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ICICI Prudential Life Insurance Company Ltd.

BSE: 540133 Sector: Financials
NSE: ICICIPRULI ISIN Code: INE726G01019
BSE 16:00 | 22 Oct 622.55 -6.85
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NSE 15:56 | 22 Oct 620.50 -8.80
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OPEN 636.80
PREVIOUS CLOSE 629.40
VOLUME 42806
52-Week high 724.50
52-Week low 398.75
P/E 142.46
Mkt Cap.(Rs cr) 89,468
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 636.80
CLOSE 629.40
VOLUME 42806
52-Week high 724.50
52-Week low 398.75
P/E 142.46
Mkt Cap.(Rs cr) 89,468
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ICICI Prudential Life Insurance Company Ltd. (ICICIPRULI) - Auditors Report

Company auditors report

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 prudentiallife insurance Company limited (the "Company") which comprise the Balance sheetas at 31 march 2021 the revenue account (also called the "policyholders'account" or the "technical account") the profit and loss account (alsocalled the "shareholders' account" or the "non-technical account") andthe receipts and payments account for the year then ended and notes to standalonefinancial statements including a summary of significant accounting policies and otherexplanatory information.

in our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredin accordance with the insurance act 1938 (the "insurance act") the insuranceregulatory and development authority act 1999 (the "irda act") the insuranceregulatory and development authority (preparation of Financial statements and auditors'report of insurance Companies) regulations 2002 (the "irda Financial statementsregulations") orders/ directions/circulars issued by the nsurancei regulatory anddevelopment 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 andfair view in conformity with the accounting principles generally accepted in indiaincluding the accounting standards prescribed under section 133 of the act to the extentapplicable of the state of affairs of the Company as at 31 march 2021 its net surplusits profit and its receipts and payments for the year ended on that date.

BASIS FOR OPINION

we conducted our audit in accordance with the standards on a uditing sa ( s)specified under section 143(10) of the act. our responsibilities under those sas arefurther described in the Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements section of our report. we are independent of the Company inaccordance with the Code of ethics issued by the institute of Chartered accountants ofindia together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the act and the rules thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of ethics. we believe that the audit evidence we have obtainedis 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 mostsignificance 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 financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. we have determined the matters below to be the keyaudit matters to be communicated in our report.

nformation technology (it) systems
Key audit matter how our audit has addressed the key audit matter
the Company is highly dependent on information systems and controls to process and record large volume of transactions 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. we have involved our it specialists in our assessment of the it systems and controls over financial reporting which included carrying out the following key audit procedures:
in addition due to the Covid-19 situation it systems have been made accessible to employees on a remote basis which has resulted in increasing challenges around the data protection. Understood General IT Controls (GITC) over key financial accounting and reporting systems (referred to as "in-scope systems") which covered access controls program/ system changes program development and computer operations i.e. job processing data/ system backup and incident management;
due to the pervasive nature complexity and importance of the impact of the it systems and related control environment on the Company's financial reporting process we have identified testing of such it systems and related control environment as a key audit matter for the current year audit. Understood the IT infrastructure i.e. operating systems and databases and related data security controls in remote working scenario due to Covid-19;
Tested controls over IT infrastructure covering user access including privilege users and system changes;
Evaluated design and operating effectiveness for in-scope systems and application controls which covered segregation of duties system interfaces completeness and accuracy of data feeds and system reconciliation controls;
Key audit matter how our audit has addressed the key audit matter
Evaluated policies and strategies adopted by the Company in relation to operational security of key information infrastructure data and client information management and monitoring and crisis management; and
Assessed whether controls have remained unchanged during the year or were changed after considering controls around change management process.

