ICICI Prudential Life Insurance Company Ltd Auditor Reports

To the Members of

ICICI Prudential Life Insurance Company Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

OPINION

We have audited the accompanying Standalone Financial Statements of ICICI Prudential Life Insurance Company Limited (the “Company”), which comprise the Standalone Balance Sheet as at 31 March 2025, the Standalone Revenue Account (also called the “Policyholders Account” or the “Technical Account”), the Standalone Profit and Loss Account (also called the “Shareholders Account” or the “Non-Technical Account”) and the Standalone Receipts and Payments Account for the year then ended, and schedules annexed thereto, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the “Standalone Financial Statements”).

In our opinion, and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Insurance Act, 1938, as amended (the “Insurance Act”), the Insurance Regulatory and Development Authority of India Act, 1999 (the “IRDAI Act”), the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 (the “IRDAI Regulations”), the orders/ directions/ circulars issued by 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 required and give a true and fair view in conformity with the Accounting Standards specified under Section 133 of the Act read with the Companies (Accounting Standards) Rules, 2021, as amended (“Accounting Standards”) and other accounting principles generally accepted in India read with and which are not inconsistent with the accounting principles as prescribed in the IRDAI Regulations:

(a) In the case of Balance Sheet, of the state of affairs of the Company as at 31 March 2025;

(b) In the case of Revenue account, of the net surplus for the year ended on that date;

(c) In the case of the Profit and Loss account, of the profit for the year ended on that date; and

(d) In the case of the Receipts and Payments account, of the receipts and payments for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the “ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KEY AUDIT MATTERS

