ICICI Prudential Life Insurance
Indian life insurance company
From Wikipedia, the free encyclopedia
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]
 | |
| Company type | Public |
|---|---|
| ISIN | INE726G01019 |
| Industry | Financial services |
| Founded | 2000 |
| Headquarters | Mumbai, India |
Key people | |
| Products | |
| Revenue |  ₹49,569.52 crore (US$5.9 billion) (2023)[5] |
 ₹813.49 crore (US$96 million) (2023)[5] | |
| Total assets | ₹255,851.30 crore (US$30 billion) (2023)[5] |
| Total equity | ₹10,089.52 crore (US$1.2 billion) (2022)[5] |
Number of employees | 20,000 |
| Parent | ICICI Bank (51%) Prudential plc (49%) |
| Website | www.iciciprulife.com |
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][11]
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.[12] In the IPO, parent company ICICI Bank Limited offloaded 12.65% stake worth ₹5,000 crore (US$744.1 million).[13][14][15]
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.[16] The merger was later revoked by Securities Appellate Tribunal.[17]
As of 2022, ICICI Prudential Life Insurance company had ₹2.5 trillion (US$30.75 billion) in assets under management (AUM).[18]