Valuation of investments (31 march 2021: inR 2122118584 31 march 2020: inR1512561978) (inR in thousand)

refer schedule 88a and 8B of the standalone financial statements and refer schedule 16note 2.12 on accounting policy

Key audit matter how our audit has addressed the key audit matter
the Company's investment portfolio consists of policyholders investments (unit linked and non-linked) and shareholders investments. the Company's investment portfolio represents 99 percent of the Company's total assets as at 31 march 2021. the investments are valued in accordance with the accounting policy framed as per insurance regulatory and development authority of india (investment) regulations 2016 (the "investment regulations") issued by irdai and / or policies approved by the Board of directors of the Company (collectively ‘the accounting policy'). we have carried out the following key audit procedures:
Understood the Company's process and tested the controls on the valuation of investments;
Tested the design implementation and operating effectiveness of key controls over the valuation process including the Company's assessment and approval of estimates and assumption used for valuation including key authorization and data input controls thereof;
investments in unit linked portfolio of inr 1385491431 thousand are valued based on observable inputs as per their accounting policy and gains/losses are recognized in revenue account. these unit linked portfolio investments do not represent an area of higher risk of material misstatement however are considered as a key audit matter due to their materiality to the standalone financial statements. Assessed valuation methodologies with reference to Investment regulations issued by irdai and the Company's own Board approved valuation policy;
investments in non-linked and shareholders portfolio of i inr 736627153 thousand are valued as per their accounting policy basis which: For selected samples of listed investments performed independent price checks using external quoted prices and by agreeing the inputs which were used in the Company's valuation techniques to external data;
the unrealized gains/ losses arising due to changes in fair value of listed equity shares and mutual fund units are taken to the "Fair value Change account" in Balance sheet; and debt securities and unlisted equity shares are valued at historical cost. For selected samples of cost measured investments we have tested Company's assessment of impairment and evaluated whether the same was in accordance with the Company's impairment policy; and
Further these investments in the non-linked and shareholders portfolio are assessed for impairment as per the Company's investment policy which involves significant management judgement. Evaluated how the Company has factored in the impact of COVID-19 disruptions in the investment valuation process (including impairment assessment).
Further there may be increased economic stress in various sectors due to the Covid-19 pandemic and which may have an impact on the valuation of investments which is relevant in undertaking impairment assessment.
Hence the valuation of investments (including impairment assessment) was considered to be one of the areas which would require significant auditor attention and one of the matter of most significance in the standalone financial statements.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITOR'S REPORT THEREON

the Company's management and Board of directors are responsible for the otherinformation. the other information comprises the management report

Director's Report Corporate Governance Management Discussion and Analysis andEnterprise Risk Management included in the Company's Annual report but does not includethe standalone financial statements and the auditor's report thereon. our opinion on thestandalone financial statements does not cover the other information and we do not andwill not express any form of assurance conclusion thereon.

in connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. if based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. we have nothing to report in thisregard.

MANAGEMENT'S AND BOARD OF DIRECTORS RESPONSIBILITY FOR THE STANDALONE FINANCIALSTATEMENTS

the Company's management and Board of directors are responsible for the mattersstated in section 134(5) of the act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the state of affairs netsurplus/deficit profit/loss and receipts and payments of the Company in accordance withthe accounting principles generally accepted inindia including the provisions of theinsurance act the irda act the irda Financial statements regulations andorders/directions/circulars issued by the irdai in this regard and accounting standardsspecified under section 133 of the act to the extent applicable. this responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

in preparing the standalone financial statements the management and Board of directorsare responsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

those Board of directors are also responsible for overseeing the Company's financialreporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith sas will always detect a material misstatement when it exists. misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements. as part of an audit inaccordance with sas we exercise professional judgment and maintain professionalskepticism throughout the audit. we also:

Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. the risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. under section 143(3)(i) of theact we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to the financial statements in placeand the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures in the standalone financial statements madeby the management and Board of directors.

Conclude on the appropriateness of the Management and Board of directors use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. if we conclude that amaterial uncertainty exists we are required to draw attention in our auditor's report tothe related disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

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

we also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current year and are therefore the key audit matters. we describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

OTHER MATTER

the actuarial valuation of liabilities for life policies in force and policies inrespect of which premium has been discontinued but liability exists as at 31 march 2021 isthe responsibility of the Company's appointed actuary (the "appointed actuary").the actuarial valuation of these liabilities for life policies in force and for policiesin respect of which premium has been discontinued but liability exists as at 31 march 2021has been duly certified by the appointed actuary and in her opinion the assumptions forsuch valuation are in accordance with the guidelines and norms issued by the irdai and theinstitute of actuaries of india in concurrence with the authority.accordingly we have relied upon the appointed actuary's certificate in this regard forforming our opinion on the valuation of liabilities for life policies in force and forpolicies in respect of which premium has been discontinued but liability exists in thestandalone financial statements of the Company. our opinion is not modified in thisrespect of this matter.

