ICICI Prudential affirms ratings, greenlights new debt issuance

ICICI Prudential Life Insurance Company's executive committee has approved the terms for issuing non-convertible debentures (NCDs) aggregating up to ₹12.00 billion, with a base issue size of up to ₹11.00 billion and a green shoe option of up to ₹1.00 billion. These NCDs will have a 10-year tenure, with a call option exercisable after five years, issued via private placement and proposed for listing on the National Stock Exchange of India Limited.

Concurrently, ICRA Limited has reaffirmed ICICI Prudential's [ICRA]AAA (Stable) rating for its subordinated debt programmes, with an existing ₹1,400.00 crore programme reaffirmed and an additional ₹1,200.00 crore programme assigned the same rating. A ₹1,200.00 crore subordinated debt programme was also reaffirmed and withdrawn as it was fully repaid.

This rating action follows ICICI Prudential’s intimation regarding the credit rating assigned by ICRA on November 22, 2025, and reinforces the company's strong market position, healthy capitalisation, and robust promoter profile, with ICICI Bank holding 51.0% and Prudential Corporation Holdings Limited 22.0% as of September 30, 2025.