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 described below to be the key audit matters to be communicated in our report.
Information Technology (IT) systems and controls related to financial reporting process
Key audit matter	How our audit has addressed the key audit matter
The Company is highly dependent on its complex IT infrastructure comprising hardware, software, multiple applications, automated interfaces and controls in systems for recording, storing and reporting of financial transactions.	We have involved our IT specialists in our assessment of the IT systems and controls with respect to the standalone financial statements, which included, but were not limited to the following:
The Companys key financial accounting and reporting processes such as premium income, commission, benefits paid, investments amongst others are highly dependent on IT systems including automated controls, to process and record large volume of transactions on daily basis as part of its operations, such that there exists a risk that gaps in the IT control environment could result in the financial accounting and reporting records being materially misstated.	• Obtained an understanding of the Companys General IT Control (GITC) over key financial accounting and reporting systems, and supporting control systems (referred to as “inscope systems”);
Due to the pervasive nature, complexity and importance of the impact of the IT systems and related control environment on the Companys financial statements, we have identified testing of such IT systems and related control environment as a key audit matter for the current year audit.	• On the in-scope systems, we have tested the design and operating effectiveness of key IT general controls. This included evaluation of entitys controls to ensure segregation of duties and access rights are based on duly approved requests, access for exit cases being revoked in a timely manner and access of all users being re-certified during the period of audit, evaluation of password policies. Further, controls related to program change were evaluated to verify whether the changes were approved, tested in an environment that was segregated from production and moved to production by appropriate users;
	• Evaluated the design and tested the operating effectiveness for the audit period over the in-scope systems around system interfaces, reconciliations and system processing relevant to the audit of premium income, commission expense, benefits paid and investments, for evaluating completeness and accuracy;
	• Evaluated policies and strategies adopted by the Company in relation to security of key information infrastructure, data and client information management and monitoring;
	• Where deficiencies, if any, were identified, tested compensating controls or performed alternative procedures; and
Valuation and impairment determination of Investments (31 March 2025: INR 30,399,361; 31 March 2024: INR 28,973,610) (INR in lakhs) Refer Schedule 8,8A and 8B of the Standalone Financial Statements and refer schedule 16 note 2.12 on accounting policy	• Obtained written representations from management on whether IT general controls and automated IT controls are designed and were operating effectively during the year.
Key audit matter	How our audit has addressed the key audit matter
The Companys investment portfolio consists of Policyholders investments (unit linked and non- linked) and Shareholders investments. Total investment portfolio represents around 98% of the Companys total assets as at 31 March 2025.	Our audit procedures for this area included but were not limited to the following:
Investments are valued in accordance with the Board approved investment policy framed by the Company as per the provisions of the Insurance Act, the IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 and the applicable orders/ directions/ circulars issued by the IRDAI.	• Obtained an understanding of the Companys process and controls over the valuation of investments. The understanding was obtained by performance of walkthroughs, which included inspection of documents produced by the Company and discussion with those involved in the pertinent process;
Investments in unit linked portfolio of INR 16,123,990 lakhs are valued based on observable inputs as per their accounting policy and gains/losses are recognized in Standalone Revenue Account. These unit linked portfolio investments do not represent higher risk of material misstatement however, are considered to be a key audit matter due to their materiality to the Standalone Financial Statements.	• Evaluated and tested the design, implementation and operating effectiveness of key controls over the valuation process, including the Companys assessment and approval of assumptions used for the valuation including key authorisation and data input controls thereof;
Investments in non-linked and shareholders portfolio of INR 14,275,371 lakhs are valued as per their accounting policy, based on which:	• Obtained independent external confirmations for investments as at balance sheet date from the Custodians and Depository Participants appointed by the Company to confirm the units of securities for the purpose of valuation re-computation;
	• On a test check basis, recomputed valuation of different class of investments to assess appropriateness of valuation methodologies with reference to the IRDAI Regulations along with the Companys Board approved valuation policy;
• the unrealized gains/losses arising due to changes in fair value of listed equity shares and mutual fund units are recorded in the “Fair Value Change Account” in the Standalone Balance Sheet; and	• Examined movement and appropriateness of accounting in Fair Value Change account for specific investments. Further, in case of revaluation done for investment properties, examined the underlying valuation report for valuation for testing the reasonableness and also recomputed the movement in “Revaluation reserve”.
• debt securities and unlisted equity shares are valued at historical cost.
Further, investments in the non-linked and shareholders portfolio are assessed for impairment as per the Companys investment policy which involves significant management judgement. There is increased economic stress on account of external factors, which may impact the valuation of these investments.	• Ensured the appropriateness and reasonableness of methodology, assumptions and judgements used by management with reference to the valuation and impairment of investments as per the Companys Board approved valuation and impairment policy. Obtained third party valuation price reports as per the Companys policy as relevant and understood such methodology to conclude on the reasonableness.
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.	• Obtained written representations from management on compliance of valuation of investments with the regulations and adequacy of impairment recorded for the year.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report but does not include the Standalone Financial Statements and our auditors reports thereon. The Annual Report is expected to be made available to us after that date of auditors report.

Our opinion on the Standalone Financial Statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE STANDALONE FINANCIAL STATEMENTS

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation and presentation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance and receipts and payments of the Company in accordance with the Accounting Standards specified under Section 133 of the Act, read with the Companies (Accounting Standards) Rules, 2021, as amended, including the relevant provisions of the Insurance Act, the IRDAI Act and other accounting principles generally accepted in India read

with and which are not inconsistent with the accounting principles as prescribed in the IRDAI Regulations and the circulars/orders/directions issued by the IRDAI, 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 accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the Board of Directors is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Companys financial reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from

fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs specified under Section 143(10) of the Act, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to the financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the Standalone Financial Statements made by the Management.

• Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current year and are therefore, the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

OTHER MATTER

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 2025 is the responsibility of the Companys Appointed Actuary (the "Appointed Actuary"). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 31 March 2025 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines, norms and regulations issued by the IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI. Accordingly, we have relied upon the Appointed Actuarys certificate in this regard for forming our opinion on the valuation of 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 Company.

The audit of the Standalone Financial Statements for the year ended 31 March 2024 as included in the accompanying Standalone Financial Statements, were carried out and reported by Walker Chandiok & Co LLP, one of the current joint auditors of the Company, jointly with B S R & Co. LLP, who had jointly expressed an unmodified opinion vide their audit report dated 23 April 2024, and this report has been furnished to and relied upon by M. P. Chitale & Co, for the purpose of their joint audit of the Standalone Financial Statements.

