ICICI Prudential Life: New debt issuance rated 'AAA' as old debt redeemed

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) on November 22, 2025, informed stock exchanges about the withdrawal of a credit rating for its non-convertible debentures (ISIN: INE726G08014) totaling INR 12 billion. CRISIL Ratings Limited withdrew the credit rating on November 21, 2025, following ICICI Prudential Life’s request due to the redemption of these debentures on November 6, 2025. Concurrently, ICRA Limited also confirmed the withdrawal of its own rating for the same INR 12 billion NCD issuance, citing redemption.

In a separate announcement on the same date, ICICI Prudential Life confirmed that ICRA Limited assigned a new credit rating of [ICRA]AAA (Stable) to a proposed new issuance of non-convertible debentures, aggregating up to INR 12.00 billion. This rating was assigned on November 21, 2025. The issuance is pending ISIN application and is in line with board approvals and relevant SEBI and IRDAI regulations.

The rating withdrawal by CRISIL and ICRA on the INE726G08014 debentures reflects their full redemption, while the new rating from ICRA pertains to a distinct, forthcoming subordinated debt issuance.