REPORTONOTHERLEGALAND REGULATORY REQUIREMENTS

1. as required by irda Financial statements regulations we have issued a separatecertificate dated 19 april 2021 certifying the matters specified in paragraphs 3 and 4 ofschedule C to the irda Financial statements regulations.

2. as required by the irda Financial statements regulations read with section 143(3) ofthe act we report that: a) we have sought and obtained all the information andexplanations which to the best of our knowledge and belief were necessary for the purposesof our audit; b) in our opinion proper books of account as required by law have been keptby the Company so far as it appears from our examination of those books; c) as theCompany's financial accounting system is centralized no returns for the purpose of ouraudit are prepared at the branches and other offices of the Company; d) the standalonebalance sheet the standalone revenue account the standalone profit and loss account andthe standalone receipts and payment account dealt with by this report are in agreementwith the books of account; e) in our opinion the aforesaid standalone financialstatements comply with the accounting standards prescribed under section 133 of the actto the extent not inconsistent with the accounting principles prescribed in the irdaFinancial statements regulations and orders/ directions/ circulars issued by irdai in thisregard; f) in our opinion and to the best of our information and according to theexplanations given to us investments have been valued in accordance with the provisionsof the insurance act the irda Financial statements regulations and orders/ directions/circulars issued by irdai in this regard; g) in our opinion the accounting policiesselected by the Company are appropriate and are in compliance with the accountingstandards specified under section 133 of the act to the extent they are not inconsistentwith the accounting principles as prescribed in the irda Financial statements regulationsand orders/directions/circulars issued by the irdai in this regard; h) on the basis ofwritten representations received from the directors as on 31 march 2021 taken on record bythe Board of directors none of the directors is disqualified as on 31 march 2021 frombeing appointed as a director in terms of section 164(2) of the act; i) with respect tothe adequacy of the internal financial controls with reference to financial statements ofthe Company and the operating effectiveness of such controls refer to our separate reportin "annexure a"; j) with respect to the other matters to be included in theauditor's report in accordance with rule 11 of the Companies (audit and auditors) rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us: i. the Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements – refer schedule 16 note3.46 to the standalone financial statements; ii. the Company has made provision asrequired under the applicable law or accounting standards for material foreseeablelosses if any on long-term contracts including derivative contracts – referschedule 16 note 3.47 to the standalone financial statements; iii. there were no amountswhich were required to be transferred to the investor education and protection Fund by theCompany; and iv. the disclosures in the standalone financial statements regarding holdingsas well as dealings in specified bank notes is not applicable to the Company – referschedule 16 note 3.50 to the standalone financial statements. k) with respect to thematter to be included in the auditor's report under section 197(16) in our opinion andaccording to the explanations given to us the remuneration paid by the Company to itsdirectors during the year is in accordance with the provisions of section 197 of the actread with section 34a of the insurance act. the remuneration paid to any director is notin excess of the limit laid down under section 197 of the act read with section 34a of theinsurance act. the ministry of Corporate affairs has not prescribed other details undersection 197(16) which are required to be commented upon by us.

For B S R & co. llP For Walker chandiok & co llP
Chartered Accountants Chartered Accountants
ICAI Firm Registration No: 101248W/W-100022 ICAI Firm Registration No: 001076N/N500013
Sagar lakhani Khushroo B. Panthaky
Partner Partner
Membership No: 111855 Membership No: 042423
UDIN: 21111855AAAABI1301 UDIN: 21042423AAAACR3976
Place: Mumbai Place: Mumbai
Date: 19 April 2021 Date: 19 April 2021

annexure a

To the independent auditor's report on the Standalone Financial statements of iciciprudential life insurance company limited for the year ended 31 march 2021

Report on the internal Financial controls With reference to the aforesaid StandaloneFinancial statements under clause (i) of sub-Section 3 of Section 143 of the companiesact 2013

( r eferred to in paragraph 2(i) under "report on other legal and regulatoryrequirements" section of our report of even date) in conjunction with our audit ofthe standalone financial statements of iCiCi prudential life insurance Company limited(the "Company") as of and for the year ended 31 march 2021 we have audited theinternal financial controls with reference to the standalone financial statements of theCompany as of that date.