Our opinion is not modified in respect of this matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the IRDAI Regulations, we have issued a separate certificate dated 15 April 2025 certifying the matters specified in paragraphs 3 and 4 of Part III of Schedule II to the IRDAI Regulations.

2. As required by the paragraphs 1 and 2 of Part III of Schedule II to the IRDAI Regulations read

A nm ini Dannrt OHO/I-OR I

with Section 143(3) of the Act, in our opinion and

according to the information and explanations give

to us, we report to the extent applicable that:

(i) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of accompanying Standalone Financial Statements;

(ii) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(iii) As the Companys financial accounting system is centralized, no returns for the purpose of our audit are prepared at the branches and other offices of the Company;

(iv) The standalone balance sheet, the standalone revenue account, the standalone profit and loss account and the standalone receipts and payment account dealt with by this report are in agreement with the books of account;

(v) The actuarial valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 31 March 2025 has been duly certified by the Appointed Actuary. The Appointed Actuary has also certified that, in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with the Authority;

(vi) In our opinion, the aforesaid Standalone Financial Statements comply with the applicable Accounting Standards specified under Section 133 of the Act and other accounting principles generally accepted in India read with and which are not inconsistent with the accounting principles prescribed in the IRDAI Regulations, the Insurance Act, the IRDAI Act and orders/ directions/ circulars issued by the IRDAI in this regard;

(vii) In our opinion and to the best of our information and according to the explanations given to us, investments have been valued in accordance with the provisions of the Insurance Act, the IRDAI Regulations and orders/ directions/ circulars issued by the IRDAI in this regard;

(viii) In our opinion and to the best of our information and according to the explanations given to us, the accounting policies selected by the Company are appropriate and are in compliance with the Accounting Standards specified under Section 133 of the Act, read with and to the extent they are not inconsistent with the accounting principles as prescribed in the IRDAI Regulations and orders/directions/ circulars issued by the IRDAI in this regard;

(ix) On the basis of written representations received from the directors as on 31 March 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2025 from being appointed as a director in terms of Section 164(2) of the Act;

(x) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company as on 31 March 2025 and the operating effectiveness of such controls, refer to our separate report in “Annexure A”, wherein we have expressed an unmodified opinion; and

(xi) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

(a) The Company has disclosed the impact of pending litigations as at 31 March 2025 on its financial position in its Standalone Financial Statements - Refer Schedule 16 note 3.2 to the Standalone Financial Statements;

(b) The Company has made provision as at 31 March 2025, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Schedule 16 note 3.48 to the Standalone Financial Statements;

(c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31 March 2025;

(d) (i) The management has represented that,

to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities (“the Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether:

• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company; or

• provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries (refer Schedule 16 note 3.53(a) to the Standalone Financial Statements).

(ii) The management has represented, that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities, including foreign entities (“Funding Parties”), with

the understanding, whether recorded in writing or otherwise, that the Company shall, whether:

• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Party; or

• provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries (refer schedule 16 note 3.53(b) to the Standalone Financial Statements).

(iii) Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (d) (i) and (ii) contain any material misstatement.

(e) The final dividend paid by the Company during the year, in respect of the same declared for the previous year, is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.

(f) Based on our examination which included test checks, the Company has used an accounting software for maintaining its books of account which, have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with. Furthermore, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

3. With respect to the other matters to be included in the Auditors Report in accordance with the requirements of Section 197(16) of the Act, as amended, we report that managerial remuneration payable to the Companys Directors is governed by the provisions of Section 34A of the Insurance Act, 1938 and is approved by IRDAI. Accordingly, the provisions of Section 197 read with schedule V to the Act are not applicable, and hence reporting under Section 197(16) is not required. However, sitting fees paid to the Directors is in compliance with Section 197(5) of the Act.

