ICICI Prulife

Rank#2573

Market Cap7.01B

CountryIndia

Summary

ICICI Prudential Life Insurance Company Limited provides life insurance, pension, and health insurance products to individuals and groups in India. The company also provides term life, health, savings, annuity, and retirement insurance products; and pension fund management services. It distributes its products through individual and corporate agents, banks, and brokers, as well as through its own sales force and website. The company was incorporated in 2000 and is based in Mumbai, India. ICICI Prudential Life Insurance Company Limited operates as a subsidiary of ICICI Bank Limited.

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 with assets under management of approx. ?100 crore .In 2010, the company had grown up to ?50,000 crore mark in assets under management .In 2015, the company had crossed ?1 trillion mark in assets under management . It became the first insurance company in the industry to benchmark in AUM.In 2016, ICICI Prudential Life became the first insurance company to be listed in Indian stock market, namely Bombay Stock Exchange and National Stock Exchange. The IPO, where the parent company ICICI Bank Limited offloaded 12.65 per cent of its shares, was termed as biggest in the Indian market since 2010 with its market capitalisation of ?5,000 crore . Temasek Holdings, Premji Invest and Government of Singapore are other major shareholders of the company.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. The merger was later revoked by Securities Appellate Tribunal.In 2020, ICICI Prudential Life had crossed ?2 trillion mark in assets under management . The total premium income was ?32,000 crore of which ?12,000 crore was from the new business premium while approx. ?21,000 crore was of the renewal premium.

Historical landmarks

Following are the major landmarks of the company after its formation:

Mission

To build an enduring institution that serves the protection and long-term saving needs of customers with sensitivity.

Vision

To build an enduring institution that serves the protection and long-term saving needs of customers with sensitivity.

References

https://en.wikipedia.org/wiki/ICICI_Prudential_Life_Insurance

https://in.investing.com/equities/icici-prudential-life-insurance-com

https://finance.yahoo.com/quote/ICICIPRULI.NS/profile?p=ICICIPRULI.NS

https://www.comparably.com/companies/icici-prudential-life-insurance

https://www.crunchbase.com/organization/icici-prulife-insurance