.02%
Financial service activities, 27,226 26.13% 21,905 22.72%
except insurance and pension
funding Total
Others 74,528 71.44% 71,348 74.03%
Net Current Assets 2,533 2.43% 3,129 3.25%
Grand Total 104,287 100.00% 96,383 100.00%

Group Capital Guarantee Balanced Fund II - ULGF 010 21/03/07 GCGBal2 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except Bajaj Finance Limited 2022 CP 28,491 2.16% - 0.00%
insurance and pension funding 8.54% Rural Electrification Corporation Limited 2028 NCD 26,409 2.01% 26,989 1.88%
9% L&T Finance Limited 2022 NCD 22,381 1.70% 23,380 1.63%
6.24% State Bank of India 2025 NCD 22,198 1.69% 12,036 0.84%
6.44% HDFC Bank Limited 2028 NCD 20,572 1.56% - 0.00%
8.70% Rural Electrification Corporation Limited 2028 NCD 19,847 1.51% 20,376 1.42%
5.83% State Bank of India 2030 NCD 18,776 1.43% 5,923 0.41%
Axis Bank Limited 2023 CD 18,657 1.42% - 0.00%
8.37% Rural Electrification Corporation Limited 2028 NCD 15,184 1.15% 15,611 1.09%
7.50% HDFC Bank Limited 2025 NCD 14,586 1.11% 14,615 1.02%
Axis Bank Limited 2022 CD 12,606 0.96% - 0.00%
7.17% Power Finance Corporation Limited 2025 NCD 12,454 0.95% 29,010 2.03%
HDFC Bank Limited Equity 12,373 0.94% 15,069 1.05%
9% Housing Development Finance Corporation Limited 2028 NCD 12,329 0.94% 12,578 0.88%
8.5% National Agriculture Bank for Rural Development 2029 NCD 11,990 0.91% 12,383 0.86%
National Agriculture Bank for Rural Development 2023 CD 11,033 0.84% - 0.00%
8.44% HDFC Bank Limited 2028 NCD 10,801 0.82% 11,115 0.78%
7.85% Power Finance Corporation Limited 2028 NCD 10,666 0.81% 10,782 0.75%

430 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Balanced Fund II - ULGF 010 21/03/07 GCGBal2 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name

01 - 78 REPORTS
type Market value % of assets Market value % of assets
(` ‘000) held (` ‘000) held

STATUTORY
9.1% L&T Finance Limited 2022 NCD 10,447 0.79% 10,924 0.76%
8.8% Rural Electrification Corporation Limited 2029 NCD 9,946 0.76% 10,284 0.72%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 9,614 0.73% 12,120 0.85%
6.88% Rural Electrification Corporation Limited 2025 NCD 9,255 0.70% 9,225 0.64%
6.63% Rural Electrification Corporation Limited 2031 NCD 8,823 0.67% 9,928 0.69%
Housing Development Finance Corporation Limited Equity 8,701 0.66% 10,892 0.76%
8.23% Rural Electrification Corporation Limited 2025 NCD 8,491 0.64% 8,617 0.60%
HDFC Bank Limited 2022 CD 7,274 0.55% - 0.00%

79 - 148 FINANCIAL STATEMENTS

6% Housing Development Finance Corporation Limited 2026 NCD 6,923 0.53% - 0.00%
Axis Bank Limited Equity 6,352 0.48% 5,898 0.41%

STANDALONE
7.43% National Agriculture Bank for Rural Development 2030 NCD 5,175 0.39% 5,231 0.37%
6.43% Housing Development Finance Corporation Limited 2025 NCD 5,069 0.38% 5,051 0.35%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 5,013 0.38% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 4,836 0.37% 4,891 0.34%
6.39% National Agriculture Bank for Rural Development 2030 NCD 4,826 0.37% 4,880 0.34%
Kotak Mahindra Investments Limited 2023 CP 4,760 0.36% - 0.00%

149 - 521 FINANCIAL STATEMENTS

8.85% Rural Electrification Corporation Limited 2029 NCD 4,479 0.34% 4,561 0.32%
8.55% Housing Development Finance Corporation Limited 2029 NCD 4,343 0.33% 4,486 0.31%
Bajaj Finance Limited Equity 3,732 0.28% 757 0.05%

CONSOLIDATED
State Bank of India Equity 3,512 0.27% 2,548 0.18%
8.7% LIC Housing Finance Limited 2029 NCD 3,281 0.25% 3,391 0.24%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 3,274 0.25% 3,334 0.23%
6.80% Rural Electrification Corporation Limited 2030 NCD 2,951 0.22% 2,989 0.21%
Kotak Mahindra Bank Limited Equity 2,820 0.21% 3,590 0.25%
7.65% Axis Bank Limited 2027 NCD 2,104 0.16% 9,531 0.67%
Kotak Mahindra Prime Limited 2022 CP 1,997 0.15% - 0.00%

522 - 584 VALUE RESULTS

6.85% National Bank For Agriculture & Rural Development 2031 NCD 1,989 0.15% - 0.00%
L&T Finance Limited Equity 807 0.06% 1,639 0.11%

EMBEDDED
Cholamandalam Investment & Finance Limited Equity 677 0.05% 1,510 0.11%
Bajaj Holdings & Investment Limited Equity 566 0.04% 237 0.02%
SBI Cards & Payment Services Limited Equity 446 0.03% - 0.00%
Bajaj Finserv Limited Equity 392 0.03% - 0.00%
AU Small Finance Bank Limited Equity 319 0.02% - 0.00%
Max Financial Services Limited Equity 272 0.02% 804 0.06%
Equitas Holdings Limited Equity 126 0.01% - 0.00%
585 - 591 INFORMATION

5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,001 0.07%
Axis Bank Ltd 2021 CD - 0.00% 19,652 1.37%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 2,008 0.14%
ADDITIONAL

5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 14,053 0.98%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 5,072 0.35%
Financial service activities, 454,946 34.56% 388,969 27.15%
except insurance and pension
funding Total
Others 825,396 62.68% 993,034 69.36%
Net Current Assets 36,394 2.76% 50,017 3.49%
592 - 595

Grand Total 1,316,737 100.00% 1,432,019 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 431
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Balanced Fund III - ULGF 049 27/08/13 GCGBal3 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except 8.70% Rural Electrification Corporation Limited 2028 NCD 187,443 2.61% 79,242 1.60%
insurance and pension funding Bajaj Finance Limited 2022 CP 157,450 2.19% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 148,025 2.06% 48,492 0.98%
8.54% Rural Electrification Corporation Limited 2028 NCD 97,932 1.36% 100,085 2.02%
5.83% State Bank of India 2030 NCD 91,905 1.28% 34,550 0.70%
Axis Bank Limited 2023 CD 91,380 1.27% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 90,125 1.25% - 0.00%
9.02% Rural Electrification Corporation Limited 2022 NCD 72,783 1.01% 75,511 1.52%
HDFC Bank Limited Equity 66,989 0.93% 52,297 1.05%
6.24% State Bank of India 2025 NCD 61,548 0.86% 26,077 0.53%
National Agriculture Bank for Rural Development 2023 CD 60,444 0.84% - 0.00%
7.43% Housing Development Finance Corporation Limited 2022 NCD 50,299 0.70% - 0.00%
Axis Bank Limited 2022 CD 49,455 0.69% - 0.00%
Housing Development Finance Corporation Limited Equity 46,959 0.65% 37,774 0.76%
9% L&T Finance Limited 2022 NCD 46,307 0.64% 48,375 0.98%
HDFC Bank Limited 2022 CD 38,795 0.54% - 0.00%
Axis Bank Limited Equity 34,406 0.48% 20,465 0.41%
8.37% Rural Electrification Corporation Limited 2028 NCD 28,199 0.39% 28,992 0.58%
7.17% Power Finance Corporation Limited 2025 NCD 26,983 0.38% 61,128 1.23%
6% Housing Development Finance Corporation Limited 2026 NCD 26,705 0.37% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 26,161 0.36% 27,017 0.54%
Kotak Mahindra Investments Limited 2023 CP 25,228 0.35% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 22,416 0.31% 22,868 0.46%
8.44% HDFC Bank Limited 2028 NCD 21,603 0.30% 22,230 0.45%
9.1% L&T Finance Limited 2022 NCD 21,595 0.30% 22,580 0.46%
8.8% Rural Electrification Corporation Limited 2029 NCD 20,996 0.29% 21,710 0.44%
6.88% Rural Electrification Corporation Limited 2025 NCD 20,567 0.29% 20,499 0.41%
Bajaj Finance Limited Equity 20,204 0.28% 2,637 0.05%
6.63% Rural Electrification Corporation Limited 2031 NCD 19,607 0.27% 21,841 0.44%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 19,228 0.27% 25,341 0.51%
7.85% Power Finance Corporation Limited 2028 NCD 19,198 0.27% 19,407 0.39%
State Bank of India Equity 19,007 0.26% 8,844 0.18%
7.50% HDFC Bank Limited 2025 NCD 18,753 0.26% 18,790 0.38%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 18,046 0.25% - 0.00%
Kotak Mahindra Bank Limited Equity 14,987 0.21% 12,474 0.25%
8.23% Rural Electrification Corporation Limited 2025 NCD 13,798 0.19% 14,002 0.28%
7.43% National Agriculture Bank for Rural Development 2030 NCD 12,421 0.17% 12,555 0.25%
6.42% National Agriculture Bank for Rural Development 2030 NCD 11,606 0.16% 11,738 0.24%
7.78% Housing Development Finance Corporation Limited 2027 NCD 10,621 0.15% - 0.00%
6.39% National Agriculture Bank for Rural Development 2030 NCD 10,618 0.15% 10,737 0.22%
Kotak Mahindra Prime Limited 2022 CP 10,485 0.15% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 10,079 0.14% 10,262 0.21%
8.7% LIC Housing Finance Limited 2029 NCD 9,843 0.14% 10,173 0.21%
8.55% Housing Development Finance Corporation Limited 2029 NCD 9,771 0.14% 10,092 0.20%
6.80% Rural Electrification Corporation Limited 2030 NCD 7,869 0.11% 7,971 0.16%

432 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Balanced Fund III - ULGF 049 27/08/13 GCGBal3 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name

01 - 78 REPORTS
type Market value % of assets Market value % of assets
(` ‘000) held (` ‘000) held

STATUTORY
8.45% Indian Railway Finance Corporation Limited 2028 NCD 6,549 0.09% 6,668 0.13%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 5,967 0.08% - 0.00%
7.65% Axis Bank Limited 2027 NCD 4,207 0.06% 21,180 0.43%
Cholamandalam Investment & Finance Limited Equity 3,661 0.05% 5,233 0.11%
L&T Finance Limited Equity 3,631 0.05% 5,701 0.11%
Bajaj Holdings & Investment Limited Equity 3,062 0.04% 830 0.02%
SBI Cards & Payment Services Limited Equity 2,295 0.03% - 0.00%

79 - 148 FINANCIAL STATEMENTS

Bajaj Finserv Limited Equity 2,150 0.03% - 0.00%
AU Small Finance Bank Limited Equity 1,646 0.02% - 0.00%

STANDALONE
Max Financial Services Limited Equity 1,484 0.02% 2,808 0.06%
Equitas Holdings Limited Equity 598 0.01% - 0.00%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 17,245 0.35%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 38,144 0.77%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 4,005 0.08%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 5,019 0.10%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 88,177 1.78%

149 - 521 FINANCIAL STATEMENTS

Axis Bank Ltd 2021 CD - 0.00% 69,764 1.41%
Financial service activities, 1,924,086 26.76% 1,211,533 24.44%
except insurance and pension

CONSOLIDATED
funding Total
Others 5,084,921 70.77% 3,602,898 72.65%
Net Current Assets 177,488 2.47% 144,183 2.91%
Grand Total 7,186,496 100.00% 4,958,615 100.00%

Group Capital Guarantee Debt Fund - ULGF 007 28/10/05 GCGDebt1 105
At March 31, 2022 At March 31, 2021

522 - 584 VALUE RESULTS

Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

EMBEDDED
Financial service activities, except 7.14% Rural Electrification Corporation Limited 2030 NCD 2,029 4.53% 2,054 4.57%
insurance and pension funding Bajaj Finance Limited 2022 CP 1,500 3.34% - 0.00%
7.85% Power Finance Corporation Limited 2028 NCD 1,067 2.38% 1,078 2.40%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 1,055 2.35% 1,054 2.34%
6.43% Housing Development Finance Corporation Limited 2025 NCD 1,014 2.26% 1,010 2.25%
5.83% State Bank of India 2030 NCD 988 2.20% 987 2.19%
6.80% Rural Electrification Corporation Limited 2030 NCD 984 2.19% 996 2.21%
Axis Bank Limited 2023 CD 957 2.14% - 0.00%
585 - 591 INFORMATION

HDFC Bank Limited 2022 CD 485 1.08% - 0.00%

National Agriculture Bank for Rural Development 2023 CD 480 1.07% - 0.00%
ADDITIONAL

Kotak Mahindra Investments Limited 2023 CP 476 1.06% - 0.00%

7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 1,014 2.25%
Axis Bank Ltd 2021 CD - 0.00% 983 2.18%
Financial service activities, 11,034 24.61% 9,177 20.39%
except insurance and pension
funding Total
Others 32,710 72.97% 34,085 75.77%
Net Current Assets 1,086 2.42% 1,729 3.84%
592 - 595

Grand Total 44,830 100.00% 44,991 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 433
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Debt Fund II - ULGF 011 21/03/07 GCGDebt2 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 7.85% Power Finance Corporation Limited 2028 NCD 25,598 3.19% 25,877 3.21%
insurance and pension funding Bajaj Finance Limited 2022 CP 20,993 2.62% - 0.00%
5.83% State Bank of India 2030 NCD 19,764 2.47% 1,974 0.24%
6.44% HDFC Bank Limited 2028 NCD 15,674 1.96% - 0.00%
7.14% Rural Electrification Corporation Limited 2030 NCD 15,221 1.90% 15,408 1.91%
Axis Bank Limited 2023 CD 13,395 1.67% - 0.00%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 12,661 1.58% 12,648 1.57%
6.80% Rural Electrification Corporation Limited 2030 NCD 11,804 1.47% 11,956 1.48%
8.54% Rural Electrification Corporation Limited 2028 NCD 11,004 1.37% 11,246 1.40%
6.43% Housing Development Finance Corporation Limited 2025 NCD 10,139 1.26% 10,102 1.25%
6.24% State Bank of India 2025 NCD 9,081 1.13% 5,015 0.62%
8.72% Shriram Transport Finance Company Limited 2023 NCD 8,283 1.03% 8,543 1.06%
National Agriculture Bank for Rural Development 2023 CD 8,155 1.02% - 0.00%
Axis Bank Limited 2022 CD 7,758 0.97% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 6,562 0.82% 6,782 0.84%
8.37% Rural Electrification Corporation Limited 2028 NCD 6,507 0.81% 6,690 0.83%
9% Housing Development Finance Corporation Limited 2028 NCD 5,604 0.70% 5,717 0.71%
8.44% HDFC Bank Limited 2028 NCD 5,401 0.67% 5,558 0.69%
HDFC Bank Limited 2022 CD 5,334 0.67% - 0.00%
8.8% Rural Electrification Corporation Limited 2029 NCD 4,420 0.55% 4,571 0.57%
9.1% L&T Finance Limited 2022 NCD 4,417 0.55% 4,619 0.57%
9% L&T Finance Limited 2022 NCD 4,409 0.55% 9,838 1.22%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 4,273 0.53% 5,509 0.68%
6.88% Rural Electrification Corporation Limited 2025 NCD 4,113 0.51% 4,100 0.51%
6% Housing Development Finance Corporation Limited 2026 NCD 3,956 0.49% - 0.00%
Kotak Mahindra Investments Limited 2023 CP 3,332 0.42% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 3,270 0.41% 3,377 0.42%
8.23% Rural Electrification Corporation Limited 2025 NCD 3,184 0.40% 3,231 0.40%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 3,008 0.38% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 2,941 0.37% 3,971 0.49%
8.85% Rural Electrification Corporation Limited 2029 NCD 2,240 0.28% 2,280 0.28%
8.55% Housing Development Finance Corporation Limited 2029 NCD 2,171 0.27% 2,243 0.28%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 2,148 0.27% 2,213 0.27%
7.43% National Agriculture Bank for Rural Development 2030 NCD 2,070 0.26% 2,092 0.26%
5.81% Rural Electrification Corporation Limited 2025 NCD 1,967 0.25% 1,964 0.24%
6.42% National Agriculture Bank for Rural Development 2030 NCD 1,934 0.24% 1,956 0.24%
6.39% National Agriculture Bank for Rural Development 2030 NCD 1,931 0.24% 1,952 0.24%
Kotak Mahindra Prime Limited 2022 CP 1,498 0.19% - 0.00%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.14% 1,111 0.14%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 1,071 0.13% 1,104 0.14%
7.65% Axis Bank Limited 2027 NCD 1,052 0.13% 4,236 0.53%
7.17% Power Finance Corporation Limited 2025 NCD 1,038 0.13% 3,108 0.39%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.12% - 0.00%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 10,136 1.26%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 2,981 0.37%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 6,023 0.75%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 8,115 1.01%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.12%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 4,302 0.53%

434 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Debt Fund II - ULGF 011 21/03/07 GCGDebt2 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,001 0.12%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 6,608 0.82%
7.35% Bajaj Finance Limited 2022 NCD - 0.00% 2,075 0.26%
Axis Bank Ltd 2021 CD - 0.00% 10,809 1.34%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 11,149 1.38%
Financial service activities, 281,467 35.11% 255,194 31.66%
except insurance and pension
funding Total
Others 500,007 62.38% 520,357 64.55%

79 - 148 FINANCIAL STATEMENTS

Net Current Assets 20,178 2.52% 30,534 3.79%
Grand Total 801,653 100.00% 806,084 100.00%

STANDALONE
Group Capital Guarantee Debt Fund III - ULGF 048 27/08/13 GCGDebt3 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 8.55% Housing Development Finance Corporation Limited 2029 NCD 109,653 4.06% 113,259 5.06%
insurance and pension funding

149 - 521 FINANCIAL STATEMENTS

8.3% Indian Railway Finance Corpn. Limit 2029 NCD 71,816 2.66% - 0.00%
Bajaj Finance Limited 2022 CP 70,478 2.61% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 68,856 2.55% 69,743 3.12%

CONSOLIDATED
6.24% State Bank of India 2025 NCD 66,593 2.47% 7,021 0.31%
6.44% HDFC Bank Limited 2028 NCD 45,062 1.67% - 0.00%
Axis Bank Limited 2023 CD 43,535 1.61% - 0.00%
5.83% State Bank of India 2030 NCD 35,576 1.32% 7,897 0.35%
National Agriculture Bank for Rural Development 2023 CD 26,864 0.99% - 0.00%
Axis Bank Limited 2022 CD 26,182 0.97% - 0.00%
8.54% Rural Electrification Corporation Limited 2028 NCD 19,806 0.73% 20,242 0.91%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 17,936 0.66% 17,919 0.80%

522 - 584 VALUE RESULTS

HDFC Bank Limited 2022 CD 16,973 0.63% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 15,208 0.56% 15,154 0.68%

EMBEDDED
6% Housing Development Finance Corporation Limited 2026 NCD 13,847 0.51% - 0.00%
8.37% Rural Electrification Corporation Limited 2028 NCD 11,930 0.44% 12,266 0.55%
Kotak Mahindra Investments Limited 2023 CP 11,424 0.42% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 8,966 0.33% 9,147 0.41%
9.1% L&T Finance Limited 2022 NCD 8,273 0.31% 8,651 0.39%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 8,020 0.30% - 0.00%
8.8% Rural Electrification Corporation Limited 2029 NCD 7,735 0.29% 7,998 0.36%
585 - 591 INFORMATION

8.5% National Agriculture Bank for Rural Development 2029 NCD 7,630 0.28% 7,880 0.35%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 7,478 0.28% 9,916 0.44%
7.85% Power Finance Corporation Limited 2028 NCD 7,466 0.28% 7,547 0.34%
ADDITIONAL

6.88% Rural Electrification Corporation Limited 2025 NCD 7,199 0.27% 7,175 0.32%
5.81% Rural Electrification Corporation Limited 2025 NCD 6,886 0.26% 6,873 0.31%
8.44% HDFC Bank Limited 2028 NCD 6,481 0.24% 6,669 0.30%
8.23% Rural Electrification Corporation Limited 2025 NCD 6,369 0.24% 6,463 0.29%
6.63% Rural Electrification Corporation Limited 2031 NCD 5,882 0.22% 6,950 0.31%
Kotak Mahindra Prime Limited 2022 CP 4,493 0.17% - 0.00%
7.17% Power Finance Corporation Limited 2025 NCD 4,151 0.15% 9,325 0.42%
592 - 595

7.43% National Agriculture Bank for Rural Development 2030 NCD 4,140 0.15% 4,185 0.19%
6.42% National Agriculture Bank for Rural Development 2030 NCD 3,869 0.14% 3,913 0.17%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 435
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Debt Fund III - ULGF 048 27/08/13 GCGDebt3 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

6.39% National Agriculture Bank for Rural Development 2030 NCD 3,861 0.14% 3,904 0.17%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 3,221 0.12% 3,319 0.15%
7.14% Rural Electrification Corporation Limited 2030 NCD 3,044 0.11% 3,082 0.14%
7.35% Bajaj Finance Limited 2022 NCD 3,043 0.11% 3,112 0.14%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 2,983 0.11% - 0.00%
8.80% Rural Electrification Corporation Limited 2029 NCD 2,219 0.08% 2,276 0.10%
8.7% LIC Housing Finance Limited 2029 NCD 2,187 0.08% 2,261 0.10%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 2,183 0.08% 2,223 0.10%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 2,142 0.08% 2,208 0.10%
7.65% Axis Bank Limited 2027 NCD 1,052 0.04% 6,354 0.28%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 4,968 0.22%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 8,811 0.39%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 4,058 0.18%
Axis Bank Ltd 2021 CD - 0.00% 21,617 0.97%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 5,068 0.23%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,001 0.04%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 11,042 0.49%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 7,528 0.34%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 20,271 0.91%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.04%
Financial service activities, 802,714 29.72% 480,297 21.48%
except insurance and pension
funding Total
Others 1,824,471 67.57% 1,696,479 75.87%
Net Current Assets 73,212 2.71% 59,364 2.65%
Grand Total 2,700,398 100.00% 2,236,140 100.00%

Group Capital Guarantee Growth Fund - ULGF 008 11/12/06 GCGGrowth1 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except Bajaj Finance Limited 2022 CP 1,500 2.24% - 0.00%
insurance and pension funding HDFC Bank Limited Equity 1,451 2.17% 1,628 2.46%
8.70% Rural Electrification Corporation Limited 2028 NCD 1,103 1.65% 1,132 1.71%
8.7% LIC Housing Finance Limited 2029 NCD 1,094 1.64% 1,130 1.71%
7.17% Power Finance Corporation Limited 2025 NCD 1,038 1.55% 1,036 1.57%
Housing Development Finance Corporation Limited Equity 1,018 1.52% 1,177 1.78%
6.43% Housing Development Finance Corporation Limited 2025 NCD 1,014 1.52% 1,010 1.53%
5.83% State Bank of India 2030 NCD 988 1.48% 987 1.49%
Axis Bank Limited 2023 CD 957 1.44% - 0.00%
Axis Bank Limited Equity 746 1.12% 637 0.96%
HDFC Bank Limited 2022 CD 485 0.73% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 480 0.72% - 0.00%
Kotak Mahindra Investments Limited 2023 CP 476 0.71% - 0.00%
Bajaj Finance Limited Equity 436 0.65% 82 0.12%
State Bank of India Equity 414 0.62% 275 0.42%
Kotak Mahindra Bank Limited Equity 330 0.49% 389 0.59%
L&T Finance Limited Equity 95 0.14% 177 0.27%
Cholamandalam Investment & Finance Limited Equity 78 0.12% 163 0.25%

436 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Growth Fund - ULGF 008 11/12/06 GCGGrowth1 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
Bajaj Holdings & Investment Limited Equity 65 0.10% 23 0.03%
SBI Cards & Payment Services Limited Equity 53 0.08% - 0.00%
Bajaj Finserv Limited Equity 51 0.08% - 0.00%
AU Small Finance Bank Limited Equity 37 0.06% - 0.00%
Max Financial Services Limited Equity 32 0.05% 85 0.13%
Equitas Holdings Limited Equity 15 0.02% - 0.00%
Axis Bank Ltd 2021 CD - 0.00% 983 1.48%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 1,014 1.53%

79 - 148 FINANCIAL STATEMENTS

Financial service activities, 13,955 20.89% 11,928 18.03%
except insurance and pension
funding Total

STANDALONE
Others 51,159 76.55% 52,444 79.24%
Net Current Assets 1,712 2.56% 1,810 2.73%
Grand Total 66,825 100.00% 66,182 100.00%

Group Capital Guarantee Growth Fund II - ULGF 012 05/07/07 GCGGrowth2 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

149 - 521 FINANCIAL STATEMENTS

type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 5,771 2.18% 6,317 2.46%

CONSOLIDATED
insurance and pension funding Bajaj Finance Limited 2022 CP 4,499 1.70% - 0.00%
Housing Development Finance Corporation Limited Equity 4,025 1.52% 4,567 1.78%
6.44% HDFC Bank Limited 2028 NCD 3,918 1.48% - 0.00%
8.54% Rural Electrification Corporation Limited 2028 NCD 3,301 1.24% 3,374 1.32%
6.24% State Bank of India 2025 NCD 3,027 1.14% 2,006 0.78%
Axis Bank Limited Equity 2,957 1.11% 2,472 0.96%
Axis Bank Limited 2023 CD 2,871 1.08% - 0.00%
8.70% Rural Electrification Corporation Limited 2028 NCD 2,205 0.83% 2,264 0.88%

522 - 584 VALUE RESULTS

8.7% LIC Housing Finance Limited 2029 NCD 2,187 0.82% 2,261 0.88%
9% L&T Finance Limited 2022 NCD 2,146 0.81% 2,242 0.87%

EMBEDDED
6.43% Housing Development Finance Corporation Limited 2025 NCD 2,028 0.76% 2,020 0.79%
6% Housing Development Finance Corporation Limited 2026 NCD 1,978 0.75% - 0.00%
5.83% State Bank of India 2030 NCD 1,976 0.75% - 0.00%
Axis Bank Limited 2022 CD 1,939 0.73% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 1,919 0.72% - 0.00%
Bajaj Finance Limited Equity 1,735 0.65% 319 0.12%
State Bank of India Equity 1,645 0.62% 1,066 0.42%
585 - 591 INFORMATION

Kotak Mahindra Bank Limited Equity 1,289 0.49% 1,501 0.58%

9% Housing Development Finance Corporation Limited 2028 NCD 1,121 0.42% 1,143 0.45%
8.8% Rural Electrification Corporation Limited 2029 NCD 1,105 0.42% 1,143 0.45%
ADDITIONAL

8.5% National Agriculture Bank for Rural Development 2029 NCD 1,090 0.41% 1,126 0.44%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.41% 1,121 0.44%
8.37% Rural Electrification Corporation Limited 2028 NCD 1,085 0.41% 1,115 0.43%
8.44% HDFC Bank Limited 2028 NCD 1,080 0.41% 1,112 0.43%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 1,068 0.40% 1,102 0.43%
7.85% Power Finance Corporation Limited 2028 NCD 1,067 0.40% 1,078 0.42%
8.23% Rural Electrification Corporation Limited 2025 NCD 1,061 0.40% 1,077 0.42%
592 - 595

7.50% HDFC Bank Limited 2025 NCD 1,042 0.39% 1,044 0.41%
7.17% Power Finance Corporation Limited 2025 NCD 1,038 0.39% 2,072 0.81%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 437
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Growth Fund II - ULGF 012 05/07/07 GCGGrowth2 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.39% 1,046 0.41%
6.88% Rural Electrification Corporation Limited 2025 NCD 1,028 0.39% 1,025 0.40%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 1,003 0.38% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 980 0.37% 993 0.39%
HDFC Bank Limited 2022 CD 970 0.37% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.36% 978 0.38%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.36% 976 0.38%
Kotak Mahindra Investments Limited 2023 CP 952 0.36% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 499 0.19% - 0.00%
L&T Finance Limited Equity 376 0.14% 687 0.27%
Cholamandalam Investment & Finance Limited Equity 308 0.12% 633 0.25%
Bajaj Holdings & Investment Limited Equity 256 0.10% 96 0.04%
SBI Cards & Payment Services Limited Equity 211 0.08% - 0.00%
Bajaj Finserv Limited Equity 188 0.07% - 0.00%
AU Small Finance Bank Limited Equity 152 0.06% - 0.00%
Max Financial Services Limited Equity 127 0.05% 327 0.13%
Equitas Holdings Limited Equity 58 0.02% - 0.00%
7.65% Axis Bank Limited 2027 NCD - 0.00% 1,059 0.41%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,004 0.39%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 4,054 1.58%
Axis Bank Ltd 2021 CD - 0.00% 3,930 1.53%
Financial service activities, 73,335 27.64% 60,349 23.53%
except insurance and pension
funding Total
Others 185,259 69.86% 189,122 73.73%
Net Current Assets 6,628 2.50% 7,058 2.75%
Grand Total 265,222 100.00% 256,529 100.00%

Group Capital Guarantee Growth Fund III - ULGF 050 27/08/13 GCGGrowth3 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 6.43% Housing Development Finance Corporation Limited 2025 NCD 34,472 3.49% 4,041 0.72%
insurance and pension funding 7.35% Bajaj Finance Limited 2022 NCD 26,374 2.67% - 0.00%
8.85% Bajaj Finance Limited 2024 NCD 24,371 2.47% - 0.00%
HDFC Bank Limited Equity 21,532 2.18% 13,833 2.46%
8.65% Power Finance Corporation Limited 2024 NCD 21,396 2.16% - 0.00%
9.02% Rural Electrification Corporation Limited 2022 NCD 20,502 2.07% - 0.00%
Bajaj Finance Limited 2022 CP 16,495 1.67% - 0.00%
Housing Development Finance Corporation Limited Equity 15,045 1.52% 10,002 1.78%
6.44% HDFC Bank Limited 2028 NCD 11,755 1.19% - 0.00%
Axis Bank Limited Equity 11,028 1.12% 5,414 0.96%
Axis Bank Limited 2023 CD 10,047 1.02% - 0.00%
7.39% LIC Housing Finance Limited 2022 NCD 7,066 0.71% - 0.00%
6.24% State Bank of India 2025 NCD 7,063 0.71% 3,009 0.53%
5.83% State Bank of India 2030 NCD 6,918 0.70% - 0.00%
Axis Bank Limited 2022 CD 6,788 0.69% - 0.00%
Bajaj Finance Limited Equity 6,476 0.66% 695 0.12%
National Agriculture Bank for Rural Development 2023 CD 6,236 0.63% - 0.00%

438 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Growth Fund III - ULGF 050 27/08/13 GCGGrowth3 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
State Bank of India Equity 6,063 0.61% 2,337 0.42%
8.70% Rural Electrification Corporation Limited 2028 NCD 5,513 0.56% 5,660 1.01%
Kotak Mahindra Bank Limited Equity 4,846 0.49% 3,278 0.58%
HDFC Bank Limited 2022 CD 3,880 0.39% - 0.00%
8.54% Rural Electrification Corporation Limited 2028 NCD 3,301 0.33% 3,374 0.60%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 3,008 0.30% - 0.00%
6% Housing Development Finance Corporation Limited 2026 NCD 2,967 0.30% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 2,941 0.30% 2,978 0.53%

79 - 148 FINANCIAL STATEMENTS

Kotak Mahindra Investments Limited 2023 CP 2,856 0.29% - 0.00%
9% L&T Finance Limited 2022 NCD 2,856 0.29% 2,983 0.53%

STANDALONE
8.5% National Agriculture Bank for Rural Development 2029 NCD 2,180 0.22% 2,251 0.40%
8.37% Rural Electrification Corporation Limited 2028 NCD 2,169 0.22% 2,230 0.40%
8.44% HDFC Bank Limited 2028 NCD 2,160 0.22% 2,223 0.39%
7.50% HDFC Bank Limited 2025 NCD 2,084 0.21% 2,088 0.37%
6.88% Rural Electrification Corporation Limited 2025 NCD 2,057 0.21% 2,050 0.36%
9.1% L&T Finance Limited 2022 NCD 1,332 0.13% 1,393 0.25%
L&T Finance Limited Equity 1,287 0.13% 1,505 0.27%
Cholamandalam Investment & Finance Limited Equity 1,162 0.12% 1,388 0.25%

149 - 521 FINANCIAL STATEMENTS

9% Housing Development Finance Corporation Limited 2028 NCD 1,121 0.11% 1,143 0.20%
8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.11% 1,140 0.20%

CONSOLIDATED
8.8% Rural Electrification Corporation Limited 2029 NCD 1,105 0.11% 1,143 0.20%
8.7% LIC Housing Finance Limited 2029 NCD 1,094 0.11% 1,130 0.20%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.11% 1,111 0.20%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.11% 1,121 0.20%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 1,068 0.11% 2,204 0.39%
7.85% Power Finance Corporation Limited 2028 NCD 1,067 0.11% 1,078 0.19%
7.65% Axis Bank Limited 2027 NCD 1,052 0.11% 2,118 0.38%
7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.10% 1,046 0.19%

522 - 584 VALUE RESULTS

Kotak Mahindra Prime Limited 2022 CP 999 0.10% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.10% - 0.00%

EMBEDDED
6.80% Rural Electrification Corporation Limited 2030 NCD 984 0.10% 996 0.18%
Bajaj Holdings & Investment Limited Equity 972 0.10% 211 0.04%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.10% 978 0.17%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.10% 976 0.17%
SBI Cards & Payment Services Limited Equity 759 0.08% - 0.00%
Bajaj Finserv Limited Equity 682 0.07% - 0.00%
AU Small Finance Bank Limited Equity 547 0.06% - 0.00%
Max Financial Services Limited Equity 474 0.05% 713 0.13%
585 - 591 INFORMATION