For Walker Chandiok & Co LLP Chartered Accountants ICAI Firm Registration No: 001076N/N500013	For M. P. Chitale & Co. Chartered Accountants ICAI Firm Registration No: 101851W
Sudhir N. Pillai Partner Membership No: 105782 UDIN: 25105782BMLIBQ1332	Murtuza Vajihi Partner Membership No: 112555 UDIN: 25112555BMLYNB4059
Place: Mumbai Date: 15 April 2025	Place: Mumbai Date: 15 April 2025

Annexure A

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED ON THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT AUDITORS REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE AFORESAID STANDALONE FINANCIAL STATEMENTS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 (‘THE ACT)

In conjunction with our audit of the Standalone Financial Statements of ICICI Prudential Life Insurance Company Limited (the “Company”) as at and for the year ended 31 March 2025, we have audited the internal financial controls with reference to the Standalone Financial Statements of the Company as at that date.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR INTERNAL FINANCIAL CONTROLS

The Companys Board of Directors is responsible for establishing and maintaining internal financial controls based on the internal financial controls criteria established by the Company considering the essential components of the internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the “Guidance Note”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under Insurance Act, 1938 (the “Insurance Act”), as amended, the Insurance Regulatory and Development Authority of India Act, 1999 (the “IRDAI Act”), the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 (the “IRDAI Regulations”) and orders/ directions/circulars issued by the Insurance Regulatory and Development Authority of India (the “IRDAI”) and as required under the Act, to the extent applicable.

AUDITORS RESPONSIBILITY FOR THE AUDIT OF THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

Our responsibility is to express an opinion on the Companys internal financial controls with reference to Standalone Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing issued by the Institute of Chartered Accountants of India and prescribed under section 143(10) of the Act, to the extent applicable to

an audit of internal financial controls with reference to Standalone Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Standalone Financial Statements were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone Financial Statements included obtaining an understanding of such internal financial controls with reference to Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to Standalone Financial Statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

A companys internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A companys internal financial controls with reference to financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to the Standalone Financial Statements and such internal financial controls with reference to Standalone

For Walker Chandiok & Co LLP

Chartered Accountants

ICAI Firm Registration No: 001076N/N500013

Sudhir N. Pillai

Partner

Membership No: 105782 UDIN: 25105782BMLIBQ1332

Place: Mumbai Date: 15 April 2025

Financial Statements were operating effectively as at 31 March 2025, based on the internal financial with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note.

OTHER MATTER

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 2025 has been certified by the Appointed Actuary as per the IRDAI Regulations, and has been relied upon by us, as mentioned in paragraphs “Other Matter” of our audit report on the Standalone Financial Statements for the year ended 31 March 2025. Accordingly, our opinion on the internal financial controls with reference to the Standalone Financial Statements does not include reporting on the design and operating effectiveness of the managements internal controls over the valuation and accuracy of the aforesaid actuarial valuation.

For M. P. Chitale & Co.

Chartered Accountants

ICAI Firm Registration No: 101851W

Murtuza Vajihi

Partner

Membership No: 112555

UDIN: 25112555BMLYNB4059

Place: Mumbai

Date: 15 April 2025

Independent Auditors Certificate

REFERRED TO IN PARAGRAPH 1 UNDER REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS FORMING PART OF THE INDEPENDENT AUDITORS REPORT DATED 15 APRIL 2025

To,

The Members of

ICICI Prudential Life Insurance Company Limited

1. This certificate is issued in accordance with the terms of our joint engagement letter dated 10 July 2024 with ICICI Prudential Life Insurance Company Limited (the "Company").

2. This certificate is issued to comply with the provisions of paragraphs 3 and 4 of Part III of Schedule II - Finance Functions of the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, (the "IRDAI Regulations").

