ICICI Prudential Life Insurance Company Limited will reclassify its promoter, Prudential Corporation Holdings Limited, to an investor and change its corporate name to ICICI Life Insurance Limited, subject to regulatory approval. The Board of Directors approved these proposals on July 6, 2026, aligning the company's identity with its post-reclassification promoter structure. The changes follow a request from Prudential and a Letter of Undertaking dated July 4, 2026, addressing potential conflicts of interest arising from Prudential's proposed acquisition of a 75% stake in Bharti Life Insurance Company Limited.

The Board approved filing an application with the Insurance Regulatory and Development Authority of India (IRDAI) for the reclassification of Prudential from 'Promoter' to 'Investor' under the IRDAI Registration Regulations. Concurrently, the company will seek IRDAI approval to change its name from 'ICICI Prudential Life Insurance Company Limited' to 'ICICI Life Insurance Limited'. The name change requires compliance with the Insurance Act, 1938, the Companies Act, 2013, and SEBI regulations.

Governance and Board Changes

Mr. Naveen Tahilyani resigned as a Non-Executive Director effective July 6, 2026, citing the reclassification request and the proposed realignment of Prudential's governance arrangements. The Board accepted his resignation. As per the Letter of Undertaking, Prudential will arrange for the resignation of its nominee director upon the Board's approval of the reclassification application and will not nominate another director during the interim period.

Upon the effective date of reclassification, ICICI Bank has agreed to vote in favour of appointing one director nominated by Prudential, provided Prudential holds at least 10% shareholding and does not hold promoter status in another life insurance company in India. Prudential has agreed to abstain from voting on matters requiring a special resolution until the transaction closes or IRDAI directs otherwise.

Shareholding and Brand Transition

The agreement includes provisions for the transition of the brand and domain name. As of June 30, 2026, Prudential holds 21.89% of the equity shares, while ICICI Bank holds 50.84%.

ICICI Prudential Life Insurance will host an earnings conference call on July 15, 2026, at 3:30 PM IST to discuss its financial performance for Q1FY27. The meeting is open to investors and analysts to review the company's quarterly results. Audio and video recordings, along with a transcript of the proceedings, will be published on the company's website within the prescribed regulatory timelines.

The company stated it will refer to publicly available documents during the discussion. The disclosure was made under Regulation 30 read with Para A of Part A of Schedule III and Regulation 46(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Participants can pre-register for the event to receive dial-in numbers, a passcode, and a PIN directly via email, allowing them to connect without operator assistance. Alternatively, attendees may use operator-assisted lines.

Conference Call Access Details

The following dial-in numbers are available for participants across different regions:

Overseas participants will be routed through a Conference Executive and must mention the event name 'ICICI Prudential Life Insurance Q1-FY2027 Earnings Call' when connecting.