Equitas Holdings Limited Equity 202 0.02% - 0.00%

5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 5,019 0.89%
ADDITIONAL

6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.18%
Axis Bank Ltd 2021 CD - 0.00% 7,861 1.40%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 7,095 1.26%
Financial service activities, 325,607 32.93% 110,821 19.69%
except insurance and pension
funding Total
Others 634,306 64.18% 436,143 77.49%
Net Current Assets 28,557 2.89% 15,860 2.82%
592 - 595

Grand Total 988,470 100.00% 562,824 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 439
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Short Term Debt Fund - ULGF 005 24/02/04 GCGSTDebt1 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 7.39% LIC Housing Finance Limited 2022 NCD 1,009 4.78% - 0.00%
insurance and pension funding 5.30% Housing Development Finance Corporation Limited 2023 NCD 1,004 4.75% - 0.00%
5.1% Bajaj Finance Limited 2022 NCD 1,000 4.73% - 0.00%
5.06% Housing Development Finance Corporation 2023 NCD 998 4.72% - 0.00%
Axis Bank Limited 2022 CD 997 4.72% - 0.00%
HDFC Bank Limited 2022 CD 969 4.59% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 960 4.54% - 0.00%
6.77% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 1,006 4.90%
Kotak Mahindra Prime Limited 2022 CP - 0.00% 962 4.68%
6.32% Rural Electrification Corporation Limited 2021 NCD - 0.00% 1,017 4.95%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 1,000 4.87%
National Bank For Agriculture & Rural Development 2021 CD - 0.00% 1,289 6.28%
Financial service activities, 6,938 32.83% 5,273 25.68%
except insurance and pension
funding Total
Others 13,937 65.93% 15,062 73.33%
Net Current Assets 262 1.24% 204 0.99%
Grand Total 21,136 100.00% 20,539 100.00%

Group Capital Guarantee Short Term Debt Fund II - ULGF 009 16/03/07 GCGSTDebt2 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except Axis Bank Limited 2022 CD 408,211 8.37% - 0.00%
insurance and pension funding HDFC Bank Limited 2022 CD 304,392 6.24% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 221,707 4.55% - 0.00%
7.39% LIC Housing Finance Limited 2022 NCD 189,772 3.89% - 0.00%
5.06% Housing Development Finance Corporation 2023 NCD 188,686 3.87% - 0.00%
6.7% National Bank For Agriculture & Rural Development 2022 NCD 183,929 3.77% - 0.00%
4.5% Housing Development Finance Corporation Limited 2022 NCD 133,652 2.74% - 0.00%
8.5383% Bajaj Finance Limited 2022 NCD 89,641 1.84% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 85,361 1.75% 62,454 1.28%
7.09% Rural Electrification Corporation Limited 2022 NCD 66,977 1.37% - 0.00%
5.1% Bajaj Finance Limited 2022 NCD 51,983 1.07% - 0.00%
7.35% Bajaj Finance Limited 2022 NCD 50,719 1.04% - 0.00%
5.30% Housing Development Finance Corporation Limited 2023 NCD 39,154 0.80% - 0.00%
7.85% LIC Housing Finance Limited 2022 NCD 31,408 0.64% - 0.00%
7.445% LIC Housing Finance Limited 2023 NCD 29,561 0.61% - 0.00%
7.21% Housing Development Finance Corporation Limited 2022 NCD 27,450 0.56% - 0.00%
7.45% LIC Housing Finance Limited 2022 NCD 22,293 0.46% - 0.00%
7.24% Rural Electrification Corporation Limited 2022 NCD 9,153 0.19% - 0.00%
8.44% Rural Electrification Corporation Limited 2021 NCD - 0.00% 37,047 0.76%
4.23% Housing Development Finance Corporation Limited 2022 NCD - 0.00% 200,291 4.12%
7.03% LIC Housing Finance Limited 2021 NCD - 0.00% 43,911 0.90%
6.32% Rural Electrification Corporation Limited 2021 NCD - 0.00% 308,027 6.33%
Kotak Mahindra Prime Limited 2021 ZCB - 0.00% 72,835 1.50%
7.24% Rural Electrification Corporation Limited 2021 NCD - 0.00% 45,764 0.94%

440 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Short Term Debt Fund II - ULGF 009 16/03/07 GCGSTDebt2 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
National Bank For Agriculture & Rural Development 2021 CD - 0.00% 456,700 9.38%
8.55% Power Finance Corporation Limited 2021 NCD - 0.00% 46,341 0.95%
Power Finance Corporation Limited 30/07/2021 CP - 0.00% 114,502 2.35%
Sundaram Finance Limited 2021 ZCB - 0.00% 27,747 0.57%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 83,000 1.71%
6.77% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 249,459 5.13%
Axis Bank Ltd 2021 CD - 0.00% 158,186 3.25%
7.22% LIC Housing Finance Limited 2021 NCD - 0.00% 23,443 0.48%

79 - 148 FINANCIAL STATEMENTS

Financial service activities, 2,134,049 43.76% 1,929,707 39.65%
except insurance and pension

STANDALONE
funding Total
Others 2,654,869 54.46% 2,866,501 58.90%
Net Current Assets 86,831 1.78% 70,732 1.45%
Grand Total 4,875,748 100.00% 4,866,940 100.00%

Group Capital Guarantee Short Term Debt Fund III - ULGF 047 27/08/13 GCGSTDebt3 105
At March 31, 2022 At March 31, 2021

149 - 521 FINANCIAL STATEMENTS

Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

CONSOLIDATED
Financial service activities, except Axis Bank Limited 2022 CD 168,514 7.54% - 0.00%
insurance and pension funding HDFC Bank Limited 2022 CD 130,869 5.86% - 0.00%
7.39% LIC Housing Finance Limited 2022 NCD 123,150 5.51% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 99,816 4.47% - 0.00%
6.7% National Bank For Agriculture & Rural Development 2022 NCD 76,806 3.44% - 0.00%
5.30% Housing Development Finance Corporation Limited 2023 NCD 60,237 2.70% - 0.00%
5.06% Housing Development Finance Corporation 2023 NCD 59,900 2.68% - 0.00%
7.35% Bajaj Finance Limited 2022 NCD 57,820 2.59% - 0.00%

522 - 584 VALUE RESULTS

4.5% Housing Development Finance Corporation Limited 2022 NCD 55,855 2.50% - 0.00%
5.1% Bajaj Finance Limited 2022 NCD 40,987 1.83% - 0.00%

EMBEDDED
Kotak Mahindra Prime Limited 2022 CP 34,831 1.56% 25,949 1.49%
8.5383% Bajaj Finance Limited 2022 NCD 33,238 1.49% - 0.00%
7.09% Rural Electrification Corporation Limited 2022 NCD 28,414 1.27% - 0.00%
7.85% LIC Housing Finance Limited 2022 NCD 14,184 0.63% - 0.00%
7.21% Housing Development Finance Corporation Limited 2022 NCD 11,183 0.50% - 0.00%
7.45% LIC Housing Finance Limited 2022 NCD 5,066 0.23% - 0.00%
7.24% Rural Electrification Corporation Limited 2022 NCD 4,068 0.18% - 0.00%
585 - 591 INFORMATION

Kotak Mahindra Prime Limited 2021 ZCB - 0.00% 3,833 0.22%

Kotak Mahindra Prime Limited 2021 CP - 0.00% 34,499 1.97%
Power Finance Corporation Limited 30/07/2021 CP - 0.00% 61,202 3.50%
ADDITIONAL

7.03% LIC Housing Finance Limited 2021 NCD - 0.00% 15,318 0.88%
8.15% Rural Electrification Corporation Limited 2021 NCD - 0.00% 32,284 1.85%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 80,000 4.57%
6.32% Rural Electrification Corporation Limited 2021 NCD - 0.00% 40,664 2.33%
8.44% Rural Electrification Corporation Limited 2021 NCD - 0.00% 13,378 0.77%
6.77% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 101,594 5.81%
7.22% LIC Housing Finance Limited 2021 NCD - 0.00% 11,212 0.64%
592 - 595

National Bank For Agriculture & Rural Development 2021 CP - 0.00% 19,825 1.13%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 441
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Capital Guarantee Short Term Debt Fund III - ULGF 047 27/08/13 GCGSTDebt3 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

National Bank For Agriculture & Rural Development 2021 CD - 0.00% 137,646 7.87%
8.55% Power Finance Corporation Limited 2021 NCD - 0.00% 16,477 0.94%
Sundaram Finance Limited 2021 ZCB - 0.00% 5,045 0.29%
7.24% Rural Electrification Corporation Limited 2021 NCD - 0.00% 16,272 0.93%
4.23% Housing Development Finance Corporation Limited 2022 NCD - 0.00% 50,073 2.86%
Axis Bank Ltd 2021 CD - 0.00% 102,528 5.86%
7.50% Power Finance Corporation Ltd 2021 NCD - 0.00% 50,571 2.89%
Financial service activities, 1,004,939 44.98% 818,369 46.80%
except insurance and pension
funding Total
Others 1,189,911 53.25% 903,228 51.65%
Net Current Assets 39,636 1.77% 27,068 1.55%
Grand Total 2,234,485 100.00% 1,748,665 100.00%

Group Debt Fund - ULGF 002 03/04/03 GDebt 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 7.02% Bajaj Finance Limited 2031 NCD 262,455 7.81% - 0.00%
insurance and pension funding 5.78% HDFC Limited 2025 NCD 70,782 2.11% 70,921 1.57%
8.54% Rural Electrification Corporation Limited 2028 NCD 69,323 2.06% 70,847 1.57%
6.80% Rural Electrification Corporation Limited 2030 NCD 66,888 1.99% 67,750 1.50%
6.44% HDFC Bank Limited 2028 NCD 61,716 1.84% - 0.00%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 61,194 1.82% 61,134 1.35%
Axis Bank Limited 2023 CD 56,451 1.68% - 0.00%
8.80% Rural Electrification Corporation Limited 2029 NCD 55,486 1.65% - 0.00%
6.24% State Bank of India 2025 NCD 54,485 1.62% 27,080 0.60%
Bajaj Finance Limited 2022 CP 49,984 1.49% - 0.00%
5.83% State Bank of India 2030 NCD 48,423 1.44% 9,871 0.22%
8.37% Rural Electrification Corporation Limited 2028 NCD 39,044 1.16% 40,142 0.89%
7.85% Power Finance Corporation Limited 2028 NCD 36,263 1.08% 36,658 0.81%
Axis Bank Limited 2022 CD 35,879 1.07% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 34,060 1.01% - 0.00%
8.8% Rural Electrification Corporation Limited 2029 NCD 32,047 0.95% 90,268 2.00%
9% Housing Development Finance Corporation Limited 2028 NCD 31,382 0.93% 32,016 0.71%
8.5% National Agriculture Bank for Rural Development 2029 NCD 25,070 0.75% 25,892 0.57%
8.44% HDFC Bank Limited 2028 NCD 24,843 0.74% 25,565 0.57%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 23,501 0.70% 30,850 0.68%
HDFC Bank Limited 2022 CD 22,792 0.68% - 0.00%
5.81% Rural Electrification Corporation Limited 2025 NCD 20,658 0.61% 20,618 0.46%
6.88% Rural Electrification Corporation Limited 2025 NCD 20,567 0.61% 20,499 0.45%
6% Housing Development Finance Corporation Limited 2026 NCD 18,792 0.56% - 0.00%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 16,040 0.48% - 0.00%
7.17% Power Finance Corporation Limited 2025 NCD 15,567 0.46% 34,190 0.76%
6.43% Housing Development Finance Corporation Limited 2025 NCD 15,208 0.45% 15,154 0.34%
Kotak Mahindra Investments Limited 2023 CP 13,804 0.41% - 0.00%
8.55% Housing Development Finance Corporation Limited 2029 NCD 11,942 0.36% 12,335 0.27%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 11,811 0.35% 12,169 0.27%
6.42% National Agriculture Bank for Rural Development 2030 NCD 11,606 0.35% 11,738 0.26%

442 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Debt Fund - ULGF 002 03/04/03 GDebt 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
6.39% National Agriculture Bank for Rural Development 2030 NCD 11,583 0.34% 11,713 0.26%
7.43% National Agriculture Bank for Rural Development 2030 NCD 11,386 0.34% 11,508 0.26%
8.85% Rural Electrification Corporation Limited 2029 NCD 11,199 0.33% 11,402 0.25%
8.23% Rural Electrification Corporation Limited 2025 NCD 9,553 0.28% 9,694 0.21%
8.7% LIC Housing Finance Limited 2029 NCD 7,655 0.23% 7,912 0.18%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 6,426 0.19% 6,625 0.15%
Kotak Mahindra Prime Limited 2022 CP 5,991 0.18% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 5,967 0.18% - 0.00%

79 - 148 FINANCIAL STATEMENTS

8.45% Indian Railway Finance Corporation Limited 2028 NCD 5,457 0.16% 5,557 0.12%
7.65% Axis Bank Limited 2027 NCD 4,207 0.13% 20,121 0.45%
9% L&T Finance Limited 2022 NCD 2,711 0.08% 2,832 0.06%

STANDALONE
8.72% Shriram Transport Finance Company Limited 2023 NCD 1,035 0.03% 65,137 1.44%
7.35% Bajaj Finance Limited 2022 NCD - 0.00% 12,449 0.28%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 4,016 0.09%
Axis Bank Ltd 2021 CD - 0.00% 62,886 1.39%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 64,866 1.44%
7.98% IDFC Bank Limited 2023 NCD - 0.00% 66,247 1.47%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 3,004 0.07%

149 - 521 FINANCIAL STATEMENTS

8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 25,811 0.57%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 36,137 0.80%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 17,886 0.40%

CONSOLIDATED
9.1% L&T Finance Limited 2022 NCD - 0.00% 30,645 0.68%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 34,143 0.76%
Financial service activities, 1,401,238 41.69% 1,226,288 27.18%
except insurance and pension
funding Total
Others 1,846,749 54.98% 3,104,365 68.80%
Net Current Assets 111,979 3.33% 181,415 4.02%
Grand Total 3,359,966 100.00% 4,512,068 100.00%

522 - 584 VALUE RESULTS

EMBEDDED
Group Debt Fund II - ULGF 040 30/04/13 GDebt2 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 7.02% Bajaj Finance Limited 2031 NCD 735,472 6.56% - 0.00%
insurance and pension funding Bajaj Finance Limited 2022 CP 289,408 2.58% - 0.00%
5.83% State Bank of India 2030 NCD 210,492 1.88% 46,396 0.55%
Axis Bank Limited 2023 CD 177,969 1.59% - 0.00%
585 - 591 INFORMATION

6.44% HDFC Bank Limited 2028 NCD 177,311 1.58% - 0.00%

7.10% National Agriculture Bank for Rural Development 2030 NCD 152,085 1.36% 153,707 1.82%
8.8% Rural Electrification Corporation Limited 2029 NCD 148,078 1.32% 95,982 1.13%
ADDITIONAL

5.78% HDFC Limited 2025 NCD 125,835 1.12% 126,082 1.49%

National Agriculture Bank for Rural Development 2023 CD 111,293 0.99% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 104,267 0.93% 105,610 1.25%
Axis Bank Limited 2022 CD 101,818 0.91% - 0.00%
6.24% State Bank of India 2025 NCD 100,898 0.90% 41,122 0.49%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 100,232 0.89% 100,134 1.18%
6.43% Housing Development Finance Corporation Limited 2025 NCD 86,179 0.77% 85,870 1.01%
592 - 595

8.54% Rural Electrification Corporation Limited 2028 NCD 74,824 0.67% 76,470 0.90%
HDFC Bank Limited 2022 CD 69,346 0.62% - 0.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 443
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Debt Fund II - ULGF 040 30/04/13 GDebt2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

9% L&T Finance Limited 2022 NCD 62,146 0.55% 64,922 0.77%

8.30% Rural Electrification Corporation Limited 2029 NCD 59,054 0.53% 60,954 0.72%
6% Housing Development Finance Corporation Limited 2026 NCD 57,365 0.51% - 0.00%
Kotak Mahindra Investments Limited 2023 CP 46,172 0.41% - 0.00%
8.37% Rural Electrification Corporation Limited 2028 NCD 42,298 0.38% 43,487 0.51%
5.81% Rural Electrification Corporation Limited 2025 NCD 37,382 0.33% 37,308 0.44%
8.72% Shriram Transport Finance Company Limited 2023 NCD 37,275 0.33% 38,441 0.45%
6.88% Rural Electrification Corporation Limited 2025 NCD 37,021 0.33% 36,899 0.44%
8.44% HDFC Bank Limited 2028 NCD 35,644 0.32% 36,680 0.43%
6.63% Rural Electrification Corporation Limited 2031 NCD 34,313 0.31% 38,719 0.46%
9% Housing Development Finance Corporation Limited 2028 NCD 33,623 0.30% 34,303 0.41%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 30,076 0.27% - 0.00%
9.1% L&T Finance Limited 2022 NCD 29,027 0.26% 30,351 0.36%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 27,774 0.25% 35,257 0.42%
7.98% IDFC Bank Limited 2023 NCD 26,705 0.24% 27,340 0.32%
8.5% National Agriculture Bank for Rural Development 2029 NCD 26,161 0.23% 27,017 0.32%
7.17% Power Finance Corporation Limited 2025 NCD 22,832 0.20% 52,839 0.62%
7.85% Power Finance Corporation Limited 2028 NCD 21,331 0.19% 21,564 0.25%
7.43% National Agriculture Bank for Rural Development 2030 NCD 20,702 0.18% 20,924 0.25%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 20,401 0.18% 21,019 0.25%
Kotak Mahindra Prime Limited 2022 CP 19,472 0.17% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 18,376 0.16% 18,585 0.22%
6.39% National Agriculture Bank for Rural Development 2030 NCD 17,375 0.15% 17,569 0.21%
8.3% Rural Electrification Corporation Limited 2029 NCD 17,272 0.15% 17,741 0.21%
8.85% Rural Electrification Corporation Limited 2029 NCD 15,678 0.14% 15,963 0.19%
7.35% Bajaj Finance Limited 2022 NCD 14,201 0.13% 14,523 0.17%
8.55% Housing Development Finance Corporation Limited 2029 NCD 13,028 0.12% 13,457 0.16%
7.65% Axis Bank Limited 2027 NCD 12,622 0.11% 63,540 0.75%
8.7% LIC Housing Finance Limited 2029 NCD 12,030 0.11% 12,434 0.15%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 10,939 0.10% - 0.00%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 10,914 0.10% 11,114 0.13%
8.23% Rural Electrification Corporation Limited 2025 NCD 10,614 0.09% 10,771 0.13%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 9,640 0.09% 9,938 0.12%
Axis Bank Ltd 2021 CD - 0.00% 111,033 1.31%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 88,111 1.04%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 60,228 0.71%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 98,312 1.16%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 39,792 0.47%
8.2% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 30,349 0.36%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 6,008 0.07%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 8,031 0.09%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 27,822 0.33%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 18,259 0.22%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 25,340 0.30%
Financial service activities, 3,654,972 32.58% 2,178,319 25.73%
except insurance and pension
funding Total
Others 7,205,759 64.29% 5,699,630 67.31%
Net Current Assets 350,561 3.13% 589,113 6.96%
Grand Total 11,211,292 100.00% 8,467,062 100.00%

444 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Equity Fund II - ULGF 043 30/04/13 GEquity2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 4,178 8.28% 2,569 7.49%

STATUTORY
and related activities Tata Consultancy Services Limited Equity 1,103 2.19% 1,080 3.15%
HCL Technologies Limited Equity 867 1.72% 562 1.64%
Wipro Limited Equity 337 0.67% - 0.00%
Tech Mahindra Limited Equity 330 0.65% 286 0.83%
KPIT Engineering Limited Equity 292 0.58% 235 0.68%
Rategain Travel Technologies Limited Equity 122 0.24% - 0.00%
Mphasis Limited Equity - 0.00% 190 0.55%

79 - 148 FINANCIAL STATEMENTS

Computer programming, 7,229 14.33% 4,922 14.34%
consultancy and related
activities Total

STANDALONE
Financial service activities, except HDFC Bank Limited Equity 3,088 6.12% 2,366 6.89%
insurance and pension funding Housing Development Finance Corporation Limited Equity 2,154 4.27% 1,711 4.99%
Axis Bank Limited Equity 1,578 3.13% 926 2.70%
Bajaj Finance Limited Equity 929 1.84% 118 0.35%
State Bank of India Equity 879 1.74% 391 1.14%
Kotak Mahindra Bank Limited Equity 654 1.30% 552 1.61%
L&T Finance Limited Equity 174 0.34% 257 0.75%

149 - 521 FINANCIAL STATEMENTS

Cholamandalam Investment & Finance Limited Equity 160 0.32% 231 0.67%
Bajaj Holdings & Investment Limited Equity 130 0.26% 33 0.10%
Bajaj Finserv Limited Equity 102 0.20% - 0.00%

CONSOLIDATED
SBI Cards & Payment Services Limited Equity 102 0.20% - 0.00%
AU Small Finance Bank Limited Equity 76 0.15% - 0.00%
Max Financial Services Limited Equity 69 0.14% 114 0.33%
Equitas Holdings Limited Equity 27 0.05% - 0.00%
Financial service activities, 10,121 20.06% 6,700 19.53%
except insurance and pension
funding Total
Others 32,135 63.69% 22,192 64.66%

522 - 584 VALUE RESULTS

Net Current Assets 976 1.93% 507 1.48%
Grand Total 50,461 100.00% 34,321 100.00%

EMBEDDED
Group Growth Fund - ULGF 004 30/10/03 GGrowth 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except HDFC Bank Limited Equity 31,585 3.41% 35,223 3.88%
insurance and pension funding Housing Development Finance Corporation Limited Equity 22,075 2.38% 25,511 2.81%
585 - 591 INFORMATION

Axis Bank Limited Equity 16,204 1.75% 13,784 1.52%

6.24% State Bank of India 2025 NCD 11,099 1.20% 6,018 0.66%
ADDITIONAL

Bajaj Finance Limited 2022 CP 10,497 1.13% - 0.00%

Bajaj Finance Limited Equity 9,525 1.03% 1,761 0.19%
State Bank of India Equity 9,019 0.97% 5,927 0.65%
5.83% State Bank of India 2030 NCD 7,906 0.85% 2,961 0.33%
Kotak Mahindra Bank Limited Equity 7,021 0.76% 8,411 0.93%
Axis Bank Limited 2023 CD 6,697 0.72% - 0.00%
8.37% Rural Electrification Corporation Limited 2028 NCD 6,507 0.70% 6,690 0.74%
592 - 595

6.44% HDFC Bank Limited 2028 NCD 5,878 0.63% - 0.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 445
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Growth Fund - ULGF 004 30/10/03 GGrowth 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

9% Housing Development Finance Corporation Limited 2028 NCD 5,604 0.60% 5,717 0.63%
8.5% National Agriculture Bank for Rural Development 2029 NCD 5,450 0.59% 5,629 0.62%
Axis Bank Limited 2022 CD 4,849 0.52% - 0.00%
8.8% Rural Electrification Corporation Limited 2029 NCD 4,420 0.48% 4,571 0.50%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 4,273 0.46% 5,509 0.61%
6.88% Rural Electrification Corporation Limited 2025 NCD 4,113 0.44% 4,100 0.45%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 4,010 0.43% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 3,921 0.42% 3,971 0.44%
National Agriculture Bank for Rural Development 2023 CD 3,838 0.41% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 3,281 0.35% 3,391 0.37%
8.44% HDFC Bank Limited 2028 NCD 3,240 0.35% 3,335 0.37%
7.43% National Agriculture Bank for Rural Development 2030 NCD 3,105 0.34% 3,139 0.35%
HDFC Bank Limited 2022 CD 2,910 0.31% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 2,901 0.31% 2,934 0.32%
6.39% National Agriculture Bank for Rural Development 2030 NCD 2,896 0.31% 2,928 0.32%
8.54% Rural Electrification Corporation Limited 2028 NCD 2,201 0.24% 2,249 0.25%
8.55% Housing Development Finance Corporation Limited 2029 NCD 2,171 0.23% 2,243 0.25%
L&T Finance Limited Equity 2,014 0.22% 3,829 0.42%
6% Housing Development Finance Corporation Limited 2026 NCD 1,978 0.21% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 1,967 0.21% 1,993 0.22%
Kotak Mahindra Investments Limited 2023 CP 1,904 0.21% - 0.00%
Cholamandalam Investment & Finance Limited Equity 1,670 0.18% 3,451 0.38%
Bajaj Holdings & Investment Limited Equity 1,398 0.15% 557 0.06%
8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.12% 1,140 0.13%
SBI Cards & Payment Services Limited Equity 1,111 0.12% - 0.00%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.12% 1,111 0.12%
Bajaj Finserv Limited Equity 1,007 0.11% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.11% - 0.00%
AU Small Finance Bank Limited Equity 804 0.09% - 0.00%
Max Financial Services Limited Equity 700 0.08% 1,720 0.19%
Kotak Mahindra Prime Limited 2022 CP 499 0.05% - 0.00%
Equitas Holdings Limited Equity 302 0.03% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD - 0.00% 5,051 0.56%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 7,027 0.77%
7.85% Power Finance Corporation Limited 2028 NCD - 0.00% 6,469 0.71%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.11%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,001 0.11%
8.70% Rural Electrification Corporation Limited 2028 NCD - 0.00% 10,188 1.12%
Axis Bank Ltd 2021 CD - 0.00% 12,774 1.41%
7.65% Axis Bank Limited 2027 NCD - 0.00% 2,118 0.23%
Financial service activities, 225,755 24.33% 215,434 23.72%
except insurance and pension
funding Total
Others 677,652 73.18% 676,424 74.47%
Net Current Assets 22,976 2.48% 16,531 1.82%
Grand Total 926,382 100.00% 908,389 100.00%

446 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Growth Fund II - ULGF 042 30/04/13 GGrowth2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 46,020 3.39% 42,179 3.87%

STATUTORY
insurance and pension funding Housing Development Finance Corporation Limited Equity 32,115 2.36% 30,477 2.80%
Axis Bank Limited Equity 23,576 1.74% 16,503 1.52%
8.70% Rural Electrification Corporation Limited 2028 NCD 19,847 1.46% 10,188 0.94%
Bajaj Finance Limited 2022 CP 14,995 1.10% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 14,194 1.04% 9,092 0.83%
6.24% State Bank of India 2025 NCD 14,126 1.04% 5,015 0.46%
Bajaj Finance Limited Equity 13,859 1.02% 2,132 0.20%

79 - 148 FINANCIAL STATEMENTS

5.83% State Bank of India 2030 NCD 13,835 1.02% 6,910 0.63%
State Bank of India Equity 13,135 0.97% 7,051 0.65%

STANDALONE
6.44% HDFC Bank Limited 2028 NCD 11,755 0.87% - 0.00%
Kotak Mahindra Bank Limited Equity 10,267 0.76% 10,120 0.93%
Axis Bank Limited 2023 CD 10,046 0.74% - 0.00%
7.85% Power Finance Corporation Limited 2028 NCD 7,466 0.55% 1,078 0.10%
Axis Bank Limited 2022 CD 6,788 0.50% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 5,757 0.42% - 0.00%
6.88% Rural Electrification Corporation Limited 2025 NCD 5,142 0.38% 5,125 0.47%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 4,010 0.30% - 0.00%

149 - 521 FINANCIAL STATEMENTS

6.63% Rural Electrification Corporation Limited 2031 NCD 3,921 0.29% 4,964 0.46%
HDFC Bank Limited 2022 CD 3,880 0.29% - 0.00%

CONSOLIDATED
8.54% Rural Electrification Corporation Limited 2028 NCD 3,301 0.24% 3,374 0.31%
8.7% LIC Housing Finance Limited 2029 NCD 3,281 0.24% 3,391 0.31%
7.50% HDFC Bank Limited 2025 NCD 3,125 0.23% 3,132 0.29%
7.43% National Agriculture Bank for Rural Development 2030 NCD 3,105 0.23% 3,139 0.29%
L&T Finance Limited Equity 2,985 0.22% 4,586 0.42%
6% Housing Development Finance Corporation Limited 2026 NCD 2,967 0.22% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 2,901 0.21% 2,934 0.27%
6.39% National Agriculture Bank for Rural Development 2030 NCD 2,896 0.21% 2,928 0.27%

522 - 584 VALUE RESULTS

Cholamandalam Investment & Finance Limited Equity 2,433 0.18% 4,189 0.38%
Kotak Mahindra Investments Limited 2023 CP 2,380 0.18% - 0.00%

EMBEDDED
9% Housing Development Finance Corporation Limited 2028 NCD 2,242 0.16% 2,287 0.21%
8.8% Rural Electrification Corporation Limited 2029 NCD 2,210 0.16% 2,285 0.21%
8.5% National Agriculture Bank for Rural Development 2029 NCD 2,180 0.16% 2,251 0.21%
8.37% Rural Electrification Corporation Limited 2028 NCD 2,169 0.16% 2,230 0.20%
8.44% HDFC Bank Limited 2028 NCD 2,160 0.16% 2,223 0.20%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 2,136 0.16% 2,204 0.20%
Bajaj Holdings & Investment Limited Equity 2,034 0.15% 655 0.06%
6.80% Rural Electrification Corporation Limited 2030 NCD 1,967 0.14% 1,993 0.18%
585 - 591 INFORMATION

SBI Cards & Payment Services Limited Equity 1,651 0.12% - 0.00%
9.1% L&T Finance Limited 2022 NCD 1,613 0.12% 1,686 0.15%
ADDITIONAL

Bajaj Finserv Limited Equity 1,484 0.11% - 0.00%

AU Small Finance Bank Limited Equity 1,181 0.09% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.08% 1,140 0.10%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.08% 1,111 0.10%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.08% 1,121 0.10%
8.23% Rural Electrification Corporation Limited 2025 NCD 1,061 0.08% 1,077 0.10%
7.65% Axis Bank Limited 2027 NCD 1,052 0.08% 3,177 0.29%
Max Financial Services Limited Equity 1,021 0.08% 2,162 0.20%
592 - 595

Kotak Mahindra Prime Limited 2022 CP 999 0.07% - 0.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 447
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Growth Fund II - ULGF 042 30/04/13 GGrowth2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.07% - 0.00%
Equitas Holdings Limited Equity 461 0.03% - 0.00%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,001 0.09%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.09%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 9,034 0.83%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 14,189 1.30%
Axis Bank Ltd 2021 CD - 0.00% 15,721 1.44%
Financial service activities, 336,022 24.74% 247,061 22.66%
except insurance and pension
funding Total
Others 982,937 72.32% 817,473 75.07%
Net Current Assets 39,782 2.93% 24,716 2.27%
Grand Total 1,358,741 100.00% 1,089,250 100.00%

Group Leave Encashment Balance Fund - ULGF 013 02/04/08 GLEBal 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except Bajaj Finance Limited 2022 CP 19,494 2.13% - 0.00%
insurance and pension funding 5.83% State Bank of India 2030 NCD 16,800 1.83% 8,884 0.75%
8.54% Rural Electrification Corporation Limited 2028 NCD 15,405 1.68% 15,744 1.33%
6.24% State Bank of India 2025 NCD 15,135 1.65% 7,021 0.59%
6.44% HDFC Bank Limited 2028 NCD 14,694 1.60% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 13,180 1.44% 13,133 1.11%
9% L&T Finance Limited 2022 NCD 13,005 1.42% 13,586 1.15%
Axis Bank Limited 2023 CD 12,439 1.36% - 0.00%
8.70% Rural Electrification Corporation Limited 2028 NCD 12,129 1.32% 12,452 1.05%
8.7% LIC Housing Finance Limited 2029 NCD 8,749 0.96% 9,043 0.76%
8.37% Rural Electrification Corporation Limited 2028 NCD 8,676 0.95% 8,921 0.75%
HDFC Bank Limited Equity 8,527 0.93% 12,460 1.05%
7.50% HDFC Bank Limited 2025 NCD 8,335 0.91% 8,351 0.70%
Axis Bank Limited 2022 CD 7,758 0.85% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 7,675 0.84% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 7,630 0.83% 7,880 0.66%
8.44% HDFC Bank Limited 2028 NCD 7,561 0.83% 7,781 0.66%
7.17% Power Finance Corporation Limited 2025 NCD 7,265 0.79% 16,577 1.40%
9% Housing Development Finance Corporation Limited 2028 NCD 6,725 0.73% 6,861 0.58%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 6,409 0.70% 7,712 0.65%
9.1% L&T Finance Limited 2022 NCD 6,100 0.67% 6,378 0.54%
Housing Development Finance Corporation Limited Equity 5,983 0.65% 9,006 0.76%
8.8% Rural Electrification Corporation Limited 2029 NCD 5,525 0.60% 5,713 0.48%
7.85% Power Finance Corporation Limited 2028 NCD 5,333 0.58% 5,391 0.45%
6.88% Rural Electrification Corporation Limited 2025 NCD 5,142 0.56% 5,125 0.43%
6.63% Rural Electrification Corporation Limited 2031 NCD 4,902 0.54% 5,957 0.50%
HDFC Bank Limited 2022 CD 4,849 0.53% - 0.00%
Axis Bank Limited Equity 4,379 0.48% 4,875 0.41%
8.23% Rural Electrification Corporation Limited 2025 NCD 4,246 0.46% 4,308 0.36%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 4,010 0.44% - 0.00%
6% Housing Development Finance Corporation Limited 2026 NCD 3,956 0.43% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 3,360 0.37% 3,421 0.29%

448 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Leave Encashment Balance Fund - ULGF 013 02/04/08 GLEBal 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

