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. 4,793 crores (as of June 30, 2012) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1, 2012 to June 30, 2012, the company has garnered total premium of Rs 2,385 crores and has underwritten over 13 million policies since inception. The company has assets held over Rs. 70,000 crores as on June 30, 2012.
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.
To be the dominant Life, Health and Pensions player built on trust by world-class people and service.
This we hope to achieve by:
The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work.
We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.
Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Humility, and Passion. These values shine forth in all we do, and have become the keystones of our success.
ICICI Bank Limited (NYSE:IBN) is India's one of the leading private sector bank and the second largest bank in the country, with consolidated total assets of US$ 111 billion at June 30, 2012. ICICI Bank's subsidiaries include India's one of the leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 19 countries, including India.
Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for over 160 years and has £363 billion in assets under management (as at 30 June 2012).