ICICI Prudential Life Insurance Company Limited has made significant announcements following its recent board meeting, including the approval of a major debt issuance, exercise of a call option on existing debentures, and changes to its board of directors.

Non-Convertible Debentures Issuance

The board has approved the issuance of non-convertible debentures (NCDs) worth ₹12.00 billion. These NCDs will be:

• In the nature of subordinated debt instruments
• Issued on a private placement basis
• Raised over the next twelve months, in one or more tranches
• Rated, listed, redeemable, unsecured, subordinated, taxable, fully paid-up, and non-cumulative

Call Option on Existing Debentures

The board has also approved the exercise of a call option for the redemption of 12,000 existing non-convertible debentures, aggregating to ₹12.00 billion. Key details:

• Call option date: November 6, 2025
• Record date: October 20, 2025

Board Changes

The company announced the following changes to its board of directors:

Resignations

Both directors will step down from their roles as Non-Executive Directors.

New Appointments

New Director Profiles

Mr. Navin Tahilyani

• Current role: Regional CEO at Prudential Plc
• Responsibilities:
  • Businesses in India, Africa, the Philippines, Cambodia, Laos, and Myanmar
  • Leads the Group's Health business across all markets

Mr. Samit Upadhyay

• Current role: Head of Retail Assets at ICICI Bank
• Responsibilities: Oversees the bank's secured and unsecured retail lending businesses

Shareholder Approval Process

The board has initiated a postal ballot process to seek shareholders' approval for the appointment of the new directors:

• Notice of Postal Ballot will be circulated electronically
• Shareholders registered as of September 12, 2025, will be eligible to participate

ICICI Prudential Life Insurance Company Limited , one of India's leading private sector life insurance companies, has announced that its board of directors will meet on September 12, 2025, to consider significant financial decisions.

Key Considerations for the Board Meeting

1. NCD Redemption: The board will evaluate exercising the call option on unsecured, subordinated, listed, rated, redeemable, taxable, non-cumulative, non-convertible debentures (NCDs) amounting to ₹12.00 billion. These NCDs were initially allotted on November 6, 2020.

2. Fresh Fundraising: The company is also set to consider raising fresh funds through the issuance of new subordinated non-convertible debentures via private placement. This move is in line with the regulations set by the Insurance Regulatory and Development Authority of India (IRDAI).

Recent Financial Performance

ICICI Prudential Life has shown mixed results in its recent financial performance:

• Net Profit: The company reported a 34% increase in net profit to ₹302.08 crore for the quarter ended June 30, 2025. This growth was primarily driven by lower new business strain and improved investment income.

• Total Annualised Premium Equivalent (APE): Despite the profit increase, the Total APE declined by 5% year-on-year to ₹1,864.00 crore.

• Value of New Business (VNB): The VNB experienced a 3.2% drop to ₹457.00 crore.

Market Performance

The company's shares closed 0.7% higher at ₹597.00 on the National Stock Exchange (NSE) following the announcement.

Operational Updates

ICICI Prudential Life continues to focus on operational efficiency and customer-centric initiatives:

• Digital Adoption: The company reported that 96.8% of service interactions are now conducted via self-help or digital modes.
• Claims Settlement: For Q1-FY2026, the company achieved a claims settlement ratio of 99.6%, with an average settlement turnaround time of 1.1 days for non-investigated individual claims.
• Persistency Ratio: The 13-month persistency ratio stood at 86.0% as of June 30, 2025, indicating strong customer retention.

Future Outlook

The potential redemption of existing NCDs and the consideration of fresh fundraising suggest that ICICI Prudential Life is actively managing its capital structure. These moves could be aimed at optimizing the company's financial position and supporting future growth initiatives in the competitive life insurance market.

As the board meeting approaches, investors and industry observers will be keenly watching for the outcomes of these deliberations and their potential impact on the company's financial strategy going forward.