Kotak Mahindra Investments Limited 2023 CP 3,332 0.36% - 0.00%

STATUTORY
8.55% Housing Development Finance Corporation Limited 2029 NCD 3,257 0.36% 3,364 0.28%
7.43% National Agriculture Bank for Rural Development 2030 NCD 3,105 0.34% 3,139 0.26%
6.42% National Agriculture Bank for Rural Development 2030 NCD 2,901 0.32% 2,934 0.25%
6.39% National Agriculture Bank for Rural Development 2030 NCD 2,896 0.32% 2,928 0.25%
Bajaj Finance Limited Equity 2,570 0.28% 628 0.05%
State Bank of India Equity 2,428 0.27% 2,100 0.18%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 2,183 0.24% 2,223 0.19%
6.80% Rural Electrification Corporation Limited 2030 NCD 1,967 0.21% 1,993 0.17%

79 - 148 FINANCIAL STATEMENTS

Kotak Mahindra Bank Limited Equity 1,933 0.21% 2,957 0.25%
Kotak Mahindra Prime Limited 2022 CP 1,498 0.16% - 0.00%

STANDALONE
7.65% Axis Bank Limited 2027 NCD 1,052 0.11% 5,295 0.45%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.11% - 0.00%
L&T Finance Limited Equity 544 0.06% 1,355 0.11%
Cholamandalam Investment & Finance Limited Equity 466 0.05% 1,243 0.10%
Bajaj Holdings & Investment Limited Equity 391 0.04% 198 0.02%
SBI Cards & Payment Services Limited Equity 301 0.03% - 0.00%
Bajaj Finserv Limited Equity 273 0.03% - 0.00%

149 - 521 FINANCIAL STATEMENTS

AU Small Finance Bank Limited Equity 216 0.02% - 0.00%
Max Financial Services Limited Equity 188 0.02% 660 0.06%
Equitas Holdings Limited Equity 84 0.01% - 0.00%

CONSOLIDATED
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 16,216 1.37%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,001 0.08%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.08%
Axis Bank Ltd 2021 CD - 0.00% 16,704 1.41%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 11,042 0.93%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 8,115 0.68%
Financial service activities, 307,953 33.62% 291,679 24.58%
except insurance and pension

522 - 584 VALUE RESULTS

funding Total
Others 579,918 63.36% 854,647 72.14%
Net Current Assets 27,686 3.02% 38,884 3.28%

EMBEDDED
Grand Total 915,557 100.00% 1,185,210 100.00%

Group Leave Encashment Income Fund - ULGF 014 02/04/08 GLEIncome 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 8.80% Rural Electrification Corporation Limited 2029 NCD 4,439 3.49% 15,932 8.51%
585 - 591 INFORMATION

insurance and pension funding 8.3% Indian Railway Finance Corpn. Limit 2029 NCD 4,288 3.37% - 0.00%
5.83% State Bank of India 2030 NCD 3,953 3.11% 1,974 1.05%
ADDITIONAL

7.92% Cholamandalam Investment and Finance Com 2025 NCD 3,165 2.49% 3,162 1.69%
Bajaj Finance Limited 2022 CP 2,999 2.36% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 2,028 1.59% 2,020 1.08%
6.24% State Bank of India 2025 NCD 2,018 1.59% 1,003 0.54%
6.44% HDFC Bank Limited 2028 NCD 1,959 1.54% - 0.00%
Axis Bank Limited 2022 CD 1,939 1.53% - 0.00%
Axis Bank Limited 2023 CD 1,913 1.50% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 1,121 0.88% 1,143 0.61%
592 - 595

8.5% National Agriculture Bank for Rural Development 2029 NCD 1,090 0.86% 1,126 0.60%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 449
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Leave Encashment Income Fund - ULGF 014 02/04/08 GLEIncome 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

8.44% HDFC Bank Limited 2028 NCD 1,080 0.85% 1,112 0.59%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 1,074 0.84% 1,106 0.59%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 1,068 0.84% 1,102 0.59%
7.85% Power Finance Corporation Limited 2028 NCD 1,067 0.84% 1,078 0.58%
7.17% Power Finance Corporation Limited 2025 NCD 1,038 0.82% 1,036 0.55%
7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.81% 1,046 0.56%
6.88% Rural Electrification Corporation Limited 2025 NCD 1,028 0.81% 1,025 0.55%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 1,003 0.79% - 0.00%
6% Housing Development Finance Corporation Limited 2026 NCD 989 0.78% - 0.00%
HDFC Bank Limited 2022 CD 970 0.76% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.76% 978 0.52%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.76% 976 0.52%
National Agriculture Bank for Rural Development 2023 CD 959 0.75% - 0.00%
9.1% L&T Finance Limited 2022 NCD 911 0.72% 953 0.51%
Kotak Mahindra Investments Limited 2023 CP 476 0.37% - 0.00%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 1,075 0.57%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,004 0.54%
Axis Bank Ltd 2021 CD - 0.00% 2,948 1.57%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 2,027 1.08%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 994 0.53%
9% L&T Finance Limited 2022 NCD - 0.00% 2,113 1.13%
7.65% Axis Bank Limited 2027 NCD - 0.00% 1,059 0.57%
Financial service activities, 45,543 35.82% 47,993 25.62%
except insurance and pension
funding Total
Others 77,766 61.15% 131,427 70.22%
Net Current Assets 3,855 3.03% 7,793 4.16%
Grand Total 127,164 100.00% 187,213 100.00%

Group SA Balanced Fund - ULGF 051 03/04/03 GSBLN 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except Bajaj Finance Limited 2022 CP 161,949 2.19% - 0.00%
insurance and pension funding 5.83% State Bank of India 2030 NCD 146,257 1.98% 69,100 0.77%
6.44% HDFC Bank Limited 2028 NCD 125,391 1.70% - 0.00%
6.24% State Bank of India 2025 NCD 116,032 1.57% 53,157 0.59%
Axis Bank Limited 2023 CD 110,984 1.50% - 0.00%
8.54% Rural Electrification Corporation Limited 2028 NCD 106,735 1.45% 109,082 1.21%
8.37% Rural Electrification Corporation Limited 2028 NCD 92,188 1.25% 62,443 0.69%
9% L&T Finance Limited 2022 NCD 88,127 1.19% 92,062 1.02%
Axis Bank Limited 2022 CD 78,546 1.06% - 0.00%
HDFC Bank Limited Equity 68,854 0.93% 94,865 1.05%
9% Housing Development Finance Corporation Limited 2028 NCD 63,884 0.86% 65,175 0.72%
National Agriculture Bank for Rural Development 2023 CD 62,363 0.84% - 0.00%
6.88% Rural Electrification Corporation Limited 2025 NCD 55,532 0.75% 42,024 0.47%
7.17% Power Finance Corporation Limited 2025 NCD 55,004 0.74% 125,364 1.39%
8.5% National Agriculture Bank for Rural Development 2029 NCD 52,321 0.71% 54,035 0.60%
Housing Development Finance Corporation Limited Equity 48,499 0.66% 68,548 0.76%
8.7% LIC Housing Finance Limited 2029 NCD 47,026 0.64% 48,605 0.54%
8.23% Rural Electrification Corporation Limited 2025 NCD 43,518 0.59% 30,159 0.33%

450 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group SA Balanced Fund - ULGF 051 03/04/03 GSBLN 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

8.44% HDFC Bank Limited 2028 NCD 43,205 0.58% 44,461 0.49%

STATUTORY
8.8% Rural Electrification Corporation Limited 2029 NCD 43,097 0.58% 44,563 0.49%
HDFC Bank Limited 2022 CD 42,190 0.57% - 0.00%
7.50% HDFC Bank Limited 2025 NCD 41,673 0.56% 41,756 0.46%
6% Housing Development Finance Corporation Limited 2026 NCD 41,541 0.56% - 0.00%
9.1% L&T Finance Limited 2022 NCD 41,157 0.56% 43,035 0.48%
7.85% Power Finance Corporation Limited 2028 NCD 40,529 0.55% 40,971 0.45%
6.63% Rural Electrification Corporation Limited 2031 NCD 39,215 0.53% 43,683 0.48%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 37,388 0.51% 48,478 0.54%

79 - 148 FINANCIAL STATEMENTS

Axis Bank Limited Equity 35,375 0.48% 37,129 0.41%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 33,083 0.45% - 0.00%

STANDALONE
Kotak Mahindra Investments Limited 2023 CP 25,704 0.35% - 0.00%
7.43% National Agriculture Bank for Rural Development 2030 NCD 23,807 0.32% 24,063 0.27%
6.42% National Agriculture Bank for Rural Development 2030 NCD 23,212 0.31% 23,476 0.26%
8.70% Rural Electrification Corporation Limited 2028 NCD 23,155 0.31% 136,975 1.52%
6.39% National Agriculture Bank for Rural Development 2030 NCD 22,202 0.30% 22,450 0.25%
7.78% Housing Development Finance Corporation Limited 2027 NCD 21,243 0.29% - 0.00%
Bajaj Finance Limited Equity 20,771 0.28% 4,774 0.05%
State Bank of India Equity 19,609 0.27% 16,091 0.18%

149 - 521 FINANCIAL STATEMENTS

8.43% LIC Housing Finance Limited 2026 NCD 19,390 0.26% 19,641 0.22%
8.85% Rural Electrification Corporation Limited 2029 NCD 19,038 0.26% 19,384 0.21%
8.55% Housing Development Finance Corporation Limited 2029 NCD 18,456 0.25% 19,063 0.21%

CONSOLIDATED
Kotak Mahindra Bank Limited Equity 15,848 0.21% 22,638 0.25%
6.80% Rural Electrification Corporation Limited 2030 NCD 15,738 0.21% 15,941 0.18%
9.02% Rural Electrification Corporation Limited 2022 NCD 14,352 0.19% 14,890 0.17%
5.81% Rural Electrification Corporation Limited 2025 NCD 13,772 0.19% - 0.00%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 13,097 0.18% 13,337 0.15%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 11,934 0.16% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 10,984 0.15% - 0.00%

522 - 584 VALUE RESULTS

7.65% Axis Bank Limited 2027 NCD 8,415 0.11% 41,301 0.46%
L&T Finance Limited Equity 4,490 0.06% 10,319 0.11%
Cholamandalam Investment & Finance Limited Equity 3,759 0.05% 9,528 0.11%

EMBEDDED
Bajaj Holdings & Investment Limited Equity 3,152 0.04% 1,498 0.02%
SBI Cards & Payment Services Limited Equity 2,524 0.03% - 0.00%
Bajaj Finserv Limited Equity 2,201 0.03% - 0.00%
AU Small Finance Bank Limited Equity 1,807 0.02% - 0.00%
Max Financial Services Limited Equity 1,523 0.02% 5,048 0.06%
Equitas Holdings Limited Equity 681 0.01% - 0.00%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 32,941 0.37%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 122,637 1.36%
585 - 591 INFORMATION

6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 9,035 0.10%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 74,281 0.82%
ADDITIONAL

8.2% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 10,116 0.11%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 6,008 0.07%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 218,094 2.42%
6.43% Housing Development Finance Corporation Limited 2025 NCD - 0.00% 99,004 1.10%
Axis Bank Ltd 2021 CD - 0.00% 125,772 1.39%
Financial service activities, 2,322,526 31.41% 2,376,999 26.36%
except insurance and pension
funding Total
Others 4,859,685 65.83% 6,332,217 70.21%
592 - 595

Net Current Assets 203,995 2.76% 309,170 3.43%

Grand Total 7,386,207 100.00% 9,018,386 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 451
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group SA Capital Guarantee Short Term Debt Fund - ULGF 055 24/02/04 GSCGSTD 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except Axis Bank Limited 2022 CD 8,973 8.71% - 0.00%
insurance and pension funding HDFC Bank Limited 2022 CD 6,786 6.59% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 4,799 4.66% - 0.00%
7.445% LIC Housing Finance Limited 2023 NCD 4,077 3.96% - 0.00%
6.7% National Bank For Agriculture & Rural Development 2022 NCD 4,042 3.93% - 0.00%
5.06% Housing Development Finance Corporation 2023 NCD 3,993 3.88% - 0.00%
4.5% Housing Development Finance Corporation Limited 2022 NCD 2,992 2.91% - 0.00%
8.5383% Bajaj Finance Limited 2022 NCD 2,014 1.96% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 1,962 1.91% 3,366 3.34%
7.21% Housing Development Finance Corporation Limited 2022 NCD 1,017 0.99% - 0.00%
7.09% Rural Electrification Corporation Limited 2022 NCD 1,015 0.99% - 0.00%
7.85% LIC Housing Finance Limited 2022 NCD 1,013 0.98% - 0.00%
7.39% LIC Housing Finance Limited 2022 NCD 1,009 0.98% - 0.00%
5.1% Bajaj Finance Limited 2022 NCD 1,000 0.97% - 0.00%
Sundaram Finance Limited 2021 ZCB - 0.00% 2,523 2.51%
National Bank For Agriculture & Rural Development 2021 CP - 0.00% 991 0.99%
National Bank For Agriculture & Rural Development 2021 CD - 0.00% 7,339 7.30%
7.03% LIC Housing Finance Limited 2021 NCD - 0.00% 1,021 1.02%
7.22% LIC Housing Finance Limited 2021 NCD - 0.00% 1,019 1.01%
6.32% Rural Electrification Corporation Limited 2021 NCD - 0.00% 4,066 4.04%
8.44% Rural Electrification Corporation Limited 2021 NCD - 0.00% 1,029 1.02%
Power Finance Corporation Limited 30/07/2021 CP - 0.00% 3,949 3.93%
7.24% Rural Electrification Corporation Limited 2021 NCD - 0.00% 1,017 1.01%
6.77% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 4,024 4.00%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 6,000 5.97%
8.15% Rural Electrification Corporation Limited 2021 NCD - 0.00% 3,027 3.01%
Financial service activities, 44,694 43.42% 39,370 39.15%
except insurance and pension
funding Total
Others 56,584 54.92% 59,774 59.43%
Net Current Assets 1,711 1.66% 1,427 1.42%
Grand Total 102,988 100.00% 100,571 100.00%

Group SA Debt Fund - ULGF 052 03/04/03 GSDBT 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 7.92% Cholamandalam Investment and Finance Com 2025 NCD 84,406 2.62% 84,323 1.73%
insurance and pension funding Bajaj Finance Limited 2022 CP 83,973 2.60% - 0.00%
8.54% Rural Electrification Corporation Limited 2028 NCD 75,925 2.35% 77,594 1.59%
5.83% State Bank of India 2030 NCD 72,140 2.24% 36,524 0.75%
6.24% State Bank of India 2025 NCD 60,539 1.88% 33,098 0.68%
6.44% HDFC Bank Limited 2028 NCD 57,797 1.79% - 0.00%
Axis Bank Limited 2023 CD 53,581 1.66% - 0.00%
8.37% Rural Electrification Corporation Limited 2028 NCD 43,382 1.34% 44,602 0.91%
6.43% Housing Development Finance Corporation Limited 2025 NCD 38,527 1.19% 68,696 1.41%
7.85% Power Finance Corporation Limited 2028 NCD 36,263 1.12% 36,658 0.75%
9% Housing Development Finance Corporation Limited 2028 NCD 34,744 1.08% 35,446 0.73%
8.44% HDFC Bank Limited 2028 NCD 34,564 1.07% 35,569 0.73%

452 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group SA Debt Fund - ULGF 052 03/04/03 GSDBT 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
Axis Bank Limited 2022 CD 33,939 1.05% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 33,444 1.04% 33,875 0.69%
National Agriculture Bank for Rural Development 2023 CD 32,141 1.00% - 0.00%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 29,911 0.93% 38,562 0.79%
8.8% Rural Electrification Corporation Limited 2029 NCD 29,837 0.92% 30,851 0.63%
8.7% LIC Housing Finance Limited 2029 NCD 26,247 0.81% 27,128 0.56%
8.5% National Agriculture Bank for Rural Development 2029 NCD 26,161 0.81% 27,017 0.55%
6.88% Rural Electrification Corporation Limited 2025 NCD 25,709 0.80% 25,624 0.52%

79 - 148 FINANCIAL STATEMENTS

6.63% Rural Electrification Corporation Limited 2031 NCD 23,529 0.73% 26,805 0.55%
HDFC Bank Limited 2022 CD 21,822 0.68% - 0.00%

STANDALONE
7.17% Power Finance Corporation Limited 2025 NCD 20,756 0.64% 45,587 0.93%
9% L&T Finance Limited 2022 NCD 19,721 0.61% 72,919 1.49%
6% Housing Development Finance Corporation Limited 2026 NCD 17,803 0.55% - 0.00%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 16,106 0.50% 16,594 0.34%
8.85% Rural Electrification Corporation Limited 2029 NCD 15,678 0.49% 15,963 0.33%
7.43% National Agriculture Bank for Rural Development 2030 NCD 15,526 0.48% 15,693 0.32%
8.55% Housing Development Finance Corporation Limited 2029 NCD 15,199 0.47% 15,699 0.32%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 15,038 0.47% - 0.00%

149 - 521 FINANCIAL STATEMENTS

6.42% National Agriculture Bank for Rural Development 2030 NCD 14,507 0.45% 14,672 0.30%
6.39% National Agriculture Bank for Rural Development 2030 NCD 13,514 0.42% 13,665 0.28%

CONSOLIDATED
Kotak Mahindra Investments Limited 2023 CP 13,328 0.41% - 0.00%
9.1% L&T Finance Limited 2022 NCD 12,571 0.39% 34,090 0.70%
8.72% Shriram Transport Finance Company Limited 2023 NCD 11,390 0.35% 65,137 1.33%
7.98% IDFC Bank Limited 2023 NCD 11,298 0.35% 64,144 1.31%
8.23% Rural Electrification Corporation Limited 2025 NCD 10,614 0.33% 21,542 0.44%
7.35% Bajaj Finance Limited 2022 NCD 10,144 0.31% 15,561 0.32%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 8,731 0.27% 8,891 0.18%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 8,569 0.27% 8,834 0.18%

522 - 584 VALUE RESULTS

Kotak Mahindra Prime Limited 2022 CP 5,492 0.17% - 0.00%
7.65% Axis Bank Limited 2027 NCD 5,259 0.16% 29,652 0.61%

EMBEDDED
6.85% National Bank For Agriculture & Rural Development 2031 NCD 4,972 0.15% - 0.00%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 46,175 0.95%
5.81% Rural Electrification Corporation Limited 2025 NCD - 0.00% 25,527 0.52%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 32,264 0.66%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 42,605 0.87%
9.75% ICICI Securities Primary Dealership Limited 2021 NCD - 0.00% 31,188 0.64%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 68,417 1.40%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 78,041 1.60%
585 - 591 INFORMATION

5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 4,005 0.08%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 44,055 0.90%
ADDITIONAL

5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 21,860 0.45%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 6,023 0.12%
Axis Bank Ltd 2021 CD - 0.00% 76,642 1.57%
Financial service activities, 1,224,800 37.95% 1,597,821 32.71%
except insurance and pension
funding Total
Others 1,907,357 59.14% 3,042,035 62.28%
Net Current Assets 93,916 2.91% 244,648 5.01%
592 - 595

Grand Total 3,226,074 100.00% 4,884,504 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 453
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group SA Growth Fund - ULGF 054 30/10/03 GSGF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 168,104 3.41% 207,831 3.87%
insurance and pension funding Housing Development Finance Corporation Limited Equity 117,505 2.38% 150,171 2.80%
Axis Bank Limited Equity 86,161 1.75% 81,345 1.52%
6.24% State Bank of India 2025 NCD 62,557 1.27% 29,086 0.54%
Bajaj Finance Limited 2022 CP 56,982 1.16% - 0.00%
Bajaj Finance Limited Equity 50,711 1.03% 10,547 0.20%
8.70% Rural Electrification Corporation Limited 2028 NCD 49,617 1.01% 50,941 0.95%
State Bank of India Equity 47,877 0.97% 35,091 0.65%
6.44% HDFC Bank Limited 2028 NCD 41,144 0.83% - 0.00%
Kotak Mahindra Bank Limited Equity 37,492 0.76% 50,043 0.93%
Axis Bank Limited 2023 CD 36,359 0.74% - 0.00%
5.83% State Bank of India 2030 NCD 34,588 0.70% 8,884 0.17%
8.54% Rural Electrification Corporation Limited 2028 NCD 31,910 0.65% 32,612 0.61%
6.63% Rural Electrification Corporation Limited 2031 NCD 23,529 0.48% 25,812 0.48%
Axis Bank Limited 2022 CD 23,273 0.47% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 22,067 0.45% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 21,873 0.44% 22,607 0.42%
8.37% Rural Electrification Corporation Limited 2028 NCD 19,522 0.40% 20,071 0.37%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 18,046 0.37% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 17,440 0.35% 18,012 0.34%
8.44% HDFC Bank Limited 2028 NCD 15,122 0.31% 15,561 0.29%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 14,955 0.30% 18,730 0.35%
HDFC Bank Limited 2022 CD 14,548 0.30% - 0.00%
7.43% National Agriculture Bank for Rural Development 2030 NCD 14,491 0.29% 14,647 0.27%
8.8% Rural Electrification Corporation Limited 2029 NCD 14,366 0.29% 14,854 0.28%
6.42% National Agriculture Bank for Rural Development 2030 NCD 13,540 0.27% 13,694 0.26%
6% Housing Development Finance Corporation Limited 2026 NCD 12,858 0.26% - 0.00%
7.85% Power Finance Corporation Limited 2028 NCD 12,799 0.26% 12,938 0.24%
6.39% National Agriculture Bank for Rural Development 2030 NCD 12,549 0.25% 12,689 0.24%
L&T Finance Limited Equity 10,859 0.22% 22,604 0.42%
7.78% Housing Development Finance Corporation Limited 2027 NCD 10,621 0.22% - 0.00%
7.50% HDFC Bank Limited 2025 NCD 10,418 0.21% 10,439 0.19%
Kotak Mahindra Investments Limited 2023 CP 9,044 0.18% - 0.00%
Cholamandalam Investment & Finance Limited Equity 8,933 0.18% 20,828 0.39%
6.80% Rural Electrification Corporation Limited 2030 NCD 8,853 0.18% 8,967 0.17%
8.23% Rural Electrification Corporation Limited 2025 NCD 8,491 0.17% 8,617 0.16%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 7,640 0.16% 7,780 0.14%
Bajaj Holdings & Investment Limited Equity 7,482 0.15% 3,217 0.06%
8.85% Rural Electrification Corporation Limited 2029 NCD 6,719 0.14% 6,841 0.13%
8.55% Housing Development Finance Corporation Limited 2029 NCD 6,514 0.13% 6,728 0.13%
SBI Cards & Payment Services Limited Equity 6,001 0.12% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 5,967 0.12% - 0.00%
Bajaj Finserv Limited Equity 5,391 0.11% - 0.00%
8.43% LIC Housing Finance Limited 2026 NCD 5,386 0.11% 5,456 0.10%
9.1% L&T Finance Limited 2022 NCD 4,848 0.10% 15,542 0.29%
AU Small Finance Bank Limited Equity 4,292 0.09% - 0.00%
7.65% Axis Bank Limited 2027 NCD 4,207 0.09% 19,062 0.36%
6.43% Housing Development Finance Corporation Limited 2025 NCD 4,055 0.08% 4,041 0.08%
Kotak Mahindra Prime Limited 2022 CP 3,994 0.08% - 0.00%

454 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group SA Growth Fund - ULGF 054 30/10/03 GSGF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
Max Financial Services Limited Equity 3,721 0.08% 10,800 0.20%
7.17% Power Finance Corporation Limited 2025 NCD 3,113 0.06% 7,252 0.14%
Equitas Holdings Limited Equity 1,649 0.03% - 0.00%
Axis Bank Ltd 2021 CD - 0.00% 75,660 1.41%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 43,163 0.80%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 4,005 0.07%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 5,019 0.09%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 70,947 1.32%

79 - 148 FINANCIAL STATEMENTS

6.88% Rural Electrification Corporation Limited 2025 NCD - 0.00% 24,599 0.46%
Financial service activities, 1,240,184 25.16% 1,227,736 22.90%
except insurance and pension

STANDALONE
funding Total
Others 3,567,393 72.38% 4,010,768 74.71%
Net Current Assets 121,039 2.46% 128,509 2.39%
Grand Total 4,928,616 100.00% 5,367,013 100.00%

Group SA Short Term Debt Fund - ULGF 053 03/04/03 GSSTD 105
At March 31, 2022 At March 31, 2021

149 - 521 FINANCIAL STATEMENTS

Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

CONSOLIDATED
Financial service activities, except Axis Bank Limited 2022 CD 113,268 8.65% - 0.00%
insurance and pension funding 7.39% LIC Housing Finance Limited 2022 NCD 65,613 5.01% - 0.00%
HDFC Bank Limited 2022 CD 63,980 4.89% - 0.00%
5.06% Housing Development Finance Corporation 2023 NCD 54,909 4.20% - 0.00%
6.7% National Bank For Agriculture & Rural Development 2022 NCD 53,562 4.09% - 0.00%
7.35% Bajaj Finance Limited 2022 NCD 43,618 3.33% - 0.00%
4.5% Housing Development Finance Corporation Limited 2022 NCD 38,899 2.97% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 38,391 2.93% - 0.00%

522 - 584 VALUE RESULTS

5.1% Bajaj Finance Limited 2022 NCD 34,989 2.67% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 25,510 1.95% 22,582 1.38%

EMBEDDED
8.5383% Bajaj Finance Limited 2022 NCD 24,173 1.85% - 0.00%
5.30% Housing Development Finance Corporation Limited 2023 NCD 21,083 1.61% - 0.00%
7.09% Rural Electrification Corporation Limited 2022 NCD 20,296 1.55% - 0.00%
7.445% LIC Housing Finance Limited 2023 NCD 19,367 1.48% - 0.00%
7.85% LIC Housing Finance Limited 2022 NCD 11,145 0.85% - 0.00%
7.21% Housing Development Finance Corporation Limited 2022 NCD 8,133 0.62% - 0.00%
7.45% LIC Housing Finance Limited 2022 NCD 7,093 0.54% - 0.00%
585 - 591 INFORMATION

7.24% Rural Electrification Corporation Limited 2022 NCD 3,051 0.23% - 0.00%
6.77% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 97,571 5.96%
Sundaram Finance Limited 2021 ZCB - 0.00% 50,450 3.08%
ADDITIONAL

National Bank For Agriculture & Rural Development 2021 CP - 0.00% 17,843 1.09%
National Bank For Agriculture & Rural Development 2021 CD - 0.00% 134,972 8.25%
8.15% Rural Electrification Corporation Limited 2021 NCD - 0.00% 3,027 0.18%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 62,000 3.79%
4.23% Housing Development Finance Corporation Limited 2022 NCD - 0.00% 50,073 3.06%
8.44% Rural Electrification Corporation Limited 2021 NCD - 0.00% 12,349 0.75%
7.03% LIC Housing Finance Limited 2021 NCD - 0.00% 15,318 0.94%
592 - 595

7.22% LIC Housing Finance Limited 2021 NCD - 0.00% 9,173 0.56%
Power Finance Corporation Limited 30/07/2021 CP - 0.00% 15,297 0.93%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 455
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group SA Short Term Debt Fund - ULGF 053 03/04/03 GSSTD 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

8.55% Power Finance Corporation Limited 2021 NCD - 0.00% 16,477 1.01%
6.32% Rural Electrification Corporation Limited 2021 NCD - 0.00% 101,659 6.21%
7.24% Rural Electrification Corporation Limited 2021 NCD - 0.00% 15,255 0.93%
7.50% Power Finance Corporation Ltd 2021 NCD - 0.00% 30,343 1.85%
Axis Bank Ltd 2021 CD - 0.00% 68,352 4.18%
Financial service activities, 647,079 49.43% 722,738 44.16%
except insurance and pension
funding Total
Others 638,332 48.79% 890,460 54.44%
Net Current Assets 23,152 1.77% 22,868 1.40%
Grand Total 1,308,564 100.00% 1,636,065 100.00%

Group Short Term Debt Fund - ULGF 003 03/04/03 GSTDebt 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited 2022 CD 46,531 8.40% - 0.00%
insurance and pension funding Axis Bank Limited 2022 CD 44,782 8.08% - 0.00%
7.39% LIC Housing Finance Limited 2022 NCD 35,330 6.38% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 24,474 4.42% - 0.00%
6.7% National Bank For Agriculture & Rural Development 2022 NCD 20,212 3.65% - 0.00%
4.5% Housing Development Finance Corporation Limited 2022 NCD 14,961 2.70% - 0.00%
5.06% Housing Development Finance Corporation 2023 NCD 12,978 2.34% - 0.00%
8.5383% Bajaj Finance Limited 2022 NCD 11,079 2.00% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 9,812 1.77% 7,206 1.21%
7.09% Rural Electrification Corporation Limited 2022 NCD 7,104 1.28% - 0.00%
7.85% LIC Housing Finance Limited 2022 NCD 5,066 0.91% - 0.00%
7.21% Housing Development Finance Corporation Limited 2022 NCD 3,050 0.55% - 0.00%
7.24% Rural Electrification Corporation Limited 2022 NCD 1,017 0.18% - 0.00%
5.1% Bajaj Finance Limited 2022 NCD 1,000 0.18% - 0.00%
7.22% LIC Housing Finance Limited 2021 NCD - 0.00% 4,077 0.68%
8.44% Rural Electrification Corporation Limited 2021 NCD - 0.00% 7,203 1.21%
National Bank For Agriculture & Rural Development 2021 CP - 0.00% 6,939 1.16%
National Bank For Agriculture & Rural Development 2021 CD - 0.00% 46,907 7.85%
6.77% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 42,247 7.07%
Kotak Mahindra Prime Limited 2021 CP - 0.00% 8,871 1.48%
8.55% Power Finance Corporation Limited 2021 NCD - 0.00% 5,149 0.86%
7.24% Rural Electrification Corporation Limited 2021 NCD - 0.00% 9,153 1.53%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 45,000 7.53%
Power Finance Corporation Limited 30/07/2021 CP - 0.00% 15,795 2.64%
6.32% Rural Electrification Corporation Limited 2021 NCD - 0.00% 18,299 3.06%
8.15% Rural Electrification Corporation Limited 2021 NCD - 0.00% 15,133 2.53%
Axis Bank Ltd 2021 CD - 0.00% 10,741 1.80%
Financial service activities, 237,396 42.84% 242,720 40.61%
except insurance and pension
funding Total
Others 303,039 54.69% 341,749 57.20%
Net Current Assets 13,666 2.47% 13,095 2.19%
Grand Total 554,101 100.00% 597,563 100.00%

456 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Short Term Debt Fund II - ULGF 046 27/08/13 GSTDebt2 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name

01 - 78 REPORTS
type Market value % of assets Market value % of assets
(` ‘000) held (` ‘000) held

STATUTORY
Financial service activities, except Axis Bank Limited 2022 CD 485 4.83% - 0.00%
insurance and pension funding
National Agriculture Bank for Rural Development 2023 CD 480 4.78% - 0.00%
HDFC Bank Limited 2023 CD 478 4.76% - 0.00%
Financial service activities, 1,443 14.37% - 0.00%
except insurance and pension
funding Total
Others 8,583 85.48% 6,835 99.49%
Net Current Assets 15 0.15% 35 0.51%

79 - 148 FINANCIAL STATEMENTS

Grand Total 10,041 100.00% 6,870 100.00%

STANDALONE
Group Short Term Debt Fund III - ULGF 039 30/04/13 GSTDebt3 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except Axis Bank Limited 2022 CD 105,461 7.03% - 0.00%
insurance and pension funding National Agriculture Bank for Rural Development 2023 CD 86,372 5.75% - 0.00%

149 - 521 FINANCIAL STATEMENTS

HDFC Bank Limited 2023 CD 86,097 5.73% - 0.00%
7.39% LIC Housing Finance Limited 2022 NCD 68,641 4.57% - 0.00%
5.06% Housing Development Finance Corporation 2023 NCD 49,917 3.32% - 0.00%

CONSOLIDATED
6.7% National Bank For Agriculture & Rural Development 2022 NCD 46,488 3.10% - 0.00%
5.30% Housing Development Finance Corporation Limited 2023 NCD 31,123 2.07% - 0.00%
4.5% Housing Development Finance Corporation Limited 2022 NCD 29,922 1.99% - 0.00%
5.1% Bajaj Finance Limited 2022 NCD 26,991 1.80% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 25,020 1.67% 28,851 2.08%
8.5383% Bajaj Finance Limited 2022 NCD 24,173 1.61% - 0.00%
7.09% Rural Electrification Corporation Limited 2022 NCD 17,252 1.15% - 0.00%

522 - 584 VALUE RESULTS

7.85% LIC Housing Finance Limited 2022 NCD 13,171 0.88% - 0.00%
HDFC Bank Limited 2022 CD 7,755 0.52% - 0.00%

EMBEDDED
7.21% Housing Development Finance Corporation Limited 2022 NCD 7,117 0.47% - 0.00%
7.24% Rural Electrification Corporation Limited 2022 NCD 2,034 0.14% - 0.00%
7.45% LIC Housing Finance Limited 2022 NCD 2,027 0.13% - 0.00%
Kotak Mahindra Prime Limited 2021 ZCB - 0.00% 6,389 0.46%
Kotak Mahindra Prime Limited 2021 CP - 0.00% 12,814 0.92%
Power Finance Corporation Limited 30/07/2021 CP - 0.00% 7,895 0.57%
7.22% LIC Housing Finance Limited 2021 NCD - 0.00% 13,250 0.95%
585 - 591 INFORMATION

6.77% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 30,176 2.17%
7.24% Rural Electrification Corporation Limited 2021 NCD - 0.00% 8,136 0.58%
ADDITIONAL

8.55% Power Finance Corporation Limited 2021 NCD - 0.00% 8,238 0.59%
8.15% Rural Electrification Corporation Limited 2021 NCD - 0.00% 13,115 0.94%
7.03% LIC Housing Finance Limited 2021 NCD - 0.00% 9,191 0.66%
National Bank For Agriculture & Rural Development 2021 CP - 0.00% 23,790 1.71%
National Bank For Agriculture & Rural Development 2021 CD - 0.00% 68,229 4.90%
Axis Bank Ltd 2021 CD - 0.00% 19,529 1.40%
Sundaram Finance Limited 2021 ZCB - 0.00% 30,270 2.17%
592 - 595

