ICICI Prudential Life Insurance

Last updated

ICICI Prudential Life Insurance Company Limited
Company type Public
ISIN INE726G01019
Industry Financial services
Founded2000;24 years ago (2000)
Headquarters Mumbai, India
Key people
Products
RevenueDecrease2.svg₹49,569.52 crore (US$6.2 billion) (2023) [5]
Increase2.svg₹813.49 crore (US$100 million) (2023) [5]
Total assets Increase2.svg₹255,851.30 crore (US$32 billion) (2023) [5]
Total equity Increase2.svg₹10,089.52 crore (US$1.3 billion) (2022) [5]
Number of employees
20,000
Parent ICICI Bank (51%)
Prudential plc (49%)
Website www.iciciprulife.com

ICICI Prudential Life Insurance Company Limited is an Indian life insurance company in India. Established as a joint venture between ICICI Bank Limited [6] and Prudential Corporation Holdings Limited, [7] ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the company became the first insurance company in India to be listed in the domestic stock exchanges. [8] [9]

Contents

History

ICICI Prudential Life Insurance started its operations in 2001. The life insurance arm was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited [10] with assets under management (AUM) of approx. ₹1 billion (US$13 million). [11]

In 2005, the company crossed the mark of 1 million policies. [12] In 2008, it crossed the mark of 5 million policies and ₹100 billion (US$1.3 billion) in total premiums received. [12]

In 2010, the company had grown up to ₹500 billion (US$6.3 billion) mark in assets under management (AUM). [13]

In 2015, the company had crossed ₹1 trillion (US$13 billion) mark in assets under management (AUM). [14]

In 2016, ICICI Prudential Life became the first insurance company to be listed in Indian stock exchanges, namely Bombay Stock Exchange and National Stock Exchange. [15] In the IPO, parent company ICICI Bank Limited offloaded 12.65% stake worth ₹5,000 crore (US$744.1 million). [16] [17] [18]

In 2017, ICICI Prudential Life was to take over Sahara Life's insurance business on request from the regulator IRDA in a motive to resolve the crisis at Sahara's life insurance arm. [19] The merger was later revoked by Securities Appellate Tribunal. [20]

In 2020, ICICI Prudential Life had crossed ₹2 trillion (US$25 billion) mark in assets under management (AUM). [21] The total premium income was ₹320 billion (US$4.0 billion) of which ₹120 billion (US$1.5 billion) was from the new business premium while approx. ₹210 billion (US$2.6 billion) was of the renewal premium. [22]

In 2022, ICICI Prudential Life Insurance company had crossed ₹2.5 trillion (US$30.75 billion) mark in AUM. [23]

Partnerships

See also

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References

  1. ↑ "ICICI Prudential Life Insurance Company Ltd". Business Insider.
  2. ↑ "ICICI Pru soars 9% after appointment of Anup Bagchi as MD & CEO of company". Business Standard. 15 March 2023. Retrieved 15 March 2023.
  3. ↑ "We are a leadership talent factory: Judhajit Das, CHRO, ICICI Prudential Life". ETHRWorld.com. Retrieved 15 April 2021.
  4. ↑ "ICICI Prudential Life Insurance CFO Dhiren Salian discusses the role of Data Analytics". dqindia.com. Retrieved 20 June 2023.
  5. 1 2 3 4 "ICICI Prudential Ltd. Financial Statements". moneycontrol.com.
  6. ↑ "Stock Share Price | Get Quote | BSE". www.bseindia.com. Retrieved 6 September 2021.
  7. ↑ "ICICI Prudential Life climbs after tieup with NSDL Payments Bank". Business Standard India. 10 September 2020. Retrieved 14 September 2020.
  8. ↑ "ICICI Prudential Life Insurance Company Ltd". Business Standard India. Retrieved 3 May 2021.
  9. ↑ "ICICI Prudential Life Insurance to debut on BSE, NSE tomorrow". The Financial Express. 28 September 2016. Retrieved 3 May 2021.
  10. ↑ "Prudential Corp to sell up to 3.71% in ICICI Prudential Life Insurance". Hindu Business Line. 25 March 2019. Retrieved 14 September 2020.
  11. ↑ "ICICI Prudential Life Insurance company's AUM cross ₹2 lakh crore". mint. 11 December 2020. Retrieved 8 April 2021.
  12. 1 2 "ICICI Prudential Life Insurance Company Ltd". Business Standard India. Retrieved 27 February 2023.
  13. ↑ "ICICI Prudential's Assets Under Management Cross Rs 2 Lakh Crore". Moneycontrol. 11 December 2020. Retrieved 8 April 2021.
  14. ↑ "ICICI Prudential Life AUM crosses Rs 1 trillion". Hindu Business Line. Press Trust of India. 25 February 2015. Retrieved 14 September 2020.
  15. ↑ "SBI Life Insurance IPO opens, raises Rs2,226 crore from anchor investors". Mint. 20 September 2017. Retrieved 14 September 2020.
  16. ↑ "ICICI Pru Life IPO to open on Sep 19, price band Rs 300-334/sh". Moneycontrol. 9 September 2016. Retrieved 14 September 2020.
  17. ↑ Swaraj Singh Dhanjal (22 June 2020). "Singapore govt buys ICICI Pru Life stake worth Rs842 crore". mint. Retrieved 14 September 2020.
  18. ↑ "ICICI to sell 6% stake in life insurance JV to Premji Invest, Temasek arm for Rs 1,950 crore". The Economic Times. Retrieved 17 August 2021.
  19. ↑ "IRDAI asks ICICI Prudential to take over Sahara insurance business". Zee Business. 29 July 2017. Retrieved 14 September 2020.
  20. ↑ "Tribunal Revokes IRDAI Order To Transfer Sahara Life Business To ICICI Prudential". BloombergQuint. 11 January 2018. Retrieved 21 September 2020.
  21. ↑ "ICICI Prudential's assets under management cross Rs 2 trillion". Business Standard India. Press Trust of India. 11 December 2020. Retrieved 8 April 2021.
  22. ↑ "ICICI Pru Life confident to double value of new biz premium in FY23 over FY19". mint. 28 March 2021. Retrieved 8 April 2021.
  23. ↑ "ICICI Pru Life's assets touch Rs 2.5 lakh cr on strong growth". The Economic Times. Retrieved 12 January 2023.
  24. ↑ "ICICI Prudential Life Insurance partners with Paytm". ETBrandEquity.com. Retrieved 9 April 2021.
  25. ↑ "ICICI Prudential Life climbs after tieup with NSDL Payments Bank". Business Standard India. 10 September 2020. Retrieved 17 August 2021.
  26. ↑ "RBL Bank, ICICI Prudential join hands for bancassurance partnership". The Economic Times. Retrieved 17 August 2021.
  27. ↑ "PhonePe Launches Term Life Insurance Plans Starting at Rs 149 Annual Premium, How to Access It". www.news18.com. 6 January 2021. Retrieved 10 April 2021.
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