ICICI Prudential

ICICI Prudential Life Insurance Company Limited is a life insurance company in India. Established as a joint venture between ICICI Bank and Prudential plc,[3] ICICI Prudential is engaged in life insurance and asset management business. The firm offers long term life insurance plans and is headquartered in Mumbai. in 2016, the firm became the first insurance company in India to be listed in the domestic stock exchanges.

ICICI Prudential Life Insurance Company Limited
TypePublic
IndustryFinancial services
Founded2000
HeadquartersMumbai, India
Key people
Narayanan Srinivasa Kannan MD[1]
ProductsLife insurance
Revenue ₹2,652 crore (US$370 million) (2020)[2]
₹1,067 crore (US$150 million) (2020)[2]
₹1,066 crore (US$150 million) (2020)[2]
Total assets ₹156,030 crore (US$22 billion) (2020)[2]
Total equity ₹5,842 crore (US$820 million) (2020)[2]
Number of employees
14,630
ParentICICI Bank
Websitewww.iciciprulife.com

History

ICICI Prudential was founded on December 12, 2000 & started its operations in 2001. The life insurance arm was established as a joint venture between ICICI Bank and Prudential Corporation Holdings Limited.[4] In 2015, the form had crossed ₹1 trillion (US$14 billion) mark in assets under management (AUM).[5]

In 2016, ICICI Prudential became the first insurance company to be listed in Indian stock market, namely Bombay Stock Exchange and National Stock Exchange.[6] The IPO, where the parent company ICICI Bank 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 (US$700 million). Temasek Holdings, Premji Invest and Government of Singapore are other major shareholders of the company.[7][8]

In 2017, ICICI Prudential was requested took over Sahara Life’s insurance business on request from the regulator IRDA in a motive to resolve the crisis at the later's life insurance arm.[9] The merger was later revoked by Securities Appellate Tribunal.[10]

See also

References
  1. "NS Kannan: ICICI Prudential Life's new pair of legs for the insurance race". Moneycontrol. 19 June 2018. Retrieved 14 September 2020.
  2. "ICICI Prudential Ltd. Financial Statements". moneycontrol.com.
  3. "ICICI Prudential Life climbs after tieup with NSDL Payments Bank". Business Standard India. 10 September 2020. Retrieved 14 September 2020.
  4. "Prudential Corp to sell up to 3.71% in ICICI Prudential Life Insurance". Hindu Business Line. 25 March 2019. Retrieved 14 September 2020.
  5. "ICICI Prudential Life AUM crosses Rs 1 trillion". Hindu Business Line. Press Trust of India. 25 February 2015. Retrieved 14 September 2020.
  6. "SBI Life Insurance IPO opens, raises Rs2,226 crore from anchor investors". Mint. 20 September 2017. Retrieved 14 September 2020.
  7. "ICICI Pru Life IPO to open on Sep 19, price band Rs 300-334/sh". Moneycontrol. 9 September 2016. Retrieved 14 September 2020.
  8. Swaraj Singh Dhanjal (22 June 2020). "Singapore govt buys ICICI Pru Life stake worth Rs842 crore". mint. Retrieved 14 September 2020.
  9. "IRDAI asks ICICI Prudential to take over Sahara insurance business". Zee Business. 29 July 2017. Retrieved 14 September 2020.
  10. "Tribunal Revokes IRDAI Order To Transfer Sahara Life Business To ICICI Prudential". BloombergQuint. 11 January 2018. Retrieved 21 September 2020.
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