4.23% Housing Development Finance Corporation Limited 2022 NCD - 0.00% 50,073 3.60%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 457
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Group Short Term Debt Fund III - ULGF 039 30/04/13 GSTDebt3 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

8.44% Rural Electrification Corporation Limited 2021 NCD - 0.00% 6,174 0.44%
6.32% Rural Electrification Corporation Limited 2021 NCD - 0.00% 52,863 3.80%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 43,000 3.09%
Financial service activities, 629,560 41.93% 431,985 31.03%
except insurance and pension
funding Total
Others 822,266 54.74% 948,268 68.14%
Net Current Assets 50,056 3.33% 11,614 0.83%
Grand Total 1,501,882 100.00% 1,391,867 100.00%

Health Balancer Fund - ULIF 059 15/01/09 HBalancer 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 10,729 2.19% 11,836 2.48%
insurance and pension funding Housing Development Finance Corporation Limited Equity 7,499 1.53% 8,553 1.79%
Bajaj Finance Limited 2022 CP 7,498 1.53% - 0.00%
6.24% State Bank of India 2025 NCD 7,063 1.44% 3,009 0.63%
5.83% State Bank of India 2030 NCD 6,918 1.41% 3,949 0.83%
Axis Bank Limited 2022 CD 5,900 1.20% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 5,878 1.20% - 0.00%
Axis Bank Limited Equity 5,509 1.12% 4,632 0.97%
Axis Bank Limited 2023 CD 5,262 1.08% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 5,069 1.03% 5,051 1.06%
8.54% Rural Electrification Corporation Limited 2028 NCD 3,301 0.67% 3,374 0.71%
8.7% LIC Housing Finance Limited 2029 NCD 3,281 0.67% 3,391 0.71%
Bajaj Finance Limited Equity 3,238 0.66% 597 0.12%
State Bank of India Equity 3,059 0.62% 2,002 0.42%
National Agriculture Bank for Rural Development 2023 CD 2,878 0.59% - 0.00%
Kotak Mahindra Bank Limited Equity 2,417 0.49% 2,836 0.59%
9% Housing Development Finance Corporation Limited 2028 NCD 2,242 0.46% 2,287 0.48%
8.8% Rural Electrification Corporation Limited 2029 NCD 2,210 0.45% 2,285 0.48%
8.5% National Agriculture Bank for Rural Development 2029 NCD 2,180 0.44% 2,251 0.47%
8.37% Rural Electrification Corporation Limited 2028 NCD 2,169 0.44% 2,230 0.47%
8.44% HDFC Bank Limited 2028 NCD 2,160 0.44% 2,223 0.46%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 2,136 0.44% 2,204 0.46%
7.85% Power Finance Corporation Limited 2028 NCD 2,133 0.44% 2,156 0.45%
7.50% HDFC Bank Limited 2025 NCD 2,084 0.43% 2,088 0.44%
7.17% Power Finance Corporation Limited 2025 NCD 2,076 0.42% 5,180 1.08%
6.88% Rural Electrification Corporation Limited 2025 NCD 2,057 0.42% 2,050 0.43%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 2,005 0.41% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 1,961 0.40% 1,986 0.42%
HDFC Bank Limited 2022 CD 1,940 0.40% - 0.00%
Kotak Mahindra Investments Limited 2023 CP 1,428 0.29% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.23% 1,140 0.24%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.22% 1,111 0.23%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.22% 1,121 0.23%
8.23% Rural Electrification Corporation Limited 2025 NCD 1,061 0.22% 1,077 0.23%
7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.21% 1,046 0.22%

458 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Health Balancer Fund - ULIF 059 15/01/09 HBalancer 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

7.45% LIC Housing Finance Limited 2022 NCD 1,013 0.21% - 0.00%

STATUTORY
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.20% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 984 0.20% 996 0.21%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.20% 978 0.20%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.20% 976 0.20%
L&T Finance Limited Equity 697 0.14% 1,287 0.27%
Cholamandalam Investment & Finance Limited Equity 578 0.12% 1,187 0.25%
Kotak Mahindra Prime Limited 2022 CP 499 0.10% - 0.00%

79 - 148 FINANCIAL STATEMENTS

Bajaj Holdings & Investment Limited Equity 481 0.10% 184 0.04%
SBI Cards & Payment Services Limited Equity 382 0.08% - 0.00%
Bajaj Finserv Limited Equity 341 0.07% - 0.00%

STANDALONE
AU Small Finance Bank Limited Equity 274 0.06% - 0.00%
Max Financial Services Limited Equity 237 0.05% 621 0.13%
Equitas Holdings Limited Equity 107 0.02% - 0.00%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 8,108 1.70%
7.65% Axis Bank Limited 2027 NCD - 0.00% 1,059 0.22%
Axis Bank Ltd 2021 CD - 0.00% 6,878 1.44%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 5,019 1.05%

149 - 521 FINANCIAL STATEMENTS

8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 1,020 0.21%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 2,029 0.42%
Financial service activities, 128,192 26.16% 112,012 23.43%

CONSOLIDATED
except insurance and pension
funding Total
Others 352,276 71.85% 354,914 74.23%
Net Current Assets 9,764 1.99% 11,187 2.34%
Grand Total 490,231 100.00% 478,113 100.00%

Health Flexi Balanced Fund - ULIF 060 15/01/09 HFlexiBal 105

522 - 584 VALUE RESULTS

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

EMBEDDED
Financial service activities, except HDFC Bank Limited Equity 19,961 3.04% 26,402 4.21%
insurance and pension funding Housing Development Finance Corporation Limited Equity 11,510 1.75% 15,688 2.50%
Kotak Mahindra Bank Limited Equity 8,948 1.36% 12,078 1.93%
6.24% State Bank of India 2025 NCD 8,072 1.23% 3,009 0.48%
5.83% State Bank of India 2030 NCD 7,906 1.20% 4,936 0.79%
Bajaj Finance Limited 2022 CP 7,498 1.14% - 0.00%
Bajaj Finance Limited Equity 6,955 1.06% 196 0.03%
585 - 591 INFORMATION

State Bank of India Equity 6,207 0.95% 1,447 0.23%

6.44% HDFC Bank Limited 2028 NCD 4,898 0.75% - 0.00%
Axis Bank Limited 2023 CD 4,784 0.73% - 0.00%
ADDITIONAL

8.54% Rural Electrification Corporation Limited 2028 NCD 3,301 0.50% 3,374 0.54%
8.7% LIC Housing Finance Limited 2029 NCD 3,281 0.50% 3,391 0.54%
6.88% Rural Electrification Corporation Limited 2025 NCD 3,085 0.47% 3,075 0.49%
6.63% Rural Electrification Corporation Limited 2031 NCD 2,941 0.45% 2,978 0.47%
Axis Bank Limited 2022 CD 2,909 0.44% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 2,878 0.44% - 0.00%
Central Depository Services (India) Limited Equity 2,437 0.37% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 2,242 0.34% 2,287 0.36%
592 - 595

8.8% Rural Electrification Corporation Limited 2029 NCD 2,210 0.34% 2,285 0.36%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 459
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Health Flexi Balanced Fund - ULIF 060 15/01/09 HFlexiBal 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

8.5% National Agriculture Bank for Rural Development 2029 NCD 2,180 0.33% 2,251 0.36%
8.37% Rural Electrification Corporation Limited 2028 NCD 2,169 0.33% 2,230 0.36%
8.44% HDFC Bank Limited 2028 NCD 2,160 0.33% 2,223 0.35%
7.85% Power Finance Corporation Limited 2028 NCD 2,133 0.33% 2,156 0.34%
7.50% HDFC Bank Limited 2025 NCD 2,084 0.32% 2,088 0.33%
7.43% National Agriculture Bank for Rural Development 2030 NCD 2,070 0.32% 2,092 0.33%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 2,005 0.31% - 0.00%
Axis Bank Limited Equity 1,962 0.30% 8,201 1.31%
HDFC Bank Limited 2022 CD 1,940 0.30% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 1,934 0.29% 1,956 0.31%
6.39% National Agriculture Bank for Rural Development 2030 NCD 1,931 0.29% 1,952 0.31%
Muthoot Finance Limited Equity 1,633 0.25% - 0.00%
Kotak Mahindra Investments Limited 2023 CP 1,428 0.22% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.17% 1,140 0.18%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.17% 1,111 0.18%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.17% 1,121 0.18%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 1,068 0.16% 2,204 0.35%
8.23% Rural Electrification Corporation Limited 2025 NCD 1,061 0.16% 1,077 0.17%
7.45% LIC Housing Finance Limited 2022 NCD 1,013 0.15% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.15% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 984 0.15% 996 0.16%
Kotak Mahindra Prime Limited 2022 CP 499 0.08% - 0.00%
Bajaj Finserv Limited Equity - 0.00% 1,044 0.17%
AU Small Finance Bank Limited Equity - 0.00% 1,768 0.28%
Cholamandalam Investment & Finance Limited Equity - 0.00% 4,553 0.73%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.16%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 11,149 1.78%
7.65% Axis Bank Limited 2027 NCD - 0.00% 2,118 0.34%
Axis Bank Ltd 2021 CD - 0.00% 8,843 1.41%
L&T Finance Limited Equity - 0.00% 2,954 0.47%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 5,019 0.80%
Indusind Bank Limited Equity - 0.00% 1 0.00%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 1,020 0.16%
Financial service activities, 146,570 22.33% 153,420 24.45%
except insurance and pension
funding Total
Others 502,155 76.54% 463,358 73.89%
Net Current Assets 7,417 1.13% 10,441 1.66%
Grand Total 656,142 100.00% 627,219 100.00%

Health Flexi Growth Fund - ULIF 057 15/01/09 HFlexiGro 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 511,368 8.66% 377,572 6.80%
and related activities Tata Consultancy Services Limited Equity 141,299 2.39% 207,094 3.73%
Wipro Limited Equity 77,370 1.31% - 0.00%
Persistent System Limited Equity 31,103 0.53% - 0.00%
HCL Technologies Limited Equity 24,905 0.42% 106,189 1.91%
Mphasis Limited Equity 24,320 0.41% 33,940 0.61%

460 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Health Flexi Growth Fund - ULIF 057 15/01/09 HFlexiGro 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

KPIT Engineering Limited Equity 22,982 0.39% - 0.00%

STATUTORY
Tech Mahindra Limited Equity - 0.00% 47,840 0.86%
Computer programming, 833,347 14.11% 772,636 13.91%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 322,867 5.47% 417,556 7.52%
insurance and pension funding Housing Development Finance Corporation Limited Equity 189,509 3.21% 253,844 4.57%
Kotak Mahindra Bank Limited Equity 142,474 2.41% 189,850 3.42%
Bajaj Finance Limited Equity 113,306 1.92% 3,698 0.07%

79 - 148 FINANCIAL STATEMENTS

State Bank of India Equity 87,070 1.47% 20,407 0.37%
Central Depository Services (India) Limited Equity 36,877 0.62% - 0.00%

STANDALONE
L&T Finance Limited Equity 31,661 0.54% 47,154 0.85%
Axis Bank Limited Equity 31,330 0.53% 124,637 2.25%
Muthoot Finance Limited Equity 26,483 0.45% - 0.00%
Bank of Baroda Equity 3,735 0.06% - 0.00%
Indusind Bank Limited Equity - 0.00% 1 0.00%
Bajaj Finserv Limited Equity - 0.00% 7,600 0.14%
AU Small Finance Bank Limited Equity - 0.00% 28,358 0.51%
Cholamandalam Investment & Finance Limited Equity - 0.00% 67,866 1.22%

149 - 521 FINANCIAL STATEMENTS

Financial service activities, 985,312 16.68% 1,160,970 20.92%
except insurance and pension
funding Total

CONSOLIDATED
Others 4,057,938 68.75% 3,609,541 65.07%
Net Current Assets 27,397 0.46% 5,788 0.10%
Grand Total 5,903,994 100.00% 5,548,935 100.00%

Health Multiplier Fund - ULIF 058 15/01/09 HMultip 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

522 - 584 VALUE RESULTS

Computer programming, consultancy Infosys Limited Equity 75,755 8.45% 62,698 8.05%
and related activities Tata Consultancy Services Limited Equity 21,722 2.42% 21,555 2.77%

EMBEDDED
HCL Technologies Limited Equity 15,616 1.74% 15,308 1.97%
Wipro Limited Equity 6,011 0.67% - 0.00%
Tech Mahindra Limited Equity 5,705 0.64% 7,017 0.90%
KPIT Engineering Limited Equity 2,636 0.29% 3,826 0.49%
Mphasis Limited Equity - 0.00% 4,473 0.57%
Computer programming, 127,445 14.21% 114,878 14.76%
consultancy and related
activities Total
585 - 591 INFORMATION

Financial service activities, except HDFC Bank Limited Equity 65,510 7.30% 65,891 8.46%
insurance and pension funding Housing Development Finance Corporation Limited Equity 37,926 4.23% 37,294 4.79%
Axis Bank Limited Equity 34,301 3.82% 29,303 3.76%
ADDITIONAL

Bajaj Finance Limited Equity 19,987 2.23% 3,533 0.45%

Kotak Mahindra Bank Limited Equity 18,717 2.09% 18,454 2.37%
State Bank of India Equity 17,691 1.97% 9,582 1.23%
Bajaj Finserv Limited Equity 3,651 0.41% - 0.00%
SBI Cards & Payment Services Limited Equity 1,927 0.21% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 785 0.10%
Max Financial Services Limited Equity - 0.00% 2,280 0.29%
Financial service activities, 199,709 22.26% 167,122 21.46%
592 - 595

except insurance and pension

funding Total

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 461
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Health Multiplier Fund - ULIF 058 15/01/09 HMultip 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Manufacture of coke and refined Reliance Industries Limited Equity 87,239 9.73% 60,125 7.72%
petroleum products Hindustan Petroleum Corporation Limited Equity 4,877 0.54% 5,547 0.71%
Indian Oil Corporation Limited Equity 2,393 0.27% 1,734 0.22%
Reliance Industries Limited - Partly Paid Equity - 0.00% 4,945 0.64%
Bharat Petroleum Corporation Limited Equity - 0.00% 2,556 0.33%
Manufacture of coke and refined 94,509 10.54% 74,908 9.62%
petroleum products Total
Others 467,698 52.15% 420,618 54.03%
Net Current Assets 7,563 0.84% 978 0.13%
Grand Total 896,925 100.00% 778,504 100.00%

Health Preserver Fund - ULIF 056 15/01/09 HPreserv 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except Axis Bank Limited 2022 CD 6,979 8.39% - 0.00%
insurance and pension funding HDFC Bank Limited 2022 CD 6,786 8.16% - 0.00%
6.7% National Bank For Agriculture & Rural Development 2022 NCD 3,032 3.64% - 0.00%
4.5% Housing Development Finance Corporation Limited 2022 NCD 1,995 2.40% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 1,920 2.31% - 0.00%
7.445% LIC Housing Finance Limited 2023 NCD 1,019 1.23% - 0.00%
7.09% Rural Electrification Corporation Limited 2022 NCD 1,015 1.22% - 0.00%
7.39% LIC Housing Finance Limited 2022 NCD 1,009 1.21% - 0.00%
8.5383% Bajaj Finance Limited 2022 NCD 1,007 1.21% - 0.00%
5.30% Housing Development Finance Corporation Limited 2023 NCD 1,004 1.21% - 0.00%
National Bank For Agriculture & Rural Development 2021 CP - 0.00% 1,983 2.24%
National Bank For Agriculture & Rural Development 2021 CD - 0.00% 6,049 6.84%
Kotak Mahindra Prime Limited 2022 CP - 0.00% 1,923 2.18%
8.44% Rural Electrification Corporation Limited 2021 NCD - 0.00% 1,029 1.16%
6.32% Rural Electrification Corporation Limited 2021 NCD - 0.00% 4,066 4.60%
7.03% LIC Housing Finance Limited 2021 NCD - 0.00% 1,021 1.15%
7.24% Rural Electrification Corporation Limited 2021 NCD - 0.00% 1,017 1.15%
Power Finance Corporation Limited 30/07/2021 CP - 0.00% 1,974 2.23%
6.77% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 5,029 5.68%
Kotak Mahindra Prime Limited 2021 ZCB - 0.00% 1,278 1.44%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 6,000 6.78%
Financial service activities, 25,766 30.97% 31,370 35.46%
except insurance and pension
funding Total
Others 57,663 69.29% 56,679 64.06%
Net Current Assets (218) -0.26% 424 0.48%
Grand Total 83,210 100.00% 88,473 100.00%

Health Protector Fund - ULIF 061 15/01/09 HProtect 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 8.3% Indian Railway Finance Corpn. Limit 2029 NCD 64,313 2.91% - 0.00%
insurance and pension funding Bajaj Finance Limited 2022 CP 58,481 2.65% - 0.00%
5.83% State Bank of India 2030 NCD 58,305 2.64% 13,820 0.65%
6.44% HDFC Bank Limited 2028 NCD 40,164 1.82% - 0.00%

462 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Health Protector Fund - ULIF 061 15/01/09 HProtect 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

Axis Bank Limited 2023 CD 36,837 1.67% - 0.00%

STATUTORY
8.54% Rural Electrification Corporation Limited 2028 NCD 30,810 1.40% 31,487 1.47%
6.80% Rural Electrification Corporation Limited 2030 NCD 29,510 1.34% 29,890 1.40%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 27,432 1.24% 27,405 1.28%
6.24% State Bank of India 2025 NCD 26,233 1.19% 12,036 0.56%
6.43% Housing Development Finance Corporation Limited 2025 NCD 25,347 1.15% 25,256 1.18%
Axis Bank Limited 2022 CD 23,273 1.05% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 22,547 1.02% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 17,498 0.79% 18,085 0.85%

79 - 148 FINANCIAL STATEMENTS

8.37% Rural Electrification Corporation Limited 2028 NCD 17,353 0.79% 17,841 0.83%
7.85% Power Finance Corporation Limited 2028 NCD 14,932 0.68% 15,095 0.71%

STANDALONE
HDFC Bank Limited 2022 CD 14,548 0.66% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 13,449 0.61% 13,721 0.64%
6% Housing Development Finance Corporation Limited 2026 NCD 12,858 0.58% - 0.00%
8.8% Rural Electrification Corporation Limited 2029 NCD 12,156 0.55% 12,569 0.59%
8.5% National Agriculture Bank for Rural Development 2029 NCD 11,990 0.54% 12,383 0.58%
8.44% HDFC Bank Limited 2028 NCD 11,881 0.54% 12,227 0.57%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 10,682 0.48% 14,323 0.67%
8.72% Shriram Transport Finance Company Limited 2023 NCD 10,354 0.47% 14,949 0.70%

149 - 521 FINANCIAL STATEMENTS

5.81% Rural Electrification Corporation Limited 2025 NCD 9,837 0.45% 9,818 0.46%
8.23% Rural Electrification Corporation Limited 2025 NCD 9,553 0.43% 9,694 0.45%
Kotak Mahindra Investments Limited 2023 CP 9,520 0.43% - 0.00%

CONSOLIDATED
6.88% Rural Electrification Corporation Limited 2025 NCD 9,255 0.42% 9,225 0.43%
6.63% Rural Electrification Corporation Limited 2031 NCD 8,823 0.40% 9,928 0.46%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 8,020 0.36% - 0.00%
7.17% Power Finance Corporation Limited 2025 NCD 7,265 0.33% 15,541 0.73%
8.85% Rural Electrification Corporation Limited 2029 NCD 5,599 0.25% 5,701 0.27%
8.55% Housing Development Finance Corporation Limited 2029 NCD 5,428 0.25% 5,607 0.26%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 5,369 0.24% 5,531 0.26%

522 - 584 VALUE RESULTS

7.43% National Agriculture Bank for Rural Development 2030 NCD 5,175 0.23% 5,231 0.24%
6.42% National Agriculture Bank for Rural Development 2030 NCD 4,836 0.22% 4,891 0.23%
6.39% National Agriculture Bank for Rural Development 2030 NCD 4,826 0.22% 4,880 0.23%

EMBEDDED
Kotak Mahindra Prime Limited 2022 CP 3,994 0.18% - 0.00%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 3,274 0.15% 3,334 0.16%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 3,213 0.15% 3,313 0.15%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 2,983 0.14% - 0.00%
7.65% Axis Bank Limited 2027 NCD 2,104 0.10% 9,531 0.45%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 2,008 0.09%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 7,949 0.37%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 16,521 0.77%
585 - 591 INFORMATION

8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 10,755 0.50%
8.5% IDFC Bank Limited 2023 NCD - 0.00% 26,629 1.25%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 2,003 0.09%
ADDITIONAL

5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 17,065 0.80%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 37,500 1.75%
Axis Bank Ltd 2021 CD - 0.00% 29,478 1.38%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 10,136 0.47%
Financial service activities, 700,031 31.71% 533,355 24.93%
except insurance and pension
funding Total
Others 1,464,506 66.39% 1,541,631 72.10%
592 - 595

Net Current Assets 42,018 1.90% 63,602 2.97%

Grand Total 2,206,555 100.00% 2,138,588 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 463
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Highest NAV Fund B - ULIF 116 15/03/11 LHighNavB 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Others 10,824,349 103.77% 28,080,277 100.75%
Net Current Assets (393,153) -3.77% (209,407) -0.75%
Grand Total 10,431,195 100.00% 27,870,870 100.00%

Income Fund - ULIF 089 24/11/09 LIncome 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 8.55% Housing Development Finance Corporation Limited 2029 NCD 4,280,810 3.81% 4,421,601 3.37%
insurance and pension funding 6.24% State Bank of India 2025 NCD 2,981,530 2.65% 871,578 0.66%
Bajaj Finance Limited 2022 CP 2,962,560 2.64% - 0.00%
5.83% State Bank of India 2030 NCD 2,548,627 2.27% 834,140 0.64%
6.44% HDFC Bank Limited 2028 NCD 2,034,663 1.81% - 0.00%
Axis Bank Limited 2023 CD 1,875,321 1.67% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 1,822,940 1.62% 1,816,413 1.38%
6.80% Rural Electrification Corporation Limited 2030 NCD 1,687,945 1.50% 1,709,693 1.30%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 1,544,632 1.37% 1,543,114 1.18%
5.81% Rural Electrification Corporation Limited 2025 NCD 1,424,446 1.27% 1,396,121 1.06%
8.8% Rural Electrification Corporation Limited 2029 NCD 1,242,091 1.10% 1,284,325 0.98%
Axis Bank Limited 2022 CD 1,218,953 1.08% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 1,123,008 1.00% - 0.00%
8.2% IIFL Home Finance Limited 2026 NCD 1,046,980 0.93% - 0.00%
7.50% Sundaram Finance Limited 2022 NCD 1,015,026 0.90% 1,039,429 0.79%
9% Housing Development Finance Corporation Limited 2028 NCD 981,803 0.87% 429,927 0.33%
8.54% Rural Electrification Corporation Limited 2028 NCD 805,462 0.72% 804,055 0.61%
8.72% Shriram Transport Finance Company Limited 2023 NCD 796,232 0.71% 821,148 0.63%
HDFC Bank Limited 2022 CD 765,231 0.68% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 698,793 0.62% 426,448 0.33%
8.70% Rural Electrification Corporation Limited 2028 NCD 628,485 0.56% 645,254 0.49%
7.25% IDFC Bank Limited 2023 FD 600,000 0.53% 600,000 0.46%
8.44% HDFC Bank Limited 2028 NCD 598,393 0.53% 615,780 0.47%
6.63% Rural Electrification Corporation Limited 2031 NCD 592,142 0.53% 658,218 0.50%
6% Housing Development Finance Corporation Limited 2026 NCD 571,677 0.51% - 0.00%
7.87% Housing Development Finance Corporation Limited 2022 NCD 555,890 0.49% 571,180 0.44%
6.88% Rural Electrification Corporation Limited 2025 NCD 555,321 0.49% 553,481 0.42%
8.37% Rural Electrification Corporation Limited 2028 NCD 546,619 0.49% 561,991 0.43%
Kotak Mahindra Investments Limited 2023 CP 456,962 0.41% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 447,298 0.40% 462,310 0.35%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 445,123 0.40% - 0.00%
6.83% HDFC Limited 2031 NCD 443,500 0.39% 449,511 0.34%
7.17% Power Finance Corporation Limited 2025 NCD 442,109 0.39% 1,067,148 0.81%
7.50% HDFC Bank Limited 2025 NCD 390,687 0.35% 391,461 0.30%
7.93% Power Finance Corporation Limited 2029 NCD 359,094 0.32% 363,655 0.28%
8.23% Rural Electrification Corporation Limited 2025 NCD 352,392 0.31% 357,599 0.27%
6.42% National Agriculture Bank for Rural Development 2030 NCD 340,441 0.30% 344,309 0.26%
7.43% National Agriculture Bank for Rural Development 2030 NCD 339,508 0.30% 343,157 0.26%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 331,794 0.30% 326,752 0.25%
8.6% Axis Bank Limited 2028 NCD 326,977 0.29% - 0.00%
7.85% Power Finance Corporation Limited 2028 NCD 317,837 0.28% 321,301 0.24%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 310,317 0.28% 319,707 0.24%

464 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Income Fund - ULIF 089 24/11/09 LIncome 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

7.65% Axis Bank Limited 2027 NCD 309,236 0.28% 1,670,040 1.27%

STATUTORY
8.23% Indian Railway Finance Corporation Limited 2029 NCD 308,721 0.27% 394,437 0.30%
7.14% Rural Electrification Corporation Limited 2030 NCD 294,274 0.26% 297,896 0.23%
6.39% National Agriculture Bank for Rural Development 2030 NCD 291,517 0.26% 294,777 0.22%
8.5% National Agriculture Bank for Rural Development 2029 NCD 283,405 0.25% 292,687 0.22%
8.80% Rural Electrification Corporation Limited 2029 NCD 278,538 0.25% 1,138 0.00%
7.35% Bajaj Finance Limited 2022 NCD 262,724 0.23% 268,681 0.20%
Kotak Mahindra Prime Limited 2022 CP 195,215 0.17% - 0.00%

79 - 148 FINANCIAL STATEMENTS

7.98% IDFC Bank Limited 2023 NCD 195,149 0.17% 252,368 0.19%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 159,117 0.14% - 0.00%
8.85% Bajaj Finance Limited 2024 NCD 158,939 0.14% 163,000 0.12%

STANDALONE
8.18% National Bank For Agriculture & Rural Development 2028 NCD 153,165 0.14% 157,904 0.12%
6.7% National Bank For Agriculture & Rural Development 2022 NCD 151,590 0.13% - 0.00%
9.2% ICICI Securities Primary Dealership Limited 2023 NCD 130,456 0.12% 135,432 0.10%
9% L&T Finance Limited 2022 NCD 121,111 0.11% 126,520 0.10%
9.02% Rural Electrification Corporation Limited 2022 NCD 34,854 0.03% 36,160 0.03%
7.35% Housing Development Finance Corporation Limited 2025 NCD 33,260 0.03% 33,278 0.03%
7.74% Power Finance Corporation Limited 2028 NCD 26,335 0.02% - 0.00%

149 - 521 FINANCIAL STATEMENTS

6.92% Indian Railway Finance Corpn. Limit 2031 NCD 19,831 0.02% - 0.00%
9.1% L&T Finance Limited 2022 NCD 1,472 0.00% 1,540 0.00%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 237,718 0.18%

CONSOLIDATED
8.5% IDFC Bank Limited 2023 NCD - 0.00% 41,542 0.03%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 974,688 0.74%
7.44% Power Finance Corporation Limited 2027 NCD - 0.00% 525,749 0.40%
7.79% Power Finance Corporation Limited 2030 NCD - 0.00% 265,936 0.20%
9.75% ICICI Securities Primary Dealership Limited 2021 NCD - 0.00% 41,584 0.03%
8.2% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 465,354 0.35%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 505,000 0.38%
8.75% Punjab National Bank 2021 FD - 0.00% 1,100 0.00%

522 - 584 VALUE RESULTS

Axis Bank Ltd 2021 CD - 0.00% 1,802,076 1.37%
8.62% National Agriculture Bank for Rural Development 2034 NCD - 0.00% 34,213 0.03%

EMBEDDED
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 2,453,745 1.87%
8.51% National Agriculture Bank for Rural Development 2033 NCD - 0.00% 622,708 0.47%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 610,683 0.47%
7.41% Power Finance Corporation Limited 2030 NCD - 0.00% 1,814,578 1.38%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 604,578 0.46%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 130,506 0.10%
8.9% Bank of India 2021 FD - 0.00% 1,100 0.00%
8.58% Housing Development Finance Corporation Limited 2022 NCD - 0.00% 599,951 0.46%
585 - 591 INFORMATION

8.9% Corporation Bank 2021 FD - 0.00% 1,700 0.00%

5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 93,127 0.07%
ADDITIONAL

8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 677,544 0.52%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 480,928 0.37%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 913,045 0.70%
8.27% Rural Electrification Corporation Limited 2025 NCD - 0.00% 860,561 0.66%
Financial service activities, 46,218,527 41.09% 45,236,382 34.45%
except insurance and pension
funding Total
Others 63,017,096 56.08% 81,070,715 61.81%
592 - 595

Net Current Assets 3,177,887 2.83% 4,903,088 3.74%

Grand Total 112,413,510 100.00% 131,210,185 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 465
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

India Growth Fund - ULIF 141 04/02/19 IndiaGrwth 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Computer programming, consultancy Infosys Limited Equity 1,362,113 8.05% 561,285 7.42%
and related activities Tata Consultancy Services Limited Equity 342,314 2.02% 240,732 3.18%
HCL Technologies Limited Equity 282,648 1.67% 125,187 1.65%
Wipro Limited Equity 106,422 0.63% - 0.00%
Tech Mahindra Limited Equity 103,990 0.61% 62,629 0.83%
KPIT Engineering Limited Equity 89,831 0.53% 52,655 0.70%
Persistent System Limited Equity 42,287 0.25% - 0.00%
Rategain Travel Technologies Limited Equity 39,652 0.23% - 0.00%
Mphasis Limited Equity - 0.00% 42,297 0.56%
Computer programming, 2,369,257 13.99% 1,084,784 14.34%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 1,048,145 6.19% 529,563 7.00%
insurance and pension funding Housing Development Finance Corporation Limited Equity 703,495 4.16% 383,573 5.07%
Axis Bank Limited Equity 516,530 3.05% 207,098 2.74%
Bajaj Finance Limited Equity 303,451 1.79% 26,470 0.35%
State Bank of India Equity 292,075 1.73% 91,322 1.21%
Kotak Mahindra Bank Limited Equity 251,078 1.48% 145,520 1.92%
L&T Finance Limited Equity 56,212 0.33% 52,873 0.70%
SBI Cards & Payment Services Limited Equity 54,270 0.32% - 0.00%
Cholamandalam Investment & Finance Limited Equity 50,424 0.30% 51,691 0.68%
Bajaj Holdings & Investment Limited Equity 41,607 0.25% 6,952 0.09%
Bajaj Finserv Limited Equity 33,234 0.20% - 0.00%
AU Small Finance Bank Limited Equity 24,117 0.14% - 0.00%
Max Financial Services Limited Equity 22,827 0.13% 32,225 0.43%
Bank of Baroda Equity 15,927 0.09% - 0.00%
Equitas Holdings Limited Equity 9,048 0.05% - 0.00%
Financial service activities, 3,422,440 20.21% 1,527,288 20.19%
except insurance and pension
funding Total
Others 10,861,126 64.21% 4,960,706 65.56%
Net Current Assets 268,868 1.59% (7,799) -0.10%
Grand Total 16,921,690 100.00% 7,564,979 100.00%

Invest Shield Cash Fund - ULIF 020 03/01/05 LInvCash 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except 8.30% Rural Electrification Corporation Limited 2029 NCD 85,896 3.66% - 0.00%
insurance and pension funding 5.83% State Bank of India 2030 NCD 82,023 3.49% 20,730 0.72%
Bajaj Finance Limited 2022 CP 62,980 2.68% - 0.00%
8.55% Cholamandalam Investment and Finance Com 2026 NCD 47,351 2.02% 47,663 1.65%
6.44% HDFC Bank Limited 2028 NCD 47,022 2.00% - 0.00%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 46,423 1.98% 46,378 1.61%
6.80% Rural Electrification Corporation Limited 2030 NCD 46,232 1.97% 46,827 1.63%
8.54% Rural Electrification Corporation Limited 2028 NCD 46,215 1.97% 58,477 2.03%
Axis Bank Limited 2023 CD 41,142 1.75% - 0.00%

466 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Invest Shield Cash Fund - ULIF 020 03/01/05 LInvCash 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
6.43% Housing Development Finance Corporation Limited 2025 NCD 37,513 1.60% 37,379 1.30%
6.24% State Bank of India 2025 NCD 37,332 1.59% 18,053 0.63%
Axis Bank Limited 2022 CD 28,121 1.20% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 25,778 1.10% 26,299 0.91%
National Agriculture Bank for Rural Development 2023 CD 23,986 1.02% - 0.00%
8.8% Rural Electrification Corporation Limited 2029 NCD 20,996 0.89% 21,710 0.75%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 19,228 0.82% 24,239 0.84%
8.7% LIC Housing Finance Limited 2029 NCD 18,592 0.79% 19,216 0.67%

79 - 148 FINANCIAL STATEMENTS

8.5% National Agriculture Bank for Rural Development 2029 NCD 18,530 0.79% 19,137 0.66%
8.44% HDFC Bank Limited 2028 NCD 18,362 0.78% 18,896 0.66%

