That means the game's presumably finished and ready to be released somewhere. And it's not the first time it's been rated either — an Australian board outed the title earlier in the year too.
Seeing as we know next to nothing about the game, the ESRB at least offers some details, describing I Am Alive as a third-person action game in which "players traverse through city ruins and use a machete to kill human enemies in melee-style-combat".
The game's clearly coming out. But it's odd that Ubisoft hasn't shown it in upwards of three years. Our biggest guess is that the publisher's just going to drop it. But that in itself is an unusual strategy.