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AWARDS AND ACCOLADESEmerging Company of the YearThe Company has been conferred with‘Emerging Company of the Year’ award atThe Economic Times Awards for CorporateExcellence’. The Economic Times Awardsfor Corporate Excellence are awardsconferred by The Economic Times in thefieldofbusiness,corporateandgovernment policies, and the economy inIndia. It is one of the most distinguishedand revered platforms where winners arechosen by the eminent jury comprising ofstalwarts from diverse fields.The Company has been conferred with'Golden Peacock National Training Award' forthe third year in a row, and are humbled andthrilled with this victory. This award is atestament to the success of our effortspertaining to employee training anddevelopment practices. The award is foundedby the Institute of Directors (IOD) andrecognises excellence in training practices inorganisations.LearningElite Awards 2020Kyoorius Creative AwardsThe Company has won the Gold Award at the“LearningElite Awards” for the third year in arow for its employee-focussed learning anddevelopment practices. ICICI Lombard is theonly insurance company in India to have wonthe Gold Award in both years. The‘LearningElite’ program of CLO (ChiefLearning Officer) magazine, USA, honoursthe best organisations that employ exemplaryworkforce development strategies, leading tosignificant business results.The campaign for World Heart Day 2019 haswon a big Blue Elephant at the KyooriusCreative Awards in the Film Craft - Animation& Special Effects category. Kyoorius is one ofthe most prestigious advertising awardspresented for excellence in creativity.CSR Health Impact Awards 2020Triple Accolades at BrandWagon AceAwards 2020The Company won three Silver Awards at thecoveted 4th CSR Health Impact Awards 2020.These have been provided in the ‘SwacchBharat and WASH Initiative” category for the‘Niranjali’ project; and the ‘CSR LargeCOVID-19 Relief Project and CSR HealthProjects (Large Corporate)’ category for theinitiatives undertaken during the COVID-19situation. CSR Health Impact Awards 2020with COVID-19 Edition have been designedto identify the best CSR projects andpractices undertaken by corporates, QS DIGIES 2020The Company won the Best Digital BrandVideo Award at AFAQS DIGIES 2020 for its‘Shubh Deepawali Savdhaan’ campaign.09Golden Peacock National TrainingAwardICICI Lombard General Insurance Company LimitedThe Company’s 2019 Diwali and Women’sDay videos were awarded under the ‘BestB2C’ and ‘Best Video Ad’ category. ‘Ride toSafety’ CSR added yet another feather in itscap after it was adjudged as the ‘Best CSRCampaign’. The BrandWagon Ace Awardshave been launched by Financial Express tocelebrate new-age marketing communicationand initiatives across different industries.Best & Emerging Insurance CompanyAwards 2020The Company has been conferred with the‘Best General Insurance Company’ Award atthe second edition of Best & EmergingInsurance Company Awards 2020, organisedby Insurance Alertss.This forum recognisesand honours the best companies across theinsurance industry. The outcome is derived onthe basis of extensive research conducted bythe organisation.