STANDALONE
HDFC Bank Limited 2022 CD 17,458 0.74% - 0.00%
7.85% Power Finance Corporation Limited 2028 NCD 15,998 0.68% 16,173 0.56%
6% Housing Development Finance Corporation Limited 2026 NCD 14,836 0.63% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 12,745 0.54% 13,899 0.48%
7.17% Power Finance Corporation Limited 2025 NCD 11,416 0.49% 25,902 0.90%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 10,025 0.43% - 0.00%
Kotak Mahindra Investments Limited 2023 CP 9,996 0.43% - 0.00%

149 - 521 FINANCIAL STATEMENTS

8.85% Rural Electrification Corporation Limited 2029 NCD 8,959 0.38% 9,122 0.32%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 8,590 0.37% 8,850 0.31%
7.43% National Agriculture Bank for Rural Development 2030 NCD 8,281 0.35% 8,370 0.29%

CONSOLIDATED
7.35% Bajaj Finance Limited 2022 NCD 8,115 0.35% 8,299 0.29%
6.42% National Agriculture Bank for Rural Development 2030 NCD 7,737 0.33% 7,825 0.27%
6.39% National Agriculture Bank for Rural Development 2030 NCD 7,722 0.33% 7,809 0.27%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 4,366 0.19% 4,446 0.15%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 4,284 0.18% 4,417 0.15%
Kotak Mahindra Prime Limited 2022 CP 3,994 0.17% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 3,978 0.17% - 0.00%

522 - 584 VALUE RESULTS

7.65% Axis Bank Limited 2027 NCD 1,052 0.04% 8,472 0.29%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 11,924 0.41%

EMBEDDED
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 8,162 0.28%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 2,003 0.07%
8.37% Rural Electrification Corporation Limited 2028 NCD - 0.00% 32,337 1.12%
6.88% Rural Electrification Corporation Limited 2025 NCD - 0.00% 13,325 0.46%
Axis Bank Ltd 2021 CD - 0.00% 40,286 1.40%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 3,012 0.10%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 56,757 1.97%
8.23% Rural Electrification Corporation Limited 2025 NCD - 0.00% 14,002 0.49%
585 - 591 INFORMATION

5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 24,091 0.84%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 18,283 0.63%
ADDITIONAL

5.81% Rural Electrification Corporation Limited 2025 NCD - 0.00% 13,745 0.48%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 25,332 0.88%
Financial service activities, 913,275 38.89% 791,845 27.47%
except insurance and pension
funding Total
Others 1,391,480 59.20% 2,001,160 69.46%
Net Current Assets 44,900 1.91% 88,475 3.07%
Grand Total 2,349,656 100.00% 2,881,480 100.00%
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 467
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Invest Shield Fund - Life - ULIF 018 03/01/05 LInvShld 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except Bajaj Finance Limited 2022 CP 7,498 2.12% - 0.00%
insurance and pension funding 6.24% State Bank of India 2025 NCD 6,054 1.72% 3,009 0.75%
8.37% Rural Electrification Corporation Limited 2028 NCD 5,423 1.54% 5,575 1.39%
Axis Bank Limited 2022 CD 4,903 1.38% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 4,898 1.39% - 0.00%
Axis Bank Limited 2023 CD 4,784 1.35% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 4,483 1.27% 4,574 1.14%
8.54% Rural Electrification Corporation Limited 2028 NCD 4,401 1.25% 4,498 1.12%
8.7% LIC Housing Finance Limited 2029 NCD 4,375 1.24% 4,521 1.13%
8.5% National Agriculture Bank for Rural Development 2029 NCD 4,360 1.24% 4,503 1.13%
HDFC Bank Limited Equity 3,870 1.10% 5,447 1.36%
8.8% Rural Electrification Corporation Limited 2029 NCD 3,315 0.94% 3,428 0.86%
8.44% HDFC Bank Limited 2028 NCD 3,240 0.92% 3,335 0.83%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 3,205 0.91% 4,407 1.10%
5.83% State Bank of India 2030 NCD 2,965 0.84% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 2,878 0.82% - 0.00%
Housing Development Finance Corporation Limited Equity 2,398 0.68% 3,720 0.93%
8.85% Rural Electrification Corporation Limited 2029 NCD 2,240 0.63% 2,280 0.57%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 2,005 0.57% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 1,961 0.56% 1,986 0.50%
HDFC Bank Limited 2022 CD 1,940 0.55% - 0.00%
Kotak Mahindra Bank Limited Equity 1,475 0.42% 1,464 0.37%
Kotak Mahindra Investments Limited 2023 CP 1,428 0.40% - 0.00%
State Bank of India Equity 1,381 0.39% 798 0.20%
Bajaj Finance Limited Equity 1,227 0.35% 427 0.11%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.31% 1,111 0.28%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.31% 1,121 0.28%
7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.29% 1,046 0.26%
7.45% LIC Housing Finance Limited 2022 NCD 1,013 0.29% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.28% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 984 0.28% 996 0.25%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.27% 978 0.24%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.27% 976 0.24%
Axis Bank Limited Equity 545 0.15% 1,560 0.39%
Kotak Mahindra Prime Limited 2022 CP 499 0.14% - 0.00%
Shriram Transport Finance Company Limited Equity 195 0.06% - 0.00%
Central Depository Services (India) Limited Equity 179 0.05% 308 0.08%
City Union Bank Limited Equity 125 0.04% 175 0.04%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 10,135 2.53%
L&T Finance Limited Equity - 0.00% 857 0.21%
Max Financial Services Limited Equity - 0.00% 181 0.05%
Axis Bank Ltd 2021 CD - 0.00% 5,896 1.47%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 3,061 0.77%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 5,019 1.25%
Bajaj Finserv Limited Equity - 0.00% 213 0.05%
Cholamandalam Investment & Finance Limited Equity - 0.00% 106 0.03%
Financial service activities, 96,386 27.31% 87,711 21.91%
except insurance and pension
funding Total
Others 251,515 71.26% 303,186 75.83%
Net Current Assets 5,037 1.43% 9,031 2.26%
Grand Total 352,938 100.00% 399,927 100.00%

468 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Invest Shield Fund - Pension - ULIF 019 03/01/05 PInvShld 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type

01 - 78 REPORTS
(` ‘000) held (` ‘000) held
Financial service activities, except Bajaj Finance Limited 2022 CP 4,499 2.36% - 0.00%

STATUTORY
insurance and pension funding 5.83% State Bank of India 2030 NCD 3,953 2.07% 1,974 0.95%
6.44% HDFC Bank Limited 2028 NCD 3,918 2.05% - 0.00%
8.54% Rural Electrification Corporation Limited 2028 NCD 3,301 1.73% 3,374 1.63%
6.24% State Bank of India 2025 NCD 3,027 1.59% 2,006 0.97%
Axis Bank Limited 2023 CD 2,871 1.50% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 2,180 1.14% 2,251 1.08%
8.37% Rural Electrification Corporation Limited 2028 NCD 2,169 1.14% 2,230 1.07%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 2,136 1.12% 2,204 1.06%

79 - 148 FINANCIAL STATEMENTS

7.85% Power Finance Corporation Limited 2028 NCD 2,133 1.12% 2,156 1.04%
7.50% HDFC Bank Limited 2025 NCD 2,084 1.09% 2,088 1.01%
7.17% Power Finance Corporation Limited 2025 NCD 2,076 1.09% 4,144 2.00%

STANDALONE
HDFC Bank Limited Equity 2,073 1.09% 2,539 1.22%
Axis Bank Limited 2022 CD 1,939 1.02% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 1,919 1.01% - 0.00%
Housing Development Finance Corporation Limited Equity 1,284 0.67% 1,769 0.85%
9% Housing Development Finance Corporation Limited 2028 NCD 1,121 0.59% 1,143 0.55%
8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.59% 1,140 0.55%
8.8% Rural Electrification Corporation Limited 2029 NCD 1,105 0.58% 1,143 0.55%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.57% 1,121 0.54%

149 - 521 FINANCIAL STATEMENTS

8.44% HDFC Bank Limited 2028 NCD 1,080 0.57% 1,112 0.54%
8.23% Rural Electrification Corporation Limited 2025 NCD 1,061 0.56% 1,077 0.52%
7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.54% 1,046 0.50%

CONSOLIDATED
6.88% Rural Electrification Corporation Limited 2025 NCD 1,028 0.54% 1,025 0.49%
6.43% Housing Development Finance Corporation Limited 2025 NCD 1,014 0.53% 1,010 0.49%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 1,003 0.53% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.52% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 980 0.51% 993 0.48%
HDFC Bank Limited 2022 CD 970 0.51% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.51% 978 0.47%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.51% 976 0.47%

522 - 584 VALUE RESULTS

Kotak Mahindra Investments Limited 2023 CP 952 0.50% - 0.00%
Kotak Mahindra Bank Limited Equity 716 0.38% 685 0.33%
Bajaj Finance Limited Equity 646 0.34% 180 0.09%

EMBEDDED
State Bank of India Equity 638 0.33% 345 0.17%
Kotak Mahindra Prime Limited 2022 CP 499 0.26% - 0.00%
Axis Bank Limited Equity 289 0.15% 681 0.33%
Shriram Transport Finance Company Limited Equity 106 0.06% - 0.00%
Central Depository Services (India) Limited Equity 101 0.05% 144 0.07%
City Union Bank Limited Equity 58 0.03% 81 0.04%
Bajaj Finserv Limited Equity - 0.00% 87 0.04%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 2,029 0.98%
585 - 591 INFORMATION

L&T Finance Limited Equity - 0.00% 314 0.15%

Max Financial Services Limited Equity - 0.00% 86 0.04%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 4,054 1.95%
ADDITIONAL

Cholamandalam Investment & Finance Limited Equity - 0.00% 51 0.02%

5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 1,004 0.48%
7.65% Axis Bank Limited 2027 NCD - 0.00% 1,059 0.51%
Axis Bank Ltd 2021 CD - 0.00% 2,948 1.42%
Financial service activities, 61,096 32.06% 53,249 25.66%
except insurance and pension
funding Total
Others 125,780 65.93% 149,262 71.92%
592 - 595

Net Current Assets 3,832 2.01% 5,026 2.42%

Grand Total 190,707 100.00% 207,537 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 469
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Life Growth Fund - ULIF 134 19/09/13 LGF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Computer programming, consultancy Infosys Limited Equity 935,739 8.35% 1,219,664 7.64%
and related activities Tata Consultancy Services Limited Equity 242,390 2.16% 512,930 3.21%
HCL Technologies Limited Equity 198,197 1.77% 272,905 1.71%
Wipro Limited Equity 77,525 0.69% - 0.00%
Tech Mahindra Limited Equity 75,761 0.68% 143,017 0.90%
KPIT Engineering Limited Equity 66,540 0.59% 114,851 0.72%
Rategain Travel Technologies Limited Equity 28,041 0.25% - 0.00%
Mphasis Limited Equity - 0.00% 84,380 0.53%
Computer programming, 1,624,194 14.50% 2,347,748 14.71%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 697,296 6.22% 1,122,951 7.04%
insurance and pension funding Housing Development Finance Corporation Limited Equity 482,187 4.30% 810,901 5.08%
Axis Bank Limited Equity 357,364 3.19% 439,714 2.76%
Bajaj Finance Limited Equity 210,742 1.88% 57,138 0.36%
State Bank of India Equity 197,669 1.76% 187,593 1.18%
Kotak Mahindra Bank Limited Equity 157,547 1.41% 274,106 1.72%
L&T Finance Limited Equity 45,334 0.40% 122,056 0.76%
Cholamandalam Investment & Finance Limited Equity 36,400 0.32% 112,697 0.71%
Bajaj Holdings & Investment Limited Equity 30,367 0.27% 18,705 0.12%
SBI Cards & Payment Services Limited Equity 25,894 0.23% - 0.00%
Bajaj Finserv Limited Equity 22,230 0.20% - 0.00%
AU Small Finance Bank Limited Equity 18,771 0.17% - 0.00%
Max Financial Services Limited Equity 15,358 0.14% 57,778 0.36%
Equitas Holdings Limited Equity 7,154 0.06% - 0.00%
Financial service activities, 2,304,311 20.56% 3,203,639 20.09%
except insurance and pension
funding Total
Others 7,145,720 63.72% 10,221,306 64.03%
Net Current Assets 137,625 1.23% 186,849 1.17%
Grand Total 11,211,849 100.00% 15,959,542 100.00%

Life Secure Fund - ULIF 135 19/09/13 LSF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except 6.24% State Bank of India 2025 NCD 1,112,903 3.85% 153,454 0.53%
insurance and pension funding 8.3% Rural Electrification Corporation Limited 2029 NCD 955,343 3.31% 981,318 3.36%
5.83% State Bank of India 2030 NCD 800,461 2.77% 171,764 0.59%
Bajaj Finance Limited 2022 CP 760,259 2.63% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 515,278 1.78% - 0.00%
Axis Bank Limited 2023 CD 487,488 1.69% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 480,815 1.66% 138,354 0.47%
8.30% Rural Electrification Corporation Limited 2029 NCD 445,586 1.54% 205,027 0.70%
6.80% Rural Electrification Corporation Limited 2030 NCD 392,477 1.36% 397,534 1.36%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 372,442 1.29% 366,806 1.26%
6.43% Housing Development Finance Corporation Limited 2025 NCD 347,758 1.20% 326,308 1.12%

470 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Life Secure Fund - ULIF 135 19/09/13 LSF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
8.46% Housing Development Finance Corporation 2023 NCD 323,190 1.12% - 0.00%
Axis Bank Limited 2022 CD 307,395 1.06% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 291,665 1.01% - 0.00%
8.54% Rural Electrification Corporation Limited 2028 NCD 288,294 1.00% 294,633 1.01%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 215,011 0.74% 218,946 0.75%
HDFC Bank Limited 2022 CD 199,794 0.69% - 0.00%
8.72% Shriram Transport Finance Company Limited 2023 NCD 186,374 0.65% 192,206 0.66%
8.37% Rural Electrification Corporation Limited 2028 NCD 170,276 0.59% 175,065 0.60%

79 - 148 FINANCIAL STATEMENTS

6% Housing Development Finance Corporation Limited 2026 NCD 167,151 0.58% - 0.00%
8.56% Rural Electrification Corporation Limited 2028 NCD 164,760 0.57% - 0.00%

STANDALONE
4.5% Housing Development Finance Corporation Limited 2022 NCD 149,611 0.52% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 144,360 0.50% 149,205 0.51%
6.42% National Agriculture Bank for Rural Development 2030 NCD 139,271 0.48% 140,854 0.48%
8.44% HDFC Bank Limited 2028 NCD 137,177 0.47% 141,163 0.48%
8.55% Housing Development Finance Corporation Limited 2029 NCD 123,767 0.43% 15,699 0.05%
8.8% Rural Electrification Corporation Limited 2029 NCD 122,662 0.42% 126,833 0.43%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 121,779 0.42% 155,351 0.53%

149 - 521 FINANCIAL STATEMENTS

Kotak Mahindra Investments Limited 2023 CP 120,428 0.42% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 116,632 0.40% 120,452 0.41%
7.98% IDFC Bank Limited 2023 NCD 116,063 0.40% 52,577 0.18%

CONSOLIDATED
8.80% Rural Electrification Corporation Limited 2029 NCD 110,971 0.38% - 0.00%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 106,268 0.37% - 0.00%
7.85% Power Finance Corporation Limited 2028 NCD 104,523 0.36% 73,317 0.25%
7.50% HDFC Bank Limited 2025 NCD 100,016 0.35% 100,214 0.34%
7.74% Power Finance Corporation Limited 2028 NCD 94,808 0.33% 74,450 0.25%
7.87% Housing Development Finance Corporation Limited 2022 NCD 86,763 0.30% 89,150 0.31%
7.43% National Agriculture Bank for Rural Development 2030 NCD 76,596 0.27% 77,420 0.27%

522 - 584 VALUE RESULTS

8.22% National Bank For Agriculture & Rural Development 2028 NCD 75,163 0.26% 77,438 0.27%
8.85% Rural Electrification Corporation Limited 2029 NCD 69,431 0.24% 70,695 0.24%

EMBEDDED
6.39% National Agriculture Bank for Rural Development 2030 NCD 67,570 0.23% 68,326 0.23%
7.35% Bajaj Finance Limited 2022 NCD 64,920 0.22% 66,392 0.23%
Kotak Mahindra Prime Limited 2022 CP 50,426 0.17% - 0.00%
9.1% L&T Finance Limited 2022 NCD 39,324 0.14% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 37,790 0.13% - 0.00%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 37,488 0.13% 38,648 0.13%
7.65% Axis Bank Limited 2027 NCD 27,347 0.09% 134,493 0.46%
6.63% Rural Electrification Corporation Limited 2031 NCD 25,490 0.09% 137,005 0.47%
585 - 591 INFORMATION

8.3% Indian Railway Finance Corpn. Limit 2029 NCD 10,719 0.04% - 0.00%
6.48% Sundaram Finance Limited 2026 NCD 10,061 0.03% - 0.00%
ADDITIONAL

9% L&T Finance Limited 2022 NCD 5,008 0.02% - 0.00%

5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 226,858 0.78%
7.68% Power Finance Corporation Limited 2030 NCD - 0.00% 316,891 1.09%
8.5% IDFC Bank Limited 2023 NCD - 0.00% 74,562 0.26%
9.75% ICICI Securities Primary Dealership Limited 2021 NCD - 0.00% 10,396 0.04%
8.58% Housing Development Finance Corporation Limited 2022 NCD - 0.00% 181,235 0.62%
8.2% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 394,539 1.35%
592 - 595

8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 182,445 0.62%
7.41% Power Finance Corporation Limited 2030 NCD - 0.00% 259,225 0.89%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 471
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Life Secure Fund - ULIF 135 19/09/13 LSF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 290,116 0.99%
Axis Bank Ltd 2021 CD - 0.00% 407,776 1.40%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 569,601 1.95%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 29,113 0.10%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 21,029 0.07%
8.75% Bank of Baroda 2021 FD - 0.00% 1,100 0.00%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 104,334 0.36%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 150,565 0.52%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 207,060 0.71%
Financial service activities, 11,477,155 39.70% 8,957,939 30.68%
except insurance and pension
funding Total
Others 16,800,582 58.20% 19,692,769 67.42%
Net Current Assets 607,316 2.10% 554,217 1.90%
Grand Total 28,885,053 100.00% 29,204,925 100.00%

Maximise India Fund - ULIF 136 11/20/14 MIF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 538,256 7.85% 349,429 7.01%
and related activities Tata Consultancy Services Limited Equity 157,744 2.30% 214,057 4.30%
Wipro Limited Equity 92,616 1.35% - 0.00%
Persistent System Limited Equity 43,498 0.63% - 0.00%
HCL Technologies Limited Equity 27,849 0.41% 105,352 2.11%
KPIT Engineering Limited Equity 22,479 0.33% 25,681 0.52%
Tech Mahindra Limited Equity - 0.00% 9,915 0.20%
Computer programming, 882,442 12.87% 704,433 14.14%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 335,627 4.90% 291,613 5.85%
insurance and pension funding Housing Development Finance Corporation Limited Equity 207,312 3.03% 182,496 3.66%
Bajaj Finance Limited Equity 149,911 2.19% 4,666 0.09%
Kotak Mahindra Bank Limited Equity 134,229 1.96% 78,548 1.58%
State Bank of India Equity 106,750 1.56% 58,688 1.18%
Muthoot Finance Limited Equity 52,487 0.77% 24,300 0.49%
Central Depository Services (India) Limited Equity 50,024 0.73% 54,526 1.09%
Axis Bank Limited Equity 27,248 0.40% 87,029 1.75%
City Union Bank Limited Equity 23,978 0.35% 27,439 0.55%
L&T Finance Limited Equity 20,679 0.30% 29,921 0.60%
Bank of Baroda Equity 11,776 0.17% - 0.00%
Shriram Transport Finance Company Limited Equity 10,155 0.15% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 15,622 0.31%
Bajaj Finserv Limited Equity - 0.00% 47,647 0.96%
Max Financial Services Limited Equity - 0.00% 11,381 0.23%
Financial service activities, 1,130,176 16.51% 913,876 18.35%
except insurance and pension
funding Total

472 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Maximise India Fund - ULIF 136 11/20/14 MIF 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
Manufacture of chemicals and Hindustan Unilever Limited Equity 243,205 3.55% 213,092 4.28%
chemical products
SRF Limited Equity 107,061 1.56% 67,213 1.35%
PI Industries Limited Equity 60,972 0.89% 52,337 1.05%
Indigio Paints Limited Equity 25,674 0.37% 9,190 0.18%
Dabur India Limited Equity - 0.00% 89,057 1.79%
Grasim Industries Limited Equity - 0.00% 12,438 0.25%
Pidilite Industries Limited Equity - 0.00% 10,353 0.21%

79 - 148 FINANCIAL STATEMENTS

Coromandel International Limited Equity - 0.00% 52,420 1.05%
Asian Paints Limited Equity - 0.00% 4,643 0.09%

STANDALONE
Kansai Nerolac Paints Limited Equity - 0.00% 58,386 1.17%
Manufacture of chemicals and 436,913 6.37% 569,131 11.42%
chemical products Total
Others 4,413,169 64.39% 2,791,416 56.03%
Net Current Assets (10,173) -0.15% 2,919 0.06%
Grand Total 6,852,527 100.00% 4,981,775 100.00%

149 - 521 FINANCIAL STATEMENTS

Maximiser Fund - ULIF 001 22/10/01 LMaximis1 105
At March 31, 2022 At March 31, 2021
Asset

CONSOLIDATED
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Computer programming, consultancy Infosys Limited Equity 2,532,598 7.47% 2,788,963 8.79%
and related activities
Tata Consultancy Services Limited Equity 675,027 1.99% 927,589 2.92%
HCL Technologies Limited Equity 459,118 1.35% 422,628 1.33%
Tech Mahindra Limited Equity 163,788 0.48% 132,411 0.42%
Wipro Limited Equity 123,309 0.36% 75,682 0.24%

522 - 584 VALUE RESULTS

Mphasis Limited Equity - 0.00% 62,449 0.20%
Computer programming, 3,953,841 11.65% 4,409,722 13.89%
consultancy and related

EMBEDDED
activities Total
Financial service activities, except HDFC Bank Limited Equity 2,603,287 7.68% 2,715,256 8.56%
insurance and pension funding
Housing Development Finance Corporation Limited Equity 1,622,465 4.78% 1,435,493 4.52%
Axis Bank Limited Equity 1,063,026 3.13% 1,134,776 3.58%
State Bank of India Equity 547,082 1.61% 374,304 1.18%
Kotak Mahindra Bank Limited Equity 274,893 0.81% 244,521 0.77%
Bajaj Finance Limited Equity 273,475 0.81% - 0.00%
585 - 591 INFORMATION

L&T Finance Limited Equity 122,467 0.36% 272,510 0.86%

SBI Cards & Payment Services Limited Equity 95,472 0.28% - 0.00%
ADDITIONAL

Financial service activities, 6,602,167 19.45% 6,176,859 19.46%

except insurance and pension
funding Total
Others 23,484,248 69.27% 21,043,989 66.34%
Net Current Assets (124,552) -0.37% 93,643 0.30%
Grand Total 33,915,704 100.00% 31,724,213 100.00%
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 473
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Maximiser Fund II - ULIF 012 17/05/04 LMaximis2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 742,146 7.55% 831,800 8.81%
and related activities Tata Consultancy Services Limited Equity 197,705 2.01% 276,235 2.93%
HCL Technologies Limited Equity 134,057 1.36% 126,549 1.34%
Tech Mahindra Limited Equity 48,348 0.49% 40,296 0.43%
Wipro Limited Equity 36,024 0.37% 21,979 0.23%
Mphasis Limited Equity - 0.00% 19,181 0.20%
Computer programming, 1,158,281 11.78% 1,316,040 13.94%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 760,331 7.73% 811,621 8.60%
insurance and pension funding Housing Development Finance Corporation Limited Equity 471,975 4.80% 428,332 4.54%
Axis Bank Limited Equity 309,193 3.14% 337,813 3.58%
State Bank of India Equity 162,428 1.65% 112,348 1.19%
Kotak Mahindra Bank Limited Equity 81,847 0.83% 72,942 0.77%
Bajaj Finance Limited Equity 79,627 0.81% - 0.00%
L&T Finance Limited Equity 34,969 0.36% 81,744 0.87%
SBI Cards & Payment Services Limited Equity 28,339 0.29% - 0.00%
Financial service activities, 1,928,710 19.61% 1,844,801 19.55%
except insurance and pension
funding Total
Others 6,799,078 69.14% 6,254,811 66.28%
Net Current Assets (52,060) -0.53% 21,955 0.23%
Grand Total 9,834,009 100.00% 9,437,607 100.00%

Maximiser Fund III - ULIF 022 13/03/06 LMaximis3 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 100,819 7.51% 116,338 9.03%
and related activities Tata Consultancy Services Limited Equity 26,812 2.00% 38,481 2.99%
HCL Technologies Limited Equity 18,209 1.36% 18,056 1.40%
Tech Mahindra Limited Equity 6,500 0.48% 5,537 0.43%
Wipro Limited Equity 4,818 0.36% 2,986 0.23%
Mphasis Limited Equity - 0.00% 2,675 0.21%
Computer programming, 157,158 11.71% 184,073 14.29%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 103,314 7.69% 112,741 8.75%
insurance and pension funding Housing Development Finance Corporation Limited Equity 64,259 4.78% 59,467 4.61%
Axis Bank Limited Equity 42,095 3.13% 47,332 3.67%
State Bank of India Equity 21,449 1.60% 15,689 1.22%
Kotak Mahindra Bank Limited Equity 11,184 0.83% 10,143 0.79%
Bajaj Finance Limited Equity 10,948 0.81% - 0.00%
L&T Finance Limited Equity 5,583 0.42% 11,893 0.92%
SBI Cards & Payment Services Limited Equity 3,778 0.28% - 0.00%
Financial service activities, 262,611 19.54% 257,265 19.96%
except insurance and pension
funding Total
Others 927,349 69.03% 868,915 67.41%
Net Current Assets (3,779) -0.28% (21,296) -1.65%
Grand Total 1,343,340 100.00% 1,288,958 100.00%

474 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Maximiser Fund IV - ULIF 037 27/08/07 LMaximis4 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 13,663 7.30% 14,230 8.61%

STATUTORY
and related activities Tata Consultancy Services Limited Equity 3,631 1.94% 4,799 2.90%
HCL Technologies Limited Equity 2,465 1.32% 2,218 1.34%
Tech Mahindra Limited Equity 928 0.50% 691 0.42%
Wipro Limited Equity 662 0.35% 338 0.20%
Mphasis Limited Equity - 0.00% 389 0.24%
Computer programming, 21,349 11.41% 22,664 13.71%
consultancy and related
activities Total

79 - 148 FINANCIAL STATEMENTS

Financial service activities, except HDFC Bank Limited Equity 14,421 7.71% 13,885 8.40%
insurance and pension funding Housing Development Finance Corporation Limited Equity 8,921 4.77% 7,232 4.37%

STANDALONE
Axis Bank Limited Equity 5,945 3.18% 5,644 3.41%
State Bank of India Equity 3,030 1.62% 1,888 1.14%
Bajaj Finance Limited Equity 1,452 0.78% - 0.00%
Kotak Mahindra Bank Limited Equity 1,442 0.77% 1,243 0.75%
L&T Finance Limited Equity 658 0.35% 1,292 0.78%
SBI Cards & Payment Services Limited Equity 624 0.33% - 0.00%
Financial service activities, 36,494 19.51% 31,184 18.85%
except insurance and pension

149 - 521 FINANCIAL STATEMENTS

funding Total
Others 130,850 69.91% 111,089 67.19%

CONSOLIDATED
Net Current Assets (1,529) -0.82% 409 0.25%
Grand Total 187,164 100.00% 165,346 100.00%

Maximiser Fund V - ULIF 114 15/03/11 LMaximis5 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

522 - 584 VALUE RESULTS

Computer programming, consultancy Infosys Limited Equity 35,866,047 7.43% 36,551,706 8.70%
and related activities Tata Consultancy Services Limited Equity 9,557,128 1.98% 12,247,974 2.91%
HCL Technologies Limited Equity 6,498,346 1.35% 5,611,827 1.34%

EMBEDDED
Tech Mahindra Limited Equity 2,393,361 0.50% 1,765,151 0.42%
Wipro Limited Equity 1,746,019 0.36% 1,082,080 0.26%
Mphasis Limited Equity - 0.00% 1,000,070 0.24%
Computer programming, 56,060,901 11.62% 58,258,808 13.87%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 36,966,366 7.66% 36,017,618 8.57%
insurance and pension funding Housing Development Finance Corporation Limited Equity 23,045,220 4.77% 18,989,380 4.52%
585 - 591 INFORMATION

Axis Bank Limited Equity 15,095,090 3.13% 14,782,672 3.52%

State Bank of India Equity 7,823,326 1.62% 4,865,711 1.16%
ADDITIONAL

Kotak Mahindra Bank Limited Equity 3,939,275 0.82% 3,225,373 0.76%

Bajaj Finance Limited Equity 3,917,665 0.81% - 0.00%
L&T Finance Limited Equity 1,764,524 0.37% 2,979,195 0.71%
SBI Cards & Payment Services Limited Equity 1,506,588 0.31% - 0.00%
Financial service activities, 94,058,056 19.49% 80,859,949 19.24%
except insurance and pension
funding Total
Others 334,056,544 69.17% 279,073,826 66.39%
592 - 595

Net Current Assets (1,339,257) -0.28% 2,115,929 0.50%

Grand Total 482,836,243 100.00% 420,308,512 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 475
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Money Market Fund - ULIF 090 24/11/09 LMoneyMkt 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except Axis Bank Limited 2022 CD 3,280,527 8.93% - 0.00%
insurance and pension funding National Agriculture Bank for Rural Development 2023 CD 2,156,068 5.87% - 0.00%
HDFC Bank Limited 2023 CD 1,826,696 4.98% - 0.00%
6.7% National Bank For Agriculture & Rural Development 2022 NCD 1,315,802 3.58% - 0.00%
7.25% IDFC Bank Limited 2023 FD 1,200,000 3.27% 1,200,000 2.87%
5.06% Housing Development Finance Corporation 2023 NCD 1,139,104 3.10% - 0.00%
7.03% Rural Electrification Corporation Limited 2022 NCD 1,108,878 3.02% - 0.00%
7.85% LIC Housing Finance Limited 2022 NCD 1,079,028 2.94% - 0.00%
4.5% Housing Development Finance Corporation Limited 2022 NCD 906,640 2.47% - 0.00%
7.445% LIC Housing Finance Limited 2023 NCD 884,781 2.41% - 0.00%
5.1% Bajaj Finance Limited 2022 NCD 794,744 2.17% - 0.00%
5.30% Housing Development Finance Corporation Limited 2023 NCD 779,068 2.12% - 0.00%
8.5383% Bajaj Finance Limited 2022 NCD 713,096 1.94% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 704,474 1.92% 1,303,677 3.12%
7.09% Rural Electrification Corporation Limited 2022 NCD 538,858 1.47% - 0.00%
7.39% LIC Housing Finance Limited 2022 NCD 441,120 1.20% - 0.00%
7.24% Rural Electrification Corporation Limited 2022 NCD 367,121 1.00% 301,247 0.72%
7.43% Housing Development Finance Corporation Limited 2022 NCD 352,091 0.96% - 0.00%
7.21% Housing Development Finance Corporation Limited 2022 NCD 215,536 0.59% - 0.00%
7.45% LIC Housing Finance Limited 2022 NCD 81,064 0.22% - 0.00%
HDFC Bank Limited 2022 CD 52,348 0.14% - 0.00%
Sundaram Finance Limited 2021 ZCB - 0.00% 1,038,007 2.48%
7.24% Rural Electrification Corporation Limited 2021 NCD - 0.00% 348,822 0.83%
7.22% LIC Housing Finance Limited 2021 NCD - 0.00% 1,506,462 3.60%
8.2% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 30,349 0.07%
National Bank For Agriculture & Rural Development 2021 CP - 0.00% 614,575 1.47%
National Bank For Agriculture & Rural Development 2021 CD - 0.00% 2,807,088 6.71%
8.44% Rural Electrification Corporation Limited 2021 NCD - 0.00% 284,023 0.68%
8.15% Rural Electrification Corporation Limited 2021 NCD - 0.00% 1,008,880 2.41%
Bajaj Finance Limited 2022 CP - 0.00% 961,206 2.30%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 1,000,000 2.39%
Kotak Mahindra Prime Limited 2021 ZCB - 0.00% 430,623 1.03%
Kotak Mahindra Prime Limited 2021 CP - 0.00% 1,333,230 3.19%
8.55% Power Finance Corporation Limited 2021 NCD - 0.00% 358,370 0.86%
7.03% LIC Housing Finance Limited 2021 NCD - 0.00% 1,446,000 3.46%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 26,374 0.06%
Power Finance Corporation Limited 30/07/2021 CP - 0.00% 1,389,205 3.32%
6.77% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 2,593,167 6.20%
6.32% Rural Electrification Corporation Limited 2021 NCD - 0.00% 1,151,798 2.76%
Axis Bank Ltd 2021 CD - 0.00% 171,856 0.41%
4.23% Housing Development Finance Corporation Limited 2022 NCD - 0.00% 1,051,529 2.52%
7.50% Power Finance Corporation Ltd 2021 NCD - 0.00% 869,824 2.08%
Financial service activities, 19,937,044 54.32% 23,226,313 55.55%
except insurance and pension
funding Total
Others 15,887,232 43.27% 17,972,668 43.00%
Net Current Assets 883,298 2.41% 606,601 1.45%
Grand Total 36,707,574 100.00% 41,805,582 100.00%

476 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Multi Cap Balanced Fund - ULIF 088 24/11/09 LMCapBal 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 718,284 2.98% 845,270 3.97%