MANAGEMENTS RESPONSIBILITY

3. The Companys Board of Directors is responsible for complying with the provisions of the Insurance Act, 1938 (amended by the Insurance Laws (Amendment) Act 2015) (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 (the "IRDA Act"), the IRDAI Regulations, orders/directions/circulars issued by the Insurance Regulatory and Development Authority of India (the "IRDAI") which includes the preparation and maintenance of books of account and Management Report. This includes collecting, collating and validating data and designing, implementing and monitoring of internal controls suitable for ensuring the aforesaid and applying an appropriate basis of preparation that are reasonable in the circumstances and providing all relevant information to the IRDAI.

AUDITORS RESPONSIBILITY

4. Pursuant to the requirements of the IRDAI Regulations, it is our responsibility to obtain reasonable assurance and form an opinion based on our audit and examination of books of account and other records maintained by the Company as to whether the Company has complied with the matters contained in paragraphs 3 and 4 of Part III of Schedule II - Finance Functions of IRDAI Regulations as of and for the year ended 31 March 2025.

5. We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) (the "Guidance Note") issued by ICAI. The Guidance Note requires that we comply with the independence and other ethical requirements of the Code of Ethics issued by the ICAI.

6. We have complied with the relevant applicable requirements of the Standard on Quality Control ("SQC") 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

OPINION

7. I n accordance with information and explanations given to us and to the best of our knowledge and belief and based on our audit and examination of the books of account and other records maintained by the Company for the year ended 31 March 2025, we certify that:

a. We have reviewed the Management Report attached to the standalone financial statements for year ended 31 March 2025, and on the basis of our review, there is no apparent mistake or material inconsistencies in the Management Report read with the standalone financial statements;

b. Based on management representations and compliance certificates submitted to the Board of Directors by the officers of the Company charged with compliance and the same being noted by the Board, nothing has come to our attention that causes us to believe that the Company has not complied with the terms and conditions of registration as stipulated by the IRDAI;

c. We have verified the cash balances as at 31 March 2025, to the extent considered necessary, with the books of account by actual inspection or management certificates received. For securities relating to the Companys loans and investments as at 31 March 2025, we have verified the confirmations received 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 2025, the Company does not have reversions and life interests;

d. The Company is not the trustee of any trust; and

e. No part of the assets of the Policyholders Funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act relating to the application and investments of the Policyholders Funds.

RESTRICTION ON USE

8. This certificate is issued at the request of the Company, solely for inclusion in the annual accounts of the Company in order to comply with the provisions of paragraphs 3 and 4 of Part III of Schedule II - Finance Functions of the IRDAI Regulations and is not intended to be and should not be used for any other purpose without our prior consent. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior consent in writing.

For Walker Chandiok & Co LLP	For M. P. Chitale & Co.
Chartered Accountants	Chartered Accountants
ICAI Firm Registration No: 001076N/N500013	ICAI Firm Registration No: 101851W

 

Sudhir N. Pillai	Murtuza Vajihi
Partner	Partner
Membership No: 105782	Membership No: 112555
UDIN: 25105782BMLIBT1196	UDIN: 5112555BMLYNE6456

 

Place: Mumbai	Place: Mumbai
Date: 15 April 2025	Date: 15 April 2025

Independent Auditors Certificate

IN ACCORDANCE WITH PARA 11(D) OF ANNEXURE INV - I OF THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (ACTUARIAL, FINANCE AND INVESTMENT FUNCTIONS OF INSURERS) REGULATIONS, 2024

1. This certificate is issued in accordance with terms of our engagement letter dated 10 July 2024 with ICICI Prudential Life Insurance Company Limited (the “Company”).

2. As per the requirements of the Schedule Para 11(d) of Annexure Inv - I of the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 (the “Regulations”), we are required to issue a certificate regarding the applicable Net Asset Value (“NAV”) for applications received on 31 March 2025.

MANAGEMENTS RESPONSIBILITY

3. The Management of the Company is responsible for compliance with the Regulations for applicable NAV on 31 March 2025 which includes preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation and maintenance of internal controls relevant to the applicable NAV for applications received on 31 March 2025.