1 Corporate Overview2 Statutory Reports3 Financial StatementsGold Shield AwardDigiMarcom Leadership Award, 2020The Company won the Gold Shield Awardorganised by the Institute of CharteredAccountants of India (ICAI) for its excellencein Financial Reporting for the year 2019-20.ICAI is a renowned institution whichfunctions under the administrative control ofthe Ministry of Corporate Affairs andrecognises best practices in the field offinancial reporting.The Company won the ‘Best Digital CustomerEngagement Campaign’ award at the 3rdEdition of DigiMarcom Leadership Awards.The accolade is a recognition of the diversecustomer engagement initiatives undertakenby the organisation. This award platform hasbeen created to showcase the latestdevelopments in the digital marketing space.PRSI National Awards 2020Business Leader of the Year AwardThe CSR Campaign ‘Caring Hands’ wasrecognised under the ‘Best CSR Project forChildcare Category’. The Company alsowon an award for its ‘Restart RightCampaign’ under the ‘Best CommunicationCampaign (External Publics)’ and ‘HomeHealthcare’ under ‘Innovation in CustomerCare during Corona Times’. Public RelationsSociety of India (PRSI) is a nationalassociation that promotes the recognition ofpublic relations as a profession. It formulatesand interprets to the public the objectivesand potential of public relations as astrategic management function.The Company won several accolades at the19th Global Edition of the Business Leader ofthe Year Award. The Company has also beenconferred with the awards for ‘BFSI - GeneralInsurance Company of the Year Large PrivateSector’; ‘BFSI - Technology Initiative of theYear’; and ‘BFSI - Customer EngagementInitiative of the Year’.Customer FEST Leadership Awards2021LACP 2019-20 Spotlight AwardOur ‘Restart Right Campaign’ bagged anaward in the category of ‘Best IntegratedMedia Campaign’ at the Customer FESTLeadership Awards 2021. The CustomerFEST Show is curated and managed byKamikaze B2B Media. This is the 14th editionof the property, which endeavours andcelebrates new and innovative ways ofcustomer service technologies that arechanging the way of life.FICCI Insurance Awards 2020The Company has been conferred with theaward for ‘Best CSR Initiative-Non-lifecategory’ for its ‘Ride to Safety’ campaign.The Company has been conferred with theGold Award for its Annual Report 2019-20. Thereport has been adjudged amongst the Top100 Annual Reports worldwide. The awardsare organised by the League of AmericanProfessionals (LACP), USA, and a covetedforum within the PR industry to facilitatebest-in-class communication practices.The Economic Times BFSI InnovationTribe-Awards and Summit 2020The Company has won two accolades at TheEconomicTimesBFSIInnovationTribe-Awards and Summit 2020 in the categoryof Customer Excellence in Insurance andInsurTech Award 2020. The recognition was forexemplary work done around customer serviceduring COVID-19 and the InstaSpect app.Annual Report 2020-2110

OUR PERFORMANCEACROSS THE SIX CAPITALSFinancial CapitalRepresents the funds utilised for investment and employed in the business to create value for the shareholders. We alsogenerate funds from surplus arising out of business operations and financing activities in the form of equity and debt.Key Metrics 140.03 Billion 14.73 Billion21.7%99.8%Revenue(Gross Direct PremiumIncome)Profit After Tax (PAT)Return on averageequity (RoAE)Combined RatioManufactured CapitalRepresents the physical assets including branches, call-centres and equipment used for conducting operations andserving the customers. We continually invest in these assets to enhance customer experience and achieve higheroperational efficiency.Key Metrics2761,233840BranchesCall Centre ExecutivesVirtual Office BranchesIntellectual CapitalRepresents the collective knowledge of our people and organisation gained through years of experience. We areconstantly leveraging this knowledge to strengthen our competitive advantage and ensure alignment of resources to ourstrategic direction. This also represents our knowledge-based assets, digital capabilities, data and analytics andautomation that helps in product development, enhancing operational efficiency, improving customer experience andempowering the employees. The Capital also includes specialised manpower comprising Inhouse Claims Managers Motor & Health and Actuarial Team.Key Metrics24 7.29 Billion1,016New products launchedCapex on technologyinfrastructureSpecialised manpower11ICICI Lombard General Insurance Company Limited

1 Corporate Overview2 Statutory Reports3 Financial StatementsHuman CapitalRepresents the collective knowledge, expertise, engagement, motivation and experience of our workforce that facilitatesvalue creation. This enables us to better serve our customers and fulfil the expectations of our stakeholders. We invest inemployees’ skill building, engagement and welfare to provide them with a safe and healthy work environment.Key MetricsMale: 81.7%Female: 18.3%Gender diversity158,761 HoursTraining imparted toemployees in FY2021Social and Relationship CapitalRepresents our engagement with communities and investment made in their progress. Also represents our focus onbuilding long-term and trust-based relationships with business partners, customers and the society. Their collectiveinterest drives our growth, competitiveness and goodwill, and makes us commercially viable and socially relevant.Key Metrics48 292.55 Million4.8 MillionNet Promoter ScoreCSR SpendTotal lives covered1.6 Million258,81659,545Claims settledNumber of ShareholdersIndividual agents (Including POS)Natural CapitalRepresents all the renewable and non-renewable resources that we utilise for our operations, including raw materialsand water. We make these investments to ensure that our operations remain sustainable.Key Metrics59.4%Reduction inelectricity consumption6,052 MWhEnergy used in FY2021(Vs 14,919 MWh in FY2020)2,927 KLWater harvested, meeting59.4%of Prabhadevi office’sannual water requirement81 Tonnes Paper used9,825,876 Air Miles savedBenefits of work from home system anddigital claim inspectionAnnual Report 2020-2112