STATUTORY
insurance and pension funding Housing Development Finance Corporation Limited Equity 440,895 1.83% 493,018 2.32%
5.83% State Bank of India 2030 NCD 403,195 1.67% 150,046 0.71%
Kotak Mahindra Bank Limited Equity 298,074 1.24% 307,282 1.44%
Bajaj Finance Limited Equity 276,793 1.15% - 0.00%
6.24% State Bank of India 2025 NCD 267,379 1.11% 115,341 0.54%
Bajaj Finance Limited 2022 CP 265,416 1.10% - 0.00%
State Bank of India Equity 237,552 0.99% 107,902 0.51%

79 - 148 FINANCIAL STATEMENTS

6.44% HDFC Bank Limited 2028 NCD 191,025 0.79% - 0.00%
Axis Bank Limited 2023 CD 171,266 0.71% - 0.00%

STANDALONE
Axis Bank Limited 2022 CD 143,836 0.59% - 0.00%
Central Depository Services (India) Limited Equity 135,076 0.56% 148,885 0.70%
8.54% Rural Electrification Corporation Limited 2028 NCD 118,839 0.49% 121,452 0.57%
National Agriculture Bank for Rural Development 2023 CD 101,699 0.42% - 0.00%
6.88% Rural Electrification Corporation Limited 2025 NCD 100,780 0.42% 100,447 0.47%
6.63% Rural Electrification Corporation Limited 2031 NCD 92,154 0.38% 102,257 0.48%
9.2% ICICI Securities Primary Dealership Limited 2023 NCD 83,492 0.35% 86,676 0.41%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 79,200 0.33% - 0.00%

149 - 521 FINANCIAL STATEMENTS

HDFC Bank Limited 2022 CD 70,801 0.29% - 0.00%
Muthoot Finance Limited Equity 70,623 0.29% 26,116 0.12%

CONSOLIDATED
7.78% Housing Development Finance Corporation Limited 2027 NCD 63,728 0.26% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 62,860 0.26% 62,635 0.29%
Axis Bank Limited Equity 62,204 0.26% 263,149 1.24%
8.37% Rural Electrification Corporation Limited 2028 NCD 61,820 0.26% 63,559 0.30%
8.44% HDFC Bank Limited 2028 NCD 55,087 0.23% 56,687 0.27%
7.43% National Agriculture Bank for Rural Development 2030 NCD 54,860 0.23% 55,449 0.26%
9% Housing Development Finance Corporation Limited 2028 NCD 52,677 0.22% 53,741 0.25%
7.17% Power Finance Corporation Limited 2025 NCD 51,891 0.22% 117,075 0.55%

522 - 584 VALUE RESULTS

6.42% National Agriculture Bank for Rural Development 2030 NCD 51,260 0.21% 51,842 0.24%
8.8% Rural Electrification Corporation Limited 2029 NCD 48,623 0.20% 50,276 0.24%

EMBEDDED
Kotak Mahindra Investments Limited 2023 CP 42,364 0.18% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 41,558 0.17% 42,953 0.20%
6.80% Rural Electrification Corporation Limited 2030 NCD 35,411 0.15% 35,868 0.17%
Shriram Transport Finance Company Limited Equity 35,242 0.15% - 0.00%
7.85% Power Finance Corporation Limited 2028 NCD 31,997 0.13% 32,346 0.15%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 29,469 0.12% 30,008 0.14%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 27,845 0.12% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 26,877 0.11% 27,366 0.13%
585 - 591 INFORMATION

8.55% Housing Development Finance Corporation Limited 2029 NCD 23,885 0.10% 24,670 0.12%
7.50% HDFC Bank Limited 2025 NCD 22,920 0.10% 22,966 0.11%
ADDITIONAL

City Union Bank Limited Equity 22,448 0.09% 59,107 0.28%

7.45% LIC Housing Finance Limited 2022 NCD 22,293 0.09% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 17,474 0.07% - 0.00%
8.72% Shriram Transport Finance Company Limited 2023 NCD 12,425 0.05% 151,629 0.71%
7.98% IDFC Bank Limited 2023 NCD 10,271 0.04% 10,515 0.05%
7.65% Axis Bank Limited 2027 NCD 5,259 0.02% 27,534 0.13%
8.85% Bajaj Finance Limited 2024 NCD 4,238 0.02% 4,347 0.02%
9.02% Rural Electrification Corporation Limited 2022 NCD 1,025 0.00% 1,064 0.00%
592 - 595

7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 423,654 1.99%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 477
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Multi Cap Balanced Fund - ULIF 088 24/11/09 LMCapBal 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

9.75% ICICI Securities Primary Dealership Limited 2021 NCD - 0.00% 114,357 0.54%
Axis Bank Ltd 2021 CD - 0.00% 300,674 1.41%
8.5% IDFC Bank Limited 2023 NCD - 0.00% 63,910 0.30%
Max Financial Services Limited Equity - 0.00% 29,786 0.14%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 169,642 0.80%
8.15% Rural Electrification Corporation Limited 2021 NCD - 0.00% 50,444 0.24%
Cholamandalam Investment & Finance Limited Equity - 0.00% 46,574 0.22%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 21,082 0.10%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 15,021 0.07%
L&T Finance Limited Equity - 0.00% 98,975 0.47%
6.39% National Agriculture Bank for Rural Development 2030 NCD - 0.00% 49,780 0.23%
Indusind Bank Limited Equity - 0.00% 1 0.00%
Bajaj Finserv Limited Equity - 0.00% 109,197 0.51%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 36,729 0.17%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 75,065 0.35%
Financial service activities, 5,244,388 21.76% 5,454,365 25.62%
except insurance and pension
funding Total
Others 18,667,787 77.46% 15,363,225 72.19%
Net Current Assets 187,836 0.78% 465,057 2.19%
Grand Total 24,100,011 100.00% 21,282,648 100.00%

Multi Cap Growth Fund - ULIF 085 24/11/09 LMCapGro 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 15,270,722 8.26% 10,883,114 7.41%
and related activities Tata Consultancy Services Limited Equity 4,453,001 2.41% 6,104,599 4.16%
Wipro Limited Equity 2,592,333 1.40% - 0.00%
Persistent System Limited Equity 1,440,741 0.78% - 0.00%
HCL Technologies Limited Equity 799,474 0.43% 2,920,306 1.99%
Mphasis Limited Equity 745,517 0.40% - 0.00%
KPIT Engineering Limited Equity 670,098 0.36% 838,685 0.57%
Tech Mahindra Limited Equity - 0.00% 151,878 0.10%
Computer programming, 25,971,886 14.04% 20,898,582 14.23%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 9,291,611 5.03% 9,604,084 6.54%
insurance and pension funding Housing Development Finance Corporation Limited Equity 5,848,996 3.16% 6,016,761 4.10%
Kotak Mahindra Bank Limited Equity 3,843,261 2.08% 2,962,247 2.02%
Bajaj Finance Limited Equity 3,651,218 1.98% 172,154 0.12%
State Bank of India Equity 3,008,653 1.63% 1,467,442 1.00%
Central Depository Services (India) Limited Equity 1,585,932 0.86% 1,103,070 0.75%
Muthoot Finance Limited Equity 906,494 0.49% 344,535 0.23%
L&T Finance Limited Equity 798,235 0.43% 1,036,352 0.71%
Axis Bank Limited Equity 731,781 0.40% 2,706,531 1.84%
City Union Bank Limited Equity 621,385 0.34% 829,750 0.56%
Shriram Transport Finance Company Limited Equity 392,817 0.21% - 0.00%
Bank of Baroda Equity 130,338 0.07% - 0.00%

478 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Multi Cap Growth Fund - ULIF 085 24/11/09 LMCapGro 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
Bajaj Finserv Limited Equity - 0.00% 1,591,606 1.08%
Cholamandalam Investment & Finance Limited Equity - 0.00% 533,651 0.36%
Max Financial Services Limited Equity - 0.00% 361,724 0.25%
Financial service activities, 30,810,718 16.68% 28,729,910 19.56%
except insurance and pension
funding Total
Manufacture of chemicals and Hindustan Unilever Limited Equity 6,835,741 3.70% 6,312,352 4.30%
chemical products SRF Limited Equity 3,597,368 1.95% 2,191,168 1.49%
PI Industries Limited Equity 1,403,551 0.76% 1,533,763 1.04%

79 - 148 FINANCIAL STATEMENTS

Indigio Paints Limited Equity 430,869 0.23% 82,204 0.06%
Dabur India Limited Equity 148,819 0.08% 1,340,452 0.91%

STANDALONE
Grasim Industries Limited Equity - 0.00% 191,491 0.13%
Solar Industries India Limited Equity - 0.00% 230,679 0.16%
Coromandel International Limited Equity - 0.00% 2,129,761 1.45%
Asian Paints Limited Equity - 0.00% 222,380 0.15%
Kansai Nerolac Paints Limited Equity - 0.00% 1,708,090 1.16%
Manufacture of chemicals and 12,416,348 6.72% 15,942,341 10.85%
chemical products Total

149 - 521 FINANCIAL STATEMENTS

Others 117,498,731 63.56% 80,857,470 55.04%
Net Current Assets (1,860,552) -1.01% 487,980 0.33%
Grand Total 184,837,132 100.00% 146,916,283 100.00%

CONSOLIDATED
Multiplier Fund - ULIF 042 22/11/07 LMultip1 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 202,948 8.49% 175,138 8.07%
and related activities Tata Consultancy Services Limited Equity 58,283 2.44% 60,214 2.77%

522 - 584 VALUE RESULTS

HCL Technologies Limited Equity 41,819 1.75% 42,834 1.97%
Wipro Limited Equity 16,146 0.68% - 0.00%

EMBEDDED
Tech Mahindra Limited Equity 15,326 0.64% 19,678 0.91%
KPIT Engineering Limited Equity 7,053 0.29% 10,702 0.49%
Mphasis Limited Equity - 0.00% 12,521 0.58%
Computer programming, 341,576 14.29% 321,087 14.79%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 175,361 7.33% 183,753 8.47%
insurance and pension funding Housing Development Finance Corporation Limited Equity 101,594 4.25% 104,168 4.80%
585 - 591 INFORMATION

Axis Bank Limited Equity 91,852 3.84% 81,857 3.77%

Bajaj Finance Limited Equity 53,542 2.24% 9,898 0.46%
Kotak Mahindra Bank Limited Equity 50,250 2.10% 51,740 2.38%
ADDITIONAL

State Bank of India Equity 47,410 1.98% 26,776 1.23%

Bajaj Finserv Limited Equity 9,759 0.41% - 0.00%
SBI Cards & Payment Services Limited Equity 5,235 0.22% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 2,193 0.10%
Max Financial Services Limited Equity - 0.00% 6,484 0.30%
Financial service activities, 535,003 22.37% 466,869 21.51%
except insurance and pension
funding Total
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 479
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Multiplier Fund - ULIF 042 22/11/07 LMultip1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Manufacture of coke and refined Reliance Industries Limited Equity 233,673 9.77% 167,858 7.73%
petroleum products Hindustan Petroleum Corporation Limited Equity 13,078 0.55% 15,659 0.72%
Indian Oil Corporation Limited Equity 6,427 0.27% 4,879 0.22%
Reliance Industries Limited - Partly Paid Equity - 0.00% 13,876 0.64%
Bharat Petroleum Corporation Limited Equity - 0.00% 7,151 0.33%
Manufacture of coke and refined 253,178 10.59% 209,422 9.64%
petroleum products Total
Others 1,247,886 52.16% 1,164,923 53.70%
Net Current Assets 14,030 0.59% 7,825 0.36%
Grand Total 2,391,673 100.00% 2,170,126 100.00%

Multiplier Fund II - ULIF 044 25/02/08 LMultip2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Computer programming, consultancy Infosys Limited Equity 159,294 8.52% 142,822 8.08%
and related activities Tata Consultancy Services Limited Equity 46,248 2.47% 49,104 2.78%
HCL Technologies Limited Equity 33,082 1.77% 34,980 1.98%
Wipro Limited Equity 12,819 0.69% - 0.00%
Tech Mahindra Limited Equity 12,167 0.65% 16,079 0.91%
KPIT Engineering Limited Equity 5,562 0.30% 8,753 0.50%
Mphasis Limited Equity - 0.00% 10,238 0.58%
Computer programming, 269,171 14.40% 261,976 14.82%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 138,294 7.39% 149,840 8.48%
insurance and pension funding Housing Development Finance Corporation Limited Equity 80,219 4.29% 84,933 4.80%
Axis Bank Limited Equity 72,463 3.87% 66,752 3.78%
Bajaj Finance Limited Equity 42,282 2.26% 8,101 0.46%
Kotak Mahindra Bank Limited Equity 40,030 2.14% 42,281 2.39%
State Bank of India Equity 37,086 1.98% 21,855 1.24%
Bajaj Finserv Limited Equity 7,677 0.41% - 0.00%
SBI Cards & Payment Services Limited Equity 4,163 0.22% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 1,788 0.10%
Max Financial Services Limited Equity - 0.00% 5,370 0.30%
Financial service activities, 422,214 22.56% 380,919 21.54%
except insurance and pension
funding Total
Manufacture of coke and refined Reliance Industries Limited Equity 184,079 9.84% 136,898 7.74%
petroleum products Hindustan Petroleum Corporation Limited Equity 10,310 0.55% 12,954 0.73%
Indian Oil Corporation Limited Equity 5,095 0.27% 4,002 0.23%
Reliance Industries Limited - Partly Paid Equity - 0.00% 11,308 0.64%
Bharat Petroleum Corporation Limited Equity - 0.00% 5,868 0.33%
Manufacture of coke and refined 199,485 10.66% 171,030 9.67%
petroleum products Total
Others 977,939 52.30% 948,184 53.64%
Net Current Assets 1,545 0.08% 5,876 0.33%
Grand Total 1,870,354 100.00% 1,767,985 100.00%

480 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Multiplier Fund III - ULIF 046 25/02/08 LMultip3 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
Computer programming, consultancy Infosys Limited Equity 9,673 8.45% 8,020 8.07%
and related activities Tata Consultancy Services Limited Equity 2,625 2.29% 2,758 2.78%
HCL Technologies Limited Equity 1,969 1.72% 1,926 1.94%
Wipro Limited Equity 750 0.66% - 0.00%
Tech Mahindra Limited Equity 711 0.62% 883 0.89%
KPIT Engineering Limited Equity 332 0.29% 482 0.49%
Mphasis Limited Equity - 0.00% 563 0.57%
Computer programming, 16,060 14.03% 14,632 14.74%

79 - 148 FINANCIAL STATEMENTS

consultancy and related
activities Total

STANDALONE
Financial service activities, except HDFC Bank Limited Equity 8,346 7.29% 8,414 8.47%
insurance and pension funding Housing Development Finance Corporation Limited Equity 4,812 4.21% 4,774 4.80%
Axis Bank Limited Equity 4,348 3.80% 3,747 3.77%
Bajaj Finance Limited Equity 2,534 2.21% 448 0.45%
Kotak Mahindra Bank Limited Equity 2,285 2.00% 2,321 2.34%
State Bank of India Equity 2,268 1.98% 1,213 1.22%
Bajaj Finserv Limited Equity 461 0.40% - 0.00%

149 - 521 FINANCIAL STATEMENTS

SBI Cards & Payment Services Limited Equity 236 0.21% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 99 0.10%
Max Financial Services Limited Equity - 0.00% 288 0.29%

CONSOLIDATED
Financial service activities, 25,289 22.10% 21,305 21.44%
except insurance and pension
funding Total
Manufacture of coke and refined Reliance Industries Limited Equity 10,929 9.55% 7,700 7.75%
petroleum products Hindustan Petroleum Corporation Limited Equity 590 0.52% 694 0.70%
Indian Oil Corporation Limited Equity 301 0.26% 218 0.22%
Reliance Industries Limited - Partly Paid Equity - 0.00% 626 0.63%

522 - 584 VALUE RESULTS

Bharat Petroleum Corporation Limited Equity - 0.00% 319 0.32%
Manufacture of coke and refined 11,820 10.33% 9,557 9.62%
petroleum products Total

EMBEDDED
Others 61,125 53.42% 54,257 54.57%
Net Current Assets 130 0.11% (373) -0.38%
Grand Total 114,425 100.00% 99,378 100.00%

Multiplier Fund IV - ULIF 047 25/02/08 LMultip4 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
585 - 591 INFORMATION

type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 46,680 8.47% 40,285 8.07%
ADDITIONAL

and related activities Tata Consultancy Services Limited Equity 13,411 2.43% 13,849 2.77%
HCL Technologies Limited Equity 9,620 1.75% 9,842 1.97%
Wipro Limited Equity 3,707 0.67% - 0.00%
Tech Mahindra Limited Equity 3,519 0.64% 4,505 0.90%
KPIT Engineering Limited Equity 1,623 0.29% 2,454 0.49%
Mphasis Limited Equity - 0.00% 2,876 0.58%
Computer programming, 78,560 14.25% 73,812 14.78%
consultancy and related
592 - 595

activities Total

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 481
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Multiplier Fund IV - ULIF 047 25/02/08 LMultip4 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except HDFC Bank Limited Equity 40,343 7.32% 42,267 8.47%
insurance and pension funding Housing Development Finance Corporation Limited Equity 23,366 4.24% 23,964 4.80%
Axis Bank Limited Equity 21,129 3.83% 18,828 3.77%
Bajaj Finance Limited Equity 12,313 2.23% 2,276 0.46%
Kotak Mahindra Bank Limited Equity 11,551 2.10% 11,849 2.37%
State Bank of India Equity 10,900 1.98% 6,141 1.23%
Bajaj Finserv Limited Equity 2,252 0.41% - 0.00%
SBI Cards & Payment Services Limited Equity 1,199 0.22% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 503 0.10%
Max Financial Services Limited Equity - 0.00% 1,471 0.29%
Financial service activities, 123,053 22.33% 107,298 21.49%
except insurance and pension
funding Total
Manufacture of coke and refined Reliance Industries Limited Equity 53,775 9.76% 38,628 7.74%
petroleum products Hindustan Petroleum Corporation Limited Equity 3,012 0.55% 3,571 0.72%
Indian Oil Corporation Limited Equity 1,473 0.27% 1,117 0.22%
Reliance Industries Limited - Partly Paid Equity - 0.00% 3,180 0.64%
Bharat Petroleum Corporation Limited Equity - 0.00% 1,648 0.33%
Manufacture of coke and refined 58,261 10.58% 48,143 9.65%
petroleum products Total
Others 287,627 52.16% 268,664 53.83%
Net Current Assets 3,728 0.68% 1,228 0.25%
Grand Total 551,229 100.00% 499,145 100.00%

New Invest Shield Balanced Fund - ULIF 025 21/08/06 LInvShldNw 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 5.83% State Bank of India 2030 NCD 7,906 2.19% 3,949 0.87%
insurance and pension funding 6.24% State Bank of India 2025 NCD 7,063 1.96% 3,009 0.66%
6.44% HDFC Bank Limited 2028 NCD 5,878 1.63% - 0.00%
Axis Bank Limited 2023 CD 5,262 1.46% - 0.00%
Bajaj Finance Limited 2022 CP 4,998 1.39% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 4,375 1.21% 4,521 1.00%
HDFC Bank Limited Equity 4,157 1.15% 5,428 1.20%
Axis Bank Limited 2022 CD 3,879 1.07% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 3,362 0.93% 3,430 0.76%
8.8% Rural Electrification Corporation Limited 2029 NCD 3,315 0.92% 3,428 0.76%
8.5% National Agriculture Bank for Rural Development 2029 NCD 3,270 0.91% 3,377 0.74%
8.23% Rural Electrification Corporation Limited 2025 NCD 3,184 0.88% 3,231 0.71%
7.50% HDFC Bank Limited 2025 NCD 3,125 0.87% 3,132 0.69%
7.17% Power Finance Corporation Limited 2025 NCD 3,113 0.86% 6,216 1.37%
6.43% Housing Development Finance Corporation Limited 2025 NCD 3,042 0.84% 3,031 0.67%
National Agriculture Bank for Rural Development 2023 CD 2,878 0.80% - 0.00%
Housing Development Finance Corporation Limited Equity 2,517 0.70% 3,782 0.83%
HDFC Bank Limited 2022 CD 2,425 0.67% - 0.00%
8.44% HDFC Bank Limited 2028 NCD 2,160 0.60% 2,223 0.49%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 2,136 0.59% 3,305 0.73%
6.88% Rural Electrification Corporation Limited 2025 NCD 2,057 0.57% 2,050 0.45%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 2,005 0.56% - 0.00%

482 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

New Invest Shield Balanced Fund - ULIF 025 21/08/06 LInvShldNw 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

6.63% Rural Electrification Corporation Limited 2031 NCD 1,961 0.54% 1,986 0.44%

STATUTORY
Kotak Mahindra Bank Limited Equity 1,486 0.41% 1,471 0.32%
Kotak Mahindra Investments Limited 2023 CP 1,428 0.40% - 0.00%
Bajaj Finance Limited Equity 1,314 0.36% 288 0.06%
State Bank of India Equity 1,310 0.36% 728 0.16%
8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.31% 1,140 0.25%
8.54% Rural Electrification Corporation Limited 2028 NCD 1,100 0.30% 8,996 1.98%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.30% 1,111 0.24%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.30% 1,121 0.25%

79 - 148 FINANCIAL STATEMENTS

7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.29% 1,046 0.23%
7.45% LIC Housing Finance Limited 2022 NCD 1,013 0.28% - 0.00%

STANDALONE
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.28% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 984 0.27% 996 0.22%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.27% 978 0.22%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.27% 976 0.22%
Axis Bank Limited Equity 557 0.15% 1,603 0.35%
Kotak Mahindra Prime Limited 2022 CP 499 0.14% - 0.00%
Central Depository Services (India) Limited Equity 200 0.06% 308 0.07%
Max Financial Services Limited Equity - 0.00% 186 0.04%

149 - 521 FINANCIAL STATEMENTS

L&T Finance Limited Equity - 0.00% 988 0.22%
Cholamandalam Investment & Finance Limited Equity - 0.00% 111 0.02%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 9,122 2.01%

CONSOLIDATED
9.75% ICICI Securities Primary Dealership Limited 2021 NCD - 0.00% 10,396 2.29%
City Union Bank Limited Equity - 0.00% 175 0.04%
Bajaj Finserv Limited Equity - 0.00% 503 0.11%
Axis Bank Ltd 2021 CD - 0.00% 6,878 1.52%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 5,019 1.11%
7.65% Axis Bank Limited 2027 NCD - 0.00% 1,059 0.23%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 13,187 2.90%

522 - 584 VALUE RESULTS

Financial service activities, 101,219 28.05% 124,487 27.42%
except insurance and pension
funding Total

EMBEDDED
Others 253,840 70.34% 317,351 69.91%
Net Current Assets 5,815 1.61% 12,110 2.67%
Grand Total 360,873 100.00% 453,948 100.00%

Opportunities Fund - ULIF 086 24/11/09 LOpport 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
585 - 591 INFORMATION

Computer programming, consultancy Infosys Limited Equity 1,523,215 7.78% 951,097 7.16%
and related activities Tata Consultancy Services Limited Equity 410,063 2.09% 371,815 2.80%
ADDITIONAL

HCL Technologies Limited Equity 307,705 1.57% 206,117 1.55%

KPIT Engineering Limited Equity 117,883 0.60% 94,652 0.71%
Wipro Limited Equity 109,479 0.56% 22,711 0.17%
Tech Mahindra Limited Equity 106,251 0.54% 110,059 0.83%
Mphasis Limited Equity 59,385 0.30% 76,700 0.58%
Persistent System Limited Equity 50,450 0.26% - 0.00%
Rategain Travel Technologies Limited Equity 47,172 0.24% - 0.00%
592 - 595

Computer programming, 2,731,603 13.95% 1,833,151 13.80%

consultancy and related
activities Total

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 483
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Opportunities Fund - ULIF 086 24/11/09 LOpport 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except HDFC Bank Limited Equity 1,116,421 5.71% 887,439 6.68%
insurance and pension funding Housing Development Finance Corporation Limited Equity 712,817 3.64% 604,220 4.55%
Axis Bank Limited Equity 529,879 2.71% 372,958 2.81%
State Bank of India Equity 385,013 1.97% 181,100 1.36%
Bajaj Finance Limited Equity 307,611 1.57% 60,397 0.45%
Kotak Mahindra Bank Limited Equity 215,520 1.10% 192,990 1.45%
SBI Cards & Payment Services Limited Equity 77,544 0.40% - 0.00%
L&T Finance Limited Equity 73,021 0.37% 101,788 0.77%
Cholamandalam Investment & Finance Limited Equity 58,301 0.30% 100,008 0.75%
AU Small Finance Bank Limited Equity 56,835 0.29% 49,919 0.38%
Bajaj Holdings & Investment Limited Equity 46,954 0.24% - 0.00%
Max Financial Services Limited Equity 34,324 0.18% 44,365 0.33%
Bajaj Finserv Limited Equity 31,152 0.16% - 0.00%
Equitas Holdings Limited Equity 28,834 0.15% - 0.00%
City Union Bank Limited Equity 22,259 0.11% - 0.00%
Shriram Transport Finance Company Limited Equity - 0.00% 55,285 0.42%
Financial service activities, 3,696,487 18.91% 2,650,469 19.95%
except insurance and pension
funding Total
Others 12,992,419 66.33% 8,766,829 65.99%
Net Current Assets 157,966 0.81% 34,321 0.26%
Grand Total 19,578,474 100.00% 13,284,770 100.00%

Pension Balancer Fund - ULIF 005 03/05/02 PBalancer1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Financial service activities, except HDFC Bank Limited Equity 56,219 2.21% 68,143 2.49%
insurance and pension funding
Bajaj Finance Limited 2022 CP 43,486 1.71% - 0.00%
Housing Development Finance Corporation Limited Equity 39,604 1.56% 49,063 1.79%
8.54% Rural Electrification Corporation Limited 2028 NCD 38,513 1.51% 39,359 1.44%
6.24% State Bank of India 2025 NCD 36,323 1.43% 17,050 0.62%
Axis Bank Limited 2022 CD 33,878 1.33% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 32,327 1.27% - 0.00%
Axis Bank Limited Equity 28,844 1.13% 26,569 0.97%
Axis Bank Limited 2023 CD 28,225 1.11% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 21,873 0.86% 22,607 0.83%
8.37% Rural Electrification Corporation Limited 2028 NCD 21,691 0.85% 22,301 0.82%
5.83% State Bank of India 2030 NCD 19,764 0.78% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 17,440 0.68% 18,012 0.66%
7.85% Power Finance Corporation Limited 2028 NCD 17,065 0.67% 17,251 0.63%
Bajaj Finance Limited Equity 17,003 0.67% 3,456 0.13%
9% Housing Development Finance Corporation Limited 2028 NCD 16,812 0.66% 17,151 0.63%
National Agriculture Bank for Rural Development 2023 CD 16,790 0.66% - 0.00%
State Bank of India Equity 15,917 0.63% 11,565 0.42%
7.50% HDFC Bank Limited 2025 NCD 15,627 0.61% 15,658 0.57%

484 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Balancer Fund - ULIF 005 03/05/02 PBalancer1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name

01 - 78 REPORTS
type Market value % of assets Market value % of assets
(` ‘000) held (` ‘000) held

STATUTORY
8.8% Rural Electrification Corporation Limited 2029 NCD 15,471 0.61% 15,997 0.59%
6.43% Housing Development Finance Corporation Limited 2025 NCD 15,208 0.60% 15,154 0.55%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 13,887 0.55% 17,628 0.64%
6.88% Rural Electrification Corporation Limited 2025 NCD 13,369 0.52% 13,325 0.49%
Kotak Mahindra Bank Limited Equity 12,854 0.50% 16,487 0.60%
6.63% Rural Electrification Corporation Limited 2031 NCD 12,745 0.50% 13,899 0.51%
7.17% Power Finance Corporation Limited 2025 NCD 12,454 0.49% 29,010 1.06%

79 - 148 FINANCIAL STATEMENTS

8.44% HDFC Bank Limited 2028 NCD 11,881 0.47% 12,227 0.45%
HDFC Bank Limited 2022 CD 11,639 0.46% - 0.00%

STANDALONE
8.43% LIC Housing Finance Limited 2026 NCD 10,772 0.42% 10,912 0.40%
7.78% Housing Development Finance Corporation Limited 2027 NCD 10,621 0.42% - 0.00%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 10,025 0.39% - 0.00%
8.23% Rural Electrification Corporation Limited 2025 NCD 9,553 0.38% 9,694 0.35%
6.42% National Agriculture Bank for Rural Development 2030 NCD 7,737 0.30% 7,825 0.29%
7.43% National Agriculture Bank for Rural Development 2030 NCD 7,246 0.28% 7,323 0.27%
Kotak Mahindra Investments Limited 2023 CP 7,140 0.28% - 0.00%

149 - 521 FINANCIAL STATEMENTS

8.55% Housing Development Finance Corporation Limited 2029 NCD 6,514 0.26% 6,728 0.25%
6.39% National Agriculture Bank for Rural Development 2030 NCD 5,792 0.23% 6,833 0.25%

CONSOLIDATED
8.85% Rural Electrification Corporation Limited 2029 NCD 5,599 0.22% 5,701 0.21%
9.02% Rural Electrification Corporation Limited 2022 NCD 5,126 0.20% 5,318 0.19%
6.80% Rural Electrification Corporation Limited 2030 NCD 4,918 0.19% 4,982 0.18%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 4,366 0.17% 4,446 0.16%
7.45% LIC Housing Finance Limited 2022 NCD 4,053 0.16% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 3,978 0.16% - 0.00%
L&T Finance Limited Equity 3,673 0.14% 7,526 0.28%

522 - 584 VALUE RESULTS

Cholamandalam Investment & Finance Limited Equity 3,058 0.12% 6,855 0.25%
Kotak Mahindra Prime Limited 2022 CP 2,996 0.12% - 0.00%

EMBEDDED
Bajaj Holdings & Investment Limited Equity 2,566 0.10% 1,093 0.04%
7.65% Axis Bank Limited 2027 NCD 2,104 0.08% 12,708 0.46%
SBI Cards & Payment Services Limited Equity 2,071 0.08% - 0.00%
Bajaj Finserv Limited Equity 1,791 0.07% - 0.00%
AU Small Finance Bank Limited Equity 1,486 0.06% - 0.00%
Max Financial Services Limited Equity 1,239 0.05% 3,672 0.13%
Equitas Holdings Limited Equity 587 0.02% - 0.00%
585 - 591 INFORMATION

5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 2,003 0.07%
Axis Bank Ltd 2021 CD - 0.00% 39,304 1.44%
ADDITIONAL

7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 51,690 1.89%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 23,087 0.84%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 3,012 0.11%
Financial service activities, 761,920 29.93% 682,623 24.96%
except insurance and pension
funding Total
Others 1,738,174 68.25% 1,991,815 72.89%
Net Current Assets 46,474 1.82% 58,875 2.15%
592 - 595

Grand Total 2,546,568 100.00% 2,733,313 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 485
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Balancer Fund II - ULIF 015 17/05/04 PBalancer2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 58,214 2.20% 69,710 2.50%
insurance and pension funding Bajaj Finance Limited 2022 CP 44,986 1.70% - 0.00%
Housing Development Finance Corporation Limited Equity 40,928 1.55% 50,077 1.80%
6.24% State Bank of India 2025 NCD 36,323 1.37% 17,050 0.61%
8.54% Rural Electrification Corporation Limited 2028 NCD 36,312 1.37% 37,110 1.33%
Axis Bank Limited 2022 CD 35,346 1.33% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 33,307 1.26% - 0.00%
9.02% Rural Electrification Corporation Limited 2022 NCD 30,753 1.16% 31,906 1.14%
Axis Bank Limited Equity 29,966 1.13% 27,113 0.97%
Axis Bank Limited 2023 CD 29,660 1.12% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 20,779 0.78% 21,477 0.77%
5.83% State Bank of India 2030 NCD 20,753 0.78% - 0.00%
8.37% Rural Electrification Corporation Limited 2028 NCD 20,607 0.78% 21,186 0.76%
Bajaj Finance Limited Equity 17,613 0.67% 3,528 0.13%
National Agriculture Bank for Rural Development 2023 CD 17,270 0.65% - 0.00%
7.50% HDFC Bank Limited 2025 NCD 16,669 0.63% 16,702 0.60%
State Bank of India Equity 16,546 0.62% 11,760 0.42%
8.5% National Agriculture Bank for Rural Development 2029 NCD 16,350 0.62% 16,886 0.61%
7.85% Power Finance Corporation Limited 2028 NCD 15,998 0.60% 16,173 0.58%
9% Housing Development Finance Corporation Limited 2028 NCD 15,691 0.59% 16,008 0.57%
8.8% Rural Electrification Corporation Limited 2029 NCD 14,366 0.54% 14,854 0.53%
6.88% Rural Electrification Corporation Limited 2025 NCD 13,369 0.50% 13,325 0.48%
Kotak Mahindra Bank Limited Equity 13,264 0.50% 16,811 0.60%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 12,819 0.48% 16,527 0.59%
6.63% Rural Electrification Corporation Limited 2031 NCD 12,745 0.48% 13,899 0.50%
7.17% Power Finance Corporation Limited 2025 NCD 12,454 0.47% 30,046 1.08%
HDFC Bank Limited 2022 CD 12,123 0.46% - 0.00%
8.44% HDFC Bank Limited 2028 NCD 11,881 0.45% 12,227 0.44%
6.43% Housing Development Finance Corporation Limited 2025 NCD 11,153 0.42% 11,113 0.40%
8.43% LIC Housing Finance Limited 2026 NCD 10,772 0.41% 10,912 0.39%
7.78% Housing Development Finance Corporation Limited 2027 NCD 10,621 0.40% - 0.00%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 10,025 0.38% - 0.00%
7.43% National Agriculture Bank for Rural Development 2030 NCD 8,281 0.31% 8,370 0.30%
6.42% National Agriculture Bank for Rural Development 2030 NCD 7,737 0.29% 7,825 0.28%
Kotak Mahindra Investments Limited 2023 CP 7,140 0.27% - 0.00%
6.39% National Agriculture Bank for Rural Development 2030 NCD 6,757 0.26% 6,833 0.25%
8.85% Rural Electrification Corporation Limited 2029 NCD 5,599 0.21% 5,701 0.20%
6.80% Rural Electrification Corporation Limited 2030 NCD 4,918 0.19% 4,982 0.18%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 4,366 0.16% 4,446 0.16%
7.45% LIC Housing Finance Limited 2022 NCD 4,053 0.15% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 3,978 0.15% - 0.00%
L&T Finance Limited Equity 3,807 0.14% 7,729 0.28%
Cholamandalam Investment & Finance Limited Equity 3,165 0.12% 6,977 0.25%
Kotak Mahindra Prime Limited 2022 CP 2,996 0.11% - 0.00%
Bajaj Holdings & Investment Limited Equity 2,656 0.10% 1,130 0.04%
SBI Cards & Payment Services Limited Equity 2,134 0.08% - 0.00%
7.65% Axis Bank Limited 2027 NCD 2,104 0.08% 12,708 0.46%
Bajaj Finserv Limited Equity 1,860 0.07% - 0.00%
AU Small Finance Bank Limited Equity 1,527 0.06% - 0.00%
Max Financial Services Limited Equity 1,287 0.05% 3,778 0.14%

