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 2026, 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 2026;

(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 Auditor's 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 OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR’S
REPORT THEREON

The Company's 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 auditor's reports thereon. The Annual Report is
expected to be made available to us after that date of
auditor's 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 Company's 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 Company's 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 Company's financial reporting process.

AUDITOR’S 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 auditor's 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
Director's 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
Company's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor's 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
auditor's 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 auditor's 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 2026 is
the responsibility of the Company's 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 2026 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 Actuary's 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.

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 14 April 2026 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 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 Company's 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 2026 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 2026 taken
on record by the Board of Directors, none of the
directors is disqualified as on 31 March 2026
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 2026 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 Auditor's 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 2026 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 2026, 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 3.46 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 2026;

(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 3.51(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 3.51(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 Auditor's Report in accordance with the
requirements of Section 197(16) of the Act, as
amended, we report that managerial remuneration
payable to the Company's 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 For M. P. Chitale & Co.

Chartered Accountants Chartered Accountants

ICAI Firm Registration No: 001076N/N500013 ICAI Firm Registration No: 101851W

Khushroo B. Panthaky Murtuza Vajihi

Partner Partner

Membership No: 042423 Membership No: 112555

UDIN: 26042423RJSPRB2127 UDIN: 26112555KLXFUW7539

Place: Mumbai Place: Mumbai

Date: 14 April 2026 Date: 14 April 2026