ICICI group ––insuranceinsurance businesses

July 2003 ICICI Prudential Life Insurance ICICI Prudential Life Insurance ICICI Lombard General Insurance ICICI Lombard General Insurance ICICI Prudential Life Insurance ICICI Prudential Life Insurance ICICI Lombard General Insurance ICICI Lombard General Insurance ICICI Prudential Life Insurance ICICI Prudential Life Insurance ICICI Lombard General Insurance ICICI Lombard General Insurance ICICI Prudential Life Insurance ICICI Prudential Life Insurance ICICI Lombard General Insurance ICICI Lombard General Insurance Indian insurance sector Indian insurance sector Indian insurance sector Indian insurance sector Indian insurance Contents Contents Contents Contents

2 & & 2.2% 2.2% 2.2% 2.2% 2.7% 2.7% 2.7% 2.7% 2.9% 2.9% 2.9% 2.9% Premium as a % of GDP as Premium a % of GDP as Premium Premium as a % of GDP as Premium a % of GDP as Premium General insuranceGeneral 5.2% 5.2% 5.2% 5.2% Malaysia Thailand India China 9.0% 9.0% 9.0% 9.0% States United Life insuranceLife South Korea 12.1% 12.1% 12.1% 12.1% 14.2% 14.2% 14.2% 14.2% United Kingdom

Source: Swiss Re, Economic Research & Consulting (June 2002) (June & Consulting Research Economic Re, Swiss Source: 8.0% 6.0% 4.0% 2.0% 0.0% The insurance opportunity in India The insurance opportunity in India The insurance opportunity in India The insurance opportunity in India both the life both the life both the life penetrated in penetrated in sector is under insurance sector is under The Indian insurance The Indian & general insurance segments general insurance segments 16.0% 14.0% 12.0% 10.0%

3 9.5% 9.5% 9.5% 90.5 90.5 90.5 90.5 Life Insurance Life Insurance Life Insurance 4.5% 4.5% 4.5%4.5% 9.5% FY02 FY03 - 95.5 95.5 -Life Insurance - 95.5 95.5 Non Non-Non 0.0 75.0 50.0 25.0 100.0 7.8% 7.8% 7.8% 7.8% 92.2 92.2 92.2 92.2 1.8% 1.8% 1.8% 1.8% FY02 FY03 98.2 98.2 98.2 98.2 Life Insurance Life Insurance Life InsuranceLife Insurance Non Public sector sector Public Public sector Private sector Private Public sector sector Public Public sector Private sector Private Private sector is gaining market share… Private sector is gaining market share… Private sector is gaining market share… Private sector is gaining market share… 0.0 4 75.0 50.0 25.0 100.0 % % % % 1 1 1 1 13 13 13 13 13 13 13 13 Total Total Total Total - - - - 9 9 9 9 12 12 12 12 sector sector sector sector Private Private Private Private Private Private Number of playersNumber of players Number of playersNumber of players 1 1 4 4 1 1 1 1 4 4 1 1 Public Public Public Public Public Public sector sector sector sector life life life - -life- Life Life Life Life Non Non Non-Non Segment Segment Segment Segment Reinsurance Reinsurance Reinsurance Reinsurance

Source: IRDA Journal (July 2003) (July Journal IRDA Source: depend success would in the sector, depend success would With increasing competition in the sector, With increasing competition key factors… key factors… following on the following on the The Indian insurance landscape today The Indian insurance landscape today The Indian insurance landscape today The Indian insurance landscape today

5 Speed & Speedquality & quality of reach to of reachcustomer to customer Building an optimalBuildingportfolioproduct an optimal portfolioproduct Key requirementKey requirementfor ensuring for ensuringoperating operating & cost & cost efficienciesefficiencies Speed & Speedquality & quality of reach to of reachcustomer to customer Building an optimalBuildingportfolioproduct an optimal portfolioproduct Key requirementKey requirementfor ensuring for ensuringoperating operating & cost & cost efficienciesefficiencies z z z Experience of sponsorsExperience of sponsors Access to capital Access to capital Strong brand Strong brand Channel strength Channel strength Access to customer base Access to customer base Sound risk measurement and management Sound risk measurement and management practicespractices Scale of operations Scale of operations Experience of sponsorsExperience of sponsors Access to capital Access to capital Strong brand Strong brand Channel strength Channel strength Access to customer base Access to customer base Sound risk measurement and management Sound risk measurement and management practicespractices Scale of operations Scale of operations z z z z z z z Key success factors Key success factors Key success factors Key success factors