486 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Balancer Fund II - ULIF 015 17/05/04 PBalancer2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

Equitas Holdings Limited Equity 605 0.02% - 0.00%

STATUTORY
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 3,012 0.11%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 2,003 0.07%
Axis Bank Ltd 2021 CD - 0.00% 40,286 1.44%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 53,717 1.93%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 23,087 0.83%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 28,403 1.02%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 5,068 0.18%

79 - 148 FINANCIAL STATEMENTS

Financial service activities, 774,634 29.22% 722,453 25.91%
except insurance and pension
funding Total

STANDALONE
Others 1,823,636 68.89% 2,004,256 71.88%
Net Current Assets 50,003 1.89% 61,676 2.21%
Grand Total 2,648,273 100.00% 2,788,384 100.00%

Pension Bluechip Fund - ULIF 093 11/01/10 PBluChip 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type

149 - 521 FINANCIAL STATEMENTS

(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 57,936 8.45% 50,146 8.07%
and related activities Tata Consultancy Services Limited Equity 16,845 2.46% 17,243 2.77%

CONSOLIDATED
HCL Technologies Limited Equity 12,004 1.75% 12,289 1.98%
Wipro Limited Equity 4,632 0.68% - 0.00%
Tech Mahindra Limited Equity 4,395 0.64% 5,672 0.91%
KPIT Engineering Limited Equity 2,016 0.29% 3,080 0.50%
Mphasis Limited Equity - 0.00% 3,599 0.58%
Computer programming, 97,827 14.27% 92,029 14.81%
consultancy and related
activities Total

522 - 584 VALUE RESULTS

Financial service activities, except HDFC Bank Limited Equity 50,135 7.31% 52,608 8.46%
insurance and pension funding Housing Development Finance Corporation Limited Equity 28,883 4.21% 29,810 4.79%
Axis Bank Limited Equity 26,375 3.85% 23,439 3.77%

EMBEDDED
Bajaj Finance Limited Equity 15,391 2.24% 2,843 0.46%
Kotak Mahindra Bank Limited Equity 14,339 2.09% 14,916 2.40%
State Bank of India Equity 13,499 1.97% 7,716 1.24%
Bajaj Finserv Limited Equity 2,798 0.41% - 0.00%
SBI Cards & Payment Services Limited Equity 1,492 0.22% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 631 0.10%
Max Financial Services Limited Equity - 0.00% 1,873 0.30%
585 - 591 INFORMATION

Financial service activities, 152,913 22.29% 133,835 21.52%

except insurance and pension
funding Total
ADDITIONAL

Manufacture of coke and refined Reliance Industries Limited Equity 66,886 9.75% 48,022 7.72%
petroleum products Hindustan Petroleum Corporation Limited Equity 3,768 0.55% 4,528 0.73%
Indian Oil Corporation Limited Equity 1,855 0.27% 1,402 0.23%
Reliance Industries Limited - Partly Paid Equity - 0.00% 3,998 0.64%
Bharat Petroleum Corporation Limited Equity - 0.00% 2,060 0.33%
Manufacture of coke and refined 72,509 10.57% 60,010 9.65%
petroleum products Total
Others 357,726 52.16% 331,558 53.33%
Net Current Assets 4,841 0.71% 4,270 0.69%
592 - 595

Grand Total 685,816 100.00% 621,703 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 487
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Dynamic P/E Fund - ULIF 098 11/01/10 PDynmicPE 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 99,953 4.18% 36,214 1.46%
insurance and pension funding Housing Development Finance Corporation Limited Equity 99,190 4.15% 33,612 1.35%
Bajaj Finance Limited Equity 44,242 1.85% 12,638 0.51%
Kotak Mahindra Bank Limited Equity 39,284 1.64% 16,440 0.66%
Bajaj Finserv Limited Equity 23,765 0.99% 5,414 0.22%
Axis Bank Limited Equity 22,748 0.95% 6,832 0.27%
State Bank of India Equity 22,627 0.95% 5,534 0.22%
Indusind Bank Limited Equity 3,247 0.14% 2,091 0.08%
Financial service activities, 355,056 14.86% 118,775 4.77%
except insurance and pension
funding Total
Others 2,022,292 84.62% 2,317,303 93.20%
Net Current Assets 12,320 0.52% 50,494 2.03%
Grand Total 2,389,669 100.00% 2,486,573 100.00%

Pension Flexi Balanced Fund - ULIF 034 20/03/07 PFlexiBal1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 13,861 3.29% 17,358 4.06%
insurance and pension funding Housing Development Finance Corporation Limited Equity 7,936 1.88% 11,594 2.71%
6.24% State Bank of India 2025 NCD 7,063 1.68% 3,009 0.70%
Kotak Mahindra Bank Limited Equity 5,367 1.27% 8,255 1.93%
Bajaj Finance Limited Equity 4,763 1.13% 232 0.05%
Bajaj Finance Limited 2022 CP 4,499 1.07% - 0.00%
State Bank of India Equity 4,243 1.01% 990 0.23%
6.44% HDFC Bank Limited 2028 NCD 3,918 0.93% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 3,281 0.78% 3,391 0.79%
5.83% State Bank of India 2030 NCD 2,965 0.70% - 0.00%
Axis Bank Limited 2023 CD 2,871 0.68% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 2,180 0.52% 2,251 0.53%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 2,005 0.48% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 1,961 0.47% 1,986 0.46%
Axis Bank Limited 2022 CD 1,939 0.46% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 1,919 0.46% - 0.00%
Central Depository Services (India) Limited Equity 1,673 0.40% - 0.00%
Axis Bank Limited Equity 1,281 0.30% 5,384 1.26%
Muthoot Finance Limited Equity 1,127 0.27% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.27% 1,140 0.27%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.26% 1,111 0.26%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.26% 1,121 0.26%
8.44% HDFC Bank Limited 2028 NCD 1,080 0.26% 1,112 0.26%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 1,068 0.25% 2,204 0.52%
7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.25% 1,046 0.24%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.24% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 984 0.23% 996 0.23%
HDFC Bank Limited 2022 CD 970 0.23% - 0.00%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.23% 978 0.23%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.23% 976 0.23%

488 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Flexi Balanced Fund - ULIF 034 20/03/07 PFlexiBal1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
Kotak Mahindra Investments Limited 2023 CP 952 0.23% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 499 0.12% - 0.00%
AU Small Finance Bank Limited Equity - 0.00% 657 0.15%
Axis Bank Ltd 2021 CD - 0.00% 5,896 1.38%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 8,108 1.90%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 5,019 1.17%
7.65% Axis Bank Limited 2027 NCD - 0.00% 1,059 0.25%
8.8% Rural Electrification Corporation Limited 2029 NCD - 0.00% 2,285 0.53%

79 - 148 FINANCIAL STATEMENTS

Bajaj Finserv Limited Equity - 0.00% 832 0.19%
L&T Finance Limited Equity - 0.00% 3,925 0.92%

STANDALONE
Cholamandalam Investment & Finance Limited Equity - 0.00% 332 0.08%
Financial service activities, 87,663 20.84% 93,247 21.81%
except insurance and pension
funding Total
Others 329,896 78.29% 326,732 76.50%
Net Current Assets 3,681 0.87% 7,223 1.69%
Grand Total 421,239 100.00% 427,202 100.00%

149 - 521 FINANCIAL STATEMENTS

Pension Flexi Balanced Fund II - ULIF 035 20/03/07 PFlexiBal2 105
At March 31, 2022 At March 31, 2021
Asset

CONSOLIDATED
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 14,756 3.29% 20,025 4.35%
insurance and pension funding Housing Development Finance Corporation Limited Equity 8,622 1.92% 11,779 2.56%
6.24% State Bank of India 2025 NCD 7,063 1.57% 3,009 0.65%
Kotak Mahindra Bank Limited Equity 6,068 1.35% 9,151 1.99%
Bajaj Finance Limited Equity 5,082 1.13% 242 0.05%
Bajaj Finance Limited 2022 CP 4,499 1.00% - 0.00%

522 - 584 VALUE RESULTS

State Bank of India Equity 4,407 0.98% 1,000 0.22%
8.54% Rural Electrification Corporation Limited 2028 NCD 4,401 0.98% 4,498 0.98%

EMBEDDED
6.44% HDFC Bank Limited 2028 NCD 3,918 0.87% - 0.00%
Axis Bank Limited 2023 CD 3,349 0.75% - 0.00%
5.83% State Bank of India 2030 NCD 2,965 0.66% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 2,242 0.50% 2,287 0.50%
8.8% Rural Electrification Corporation Limited 2029 NCD 2,210 0.49% 2,285 0.50%
8.5% National Agriculture Bank for Rural Development 2029 NCD 2,180 0.49% 2,251 0.49%
8.37% Rural Electrification Corporation Limited 2028 NCD 2,169 0.48% 2,230 0.48%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 2,136 0.48% 2,204 0.48%
585 - 591 INFORMATION

7.85% Power Finance Corporation Limited 2028 NCD 2,133 0.48% 2,156 0.47%
6.88% Rural Electrification Corporation Limited 2025 NCD 2,057 0.46% 2,050 0.44%
ADDITIONAL

6.97% National Bank For Agriculture & Rural Development 2031 NCD 2,005 0.45% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 1,961 0.44% 1,986 0.43%
National Agriculture Bank for Rural Development 2023 CD 1,919 0.43% - 0.00%
Central Depository Services (India) Limited Equity 1,787 0.40% - 0.00%
Axis Bank Limited Equity 1,401 0.31% 5,961 1.29%
Muthoot Finance Limited Equity 1,205 0.27% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 1,120 0.25% 1,140 0.25%
592 - 595

8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.24% 1,111 0.24%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.24% 1,121 0.24%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 489
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Flexi Balanced Fund II - ULIF 035 20/03/07 PFlexiBal2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

8.44% HDFC Bank Limited 2028 NCD 1,080 0.24% 1,112 0.24%
7.17% Power Finance Corporation Limited 2025 NCD 1,038 0.23% 2,072 0.45%
7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.23% 1,046 0.23%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.22% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 984 0.22% 996 0.22%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.22% 978 0.21%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.22% 976 0.21%
Kotak Mahindra Investments Limited 2023 CP 952 0.21% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 499 0.11% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 357 0.08%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 5,019 1.09%
AU Small Finance Bank Limited Equity - 0.00% 724 0.16%
L&T Finance Limited Equity - 0.00% 2,457 0.53%
Bajaj Finserv Limited Equity - 0.00% 899 0.20%
Axis Bank Ltd 2021 CD - 0.00% 6,878 1.49%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 8,108 1.76%
7.65% Axis Bank Limited 2027 NCD - 0.00% 1,059 0.23%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 1,020 0.22%
Financial service activities, 102,346 22.80% 110,189 23.93%
except insurance and pension
funding Total
Others 342,312 76.30% 344,075 74.67%
Net Current Assets 4,051 0.90% 6,420 1.39%
Grand Total 448,709 100.00% 460,684 100.00%

Pension Flexi Growth Fund - ULIF 029 20/03/07 PFlexiGro1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 656,353 8.74% 550,141 7.12%
and related activities Tata Consultancy Services Limited Equity 172,012 2.29% 294,421 3.81%
Wipro Limited Equity 98,706 1.32% - 0.00%
Persistent System Limited Equity 39,404 0.52% - 0.00%
HCL Technologies Limited Equity 32,950 0.44% 152,251 1.97%
Mphasis Limited Equity 31,837 0.42% 50,531 0.65%
KPIT Engineering Limited Equity 30,049 0.40% - 0.00%
Tech Mahindra Limited Equity - 0.00% 63,208 0.82%
Computer programming, 1,061,311 14.13% 1,110,552 14.37%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 422,770 5.63% 590,758 7.65%
insurance and pension funding Housing Development Finance Corporation Limited Equity 248,155 3.31% 356,184 4.61%
Kotak Mahindra Bank Limited Equity 168,373 2.24% 265,441 3.44%
Bajaj Finance Limited Equity 147,892 1.97% 3,579 0.05%
State Bank of India Equity 131,310 1.75% 44,017 0.57%
Central Depository Services (India) Limited Equity 49,256 0.66% - 0.00%
L&T Finance Limited Equity 46,352 0.62% 113,205 1.47%
Axis Bank Limited Equity 39,206 0.52% 179,012 2.32%
Muthoot Finance Limited Equity 34,748 0.46% - 0.00%
Bank of Baroda Equity 4,853 0.06% - 0.00%

490 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Flexi Growth Fund - ULIF 029 20/03/07 PFlexiGro1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

Bajaj Finserv Limited Equity - 0.00% 26,260 0.34%

STATUTORY
AU Small Finance Bank Limited Equity - 0.00% 20,343 0.26%
Cholamandalam Investment & Finance Limited Equity - 0.00% 11,464 0.15%
Financial service activities, 1,292,916 17.23% 1,610,263 20.86%
except insurance and pension
funding Total
Manufacture of chemicals and Hindustan Unilever Limited Equity 275,795 3.67% 236,566 3.06%
chemical products SRF Limited Equity 167,864 2.24% 107,009 1.38%
PI Industries Limited Equity 71,216 0.95% 67,236 0.87%

79 - 148 FINANCIAL STATEMENTS

Pidilite Industries Limited Equity - 0.00% 18,834 0.24%
Asian Paints Limited Equity - 0.00% 115,929 1.50%

STANDALONE
Dabur India Limited Equity - 0.00% 71,287 0.92%
Coromandel International Limited Equity - 0.00% 74,151 0.96%
Solar Industries India Limited Equity - 0.00% 59,067 0.76%
Aarti Industries Limited Equity - 0.00% 44,712 0.58%
Kansai Nerolac Paints Limited Equity - 0.00% 23,901 0.31%
Manufacture of chemicals and 514,875 6.86% 818,692 10.58%
chemical products Total
Others 4,616,646 61.51% 4,185,457 54.16%

149 - 521 FINANCIAL STATEMENTS

Net Current Assets 20,105 0.27% 1,508 0.02%
Grand Total 7,505,853 100.00% 7,726,472 100.00%

CONSOLIDATED
Pension Flexi Growth Fund II - ULIF 030 20/03/07 PFlexiGro2 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 530,341 8.84% 433,015 7.08%
and related activities Tata Consultancy Services Limited Equity 139,044 2.32% 232,800 3.81%
Wipro Limited Equity 80,108 1.34% - 0.00%

522 - 584 VALUE RESULTS

Persistent System Limited Equity 31,036 0.52% - 0.00%
HCL Technologies Limited Equity 26,878 0.45% 114,275 1.87%
Mphasis Limited Equity 25,924 0.43% 38,506 0.63%

EMBEDDED
KPIT Engineering Limited Equity 24,466 0.41% - 0.00%
Tech Mahindra Limited Equity - 0.00% 47,090 0.77%
Computer programming, 857,797 14.31% 865,686 14.16%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 346,507 5.77% 467,556 7.65%
insurance and pension funding Housing Development Finance Corporation Limited Equity 199,474 3.32% 280,502 4.59%
Kotak Mahindra Bank Limited Equity 145,575 2.43% 218,433 3.57%
585 - 591 INFORMATION

Bajaj Finance Limited Equity 120,588 2.01% 4,944 0.08%

State Bank of India Equity 106,188 1.77% 33,791 0.55%
Central Depository Services (India) Limited Equity 37,786 0.63% - 0.00%
ADDITIONAL

L&T Finance Limited Equity 37,363 0.62% 76,664 1.25%

Axis Bank Limited Equity 32,554 0.54% 140,546 2.30%
Muthoot Finance Limited Equity 25,167 0.42% - 0.00%
Bank of Baroda Equity 3,939 0.07% - 0.00%
Bajaj Finserv Limited Equity - 0.00% 20,439 0.33%
AU Small Finance Bank Limited Equity - 0.00% 16,124 0.26%
Cholamandalam Investment & Finance Limited Equity - 0.00% 8,612 0.14%
Financial service activities, 1,055,140 17.58% 1,267,610 20.72%
592 - 595

except insurance and pension

funding Total

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 491
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Flexi Growth Fund II - ULIF 030 20/03/07 PFlexiGro2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Manufacture of chemicals and Hindustan Unilever Limited Equity 221,904 3.70% 184,038 3.01%
chemical products SRF Limited Equity 131,827 2.20% 81,990 1.34%
PI Industries Limited Equity 57,143 0.95% 51,793 0.85%
Pidilite Industries Limited Equity - 0.00% 14,401 0.24%
Asian Paints Limited Equity - 0.00% 87,812 1.44%
Dabur India Limited Equity - 0.00% 53,962 0.88%
Coromandel International Limited Equity - 0.00% 56,734 0.93%
Solar Industries India Limited Equity - 0.00% 45,543 0.74%
Aarti Industries Limited Equity - 0.00% 35,193 0.58%
Kansai Nerolac Paints Limited Equity - 0.00% 18,083 0.30%
Manufacture of chemicals and 410,873 6.85% 629,548 10.31%
chemical products Total
Others 3,661,520 61.02% 3,361,471 54.96%
Net Current Assets 15,194 0.25% (9,260) -0.15%
Grand Total 6,000,525 100.00% 6,115,055 100.00%

Pension Growth Fund - ULIF 127 01/12/11 PGROWTH 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 10,682 9.44% 9,743 7.85%
and related activities Tata Consultancy Services Limited Equity 2,869 2.53% 6,175 4.98%
Wipro Limited Equity 1,309 1.16% - 0.00%
HCL Technologies Limited Equity 612 0.54% 2,076 1.67%
Mphasis Limited Equity 557 0.49% - 0.00%
KPIT Engineering Limited Equity - 0.00% 356 0.29%
Computer programming, 16,029 14.16% 18,350 14.79%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 7,969 7.04% 9,440 7.61%
insurance and pension funding Housing Development Finance Corporation Limited Equity 4,764 4.21% 6,905 5.56%
Kotak Mahindra Bank Limited Equity 2,832 2.50% 2,379 1.92%
Bajaj Finance Limited Equity 2,447 2.16% 566 0.46%
State Bank of India Equity 2,134 1.89% 656 0.53%
Axis Bank Limited Equity 1,078 0.95% 2,761 2.22%
Shriram Transport Finance Company Limited Equity 395 0.35% - 0.00%
Central Depository Services (India) Limited Equity 299 0.26% - 0.00%
Bank of Baroda Equity 70 0.06% - 0.00%
L&T Finance Limited Equity - 0.00% 1,592 1.28%
Max Financial Services Limited Equity - 0.00% 346 0.28%
Bajaj Finserv Limited Equity - 0.00% 2,117 1.71%
Cholamandalam Investment & Finance Limited Equity - 0.00% 207 0.17%
City Union Bank Limited Equity - 0.00% 112 0.09%
Financial service activities, 21,988 19.42% 27,080 21.83%
except insurance and pension
funding Total
Others 74,493 65.83% 77,743 62.66%
Net Current Assets 679 0.60% 910 0.73%
Grand Total 113,189 100.00% 124,084 100.00%

492 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Income Fund - ULIF 095 11/01/10 PIncome 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name

01 - 78 REPORTS
type Market value % of assets Market value % of assets
(` ‘000) held (` ‘000) held

STATUTORY
Financial service activities, except 6.24% State Bank of India 2025 NCD 185,652 8.29% 17,050 0.68%
insurance and pension funding
6.48% Sundaram Finance Limited 2026 NCD 166,014 7.41% - 0.00%
7.93% Power Finance Corporation Limited 2029 NCD 126,739 5.66% 128,349 5.11%
8.8% Rural Electrification Corporation Limited 2029 NCD 113,822 5.08% 117,692 4.68%
9% Housing Development Finance Corporation Limited 2028 NCD 97,508 4.35% 42,307 1.68%
8.55% Housing Development Finance Corporation Limited 2029 NCD 55,369 2.47% 57,190 2.27%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 46,931 2.10% 158,930 6.32%

79 - 148 FINANCIAL STATEMENTS

6.80% Rural Electrification Corporation Limited 2030 NCD 43,281 1.93% 43,838 1.74%
6.44% HDFC Bank Limited 2028 NCD 41,144 1.84% - 0.00%

STANDALONE
Axis Bank Limited 2023 CD 38,750 1.73% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 33,791 1.51% 34,897 1.39%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 33,115 1.48% 42,969 1.71%
8.44% HDFC Bank Limited 2028 NCD 32,404 1.45% 33,345 1.33%
8.3% Indian Railway Finance Corpn. Limit 2029 NCD 28,941 1.29% - 0.00%
5.83% State Bank of India 2030 NCD 25,694 1.15% - 0.00%
Axis Bank Limited 2022 CD 25,212 1.13% - 0.00%

149 - 521 FINANCIAL STATEMENTS

National Agriculture Bank for Rural Development 2023 CD 23,026 1.03% - 0.00%
HDFC Bank Limited 2022 CD 16,003 0.71% - 0.00%

CONSOLIDATED
6% Housing Development Finance Corporation Limited 2026 NCD 12,858 0.57% - 0.00%
8.85% Rural Electrification Corporation Limited 2029 NCD 11,199 0.50% 11,402 0.45%
Kotak Mahindra Investments Limited 2023 CP 9,520 0.43% - 0.00%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 9,023 0.40% - 0.00%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 8,590 0.38% 8,850 0.35%
7.43% National Agriculture Bank for Rural Development 2030 NCD 7,246 0.32% 7,323 0.29%
6.42% National Agriculture Bank for Rural Development 2030 NCD 6,770 0.30% 6,847 0.27%

522 - 584 VALUE RESULTS

6.39% National Agriculture Bank for Rural Development 2030 NCD 6,757 0.30% 6,833 0.27%
7.65% Axis Bank Limited 2027 NCD 6,311 0.28% 31,770 1.26%

EMBEDDED
6.43% Housing Development Finance Corporation Limited 2025 NCD 5,069 0.23% 5,051 0.20%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 4,284 0.19% 4,417 0.18%
7.85% Power Finance Corporation Limited 2028 NCD 4,266 0.19% 36,658 1.46%
Kotak Mahindra Prime Limited 2022 CP 3,994 0.18% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 2,983 0.13% - 0.00%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 16,521 0.66%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 23,087 0.92%
585 - 591 INFORMATION

5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 2,003 0.08%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 16,132 0.64%
ADDITIONAL

5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 11,924 0.47%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 3,012 0.12%
Axis Bank Ltd 2021 CD - 0.00% 35,373 1.41%
Financial service activities, 1,232,266 55.00% 903,772 35.95%
except insurance and pension
funding Total
Others 960,355 42.88% 1,533,147 60.97%
Net Current Assets 47,385 2.12% 77,217 3.07%
592 - 595

Grand Total 2,240,006 100.00% 2,514,137 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 493
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Maximiser Fund - ULIF 004 03/05/02 PMaximis1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 451,742 8.23% 398,824 7.68%
and related activities Tata Consultancy Services Limited Equity 121,100 2.21% 167,775 3.23%
HCL Technologies Limited Equity 96,230 1.75% 88,556 1.71%
Wipro Limited Equity 37,445 0.68% - 0.00%
Tech Mahindra Limited Equity 36,590 0.67% 46,188 0.89%
KPIT Engineering Limited Equity 32,457 0.59% 37,315 0.72%
Rategain Travel Technologies Limited Equity 13,584 0.25% - 0.00%
Mphasis Limited Equity - 0.00% 30,085 0.58%
Computer programming, 789,148 14.38% 768,742 14.81%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 339,918 6.19% 367,232 7.07%
insurance and pension funding Housing Development Finance Corporation Limited Equity 232,830 4.24% 265,396 5.11%
Axis Bank Limited Equity 171,574 3.13% 143,747 2.77%
Bajaj Finance Limited Equity 102,510 1.87% 18,704 0.36%
State Bank of India Equity 96,603 1.76% 61,962 1.19%
Kotak Mahindra Bank Limited Equity 75,766 1.38% 89,030 1.71%
L&T Finance Limited Equity 22,029 0.40% 39,939 0.77%
Cholamandalam Investment & Finance Limited Equity 17,573 0.32% 36,632 0.71%
Bajaj Holdings & Investment Limited Equity 14,667 0.27% 5,575 0.11%
SBI Cards & Payment Services Limited Equity 12,293 0.22% - 0.00%
Bajaj Finserv Limited Equity 10,919 0.20% - 0.00%
AU Small Finance Bank Limited Equity 8,958 0.16% - 0.00%
Max Financial Services Limited Equity 7,523 0.14% 18,583 0.36%
Equitas Holdings Limited Equity 3,458 0.06% - 0.00%
Financial service activities, 1,116,623 20.34% 1,046,799 20.16%
except insurance and pension
funding Total
Others 3,529,433 64.28% 3,361,513 64.73%
Net Current Assets 54,667 1.00% 15,961 0.31%
Grand Total 5,489,871 100.00% 5,193,016 100.00%

Pension Maximiser Fund II - ULIF 013 17/05/04 PMaximis2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 753,341 8.24% 695,161 7.67%
and related activities Tata Consultancy Services Limited Equity 201,647 2.21% 292,473 3.23%
HCL Technologies Limited Equity 160,389 1.75% 153,962 1.70%
Wipro Limited Equity 62,268 0.68% - 0.00%
Tech Mahindra Limited Equity 60,851 0.67% 80,744 0.89%
KPIT Engineering Limited Equity 54,021 0.59% 65,114 0.72%
Rategain Travel Technologies Limited Equity 22,628 0.25% - 0.00%
Mphasis Limited Equity - 0.00% 52,423 0.58%
Computer programming, 1,315,145 14.39% 1,339,876 14.79%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 565,776 6.19% 640,102 7.06%
insurance and pension funding Housing Development Finance Corporation Limited Equity 387,854 4.24% 462,576 5.10%
Axis Bank Limited Equity 286,001 3.13% 250,555 2.76%
Bajaj Finance Limited Equity 170,805 1.87% 32,707 0.36%
State Bank of India Equity 161,033 1.76% 108,203 1.19%
Kotak Mahindra Bank Limited Equity 126,053 1.38% 155,351 1.71%
L&T Finance Limited Equity 36,724 0.40% 69,617 0.77%

494 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Maximiser Fund II - ULIF 013 17/05/04 PMaximis2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type

01 - 78 REPORTS
(` ‘000) held (` ‘000) held

Cholamandalam Investment & Finance Limited Equity 29,242 0.32% 63,902 0.70%

STATUTORY
Bajaj Holdings & Investment Limited Equity 24,384 0.27% 9,863 0.11%
SBI Cards & Payment Services Limited Equity 20,540 0.22% - 0.00%
Bajaj Finserv Limited Equity 18,169 0.20% - 0.00%
AU Small Finance Bank Limited Equity 14,935 0.16% - 0.00%
Max Financial Services Limited Equity 12,530 0.14% 32,818 0.36%
Equitas Holdings Limited Equity 5,831 0.06% - 0.00%
Financial service activities, 1,859,876 20.34% 1,825,694 20.12%
except insurance and pension

79 - 148 FINANCIAL STATEMENTS

funding Total
Others 5,874,503 64.24% 5,853,063 64.55%
Net Current Assets 94,146 1.03% 50,044 0.55%

STANDALONE
Grand Total 9,143,670 100.00% 9,068,677 100.00%

Pension Money Market Fund - ULIF 096 11/01/10 PMoneyMkt 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited 2022 CD 62,042 9.59% - 0.00%

149 - 521 FINANCIAL STATEMENTS

insurance and pension funding National Agriculture Bank for Rural Development 2023 CD 31,193 4.82% - 0.00%
Axis Bank Limited 2022 CD 29,910 4.62% - 0.00%
6.7% National Bank For Agriculture & Rural Development 2022 NCD 29,307 4.53% - 0.00%

CONSOLIDATED
7.39% LIC Housing Finance Limited 2022 NCD 25,236 3.90% - 0.00%
4.5% Housing Development Finance Corporation Limited 2022 NCD 20,945 3.24% - 0.00%
7.09% Rural Electrification Corporation Limited 2022 NCD 11,163 1.73% - 0.00%
8.5383% Bajaj Finance Limited 2022 NCD 10,072 1.56% - 0.00%
5.06% Housing Development Finance Corporation 2023 NCD 7,987 1.23% - 0.00%
7.85% LIC Housing Finance Limited 2022 NCD 6,079 0.94% - 0.00%
5.1% Bajaj Finance Limited 2022 NCD 4,998 0.77% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 3,925 0.61% 13,456 1.71%

522 - 584 VALUE RESULTS

7.445% LIC Housing Finance Limited 2023 NCD 2,039 0.32% - 0.00%
7.21% Housing Development Finance Corporation Limited 2022 NCD 2,033 0.31% - 0.00%

EMBEDDED
7.24% Rural Electrification Corporation Limited 2022 NCD 1,017 0.16% - 0.00%
7.45% LIC Housing Finance Limited 2022 NCD 1,013 0.16% - 0.00%
Kotak Mahindra Prime Limited 2021 ZCB - 0.00% 38,334 4.85%
Power Finance Corporation Limited 30/07/2021 CP - 0.00% 19,742 2.50%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 29,000 3.67%
8.44% Rural Electrification Corporation Limited 2021 NCD - 0.00% 6,174 0.78%
7.22% LIC Housing Finance Limited 2021 NCD - 0.00% 4,077 0.52%
7.24% Rural Electrification Corporation Limited 2021 NCD - 0.00% 8,136 1.03%
6.32% Rural Electrification Corporation Limited 2021 NCD - 0.00% 43,713 5.54%
585 - 591 INFORMATION

8.55% Power Finance Corporation Limited 2021 NCD - 0.00% 8,238 1.04%
National Bank For Agriculture & Rural Development 2021 CD - 0.00% 75,072 9.51%
ADDITIONAL

6.77% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 68,400 8.66%
Sundaram Finance Limited 2021 ZCB - 0.00% 10,090 1.28%
Axis Bank Ltd 2021 CD - 0.00% 2,929 0.37%
8.15% Rural Electrification Corporation Limited 2021 NCD - 0.00% 13,115 1.66%
7.03% LIC Housing Finance Limited 2021 NCD - 0.00% 7,148 0.91%
Financial service activities, 248,959 38.49% 347,626 44.03%
except insurance and pension
funding Total
Others 391,111 60.47% 435,882 55.19%
592 - 595

Net Current Assets 6,741 1.04% 6,170 0.78%

Grand Total 646,811 100.00% 789,678 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 495
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Multi Cap Balanced Fund - ULIF 094 11/01/10 PMCapBal 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except HDFC Bank Limited Equity 17,110 2.96% 22,236 4.22%
insurance and pension funding Housing Development Finance Corporation Limited Equity 9,887 1.71% 13,692 2.60%
Bajaj Finance Limited 2022 CP 7,498 1.30% - 0.00%
Kotak Mahindra Bank Limited Equity 7,461 1.29% 10,402 1.97%
6.24% State Bank of India 2025 NCD 7,063 1.22% 3,009 0.57%
Bajaj Finance Limited Equity 5,822 1.01% 196 0.04%
State Bank of India Equity 5,248 0.91% 9 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 4,483 0.77% 4,574 0.87%
Axis Bank Limited 2023 CD 4,306 0.75% - 0.00%
6.44% HDFC Bank Limited 2028 NCD 3,918 0.68% - 0.00%
8.44% HDFC Bank Limited 2028 NCD 3,240 0.56% 3,335 0.63%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 3,205 0.55% 4,407 0.84%
5.83% State Bank of India 2030 NCD 2,965 0.51% - 0.00%
6.63% Rural Electrification Corporation Limited 2031 NCD 2,941 0.51% 2,978 0.57%
Axis Bank Limited 2022 CD 2,909 0.50% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 2,878 0.50% - 0.00%
Central Depository Services (India) Limited Equity 2,173 0.38% - 0.00%
7.85% Power Finance Corporation Limited 2028 NCD 2,133 0.37% 2,156 0.41%
6.88% Rural Electrification Corporation Limited 2025 NCD 2,057 0.36% 2,050 0.39%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 2,005 0.35% - 0.00%
Axis Bank Limited Equity 1,595 0.28% 6,633 1.26%
HDFC Bank Limited 2022 CD 1,455 0.25% - 0.00%
Kotak Mahindra Investments Limited 2023 CP 1,428 0.25% - 0.00%
Muthoot Finance Limited Equity 1,384 0.24% - 0.00%
8.8% Rural Electrification Corporation Limited 2029 NCD 1,105 0.19% 1,143 0.22%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 1,091 0.19% 1,111 0.21%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.19% 1,121 0.21%
7.43% National Agriculture Bank for Rural Development 2030 NCD 1,035 0.18% 1,046 0.20%
7.45% LIC Housing Finance Limited 2022 NCD 1,013 0.18% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 994 0.17% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 984 0.17% 996 0.19%
6.42% National Agriculture Bank for Rural Development 2030 NCD 967 0.17% 978 0.19%
6.39% National Agriculture Bank for Rural Development 2030 NCD 965 0.17% 976 0.19%
Kotak Mahindra Prime Limited 2022 CP 499 0.09% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 2,969 0.56%
AU Small Finance Bank Limited Equity - 0.00% 1,971 0.37%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 5,019 0.95%
Bajaj Finserv Limited Equity - 0.00% 551 0.10%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 1,004 0.19%
L&T Finance Limited Equity - 0.00% 1,928 0.37%
Indusind Bank Limited Equity - 0.00% 1 0.00%
7.65% Axis Bank Limited 2027 NCD - 0.00% 2,118 0.40%
Axis Bank Ltd 2021 CD - 0.00% 7,861 1.49%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 9,122 1.73%
Financial service activities, 114,906 19.91% 115,592 21.94%
except insurance and pension
funding Total
Others 456,242 78.75% 402,390 76.33%
Net Current Assets 7,729 1.34% 9,129 1.73%
Grand Total 578,876 100.00% 527,111 100.00%