4. The Management of the Company is responsible for complying with conditions stated in the Regulations.

AUDITORS RESPONSIBILITY

5. Pursuant to the requirements of this certificate, our responsibility is to provide reasonable assurance as to whether:

(a) The applications received on 31 March 2025 upto

3.00 p.m. have been stamped and processed with NAV of 31 March 2025;

(b) The applications received on 31 March 2025 after

3.00 p.m. have been stamped and processed with NAV of first business working day post 31 March 2025; and

(c) The Company has declared NAV for 31 March 2025, which is a last non-business day of a quarter end, on a basis consistent with its accounting policy as disclosed in its audited standalone financial statements for the year ended 31 March 2025.

6. We have jointly audited standalone financial statements of the Company as of and financial year ended 31 March 2025 on which we issued an unmodified audit opinion vide our report dated 15 April 2025. Our audits of these standalone financial statements were conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and other

applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India (the “ICAI”). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free of material misstatement. Our audits were not planned and performed in connection with any transactions to identify matters that may be of potential interest to third parties.

7. In this connection, we have performed the following procedures:

a) Obtained the list of applications for New

business, Renewal premium, Top up, Surrender, Freelook cancellation, Fund switches,

Withdrawal and Partial withdrawal received in respect of Unit linked products on 31 March 2025 (together referred to as “Application Forms”) from the Company;

b) Selected samples of Application Forms from listing mentioned in paragraph 7(a) above and verified whether:

i) The applications received on 31

March 2025 upto 3.00 p.m. have been appropriately stamped and processed with NAV of 31 March 2025;

ii) The applications received on 31

March 2025 after 3.00 p.m. have been appropriately stamped and processed with NAV of 31 March 2025 being the last working day of a quarter end which was a non-business day; and

iii) The NAV applied for applications received on 31 March 2025 is traced to the NAV of 31 March 2025 declared by the Company.

c) We have read the certificate dated 08 April 2025 of the concurrent auditor of the Company, S Panse & Co. LLP, Chartered Accountants which has been furnished to us certifying compliance with Para 11(d) of Annexure Inv - I; and

d) Obtained representation from the Management that the Company has declared 31 March 2025 as a business day for accepting Application Forms and that it has declared NAV for 31 March 2025.

8. We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) (the “Guidance

Note”) issued by the ICAI. The Guidance Note requires that we comply with the independence and other ethical requirements of the Code of Ethics issued by the ICAI.

9. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

OPINION

10. Based on the procedures performed by us, as mentioned in paragraph 7 above, according to the information and explanations provided to us and representations by the Companys management, we report that:

(a) The applications received on 31 March 2025 upto

3.00 p.m. have been stamped and processed with NAV of 31 March 2025;

(b) The applications received on 31 March 2025 after

3.00 p.m. have been stamped and processed

For Walker Chandiok & Co LLP

Chartered Accountants

ICAI Firm Registration No: 001076N/N500013

Sudhir N. Pillai

Partner

Membership No: 105782 UDIN: 25105782BMLIBS4892

Place: Mumbai Date: 15 April 2025

: with NAV of 31 March 2025 being the last

working day of a quarter end which was a nonbusiness day ; and

(c) The Company has declared NAV for 31 ^: March 2025, which is the last working day of

l a quarter end which was a non-business day,

on a basis consistent with its accounting policy ^l as disclosed in its audited standalone financial

^ statements for the year ended 31 March 2025.

RESTRICTION ON DISTRIBUTION OR USE

11. This certificate is addressed to and provided to Board of Directors of the Company, solely for inclusion in the annual accounts of the Company as per Para _, 11(d) of Annexure Inv - I of the Regulations and is

not intended to be and should not be used, referred to or distributed for any other purpose without our prior consent. Accordingly, we do not accept or ^ assume any liability or any duty of care for any other

purpose or to any other person to whom this report r is shown or in to whose hands it may come save

expressly without our prior consent in writing.

For M. P. Chitale & Co.

Chartered Accountants

ICAI Firm Registration No: 101851W

Murtuza Vajihi

Partner

Membership No: 112555

UDIN: 25112555BMLYNF2273

Place: Mumbai

Date: 15 April 2025