Message fromthe ChairpersonDear Shareholders,I hope you and your loved ones are keeping safe. The secondwave of the coronavirus pandemic has been more severe andscaring for many. The ripple effect of this devastation has leftpeople and economies struggling to get back on their feet.Amid the gloom, ‘Hope’ has emerged as a saviour as always.It is ‘hope’ that binds humanity, helping it overcome everychallenge, no matter how daunting. Further, when youcombine ‘hope’ with ‘support’, most of the obstacles can beovercome.The insurance industry has played a critical role in supportingefforts of humanity during times of distress, since centuries.Be it man-made calamities or natural catastrophes, insurancehas been a key mechanism to compensate for the losses andbring things back to normalcy. However, a critical issue in thisjourney has been the embracing of this important solution byonly a few.13The under-penetration of insurance products in India hasbeen red-flagged in many forums, for several years. The riskthat such under-penetration presents is not just limited to fewsections of the society, but the burden of this risk is borne bythe entire nation. The need to scale up the reach andpenetration of insurance across India’s rural and urbanpopulace can no more be ignored.Being a part of this industry endows us with a responsibilitythat is far greater than simply meeting the demand forinsurance products. As we come to realise the limitations ofthe traditional insurance solutions in providing an armouragainst a pandemic-like situation, there is a need to exploreideas to address new age as well as pandemic risks, whichhave a much wider impact compared to regular risk events.The role that the pandemic has played in acceleratingdigitisation across sectors has been spoken at length. When itcomes to the insurance industry, this journey began a whileICICI Lombard General Insurance Company Limited

1 Corporate Overviewago. It continues to accelerate given the developments in theInsurTech space. Further, the regulatory authority, IRDAI hasbeen encouraging technology adoption as it works towardscreating a conducive environment for introduction ofinnovative InsurTech solutions. As we look ahead, innovativetechnology-enabled solutions will find increasing usage in theinsurance sector.When we look at industry development in recent times, theenabling measures announced by policy makers should helpkeep the momentum going. The increase in FDI limit from49% to 74% for insurers should help boost industrydevelopment and growth in the coming years. Indian insurersshould benefit from access to large pools of capital as well astechnological expertise required to scale and improvepenetration.At ICICI Lombard, we are encouraged by these tailwinds andenabling approach. Further, we continue to be guided by ourcore philosophy of being customer-centric. As such, even aswe embrace technology deeper to serve customers in currenttimes, our endeavour is to make technology the fulcrum ofevery solution we provide. Today, our platforms can provideend-to-end self-serve experiences to our customers. At thesame time, our channel partners and employees areequipped with relevant digital solutions to handhold ourcustomers ensuring service continuity and unflinchingsupport.Going beyond our role as an insurance provider, we arecommitted to serving the society through the various CSRinitiatives that we undertake throughout the year. Ouremployees have joined us as volunteers driving severalprojects focussed at uplifting the economically unfortunatesections of the society. By identifying critical areas ofassistance, we will continue to give back to the society. Such2 Statutory Reports3 Financial Statementsnon-profit humanitarian contribution is integrated in the veryethos of our Company.While the COVID-19 emergency is one which the worldhopes to tackle and solve soon, a much bigger emergencyhas been brewing silently in the background for decades.Humankind can no more pretend to ignore climate change.And together, we need to rethink the definition of successand evolution. Environmental, Social and Governance (ESG)metrics will serve as the new parameter to measure inaddition to the financial statements. We, at ICICI Lombard,have been making sincere efforts to strengthen our ESGinitiatives, thereby moving further ahead in our vision of beinga responsible corporate citizen.An organisation is simply a unified identity given to a largeteam of individuals playing significant roles at every level.Our existence is defined by our employees. I take thisopportunity to thank our dedicated employees who havegone beyond the call of duty to support our stakeholders inevery scenario.Even as we hope for normal times to return at the earliest, atICICI Lombard, we are treating the current phase as a greatlearning experience, the lessons of which would stay with usfor years to come. We hope to continue strongly and swiftly inour endeavour to build a robust and sustainable businesswhile emerging as a conscientious corporate citizen inspiringresponsible change.Regards,Lalita D. GupteAnnual Report 2020-2114