MANAGEMENT'S AND BOARD OF DIRECTORS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

the Company's management and the Board of directors are responsible for establishingand maintaining internal financial controls based on the internal financial controls withreference to standalone financial statements criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial reporting issued by the institute ofChartered accountants of India (the "Guidance Note"). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under insurance act 1938 (the "insurance act") the insuranceregulatory and development authority act 1999 (the "irda act") the insuranceregulatory and development authority (preparation of Financial statements and auditors'report of insurance Companies) regulations 2002 (the "irda Financial statementsregulations") orders/ directions/circulars issued by the insurance regulatory anddevelopment authority of india (the " irdai") and the Companies act 2013(the "act") to the extent applicable.

AUDITOR'S RESPONSIBILITY

our responsibility is to express an opinion on the Company's internal financialcontrols with reference to standalone financial statements based on our audit. Weconducted our audit in accordance with the Guidance note and the standards on auditingprescribed under section 143(10) of the act to the extent applicable to an audit ofinternal financial controls with reference to standalone financial statements. thosestandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls with reference to standalone financial statements were established andmaintained and whether such controls operated effectively in all material respects.

our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to standalone financial statements andtheir operating effectiveness. our audit of internal financial controls with reference tostandalone financial statements included obtaining an understanding of such internalfinancial controls assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. the procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the standalone financial statementswhether due to fraud or error.

we believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls withreference to standalone financial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO STANDALONE FINANCIALSTATEMENTS

a Company's internal financial controls with reference to standalone financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles.

a company's internal financial controls with reference to standalone financialstatements include those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

IN THE RENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO STANDALONEFINANCIAL STATEMENTS

Because of the inherent limitations of internal financial controls with reference tostandalone financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. also projections of any evaluation of the internal financialcontrols with reference to standalone financial statements to future periods are subjectto the risk that the internal financial controls with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

opinion

in our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to the standalone financial statements and suchinternal financial controls were operating effectively as at 31 march 2021 based on theinternal controls with reference to standalone financial statements criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note.

other matter

the actuarial valuation of liabilities for life policies in force and policies inrespect of which premium has been discontinued but liability exists as at 31 march 2021has been certified by the appointed actuary as per the irda Financial statementsregulations and has been relied upon by us as mentioned in "other matter" ofour audit report on the standalone financial statements for the year ended 31 march 2021.accordingly our opinion on the internal financial controls with reference to thestandalone financial statements does not include reporting on the design and operatingeffectiveness of the management's internal controls over the valuation and accuracy of theaforesaid actuarial valuation. our opinion is not modified in respect of the above matter.

For B S R & co. llP For Walker chandiok & co llP
Chartered Accountants Chartered Accountants
ICAI Firm Registration No: 101248W/W-100022 ICAI Firm Registration No: 001076N/N500013
Sagar lakhani Khushroo B. Panthaky
Partner Partner
Membership No: 111855 Membership No: 042423
UDIN: 21111855AAAABI1301 UDIN: 21042423AAAACR3976
Place: Mumbai Place: Mumbai
Date: 19 April 2021 Date: 19 April 2021

to the members of icici Prudential life insurance company limited

1. this certificate is issued in accordance with the terms of our joint engagementletter dated 20 July 2020 with iCiCi prudential life insurance Company limited (the"Company"). 2. this certificate is issued to comply with the provisions ofparagraphs 3 and 4 of schedule C read with regulation 3 of the insurance regulatory anddevelopment authority (preparation of Financial statements and auditor's report ofinsurance Companies) regulations 2002 (the "irda Financial statementsregulations").

management's responsibility

3. the Company's Board of directors is responsible for complying with the provisions ofthe 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 irda Financial statements regulationsorders/directions/circulars issued by the insurance regulatory and development authorityof india (the "irdai") which includes the preparation and maintenance of booksof accounts and management report. this includes collecting collating and validating dataand designing implementing and monitoring of internal controls suitable for ensuring theaforesaid and applying an appropriate basis of preparation that are reasonable in thecircumstances and providing all relevant information to the irdai.