6 Indian insurance sector Indian insurance sector Indian insurance ICICI Lombard General Insurance ICICI Lombard General Insurance Indian insurance sector Indian insurance sector ICICI Lombard General Insurance ICICI Lombard General Insurance Indian insurance sector Indian insurance sector Indian insurance ICICI Lombard General Insurance ICICI Lombard General Insurance Indian insurance sector Indian insurance sector Indian insurance ICICI Lombard General Insurance ICICI Lombard General Insurance ICICI Prudential Life Insurance ICICI Prudential Life Insurance ICICI Prudential Life Insurance ICICI Prudential Life Insurance Contents Contents Contents Contents

7 plc plc plc Prudential Prudential plc Prudential – –– Prudential Largest life insurance company in U.K. & a leadingLargest life insurance company in U.K. & a leading player in Asia player in Asia Present in about 15 countries Present in about 15 countries Serves over 12 million customers Serves over 12 million customers Manages assets of about US$ 250.00 billion Manages assets of about US$ 250.00 billion stake in ICICI PrudentialHolds 26% stake in ICICI PrudentialHolds 26% Largest life insurance company in U.K. & a leadingLargest life insurance company in U.K. & a leading player in Asia player in Asia Present in about 15 countries Present in about 15 countries Serves over 12 million customers Serves over 12 million customers Manages assets of about US$ 250.00 billion Manages assets of about US$ 250.00 billion stake in ICICI PrudentialHolds 26% stake in ICICI PrudentialHolds 26% z z z z z Joint venture partner Joint venture partner Joint venture partner Joint venture partner –

8 LIC 23 23 23 23 8 8 8 8 Other Private Players FY2003 FY2003 FY2003 FY2003 69 69 69 69 Share in Pensions (%) in in in (%) (%) Pensions Pensions in in Share Share Share in Pensions (%) in in in (%) (%) Pensions Pensions in in Share Share

Over twice the size of the of the size of the Over twice the size Over twice the nearest private player nearest private player ICICI Prudential 1 1 1 1 39 39 39 39 Other PrivatePlayers marketmarket (%) (%) in in FY2003 FY2003 marketmarket (%) (%) in in FY2003 FY2003 61 61 61 61 Market leadership Market leadership Market leadership Market leadership Excludes group business

1 ICICI Prudential ShareShare in in private private insurance life insurance life ShareShare in in private private insurance life insurance life

23% share in the overall overall the overall 23% share in the 23% share in pensions business pensions business

9 24% Linked Linked Pensions 27% Linked FY2003 FY2003 FY2003 FY2003 Par 36% 3% Non Par Par 10% Pensions Par 62% 1 1 1 1 3% Linked FY2002 FY2002 FY2002 FY2002

8% basis (APE) Equivalent basis (APE) Premium Equivalent Annualised Premium Annualised

Non Par enhances capital efficiency business of linked proportion ofbusiness linkedHigher enhances capitalproportionofbusiness linkedHigher efficiency enhances capital efficiency 1 1 Product mix Product mix Product mix Product mix 27% 10 Par Pensions Par 2004 8 8 2004 2004 8 8 29 29 41 41 29 29 41 41 - -2004- 2,475 2,475 2,475 2,475 22,060 22,060 22,060 22,060 Q1 Q1 Q1- Q1 8 8 8 8 25 25 29 29 25 25 29 29 1,932 1,932 1,932 1,932 18,344 18,344 18,344 18,344 FY2003 FY2003 FY2003 FY2003 3 3 3 3 13 13 14 14 13 13 14 14 843 843 843 843 9,641 9,641 9,641 9,641 FY2002 FY2002 FY2002 FY2002 StaffStaff StaffStaff Agents Agents Agents Agents Branches Branches Branches Branches Locations Locations Locations Locations ParticularsParticulars ParticularsParticulars relationships relationships relationships relationships Bancassurance Bancassurance Bancassurance Bancassurance Continued focus on expanding reach & penetration for & penetration for on expanding reach on expanding reach & penetration for Continued focus on expanding reach Continued focus share increasing market share increasing market Growth in distribution Growth in distribution Growth in distribution Growth in distribution

11 2004 2004 -2004 - 2004 2004 2004 - -2004- 7% 7% 7% 7% 79% 79% 14% 14% 79% 79% 14% 14% 100% 100% 100% 100% Q1 Q1 Q1- Q1 72% 72% 10% 10% 18% 18% 72% 72% 10% 10% 18% 18% 100% 100% 100% 100% FY2003 FY2003 FY2003 FY2003 % of APE % of APE % of APE % of APE 7% 7% 7% 7% 82% 82% 11% 11% 82% 82% 11% 11% 100% 100% 100% 100% FY2002 FY2002 FY2002 FY2002 Total Total Total Total ParticularsParticulars ParticularsParticulars Tied agency Tied agency Tied Tied agency Tied agency Tied Bancassurance Bancassurance Bancassurance Bancassurance Corporate agency Corporate agency Corporate agency Corporate agency

