ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company Limited is a life insurance company in India. Established as a joint venture between ICICI Bank Limited[8] and Prudential Corporation Holdings Limited,[9] 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.[10][11]

ICICI Prudential Life Insurance Company Limited
TypePublic
ISININE726G01019
IndustryFinancial services
Founded2000 (2000)
HeadquartersMumbai, India
Key people
ProductsLife insurance
RevenueDecrease ₹49,569.52 crore (US$6.2 billion) (2023)[7]
Increase ₹813.49 crore (US$100 million) (2023)[7]
Total assetsIncrease ₹255,851.30 crore (US$32 billion) (2023)[7]
Total equityIncrease ₹10,089.52 crore (US$1.3 billion) (2022)[7]
Number of employees
20,000
ParentICICI Bank
Prudential plc
Websitewww.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[12] with assets under management (AUM) of approx. ₹1 billion (US$13 million).[13]

In 2005, the company crossed the mark of 1 million policies.[14] In 2008, it crossed the mark of 5 million policies and ₹100 billion (US$1.3 billion) in total premiums received.[14]

In 2010, the company had grown up to ₹500 billion (US$6.3 billion) mark in assets under management (AUM).[15]

In 2015, the company had crossed ₹1 trillion (US$13 billion) mark in assets under management (AUM).[16]

In 2016, ICICI Prudential Life became the first insurance company to be listed in Indian stock market, namely Bombay Stock Exchange and National Stock Exchange.[17] The IPO, where the parent company ICICI Bank Limited offloaded 12.65 per cent of its shares, was termed as biggest in the Indian market since 2010 with its market capitalisation of ₹50 billion (US$630 million). Temasek Holdings, Premji Invest and Government of Singapore are other major shareholders of the company.[18][19][20]

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.[21] The merger was later revoked by Securities Appellate Tribunal.[22]

In 2020, ICICI Prudential Life had crossed ₹2 trillion (US$25 billion) mark in assets under management (AUM).[23] The total premium income was ₹320 billion (US$4.0 billion) of which ₹120 billion (US$1.5 billion) was from the new business premium while approx. ₹210 billion (US$2.6 billion) was of the renewal premium.[24]

In 2022, ICICI Prudential Life Insurance company had crossed ₹2.5 trillion (US$30.75 billion) mark in AUM. [25]

Partnerships
  • In December 2019, the company collaborated with Paytm so that users can get the iProtect Smart plan benefits through it.[26]
  • 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.[27]
  • 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.[28]
  • 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.[29]

Advertising and marketing campaigns
  • In February 2013, the firm released a brand awareness campaign with a theme of "bande achhe hai". This TV commercial was inspired by a real-life incident that was aired for four weeks. The ad was shot by Amit Sharma of Chrome Pictures with music given by Shantanu Moitra and lyrics written by Swanand Kirkire.[30][31]
  • In March 2018, the firm had collaborated with actress Konkona Sen Sharma to drive awareness about their term plan ICICI Pru iProtect Smart plan that provides a life cover for family's protection and a 34 critical illness cover for self. The ad was showcased on TV, digital, cinema, outdoor media and other mediums.[32]
  • During COVID-19 time, in the month of November 2020, the firm released a commercial ad to spread awareness of their term plan product ICICI Pru iProtect Smart where customers can get the benefits of both life and health insurance.[33]

Corporate Social Responsibility (CSR) initiatives
  • In March 2019, ICICI Prudential Life Insurance geared up for a CSR initiative with a campaign named "Suna Kya? Body Ka Alarm" (transl. Listen to your body) in association with Times Spotlight. This initiative is urging Indian people to pay attention to their body signs and encourages them to be prepared financially. The company has also partnered with SRL Diagnostics for discounted health check-up packages.[34]
  • In March 2020, ICICI Prudential Life Insurance partnered with Times of India for conducting the Mission Healthy India Survey 2020 to find out if people were paying attention to the signs their body gives that can help them catch the onset of a critical illness early. This awareness initiative from the company urges people to take good care of their health and be financially prepared against any uncertainty.[35]

Awards and accreditation
Year Title Product Awards Notes
2011 Insurance Company of the Year Award 2011 Indian Insurance Awards [36]
2011 Company of the Year Award 2011 Life Insurance Indian Insurance Awards [36]
2016 Product of the Year 2016 ICICI Pru iProtect Smart Life insurance category by Product of the Year (India) Private Limited [36]
2018 Best Customer Orientation in Life Insurance Emerging Asia Awards 2018 [37]
2018 Best Life Insurance Company of the Year Emerging Asia Insurance Awards 2018 [37]
2018 Best Growth in Life Insurance Emerging Asia Awards 2018 [37]
2018 Best Insurance Firm of the Year 2018 – Life Insurance Highest Persistency and Claim Settlement Ratio at the Moneycontrol

Wealth Creator Awards

 [38]
2019 Product of the Year 2019 - Life insurance category ICICI Pru iProtect Smart "Product of the Year 2019" in the life insurance category by Product of the Year (India) Private Limited [39][40]
2020 Claims and Customer Service Excellence Awards Life Insurance Category by FICCI [41]
2021 Best ULIP Policy of the Year ICICI Pru Signature Business Today - Money Today Financial Awards [42]