Auditor S ' Responsibility

4. pursuant to the requirements of the irda Financial statements regulations it is ourresponsibility to obtain reasonable assurance and form an opinion based on our audit andexamination of books of accounts and other records maintained by the Company as to whetherthe Company has complied with the matters contained in paragraphs 3 and 4 of schedule Cread with regulation 3 of irda Financial statements regulations as of and for the yearended 31 march 2021.

5. We conducted our examination in accordance with the Guidance Note on reports orCertificates for special purposes (revised 2016) (the "Guidance Note") issued byICAI. The Guidance Note requires that we comply with the independence and other ethicalrequirements of the Code of ethics issued by the iCai. 6. we have complied with therelevant applicable requirements of the standard on Quality Control ("sQC") 1Quality Control for Firms that perform audits and reviews of Historical Financialinformation and other assurance and related services engagements.

opinion

7. in accordance with information and explanations given to us and to the best of ourknowledge and belief and based on our audit and examination of the books of account andother records maintained by the Company for the year ended 31 march 2021 we certify that:

a. we have reviewed the management report attached to the standalone financialstatements for year ended 31 march 2021 and on the basis of our review there is noapparent mistake or material inconsistencies in the management report read with thestandalone financial statements;

b. Based on management representations and compliance certificates submitted to theBoard of directors by the officers of the Company charged with compliance and the samebeing noted by the Board nothing has come to our attention that causes us to believe thatthe Company has not complied with the terms and conditions of registration as stipulatedby the irdai;

c. we have verified the cash balances as at 31 march 2021 to the extent considerednecessary with the books of accounts by actual inspection or management certificatesreceived. For securities relating to the Company's loans and investments as at 31 march2021 we have verified the confirmations received from the Custodian/ depositoryparticipants appointed by the Company or from counterparties with the books of accountsas the case may be. as at 31 march 2021 the Company does not have reversions and lifeinterests;

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 indirectlyapplied in contravention to the provisions of the insurance act relating to theapplication and investments of the policyholders' Funds.

RESTRICTION ON USE

8. this certificate is issued at the request of the Company solely for inclusion inthe annual accounts of the Company in order to comply with the provisions of paragraphs 3and 4 of schedule C read with regulation 3 of the irda Financial statements regulationsand is not intended to be and should not be used for any other purpose without our priorconsent. accordingly we do not accept or assume any liability or any duty of care for anyother purpose.

FOR B S R & CO. LLP FOR WALKER CHANDIOK & CO LLP
Chartered Accountants Chartered Accountants
ICAI Firm Registration No: 101248W/W-100022 ICAI Firm Registration No: 001076N/N500013
Sagar lakhani Khushroo B. Panthaky
Partner Partner
Membership No: 111855 Membership No: 042423
UDIN: 21111855AAAABK8695 UDIN: 21042423AAAACW7640
Place: Mumbai Place: Mumbai
Date: 19 April 2021 Date: 19 April 2021

TO THE BOARD OF DIRECTORS ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED ICICI PRULIFETOWERS 1089 APPASAHEB MARATHE MARG PRABHADEVI MUMBAI 400 025

1. this certificate is issued in accordance with terms of our joint engagement letterdated 20 July 2020 with iCiCi prudential life insurance Company limited (the"Company") wherein as per the requirements of the schedule i(B)(11)(d) to theinsurance regulatory and development authority of india (investment) regulations 2016dated 1 august 2016 (the "regulations") we are required to issue a certificateregarding the application of the net asset value ("nav") for applicationsreceived on 31 march 2021.

MANAGEMENT'S RESPONSIBILITY

2. the preparation and maintenance of all accounting and other relevant supportingrecords and documents is the responsibility of the management of the Company. thisresponsibility includes the design implementation and maintenance of internal controlsrelevant to the application of nav for applications received on 31 march 2021.