ICICI Bank’s share in bancassurance was about 46% in Q1-Q1 was about 46% in Q1 was about bancassurance in share bancassurance Bank’s in ICICI share Bank’s ICICI Channel mix Channel mix Channel mix Channel mix

12 2004 2004 2004 - -2004- 978.8 978.8 224.5 224.5 978.8 978.8 224.5 224.5 (352.0) (352.0) (352.0) (352.0) 1,373.7 1,373.7 1,373.7 1,373.7 Q1 Q1 Q1- Q1 (Rs. million) 714.4 714.4 714.4 714.4 4,176.2 4,176.2 1,724.9 1,724.9 4,176.2 4,176.2 1,724.9 1,724.9 FY2003 FY2003 FY2003 FY2003 (1,471.8) (1,471.8) (1,471.8) (1,471.8) NBAP NBAP NBAP NBAP Networth Networth Networth Networth ParticularsParticulars ParticularsParticulars PAT/ (Loss)PAT/ (Loss) PAT/ (Loss)PAT/ (Loss) Net premium Net premium Net premium Net premium Financial performance in FY2003 Financial performance in FY2003 Financial performance in FY2003 Financial performance in FY2003

13 Indian insurance sector Indian insurance sector Indian insurance ICICI Prudential Life Insurance ICICI Prudential Life Insurance Indian insurance sector Indian insurance sector ICICI Prudential Life Insurance ICICI Prudential Life Insurance Indian insurance sector Indian insurance sector Indian insurance ICICI Prudential Life Insurance ICICI Prudential Life Insurance Indian insurance sector Indian insurance sector Indian insurance ICICI Prudential Life Insurance ICICI Prudential Life Insurance ICICI Lombard General Insurance ICICI Lombard General Insurance ICICI Lombard General Insurance ICICI Lombard General Insurance Contents Contents Contents Contents

14 Lombard Canada Lombard Canada Lombard Canada – –– Canada Lombard life insurers in Canada life insurers in Canada life insurers in Canada - -life insurers in Canada- Fairfax had total assets of about Canadian $35 billion Fairfax had total assets of about Canadian $35 billion Fairfax and grossand writtenpremiums grossover written Canadianpremiums of over Canadian of $8 $8 billion in FY2002 billion in FY2002 Fairfax had total assets of about Canadian $35 billion Fairfax had total assets of about Canadian $35 billion Fairfax and grossand writtenpremiums grossover written Canadianpremiums of over Canadian of $8 $8 billion in FY2002 billion in FY2002 z One of the leading non One of the leading non Asset base in excess of Canadian $1 billion Asset base in excess of Canadian $1 billion Annual gross premium in excess of Canadian $750 Annual gross premium in excess of Canadian $750 million million Fairfax of Fairfax of a subsidiary is a subsidiary is Lombard Lombard stake in ICICI Lombard Holds 26% stake in ICICI Lombard Holds 26% One of the leading non-One of the leading non Asset base in excess of Canadian $1 billion Asset base in excess of Canadian $1 billion Annual gross premium in excess of Canadian $750 Annual gross premium in excess of Canadian $750 million million Fairfax of Fairfax of a subsidiary is a subsidiary is Lombard Lombard stake in ICICI Lombard Holds 26% stake in ICICI Lombard Holds 26% z z z z z Joint venture partner Joint venture partner Joint venture partner Joint venture partner –

15 13.8 13.8 13.8 13.8 16.1 16.1 16.1 16.1 15.5 15.5 15.5 15.5 16.2 16.2 16.2 16.2 FY2003 (%) FY2003 (%) FY2003 (%) FY2003 (%) 21.7 21.7 21.7 21.7 16.7 16.7 16.7 16.7 Bajaj Allianz Bajaj Tata AIG ICICI Lombard Tokio Iffco Reliance Others 15.3 15.3 15.3 15.3 15.3 15.3 15.3 15.3 16.5 16.5 16.5 16.5 5.8 5.8 5.8 5.8 FY2002 (%) FY2002 (%) FY2002 (%) FY2002 (%)

