ICICI Prudential Life Insurance

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ICICI Prudential Life Insurance Company Limited
ICICI Bank (51%)
Prudential plc (49%)
Websitewww.iciciprulife.com

ICICI Prudential Life Insurance Company Limited is an Indian

stock exchanges.[8][9]

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

  • In December 2019, the company collaborated with Paytm so that users can get the iProtect Smart plan benefits through it.[24]
  • In September 2020, it entered into a corporate agency agreement with NSDL Payments Bank for providing customer-based protection and savings products to customers of latter.[25]
  • In December 2020, it collaborated with RBL Bank and formed a bancassurance partnership with a plan to offer portfolio of life insurance products to customers.[26]
  • In January 2021, the company collaborated with PhonePe so that users can get term life insurance instantly via the app without any health check-ups and paperwork.[27]

See also

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. ^ a b c d "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. ^ a b "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.

External links

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