ICICI Prudential Life Insurance explained
ICICI Prudential Life Insurance Company Limited is an Indian life insurance company in India. Established as a joint venture between ICICI Bank Limited[2] and Prudential Corporation Holdings Limited,[3] 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.[4] [5]
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[6] with assets under management (AUM) of approx. .[7]
In 2005, the company crossed the mark of 1 million policies.[8] In 2008, it crossed the mark of 5 million policies and in total premiums received.
In 2010, the company had grown up to mark in assets under management (AUM).[9]
In 2015, the company had crossed mark in assets under management (AUM).[10]
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.[11] In the IPO, parent company ICICI Bank Limited offloaded 12.65% stake worth .[12] [13] [14]
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.[15] The merger was later revoked by Securities Appellate Tribunal.[16]
In 2020, ICICI Prudential Life had crossed mark in assets under management (AUM).[17] The total premium income was of which was from the new business premium while approx. was of the renewal premium.[18]
In 2022, ICICI Prudential Life Insurance company had crossed ₹2.5 trillion (US$30.75 billion) mark in AUM. [19]
Partnerships
- In December 2019, the company collaborated with Paytm so that users can get the iProtect Smart plan benefits through it.[20]
- 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.[21]
- 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.[22]
- 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.[23]
See also
Notes and References
- Web site: ICICI Prudential Ltd. Financial Statements . moneycontrol.com.
- Web site: Stock Share Price Get Quote BSE. 2021-09-06. www.bseindia.com.
- Web site: ICICI Prudential Life climbs after tieup with NSDL Payments Bank . Business Standard India . 14 September 2020 . 10 September 2020.
- News: ICICI Prudential Life Insurance Company Ltd.. Business Standard India. 2021-05-03.
- Web site: 2016-09-28. ICICI Prudential Life Insurance to debut on BSE, NSE tomorrow. 2021-05-03. The Financial Express. en-US.
- News: Prudential Corp to sell up to 3.71% in ICICI Prudential Life Insurance . 14 September 2020 . Hindu Business Line . 25 March 2019 . en.
- Web site: 2020-12-11 . ICICI Prudential Life Insurance company's AUM cross ₹2 lakh crore . 2021-04-08 . mint . en.
- News: ICICI Prudential Life Insurance Company Ltd. . Business Standard India . 2023-02-27.
- Web site: ICICI Prudential's Assets Under Management Cross Rs 2 Lakh Crore. 2021-04-08. Moneycontrol. 11 December 2020 .
- News: ICICI Prudential Life AUM crosses Rs 1 trillion . 14 September 2020 . Hindu Business Line . Press Trust of India . 25 February 2015 . en.
- News: SBI Life Insurance IPO opens, raises Rs2,226 crore from anchor investors . 14 September 2020 . Mint . 20 September 2017 . en.
- Web site: ICICI Pru Life IPO to open on Sep 19, price band Rs 300-334/sh . Moneycontrol . 14 September 2020 . 9 September 2016.
- News: Swaraj Singh Dhanjal . Singapore govt buys ICICI Pru Life stake worth Rs842 crore . 14 September 2020 . mint . 22 June 2020 . en.
- News: ICICI to sell 6% stake in life insurance JV to Premji Invest, Temasek arm for Rs 1,950 crore. The Economic Times. 2021-08-17.
- News: IRDAI asks ICICI Prudential to take over Sahara insurance business . 14 September 2020 . Zee Business . 29 July 2017.
- News: Tribunal Revokes IRDAI Order To Transfer Sahara Life Business To ICICI Prudential . 21 September 2020 . BloombergQuint . 11 January 2018 . en.
- News: Press Trust of India. 2020-12-11. ICICI Prudential's assets under management cross Rs 2 trillion. Business Standard India. 2021-04-08.
- Web site: 2021-03-28. ICICI Pru Life confident to double value of new biz premium in FY23 over FY19. 2021-04-08. mint. en.
- News: ICICI Pru Life's assets touch Rs 2.5 lakh cr on strong growth . The Economic Times . 2023-01-12.
- Web site: ICICI Prudential Life Insurance partners with Paytm . 2021-04-09. ETBrandEquity.com. en.
- News: 2020-09-10. ICICI Prudential Life climbs after tieup with NSDL Payments Bank. Business Standard India. 2021-08-17.
- News: RBL Bank, ICICI Prudential join hands for bancassurance partnership. The Economic Times. 2021-08-17.
- Web site: 2021-01-06. PhonePe Launches Term Life Insurance Plans Starting at Rs 149 Annual Premium, How to Access It. 2021-04-10. www.news18.com. en.