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ICICI Prudential Life Insurance Company Ltd.

BSE: 540133 Sector: Financials
NSE: ICICIPRULI ISIN Code: INE726G01019
BSE LIVE 15:46 | 21 Aug 420.55 -6.60
(-1.55%)
OPEN

427.00

HIGH

439.15

LOW

420.00

NSE 15:49 | 21 Aug 420.15 -7.10
(-1.66%)
OPEN

427.50

HIGH

439.00

LOW

419.00

OPEN 427.00
PREVIOUS CLOSE 427.15
VOLUME 113967
52-Week high 507.90
52-Week low 273.65
P/E 48.56
Mkt Cap.(Rs cr) 60,367
Buy Price 420.55
Buy Qty 138.00
Sell Price 0.00
Sell Qty 0.00
OPEN 427.00
CLOSE 427.15
VOLUME 113967
52-Week high 507.90
52-Week low 273.65
P/E 48.56
Mkt Cap.(Rs cr) 60,367
Buy Price 420.55
Buy Qty 138.00
Sell Price 0.00
Sell Qty 0.00

ICICI Prudential Life Insurance Company Ltd. (ICICIPRULI) - Chairman Speech

Company chairman speech

Dear Shareholders

Fiscal 2016 was marked by events with significant implications for both developed andemerging economies.

On the global front three key trends dominated which included slowdown in economicgrowth in China divergence in monetary policy action across developed and emergingeconomies and a sharp decline in commodity prices. A noteworthy revival in global growthcontinued to remain a challenge. In India we saw improvements in several key economicindicators like inflation foreign investments and current account deficit.Government’s policy initiatives were focused on creating a favourable environment forgrowth social inclusion and investments. However there were challenges in terms ofslowdown in nominal growth impact of muted global commodity prices on some importantsectors and subdued private investments. The financial sector saw increased opportunitiesin the retail space during the year indicating growing preference for financial savings.The Government emphasised the importance of long-term savings in its inclusive growthinitiatives. During the year the Prime Minister’s Jeevan Jyoti Bima Yojana waslaunched which has the potential to significantly increase the penetration of insurance inthe country. Your company continued to leverage these opportunities and maintained itsleadership position in the industry. At the same time we continue to build on the largergoals of providing adequate financial protection to a large cross-section of thecountry’s population. Our philosophy of customer centricity has earned us the trustof millions of our customers. We have taken the lead in leveraging digital platforms forimproving the customer experience and expanding the tools available to our distributionchannels. Our digital strategy has helped us to continue on the growth path and meet thegrowing expectations of world class service for our customers in a cost effective manner.

The life insurance sector continued to benefit from important policy decisions. Lastyear the foreign investment limits were increased from 26% to 49%. In the current yearthis was further liberalised by permitting foreign investment up to 49% under theautomatic route. I believe this is an important step in unlocking the growth potentialand the opportunity for value creation in the sector. Fiscal 2016 marked a major milestonefor the company with the addition of two highly regarded financial investors as newshareholders in the company. This transaction helped to establish a valuation benchmarkand was an affirmation of the substantial value created by your company. Going forwardIndia presents immense opportunities to expand the life insurance business given the vastuntapped potential rising prosperity including a potentially favourable impact of theseventh pay commission and the increasing awareness of the need for financial protection.We will continue to focus on meeting the diverse needs of our customers and createsustainable value for all our stakeholders.

With best wishes