Message from theManaging DirectorDear fellow shareholder,Hope this letter finds you and your family, safe and well.As I connect with you today through my annual shareholderletter, life has come full circle. We continue to wade througha recurring pandemic, with the virus mutating into newvariants. While many thought the vaccine would be thepanacea to all problems, issues related to supply andlogistics as well as concerns about efficacy against theemerging variants, keep the on-ground situation uncertain.What this tells us is that we may need to navigate the crisisfor some more time than anticipated. More importantly, weneed to stay nimble, agile and resilient while focussing on ourlong-term goals.From the long-term perspective, we, at ICICI Lombard,15remain steadfast and focussed on our value creationapproach for our shareholders and our brand ethos of‘Nibhaye Vaade’, thereby reaffirming our commitment tosupport our customers, business associates, and the societyat large, in times of need. This is the purpose of ourexistence.Impact of COVID-19In our view, this pandemic will have far-reaching implicationson consumers, businesses, and the society at large. Theimmediate impact and responses have been played out;however, the real transformation is a journey that has justbegun. We strongly believe that the world on the other sideof this crisis is a phygital one that blends the best of thephysical experiences, with the convenience of the digitaltools. In our view, there is a re-assessment of risk perceptionacross the globe and particularly by consumers in India,which will fundamentally increase the demand forICICI Lombard General Insurance Company Limited

1 Corporate Overviewcomprehensive insurance and risk management solutions.We believe that organisations will have to prepare for newways of working, with hybrid working, greater choice andflexibility to employees becoming the norm that will result inre-designing of organisation structure, design, policies, andpractices. We are accordingly enhancing our insurancesolutions suite to make them conveniently available andladen with self service capabilities for our customers, furtherautomating our distribution applications for channel partnerswhile transforming ourselves as an organisation for ouremployees.Leading with technology solutionsWe have been investing in our customer facingtechnology-enabled solutions for over a decade. Over thelast 15 months, we further accelerated our efforts in thisaspect, and are most encouraged by the response of ourcustomers. Our comprehensive wellness and insurancefocussed solution, IL TakeCare app benefited over 500,000customers during this period. Our real-time video-basedvehicle damage assessment tool, InstaSpect crossed themilestone of one million vehicle inspections recently. Thisresulted in over 60% motor insurance claims in FY2021being serviced by InstaSpect compared to 24.5% such casesthe year before. Our AI-powered claim settlement engineapproved over 60% group health claims within minutes. Thisfigure was 31% in March 2020.Enhancing our customer-centric propositionWe also embellished our existing products, by addingbenefits relevant to the current times. For instance, weallowed retention of no claim bonus even in the case of aCOVID-19 related claim. We reduced the waiting period fornew policies from 30 days to 15 days, specifically in the caseof COVID-19 claims. We also launched a cashless HomeHealthcare benefit to facilitate claims for treatment availed athome. At this juncture, we would like to acknowledge theproactive and enabling approach of the regulatory authority(IRDAI) that allowed us to introduce these contextual andrelevant customer benefits in a timely manner.Ensuring employee well-beingWhile we took multiple initiatives for customers, we alsoensured the safety and wellbeing of our employees. Allthrough the pandemic, we have provided support to themthrough our employee-focussed platform ‘Flexiable’. We mettheir diverse needs including availability of requisite ITinfrastructure, while keeping their morale high throughprograms aimed at holistic wellness, driving connects acrossteams, including families in key events etc. As the secondwave emerged, we took more measures such as offeringadvance salaries for 2 months, sanctioning additional leavesfor COVID-19 positive employee

REIMAGING INSURANCE 03 ICICI Lombard General Insurance Company Limited digital journey has given us a lead in delivering innovative products and solutions to our customers and technology-driven customer experience. More importantly, the difference lies in our mindset and culture - the focus on using digital solutions for our customers .