ICICI Prudential Life Insurance Company Ltd:
ICICI Prudential Life Insurance Company Limited is engaged in pension, life insurance and health insurance products for individual customers or client organizations in India. Participating, non-participating, non-participating variables and unit-linked products are provided by the company. Besides that, retirement insurance products and pension fund management services are also being provided by the company. Along with individuals, the corporate agents, banks and brokers play the role of the distributors of the company’s products and services, besides the strong and powerful sales management system and marketing team of the company.
A joint venture took place between ICICI Bank Limited and Prudential Corporation Holdings Limited, to form ICICI Prudential Life Insurance Company Limited was formed. ICICI Bank Limited, which has the asset base of Rs.7.2 trillion, as recorded on March 31, 2016, is the largest private sector bank in India. Prudential Corporation Holdings Limited is a subsidiary of world’s top-graded finance player Prudential Group, having an asset-holding of GBP 509 billion as recorded on 31st December 2015. The company had been incorporated in 2000 and is headquartered in Mumbai, India.
About Company Information:
ICICI Prudential Life Insurance started its business operations in the financial year of 2000-01, recognizing it amongst the list of the first private sector life insurance companies in India. The company got the achievement of crossing more than one lakh policies in 2001-02. By only three years the firm crossed a milestone of achieving more than one million policies in 2004-05, which propagated with the achievement of crossing 5 million policies, during 2007-08.
During 2007-08, the company’s total premium and assets under management had crossed Rs.1000 crores and Rs.5000 crores respectively. ICICI Prudential Pension Funds Management Company Limited, a cent per cent subsidiary of the company, registered under Pensions Fund Regulatory and Development Authority of India, as a fund manager for dealing with pension funds related business, was incorporated during 2009-10.
During 2009-10, ICICI Prudential Life Insurance enjoyed a handsome profit of Ts.258 crores. During this period, the assets under management were flourished with the mark of Rs.5000 crores. Maiden dividend to the shareholders had been offered by the company, during 2011-12. The company again touched a milestone, being recognized as India’s first private life insurance company, having the assets under management of Rs.100, 000 crores.
Initial Public Offer (IPO) of ICICI Prudential Life Insurance was opened for subscription on 19th September 2016 and was closed on 21st September 2016. The company had been offered with 18.13 crore shares in the IPO by ICICI Bank, which is a promoter of the company. In September 2016, the company got the achievement of being recognized in the list of Indian Stock Exchange, reaching the milestone of being the nation's first private sector life insurance firm, to be listed on the National Stock Exchange.
Insurance Regulatory and Development Authority of India, often called IRDAI, charged a penalty of Rs.20 lakh upon the company, which was notified by a public announcement from the company in March 2017. ICICI Prudential Life Insurance was asked with a show-cause notice, as a result of certain observation from IRDAI, much before the penalty charges, in December 2013, when an onsite inspection of the company had been carried from this insurance sector regulatory organization.
ICICI Prudential Life Insurance had been ordered by the Insurance Regulatory and Development Authority of India to take over the entire assets and policyholder liabilities of Sahara Life Insurance, what the company announced publicly on July 2017.
On the November of 2017, the implementation of Electronic - National Automated Clearing House service of the National Payment Corporation of India, often called as e-NACH, was officially announced in a public statement by ICICI Prudential Life Insurance. It is the first Indian company in the life insurance business that introduced e-NACH services for its customers. e-NACH, a digitally designed registration process with the most technocratic and paperless form of payment making, is assuring a customer to give a mandate to the bank to debit his or her account at predetermined frequencies.
How ICICI Prudential Life Insurance Company Ltd is categorised as a Finance Sector, and Finance - Life Insurance Industry :
The Finance sector is a section that leads the world in terms of equity market capitalization and earnings. The companies that are in the economic enterprise focus mainly on managing money, as their revenue is generated mostly by the sectors from mortgage and loans that gain value as interest rates rise. Also, this industry's economy is made up of institutions and firms that provide financial services to wholesale and retail customers.
ICICI Prudential Life Insurance Company Ltd is categorised as a Finance Sector, and Finance - Life Insurance Industry. The insurance industry in India has seen significant growth in the last decade along with an initiation of a large number of exceptional products. This has led to healthy competition with a positive and sound outcome. Insurance sector in India plays a progressive role in the wellbeing of its economy. It considerably increases the possibilities for savings amongst the individuals, safeguards their future. It also serves the insurance sector enabling the firms to form a massive pool of funds. The insurance sector profoundly contributes to the capital markets with the help of these reserves, thereby expanding massive infrastructure developments in India.
ICICI Prudential Life Insurance Company Ltd, Competitors and Sector Peers:
HDFC Life Insurance Company Ltd. HDFSTA
SBI Life Insurance Company Ltd. SBILIF