See also

References
  1. "ICICI Prudential Life Insurance Company Ltd". Business Insider.
  2. "ICICI Pru soars 9% after appointment of Anup Bagchi as MD & CEO of company". Business Standard. 15 March 2023. Retrieved 15 March 2023.
  3. "We are a leadership talent factory: Judhajit Das, CHRO, ICICI Prudential Life". ETHRWorld.com. Retrieved 15 April 2021.
  4. "ICICI Prudential Life Insurance CFO Dhiren Salian discusses the role of Data Analytics". dqindia.com. Retrieved 20 June 2023.
  5. "Bancassurance contributes 40% to ICICI Pru retail business in H1". Financialexpress. 3 November 2022. Retrieved 4 August 2023.
  6. "There's a shift in customer preference for guaranteed insurance products". Mint. 10 February 2022. Retrieved 16 February 2023.
  7. "ICICI Prudential Ltd. Financial Statements". moneycontrol.com.
  8. "Stock Share Price | Get Quote | BSE". www.bseindia.com. Retrieved 6 September 2021.
  9. "ICICI Prudential Life climbs after tieup with NSDL Payments Bank". Business Standard India. 10 September 2020. Retrieved 14 September 2020.
  10. "ICICI Prudential Life Insurance Company Ltd". Business Standard India. Retrieved 3 May 2021.
  11. "ICICI Prudential Life Insurance to debut on BSE, NSE tomorrow". The Financial Express. 28 September 2016. Retrieved 3 May 2021.
  12. "Prudential Corp to sell up to 3.71% in ICICI Prudential Life Insurance". Hindu Business Line. 25 March 2019. Retrieved 14 September 2020.
  13. "ICICI Prudential Life Insurance company's AUM cross ₹2 lakh crore". mint. 11 December 2020. Retrieved 8 April 2021.
  14. "ICICI Prudential Life Insurance Company Ltd". Business Standard India. Retrieved 27 February 2023.
  15. "ICICI Prudential's Assets Under Management Cross Rs 2 Lakh Crore". Moneycontrol. 11 December 2020. Retrieved 8 April 2021.
  16. "ICICI Prudential Life AUM crosses Rs 1 trillion". Hindu Business Line. Press Trust of India. 25 February 2015. Retrieved 14 September 2020.
  17. "SBI Life Insurance IPO opens, raises Rs2,226 crore from anchor investors". Mint. 20 September 2017. Retrieved 14 September 2020.
  18. "ICICI Pru Life IPO to open on Sep 19, price band Rs 300-334/sh". Moneycontrol. 9 September 2016. Retrieved 14 September 2020.
  19. Swaraj Singh Dhanjal (22 June 2020). "Singapore govt buys ICICI Pru Life stake worth Rs842 crore". mint. Retrieved 14 September 2020.
  20. "ICICI to sell 6% stake in life insurance JV to Premji Invest, Temasek arm for Rs 1,950 crore". The Economic Times. Retrieved 17 August 2021.
  21. "IRDAI asks ICICI Prudential to take over Sahara insurance business". Zee Business. 29 July 2017. Retrieved 14 September 2020.
  22. "Tribunal Revokes IRDAI Order To Transfer Sahara Life Business To ICICI Prudential". BloombergQuint. 11 January 2018. Retrieved 21 September 2020.
  23. "ICICI Prudential's assets under management cross Rs 2 trillion". Business Standard India. Press Trust of India. 11 December 2020. Retrieved 8 April 2021.
  24. "ICICI Pru Life confident to double value of new biz premium in FY23 over FY19". mint. 28 March 2021. Retrieved 8 April 2021.
  25. "ICICI Pru Life's assets touch Rs 2.5 lakh cr on strong growth". The Economic Times. Retrieved 12 January 2023.
  26. "ICICI Prudential Life Insurance partners with Paytm". ETBrandEquity.com. Retrieved 9 April 2021.
  27. "ICICI Prudential Life climbs after tieup with NSDL Payments Bank". Business Standard India. 10 September 2020. Retrieved 17 August 2021.
  28. "RBL Bank, ICICI Prudential join hands for bancassurance partnership". The Economic Times. Retrieved 17 August 2021.
  29. "PhonePe Launches Term Life Insurance Plans Starting at Rs 149 Annual Premium, How to Access It". www.news18.com. 6 January 2021. Retrieved 10 April 2021.
  30. "ICICI Prudential's new ad 'Bande achhe hai' aims to build an emotional relevance". The Economic Times. Retrieved 10 April 2021.
  31. "ICICI Prudential's tribute to men". afaqs!. Retrieved 10 April 2021.
  32. www.ETBrandEquity.com. "ICICI Prudential Life Insurance ropes in Konkona Sen Sharma for its newest campaign - ET BrandEquity". ETBrandEquity.com. Retrieved 10 April 2021.
  33. "ICICI Prudential Life Insurance unveils new campaign for term insurance - Exchange4media". Indian Advertising Media & Marketing News – exchange4media. Retrieved 10 April 2021.
  34. Krishnan, Aishwarya. "Our body is talking to us. Are we too busy to listen?". The Economic Times. Retrieved 10 April 2021.
  35. "Your body is talking to you. The Mission Healthy India survey reveals why you need to pay attention! - Times of India". The Times of India. Retrieved 10 April 2021.
  36. "ICICI Prudential Life Insurance Company History | ICICI Prudential Life Insurance Company Information - The Economic Times". economictimes.indiatimes.com. Retrieved 15 April 2021.
  37. "Emerging Asia Insurance Awards 2018" (PDF). Iccasiainsuranceawards.com. 28 May 2018. p. 9. Retrieved 15 April 2021.
  38. "Wealth Creator Awards | Financial Sector Awards - Moneycontrol.com". Moneycontrol. Retrieved 15 April 2021.
  39. PoyUser. "Winning Products". Product of the Year India | Consumers Vote. Sales Increase. Retrieved 6 September 2021.
  40. "Product of the Year Awards India 2019 recognises the best brands and innovations". www.timesnownews.com. Retrieved 6 September 2021.
  41. "ICICI Prudential Life Insurance - Buy Best Life Insurance Plans". www.policyx.com. Retrieved 15 April 2021.
  42. "The Top Rung- Business News". www.businesstoday.in. Retrieved 15 April 2021.
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