496 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Multi Cap Growth Fund - ULIF 091 11/01/10 PMCapGro 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name

01 - 78 REPORTS
type Market value % of assets Market value % of assets
(` ‘000) held (` ‘000) held

STATUTORY
Computer programming, consultancy Infosys Limited Equity 403,709 8.59% 324,943 6.90%
and related activities
Tata Consultancy Services Limited Equity 108,051 2.30% 178,160 3.79%
Wipro Limited Equity 58,340 1.24% - 0.00%
Persistent System Limited Equity 32,814 0.70% - 0.00%
HCL Technologies Limited Equity 20,268 0.43% 91,374 1.94%
Mphasis Limited Equity 19,373 0.41% 29,716 0.63%
KPIT Engineering Limited Equity 16,115 0.34% - 0.00%

79 - 148 FINANCIAL STATEMENTS

Tech Mahindra Limited Equity - 0.00% 45,591 0.97%
Computer programming, 658,670 14.01% 669,783 14.23%

STANDALONE
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 255,370 5.43% 357,565 7.60%
insurance and pension funding
Housing Development Finance Corporation Limited Equity 150,617 3.21% 215,918 4.59%
Kotak Mahindra Bank Limited Equity 113,297 2.41% 168,688 3.58%
Bajaj Finance Limited Equity 88,419 1.88% 3,394 0.07%
State Bank of India Equity 70,014 1.49% 3,542 0.08%

149 - 521 FINANCIAL STATEMENTS

Central Depository Services (India) Limited Equity 34,057 0.72% - 0.00%
L&T Finance Limited Equity 25,500 0.54% 34,990 0.74%

CONSOLIDATED
Axis Bank Limited Equity 22,981 0.49% 107,730 2.29%
Muthoot Finance Limited Equity 21,061 0.45% - 0.00%
Bank of Baroda Equity 2,991 0.06% - 0.00%
Indusind Bank Limited Equity - 0.00% 1 0.00%
Bajaj Finserv Limited Equity - 0.00% 416 0.01%
AU Small Finance Bank Limited Equity - 0.00% 28,129 0.60%
Cholamandalam Investment & Finance Limited Equity - 0.00% 48,020 1.02%

522 - 584 VALUE RESULTS

Financial service activities, 784,306 16.68% 968,392 20.58%
except insurance and pension
funding Total

EMBEDDED
Manufacture of chemicals and Hindustan Unilever Limited Equity 171,476 3.65% 145,776 3.10%
chemical products
SRF Limited Equity 101,869 2.17% 29,462 0.63%
PI Industries Limited Equity 43,403 0.92% 40,577 0.86%
Kansai Nerolac Paints Limited Equity - 0.00% 32,359 0.69%
Coromandel International Limited Equity - 0.00% 47,351 1.01%
Solar Industries India Limited Equity - 0.00% 50,865 1.08%
585 - 591 INFORMATION

Dabur India Limited Equity - 0.00% 49,167 1.04%

Asian Paints Limited Equity - 0.00% 73,790 1.57%
Aarti Industries Limited Equity - 0.00% 26,951 0.57%
ADDITIONAL

Manufacture of chemicals and 316,748 6.74% 496,297 10.55%

chemical products Total
Others 2,930,810 62.39% 2,573,667 54.67%
Net Current Assets 8,393 0.18% (1,274) -0.03%
Grand Total 4,698,927 100.00% 4,706,865 100.00%
592 - 595

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 497
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Multiplier Fund - ULIF 043 25/02/08 PMultip1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Computer programming, consultancy Infosys Limited Equity 155,378 8.47% 143,202 8.07%
and related activities Tata Consultancy Services Limited Equity 45,078 2.46% 49,250 2.78%
HCL Technologies Limited Equity 31,943 1.74% 35,000 1.97%
Wipro Limited Equity 12,385 0.68% - 0.00%
Tech Mahindra Limited Equity 11,757 0.64% 16,106 0.91%
KPIT Engineering Limited Equity 5,431 0.30% 8,760 0.49%
Mphasis Limited Equity - 0.00% 10,227 0.58%
Computer programming, 261,971 14.29% 262,546 14.80%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 135,062 7.36% 150,230 8.47%
insurance and pension funding Housing Development Finance Corporation Limited Equity 76,586 4.18% 85,168 4.80%
Axis Bank Limited Equity 70,725 3.86% 66,932 3.77%
Bajaj Finance Limited Equity 41,229 2.25% 8,065 0.45%
Kotak Mahindra Bank Limited Equity 38,872 2.12% 42,358 2.39%
State Bank of India Equity 36,092 1.97% 21,918 1.24%
Bajaj Finserv Limited Equity 7,490 0.41% - 0.00%
SBI Cards & Payment Services Limited Equity 4,090 0.22% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 1,804 0.10%
Max Financial Services Limited Equity - 0.00% 5,358 0.30%
Financial service activities, 410,146 22.37% 381,832 21.52%
except insurance and pension
funding Total
Manufacture of coke and refined Reliance Industries Limited Equity 179,980 9.81% 137,212 7.73%
petroleum products Hindustan Petroleum Corporation Limited Equity 10,096 0.55% 12,920 0.73%
Indian Oil Corporation Limited Equity 4,906 0.27% 3,966 0.22%
Reliance Industries Limited - Partly Paid Equity - 0.00% 11,363 0.64%
Bharat Petroleum Corporation Limited Equity - 0.00% 5,857 0.33%
Manufacture of coke and refined 194,982 10.63% 171,319 9.65%
petroleum products Total
Others 954,922 52.06% 951,460 53.61%
Net Current Assets 11,984 0.65% 7,484 0.42%
Grand Total 1,834,005 100.00% 1,774,640 100.00%

Pension Multiplier Fund II - ULIF 045 25/02/08 PMultip2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 75,843 8.43% 68,450 8.10%
and related activities Tata Consultancy Services Limited Equity 22,088 2.46% 23,535 2.78%
HCL Technologies Limited Equity 15,567 1.73% 16,850 1.99%
Wipro Limited Equity 6,054 0.67% - 0.00%
Tech Mahindra Limited Equity 5,744 0.64% 7,755 0.92%
KPIT Engineering Limited Equity 2,637 0.29% 4,205 0.50%
Mphasis Limited Equity - 0.00% 4,939 0.58%
Computer programming, 127,934 14.22% 125,734 14.87%
consultancy and related
activities Total

498 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Multiplier Fund II - ULIF 045 25/02/08 PMultip2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

Financial service activities, except HDFC Bank Limited Equity 65,606 7.29% 71,807 8.49%

STATUTORY
insurance and pension funding Housing Development Finance Corporation Limited Equity 37,608 4.18% 40,687 4.81%
Axis Bank Limited Equity 34,393 3.82% 32,064 3.79%
Bajaj Finance Limited Equity 20,052 2.23% 3,873 0.46%
Kotak Mahindra Bank Limited Equity 18,803 2.09% 20,400 2.41%
State Bank of India Equity 17,709 1.97% 10,508 1.24%
Bajaj Finserv Limited Equity 3,685 0.41% - 0.00%
SBI Cards & Payment Services Limited Equity 1,995 0.22% - 0.00%
Cholamandalam Investment & Finance Limited Equity - 0.00% 861 0.10%

79 - 148 FINANCIAL STATEMENTS

Max Financial Services Limited Equity - 0.00% 2,605 0.31%
Financial service activities, 199,851 22.21% 182,803 21.60%

STANDALONE
except insurance and pension
funding Total
Manufacture of coke and refined Reliance Industries Limited Equity 87,392 9.71% 65,535 7.75%
petroleum products Hindustan Petroleum Corporation Limited Equity 4,864 0.54% 6,224 0.74%
Indian Oil Corporation Limited Equity 2,409 0.27% 1,920 0.23%
Reliance Industries Limited - Partly Paid Equity - 0.00% 5,468 0.65%
Bharat Petroleum Corporation Limited Equity - 0.00% 2,782 0.33%
Manufacture of coke and refined 94,666 10.52% 81,930 9.70%

149 - 521 FINANCIAL STATEMENTS

petroleum products Total
Others 472,499 52.51% 452,248 53.50%
Net Current Assets 4,751 0.53% 2,799 0.33%

CONSOLIDATED
Grand Total 899,700 100.00% 845,514 100.00%

Pension Opportunities Fund - ULIF 092 11/01/10 POpport 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 109,968 7.83% 90,849 7.15%

522 - 584 VALUE RESULTS

and related activities Tata Consultancy Services Limited Equity 29,542 2.10% 36,383 2.86%
HCL Technologies Limited Equity 22,352 1.59% 19,906 1.57%
KPIT Engineering Limited Equity 8,520 0.61% 9,167 0.72%

EMBEDDED
Wipro Limited Equity 8,163 0.58% 2,394 0.19%
Tech Mahindra Limited Equity 7,923 0.56% 11,383 0.90%
Mphasis Limited Equity 4,535 0.32% 7,408 0.58%
Persistent System Limited Equity 3,688 0.26% - 0.00%
Rategain Travel Technologies Limited Equity 3,433 0.24% - 0.00%
Computer programming, 198,125 14.09% 177,490 13.97%
consultancy and related
activities Total
585 - 591 INFORMATION

Financial service activities, except HDFC Bank Limited Equity 80,740 5.75% 84,781 6.68%
insurance and pension funding Housing Development Finance Corporation Limited Equity 51,585 3.67% 57,664 4.54%
Axis Bank Limited Equity 38,263 2.72% 35,641 2.81%
ADDITIONAL

State Bank of India Equity 27,708 1.97% 17,379 1.37%

Bajaj Finance Limited Equity 22,266 1.59% 5,804 0.46%
Kotak Mahindra Bank Limited Equity 16,028 1.14% 18,556 1.46%
SBI Cards & Payment Services Limited Equity 5,833 0.42% - 0.00%
L&T Finance Limited Equity 5,589 0.40% 9,721 0.77%
Cholamandalam Investment & Finance Limited Equity 4,315 0.31% 9,619 0.76%
AU Small Finance Bank Limited Equity 4,206 0.30% 4,887 0.38%
592 - 595

Bajaj Holdings & Investment Limited Equity 3,503 0.25% - 0.00%

Max Financial Services Limited Equity 2,428 0.17% 4,616 0.36%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 499
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Opportunities Fund - ULIF 092 11/01/10 POpport 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Equitas Holdings Limited Equity 2,315 0.16% - 0.00%

Bajaj Finserv Limited Equity 2,235 0.16% - 0.00%
City Union Bank Limited Equity 1,650 0.12% - 0.00%
Shriram Transport Finance Company Limited Equity - 0.00% 5,324 0.42%
Financial service activities, 268,664 19.13% 253,990 20.02%
except insurance and pension
funding Total
Others 916,246 65.27% 827,154 65.11%
Net Current Assets 21,195 1.51% 11,454 0.90%
Grand Total 1,404,230 100.00% 1,270,088 100.00%

Pension Preserver Fund - ULIF 011 17/05/04 PPreserv 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except Axis Bank Limited 2022 CD 128,411 8.58% - 0.00%
insurance and pension funding 7.39% LIC Housing Finance Limited 2022 NCD 92,867 6.21% - 0.00%
HDFC Bank Limited 2022 CD 72,705 4.86% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 72,463 4.84% - 0.00%
6.7% National Bank For Agriculture & Rural Development 2022 NCD 63,668 4.26% - 0.00%
5.30% Housing Development Finance Corporation Limited 2023 NCD 59,233 3.96% - 0.00%
7.35% Bajaj Finance Limited 2022 NCD 50,719 3.39% - 0.00%
4.5% Housing Development Finance Corporation Limited 2022 NCD 46,878 3.13% - 0.00%
Kotak Mahindra Prime Limited 2022 CP 31,397 2.10% 59,626 3.05%
7.85% LIC Housing Finance Limited 2022 NCD 30,395 2.03% - 0.00%
5.06% Housing Development Finance Corporation 2023 NCD 28,952 1.94% - 0.00%
5.1% Bajaj Finance Limited 2022 NCD 24,992 1.67% - 0.00%
7.09% Rural Electrification Corporation Limited 2022 NCD 23,340 1.56% - 0.00%
8.5383% Bajaj Finance Limited 2022 NCD 18,130 1.21% - 0.00%
7.21% Housing Development Finance Corporation Limited 2022 NCD 9,150 0.61% - 0.00%
7.24% Rural Electrification Corporation Limited 2022 NCD 3,051 0.20% - 0.00%
7.45% LIC Housing Finance Limited 2022 NCD 3,040 0.20% - 0.00%
6.32% Rural Electrification Corporation Limited 2021 NCD - 0.00% 129,107 6.60%
7.22% LIC Housing Finance Limited 2021 NCD - 0.00% 39,751 2.03%
National Bank For Agriculture & Rural Development 2021 CP - 0.00% 5,948 0.30%
National Bank For Agriculture & Rural Development 2021 CD - 0.00% 179,698 9.18%
7.24% Rural Electrification Corporation Limited 2021 NCD - 0.00% 20,339 1.04%
8.44% Rural Electrification Corporation Limited 2021 NCD - 0.00% 16,465 0.84%
8.55% Power Finance Corporation Limited 2021 NCD - 0.00% 20,596 1.05%
4.65% Citicorp Finance (India) Limited 2022 NCD - 0.00% 12,000 0.61%
6.77% Housing Development Finance Corporation Limited 2021 NCD - 0.00% 134,788 6.89%
Power Finance Corporation Limited 30/07/2021 CP - 0.00% 76,502 3.91%
Axis Bank Ltd 2021 CD - 0.00% 154,280 7.88%
8.15% Rural Electrification Corporation Limited 2021 NCD - 0.00% 8,071 0.41%
7.03% LIC Housing Finance Limited 2021 NCD - 0.00% 9,191 0.47%
Kotak Mahindra Prime Limited 2021 ZCB - 0.00% 42,168 2.16%
Kotak Mahindra Prime Limited 2021 CP - 0.00% 25,628 1.31%
Financial service activities, 759,391 50.76% 934,159 47.74%
except insurance and pension
funding Total
Others 724,335 48.43% 1,014,288 51.84%
Net Current Assets 12,186 0.81% 8,224 0.42%
Grand Total 1,495,911 100.00% 1,956,671 100.00%

500 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Protector Fund - ULIF 006 03/05/02 PProtect1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held
Financial service activities, except Bajaj Finance Limited 2022 CP 134,957 2.65% - 0.00%

STATUTORY
insurance and pension funding 8.85% Rural Electrification Corporation Limited 2029 NCD 111,986 2.20% - 0.00%
5.83% State Bank of India 2030 NCD 102,775 2.02% 41,460 0.71%
6.44% HDFC Bank Limited 2028 NCD 97,962 1.92% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 94,430 1.85% 95,647 1.64%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 93,902 1.84% 93,810 1.61%
Axis Bank Limited 2023 CD 88,024 1.73% - 0.00%
8.37% Rural Electrification Corporation Limited 2028 NCD 86,765 1.70% 101,471 1.74%
8.54% Rural Electrification Corporation Limited 2028 NCD 82,527 1.62% 84,341 1.45%

79 - 148 FINANCIAL STATEMENTS

6.24% State Bank of India 2025 NCD 77,691 1.53% 38,113 0.65%
6.43% Housing Development Finance Corporation Limited 2025 NCD 77,054 1.51% 76,778 1.32%

STANDALONE
8.8% Rural Electrification Corporation Limited 2029 NCD 62,989 1.24% 65,130 1.12%
Axis Bank Limited 2022 CD 58,182 1.14% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 55,591 1.09% 57,412 0.98%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 53,412 1.05% 68,310 1.17%
National Agriculture Bank for Rural Development 2023 CD 51,809 1.02% - 0.00%
8.44% HDFC Bank Limited 2028 NCD 41,045 0.81% 42,238 0.72%
HDFC Bank Limited 2022 CD 36,855 0.72% - 0.00%
8.30% Rural Electrification Corporation Limited 2029 NCD 32,211 0.63% - 0.00%

149 - 521 FINANCIAL STATEMENTS

6% Housing Development Finance Corporation Limited 2026 NCD 30,661 0.60% - 0.00%
8.7% LIC Housing Finance Limited 2029 NCD 26,247 0.52% 27,128 0.47%
6.63% Rural Electrification Corporation Limited 2031 NCD 25,490 0.50% 28,791 0.49%

CONSOLIDATED
7.17% Power Finance Corporation Limited 2025 NCD 22,832 0.45% 51,803 0.89%
Kotak Mahindra Investments Limited 2023 CP 21,420 0.42% - 0.00%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 21,053 0.41% - 0.00%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 18,254 0.36% 18,806 0.32%
7.43% National Agriculture Bank for Rural Development 2030 NCD 16,561 0.33% 16,739 0.29%
6.42% National Agriculture Bank for Rural Development 2030 NCD 16,442 0.32% 16,629 0.29%
6.39% National Agriculture Bank for Rural Development 2030 NCD 15,445 0.30% 15,617 0.27%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 9,640 0.19% 9,938 0.17%

522 - 584 VALUE RESULTS

Kotak Mahindra Prime Limited 2022 CP 8,987 0.18% - 0.00%
8.45% Indian Railway Finance Corporation Limited 2028 NCD 8,731 0.17% 8,891 0.15%

EMBEDDED
6.85% National Bank For Agriculture & Rural Development 2031 NCD 7,956 0.16% - 0.00%
7.65% Axis Bank Limited 2027 NCD 5,259 0.10% 24,357 0.42%
6.88% Rural Electrification Corporation Limited 2025 NCD - 0.00% 27,674 0.47%
Axis Bank Ltd 2021 CD - 0.00% 82,538 1.42%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 52,198 0.90%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 36,566 0.63%
8.5% IDFC Bank Limited 2023 NCD - 0.00% 144,863 2.49%
8.7% L & T Housing Finance Limited 2021 NCD - 0.00% 7,602 0.13%
585 - 591 INFORMATION

6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 6,023 0.10%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 24,841 0.43%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 4,005 0.07%
ADDITIONAL

7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 117,569 2.02%
5.81% Rural Electrification Corporation Limited 2025 NCD - 0.00% 27,490 0.47%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 37,447 0.64%
9.75% ICICI Securities Primary Dealership Limited 2021 NCD - 0.00% 10,396 0.18%
Financial service activities, 1,695,145 33.29% 1,562,623 26.82%
except insurance and pension
funding Total
Others 3,295,750 64.75% 4,074,703 69.89%
592 - 595

Net Current Assets 100,019 1.96% 191,993 3.29%

Grand Total 5,090,914 100.00% 5,829,318 100.00%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 501
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Protector Fund II - ULIF 017 17/05/04 PProtect2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Financial service activities, except 8.45% Indian Railway Finance Corporation Limited 2028 NCD 91,680 4.31% 171,156 6.80%
insurance and pension funding 8.85% Rural Electrification Corporation Limited 2029 NCD 63,832 3.00% 64,993 2.58%
7.93% Power Finance Corporation Limited 2029 NCD 63,369 2.98% 64,174 2.55%
Bajaj Finance Limited 2022 CP 56,982 2.68% - 0.00%
5.83% State Bank of India 2030 NCD 43,482 2.05% 17,769 0.71%
6.44% HDFC Bank Limited 2028 NCD 41,144 1.94% - 0.00%
6.80% Rural Electrification Corporation Limited 2030 NCD 39,346 1.85% 39,853 1.58%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 39,038 1.84% 38,999 1.55%
Axis Bank Limited 2023 CD 37,315 1.76% - 0.00%
8.37% Rural Electrification Corporation Limited 2028 NCD 32,537 1.53% 33,452 1.33%
6.24% State Bank of India 2025 NCD 32,287 1.52% 15,045 0.60%
Axis Bank Limited 2022 CD 25,212 1.19% - 0.00%
7.85% Power Finance Corporation Limited 2028 NCD 24,531 1.15% 24,798 0.98%
National Agriculture Bank for Rural Development 2023 CD 22,067 1.04% - 0.00%
8.23% Indian Railway Finance Corporation Limited 2029 NCD 19,228 0.90% 24,239 0.96%
8.5% National Agriculture Bank for Rural Development 2029 NCD 18,530 0.87% 19,137 0.76%
8.44% HDFC Bank Limited 2028 NCD 16,202 0.76% 16,673 0.66%
9.2% ICICI Securities Primary Dealership Limited 2023 NCD 15,655 0.74% 16,252 0.65%
8.8% Rural Electrification Corporation Limited 2029 NCD 15,471 0.73% 15,997 0.64%
HDFC Bank Limited 2022 CD 15,033 0.71% - 0.00%
6% Housing Development Finance Corporation Limited 2026 NCD 12,858 0.60% - 0.00%
6.43% Housing Development Finance Corporation Limited 2025 NCD 12,166 0.57% 32,328 1.28%
6.63% Rural Electrification Corporation Limited 2031 NCD 11,764 0.55% 12,906 0.51%
8.54% Rural Electrification Corporation Limited 2028 NCD 11,004 0.52% 11,246 0.45%
Kotak Mahindra Investments Limited 2023 CP 9,044 0.43% - 0.00%
6.97% National Bank For Agriculture & Rural Development 2031 NCD 9,023 0.42% - 0.00%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 7,516 0.35% 7,744 0.31%
7.43% National Agriculture Bank for Rural Development 2030 NCD 7,246 0.34% 7,323 0.29%
6.42% National Agriculture Bank for Rural Development 2030 NCD 6,770 0.32% 6,847 0.27%
6.39% National Agriculture Bank for Rural Development 2030 NCD 6,757 0.32% 6,833 0.27%
7.65% Axis Bank Limited 2027 NCD 6,311 0.30% 33,888 1.35%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 4,284 0.20% 4,417 0.18%
Kotak Mahindra Prime Limited 2022 CP 3,994 0.19% - 0.00%
6.85% National Bank For Agriculture & Rural Development 2031 NCD 2,983 0.14% - 0.00%
5.53% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 22,084 0.88%
8.9% Indiabulls Housing Finance Limited 2021 NCD - 0.00% 10,202 0.41%
5.14% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 10,930 0.43%
7.35% Bajaj Finance Limited 2022 NCD - 0.00% 7,262 0.29%
Axis Bank Ltd 2021 CD - 0.00% 35,373 1.40%
8.85% Shriram Transport Finance Company Limited 2021 NCD - 0.00% 1,014 0.04%
8.51% National Agriculture Bank for Rural Development 2033 NCD - 0.00% 67,932 2.70%
5.44% National Agriculture Bank for Rural Development 2024 NCD - 0.00% 2,003 0.08%
7.04% Power Finance Corporation Limited 2030 NCD - 0.00% 49,663 1.97%
8.25% Rural Electrification Corporation Limited 2030 NCD - 0.00% 22,028 0.87%
8.25% Indian Railway Finance Corporation Limited 2024 NCD - 0.00% 15,057 0.60%
6.90% Rural Electrification Corporation Limited 2031 NCD - 0.00% 3,012 0.12%
Financial service activities, 824,662 38.80% 932,627 37.05%
except insurance and pension
funding Total
Others 1,257,333 59.15% 1,500,456 59.56%
Net Current Assets 43,659 2.05% 85,336 3.39%
Grand Total 2,125,654 100.00% 2,518,419 100.00%

502 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Return Guarantee Fund X (10 Yrs) - ULIF 113 13/01/11 PRGF(S3) 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name

01 - 78 REPORTS
type Market value % of assets Market value % of assets
(` ‘000) held (` ‘000) held

STATUTORY
Others - 0.00% 9,975 2642.52%
Net Current Assets - 0.00% (9,597) -2542.52%
Grand Total - 0.00% 377 100.00%

Pension Return Guarantee Fund XI (10 Yrs) - ULIF 122 19/04/11 PRGF(S4) 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type

79 - 148 FINANCIAL STATEMENTS

(` ‘000) held (` ‘000) held

Financial service activities, except 8.75% Bank of Baroda 2021 FD - 0.00% 600 6.76%

STANDALONE
insurance and pension funding
8.9% Bank of India 2021 FD - 0.00% 600 6.76%
8.75% Punjab National Bank 2021 FD - 0.00% 600 6.76%
Financial service activities, - 0.00% 1,800 20.28%
except insurance and pension
funding Total
Others - 0.00% 5,688 64.04%
Net Current Assets - 0.00% 1,394 15.69%

149 - 521 FINANCIAL STATEMENTS

Grand Total - 0.00% 8,882 100.00%

CONSOLIDATED
Pension RICH Fund - ULIF 052 17/03/08 PRICH1 105
At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held
Computer programming, consultancy Infosys Limited Equity 389,855 7.84% 353,768 7.18%
and related activities Tata Consultancy Services Limited Equity 104,864 2.11% 141,691 2.88%
HCL Technologies Limited Equity 80,281 1.61% 77,773 1.58%

522 - 584 VALUE RESULTS

KPIT Engineering Limited Equity 30,471 0.61% 35,825 0.73%
Wipro Limited Equity 29,296 0.59% 9,309 0.19%
Tech Mahindra Limited Equity 28,434 0.57% 44,542 0.90%

EMBEDDED
Mphasis Limited Equity 16,705 0.34% 28,937 0.59%
Persistent System Limited Equity 13,209 0.27% - 0.00%
Rategain Travel Technologies Limited Equity 12,314 0.25% - 0.00%
Computer programming, 705,431 14.20% 691,845 14.04%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 288,859 5.81% 331,157 6.72%
insurance and pension funding Housing Development Finance Corporation Limited Equity 185,148 3.72% 224,537 4.56%
585 - 591 INFORMATION

Axis Bank Limited Equity 137,193 2.76% 138,797 2.82%

State Bank of India Equity 97,821 1.97% 67,789 1.38%
ADDITIONAL

Bajaj Finance Limited Equity 79,918 1.61% 22,701 0.46%

Kotak Mahindra Bank Limited Equity 57,889 1.16% 73,065 1.48%
SBI Cards & Payment Services Limited Equity 21,363 0.43% - 0.00%
L&T Finance Limited Equity 20,057 0.40% 37,861 0.77%
Cholamandalam Investment & Finance Limited Equity 15,478 0.31% 37,536 0.76%
AU Small Finance Bank Limited Equity 15,343 0.31% 19,180 0.39%
Bajaj Holdings & Investment Limited Equity 12,568 0.25% - 0.00%
Equitas Holdings Limited Equity 8,757 0.18% - 0.00%
592 - 595

Max Financial Services Limited Equity 8,528 0.17% 17,860 0.36%

170 Receipts & Payments Account 171 Schedules 236 Salient features of the Financial Statement of Subsidiaries (Form AOC-I) 237 Annexures 503
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED Annual Report 2021-22

Annexures (Continued)
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension RICH Fund - ULIF 052 17/03/08 PRICH1 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Bajaj Finserv Limited Equity 7,916 0.16% - 0.00%

City Union Bank Limited Equity 6,002 0.12% - 0.00%
Shriram Transport Finance Company Limited Equity - 0.00% 20,795 0.42%
Financial service activities, 962,840 19.37% 991,280 20.11%
except insurance and pension
funding Total
Others 3,232,256 65.02% 3,209,547 65.14%
Net Current Assets 70,515 1.42% 34,501 0.70%
Grand Total 4,971,041 100.00% 4,927,172 100.00%

Pension RICH Fund II - ULIF 053 17/03/08 PRICH2 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets
type
(` ‘000) held (` ‘000) held

Computer programming, consultancy Infosys Limited Equity 233,705 7.83% 208,463 7.16%
and related activities Tata Consultancy Services Limited Equity 62,880 2.11% 83,501 2.87%
HCL Technologies Limited Equity 48,015 1.61% 45,815 1.57%
KPIT Engineering Limited Equity 18,191 0.61% 21,087 0.72%
Wipro Limited Equity 17,477 0.59% 5,457 0.19%
Tech Mahindra Limited Equity 16,965 0.57% 26,111 0.90%
Mphasis Limited Equity 9,955 0.33% 17,046 0.59%
Persistent System Limited Equity 7,901 0.26% - 0.00%
Rategain Travel Technologies Limited Equity 7,377 0.25% - 0.00%
Computer programming, 422,466 14.16% 407,480 14.00%
consultancy and related
activities Total
Financial service activities, except HDFC Bank Limited Equity 172,459 5.77% 194,690 6.69%
insurance and pension funding Housing Development Finance Corporation Limited Equity 110,659 3.71% 132,324 4.55%
Axis Bank Limited Equity 82,060 2.75% 81,796 2.81%
State Bank of India Equity 58,817 1.97% 39,922 1.37%
Bajaj Finance Limited Equity 47,763 1.60% 13,364 0.46%
Kotak Mahindra Bank Limited Equity 34,540 1.16% 43,096 1.48%
SBI Cards & Payment Services Limited Equity 12,773 0.43% - 0.00%
L&T Finance Limited Equity 11,999 0.40% 22,314 0.77%
Cholamandalam Investment & Finance Limited Equity 9,269 0.31% 22,101 0.76%
AU Small Finance Bank Limited Equity 9,150 0.31% 11,280 0.39%
Bajaj Holdings & Investment Limited Equity 7,492 0.25% - 0.00%
Equitas Holdings Limited Equity 5,238 0.18% - 0.00%
Max Financial Services Limited Equity 5,127 0.17% 10,515 0.36%
Bajaj Finserv Limited Equity 4,743 0.16% - 0.00%
City Union Bank Limited Equity 3,579 0.12% - 0.00%
Shriram Transport Finance Company Limited Equity - 0.00% 12,259 0.42%
Financial service activities, 575,667 19.29% 583,660 20.06%
except insurance and pension
funding Total
Others 1,941,404 64.99% 1,890,990 64.99%
Net Current Assets 46,641 1.56% 27,729 0.95%
Grand Total 2,986,178 100.00% 2,909,859 100.00%

504 149 Management Report 157 Independent Auditors’ Report and Certificates 166 Revenue Account 168 Profit and Loss Account 169 Balance Sheet
 Powering Sustainable Growth

Annexures (Continued)

OVERVIEW
CORPORATE
10. Industry wise disclosure of Investments (with exposure of 10% & above) (Contd.)

Pension Secure Fund - ULIF 128 01/12/11 PSECURE 105

At March 31, 2022 At March 31, 2021
Asset
Industry Security name Market value % of assets Market value % of assets

01 - 78 REPORTS
type
(` ‘000) held (` ‘000) held

STATUTORY
Financial service activities, except 8.3% Rural Electrification Corporation Limited 2029 NCD 91,756 9.70% 94,251 9.09%
insurance and pension funding 8.45% Indian Railway Finance Corporation Limited 2028 NCD 87,314 9.23% 100,026 9.64%
5.83% State Bank of India 2030 NCD 30,635 3.24% 7,897 0.76%
Bajaj Finance Limited 2022 CP 25,492 2.69% - 0.00%
8.55% Cholamandalam Investment and Finance Com 2026 NCD 17,219 1.82% 17,332 1.67%
7.92% Cholamandalam Investment and Finance Com 2025 NCD 16,881 1.78% 16,865 1.63%
6.44% HDFC Bank Limited 2028 NCD 16,653 1.76% - 0.00%
Axis Bank Limited 2023 CD 16,265 1.72% - 0.00%

79 - 148 FINANCIAL STATEMENTS

6.24% State Bank of India 2025 NCD 15,135 1.60% 7,021 0.68%
6.43% Housing Development Finance Corporation Limited 2025 NCD 14,194 1.50% 14,143 1.36%

STANDALONE
Axis Bank Limited 2022 CD 10,667 1.13% - 0.00%
National Agriculture Bank for Rural Development 2023 CD 9,594 1.01% - 0.00%
8.44% HDFC Bank Limited 2028 NCD 7,561 0.80% 7,781 0.75%
HDFC Bank Limited 2022 CD 6,789 0.72% - 0.00%
8.5% National Agriculture Bank for Rural Development 2029 NCD 6,540 0.69% 6,754 0.65%
6% Housing Development Finance Corporation Limited 2026 NCD 5,934 0.63% - 0.00%
Kotak Mahindra Investments Limited 2023 CP 4,284 0.45% - 0.00%

149 - 521 FINANCIAL STATEMENTS

6.97% National Bank For Agriculture & Rural Development 2031 NCD 4,010 0.42% - 0.00%
8.22% National Bank For Agriculture & Rural Development 2028 NCD 3,221 0.34% 3,319 0.32%
7.43% National Agriculture Bank for Rural Development 2030 NCD 3,105 0.33% 3,139 0.30%

CONSOLIDATED
6.42% National Agriculture Bank for Rural Development 2030 NCD 2,901 0.31% 2,934 0.28%
6.39% National Agriculture Bank for Rural Development 2030 NCD 2,896 0.31% 2,928 0.28%
8.18% National Bank For Agriculture & Rural Development 2028 NCD 2,142 0.23% 2,208 0.21%
Kotak Mahindra Prime Limited 2022 CP 1,498 0.16% - 0.00%
9% Housing Development Finance Corporation Limited 2028 NCD 1,121 0.12% 1,143 0.11%
8.55% Housing Development Finance Corporation Limited 2029 NCD 1,086 0.11% 1,121 0.11%
7.65% Axis Bank Limited 2027