3. the management is also responsible for ensuring that the Company complies with therequirements of the regulations and provide all relevant information to insuranceregulatory and development authority of india.

AUDITOR'S RESPONSIBILITY

4. pursuant to the requirements of this certificate our responsibility is to providereasonable assurance as to whether: (a) the applications received on 31 march 2021 upto3.00 p.m. have been stamped and processed with nav of 31 march 2021; (b) the applicationsreceived on 31 march 2021 after 3.00 p.m. have been stamped and processed with nav of 1april 2021; and (c) the Company has declared nav for 31 march 2021 which is a businessday on a basis consistent with its accounting policies as disclosed in its auditedstandalone financial statements for the year ended 31 march 2021.

5. we have jointly audited the standalone financial statements of the Company as of andfor the financial year ended 31 march 2021 on which we issued an unmodified audit opinionvide our audit report dated 19 april 2021. our audit of these standalone financialstatements was conducted in accordance with the standards on auditing specified undersection 143(10) of the Companies act 2013 and other applicable authoritativepronouncements issued by the institute of Chartered accountants of india (the"iCai"). those standards require that we plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free ofmaterial misstatement. our audit was not planned and performed in connection with anytransactions to identify matters that may be of potential interest to third parties.

6. in this connection we have performed the following procedures: (a) obtained thelist of applications for new business renewal premium top up surrender Freelookcancellation Fund switches withdrawal and partial withdrawal received in respect of unitlinked products on 31 march 2021 (together referred to as "application Forms")from the Company; (b) selected samples of application Forms from listing mentioned inparagraph 6(a) above and verified whether: i) the applications received on 31 march 2021upto 3.00 p.m. have been appropriately stamped and processed with nav of 31 march 2021;ii) the applications received on 31 march 2021 after 3.00 p.m. have been appropriatelystamped and processed with nav of 1 april 2021; and iii) the nav applied for applicationsreceived on 31 march 2021 is traced to the respective nav declared by the Company.

(c) we have read the certificate dated 8 april 2021 of the Concurrent auditor of theCompany m/s. majithia & associates Chartered accountants which has been furnished tous certifying compliance with regulation 5 of schedule i(B); and

(d) obtained representation from the management that the Company has declared 31 march2021 as a business day for accepting application Forms and that it has declared nav for 31march 2021.

7. We conducted our examination in accordance with the Guidance note on reports orCertificates for special purposes (revised

2016) (the "Guidance Note") issued by the ICAI. The Guidance note requiresthat we comply with the independence and other ethical requirements of the Code of ethicsissued by the iCai.

8. we have complied with the relevant applicable requirements of the standard onQuality Control (sQC) 1 Quality Control for Firms that perform audits and reviews ofHistorical Financial nformation and other assurance and related servicesengagements.

opinion

9. Based on the procedures performed by us as mentioned in paragraph 6 aboveaccording to the information and explanations provided to us and representations by theCompany's management we report that:

(a) the applications received on 31 march 2021 upto 3.00 p.m. have been stamped andprocessed with nav of 31 march 2021; (b) the applications received on 31 march 2021 after3.00 p.m. have been stamped and processed with nav of 1 april 2021; and (c) the Companyhas declared nav for 31 march 2021 which is a business day on a basis consistent with itsaccounting policies as disclosed in its audited standalone financial statements for theyear ended 31 march 2021.

RESTRICTION ON USE

10. this certificate is addressed to and provided to Board of directors of the Companysolely for inclusion in the annual accounts of the Company as per schedule i(B)(11)(d) ofthe regulations and is not intended to be and should not be used for any other purposewithout our prior consent. accordingly we do not accept or assume any liability or anyduty of care for any other purpose.

For B S R & co. llP For Walker chandiok & co llP
Chartered Accountants Chartered Accountants
ICAI Firm's Registration No: 101248W/W-100022 ICAI Firm Registration No: 001076N/N500013
Sagar lakhani Khushroo B. Panthaky
Partner Partner
Membership No: 111855 Membership No: 042423
UDIN: 21111855AAAABL7496 UDIN:21042423AAAACV4039
Place: Mumbai Place: Mumbai
Date: 19 April 2021 Date: 19 April 2021

.