Source: IRDA Journal IRDA Source: Market share Market share Market share Market share 16.8 16.8 16.8 16.8 16 30.3 30.3 30.3 30.3 Total Total Total Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 28.1 28.1 24.9 24.9 22.7 22.7 27.8 27.8 28.1 28.1 24.9 24.9 22.7 22.7 27.8 27.8 Others Others Others Others 1.3 1.3 1.3 1.3 38.9 38.9 34.0 34.0 38.0 38.0 38.9 38.9 34.0 34.0 38.0 38.0 Motor Motor Motor Motor 8.7 8.7 6.6 6.6 4.2 4.2 8.4 8.4 8.7 8.7 6.6 6.6 4.2 4.2 8.4 8.4 MarineMarine MarineMarine . . . 24.3 24.3 34.5 34.5 71.8 71.8 25.8 25.8 24.3 24.3 34.5 34.5 71.8 71.8 25.8 25.8 FireFire & & FireFire & & Engg Engg Engg. Engg Total Total Total Total Product mix in FY2003 Product mix in FY2003 Product mix in FY2003 Product mix in FY2003 Public sector sector Public Public Public sector sector Public Public ICICI LombardICICI Lombard ICICI LombardICICI Lombard Private sector* Private sector* Private Private sector* Private sector* Private Journal IRDA Source: *excludes ICICI Lombard ICICI *excludes profitable segments such as fire & engineering on Focused profitable segments such as fire & engineering on Focused having low loss ratios having low loss ratios 17 Presence in 38 locations in 38 locations Presence Presence Presence in 38 locations in 38 locations Presence Presence GuwahatiGuwahati GuwahatiGuwahati Kolkata Kolkata Kolkata Kolkata Vizag Vizag Vizag Vizag Jamshedpur Jamshedpur Jamshedpur Jamshedpur Rachi Rachi Rachi Rachi BhubaneshwarBhubaneshwar BhubaneshwarBhubaneshwar Chennai Chennai Chennai Chennai Raipur Raipur Raipur Raipur H’bad H’bad H’bad Kanpur Kanpur Kanpur Kanpur Luckno Luckno w w Luckno Luckno w w Ludhiana Ludhiana Ludhiana Ludhiana Indore Indore Indore Indore Delhi Delhi Madurai Madurai Delhi Delhi Madurai Madurai Bhopal Bhopal Bhopal Bhopal Jalandhar Jalandhar Jalandhar Jalandhar ChandigarChandigar h h ChandigarChandigar h h CoimbatoreCoimbatore CoimbatoreCoimbatore NagpurNagpur B’lore B’lore NagpurNagpur B’lore B’lore Jaipur Jaipur Jaipur Jaipur Cochin Cochin Cochin Cochin AurangabadAurangabad AurangabadAurangabad Pune Pune PunePune H’bad Patiala Patiala Patiala Patiala Udaipur Udaipur Udaipur Udaipur A’bad A’bad A’bad A’bad Mumbai Mumbai Mumbai Mumbai Baroda Baroda Baroda Baroda Panjim Panjim Panjim Panjim h h h h Surat Surat Surat Surat Bharuc Bharuc Bharuc Bharuc Reach Reach Reach Reach Bhuj Bhuj Bhuj Bhuj Anand Anand Anand Anand

18 up with Cunningham Lindsey, world’s second up with Cunningham Lindsey, world’s second up with Cunningham Lindsey, world’s second - -up with Cunningham Lindsey, world’s second - Munich Re (lead) Munich Re (lead) Re Swiss Re Swiss Munich Re (lead) Munich Re (lead) Re Swiss Re Swiss insurance & claims settlement insurance & claims settlement insurance & claims settlement - -insurance & claims settlement - z z Continued supportContinued support of reinsurance majors of reinsurance majors including: including: Highest reinsuranceHighest reinsurance commission commission income levels income levels amongst private insurersamongst in India private insurers in India Tie Tie largest surveyors, forlargest surveyors, uniform and efficient claims for uniform and efficient claims settlement practices settlement practices Continued support of reinsuranceContinued majors support of reinsurance majors including: including: Highest reinsuranceHighest reinsurance commission commission income levels income levels amongst private insurersamongst in India private insurers in India Tie- Tie largest surveyors, forlargest surveyors, uniform and efficient claims for uniform and efficient claims settlement practices settlement practices z z z Re Re Re- Re

19 2004 2004 2004 - -2004- 11.4 11.4 11.4 11.4 63.9 63.9 63.9 63.9 141.6 141.6 141.6 141.6 1,261.5 1,261.5 1,261.5 1,261.5 1,100.5 1,100.5 1,100.5 1,100.5 Q1 Q1 Q1- Q1 (Rs. million) 33.0 33.0 33.0 33.0 272.3 272.3 272.3 272.3 (107.1) (107.1) (107.1) (107.1) 2,152.1 2,152.1 2,152.1 2,152.1 1,036.2 1,036.2 1,036.2 1,036.2 FY2003 FY2003 FY2003 FY2003 Networth Networth Networth Networth ParticularsParticulars ParticularsParticulars PAT/ (Loss)PAT/ (Loss) PAT/ (Loss)PAT/ (Loss) Net premium Net premium Net premium Net premium Underwriting result result Underwriting Underwriting Underwriting result result Underwriting Underwriting Gross Written Premium Premium Gross Written Gross Written Gross Written Premium Premium Gross Written Gross Written Financial performance in FY2003 Financial performance in FY2003 Financial performance in FY2003 Financial performance in FY2003

20 Thank you Thank you Thank you Thank you

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