ICICI Prudential Life Insurance Company is one of the leading insurance company dealing in the following domains:
- Money back
- Rural plans
It is formed as a joint venture (JV) between ICICI Bank and Prudential PLC (a financial company from UK)
ICICI Prudential was the first company among the private players, way back in 2000 to begin operations in India. It is governed by 5 core values:
- Customer First
The most noteworthy employees of ICICI Prudential are:
- Mr. Sandeep Bakshi (MD & CEO)
- Mr. Puneet Nanda (ED & CMO)
- Mr. Sandeep Batra (ED)
- Mr. Judhajit Das (CHO)
- Mr. Manish Kumar (CIO)
- Ms Asha Murali (Appointed Actuary)
As per the latest reports, Assets Under Management (AUM) of ICICI Prudential were INR 1,229 Billion and In-force Sum Assured is more than INR 3 Trillion.
For Financial year 2016-17, ICICI Prudential claimed 28.1% growth in Annual Premium Equivalent often termed as APE, amounting to INR 6,625 Crore. This is much more than 9% growth witnessed for the previous year. While for Saving Plans, the growth was 26.5%, for Protection plans. Hence it was a record 87.1% showing company’s focus on term plans and the market adoption.
The Claim settlement Ratio has also witnessed increased numbers @96.9% consequently for this FY. The Profit After Tax stood at INR 1,682 Crores while the Dividend proposed is INR 1,055 crores.
Furthermore, in the recent news, it has come out evident that ICICI Prudential shall take over Sahara Life’s Insurance business.
In Conclusion, the company has managed to increase market penetration from 5.9% in 2012 to 12% this year considering Retail weighted received premiums achieving the highest growth among its competitors.