ICICI Prudential

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ICICI Prudential

  • Begin operations in the year 2000
  • Joint venture between ICICI Bank and Prudential plc
  • Profit after tax is Rs 14.96 billion in FY-13
  • More than 305,000 policies issued in rural areas

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).

ICICI Prudential Life's capital stands at Rs 4796 crores (as of March 31, 2014) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the financial year 2014, the company has garnered total premium of Rs 12429 crores. The company has assets under management of over Rs. 80,000 crores as on March 31, 2014.

For the past decade, ICICI Prudential Life Insurance has maintained its dominant position (on new business retail weighted basis) amongst private life insurers in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

Source: http://www.iciciprulife.com

ICICI Prudential: Leveraging Technology to Service Customers

2013 ICICI Pru iCare one of the product of the company receives “Product of the Year” award
2012 Launches - ICICI Pru mobile website
2011 Launches two new products : ICICI Pru Elite Life & Elite Wealth
2010 Bags India's Most Customer Responsive Insurance Company by AGC Networks - Economic Times, Customer Responsiveness Awards, 2010.
2008 Receives the “Life Insurance Company of the Year” at the 12th Asia Insurance Industry Awards.

Updated: June, 2014

India's insurance industry is expected to reach US$ 280 billion by 2020.