Exploring avenues to monetise insurance holdings: ICICI Bank

ICICI Bank today said it is exploring avenues for monetising its holding in ICICI Prudential Life Insurance but steered clear of making a direct comment on any imminent deal.
The company's clarification comes in the backdrop of reports that ICICI Bank and Prudential Plc are looking to sell at least a 5 per cent stake in their insurance joint venture, ICICI Pru Life.
"We would like to inform you that no event or transaction has been concluded which would have required a disclosure under Clause 36 of the listing agreement to be made. The bank has previously articulated its position of exploring avenues for monetising its insurance holdings..." ICICI Bank said in a late evening BSE filing.

In its January 30 analyst call, the Chanda Kochhar-led lender had stated that it would "explore opportunities to monetise a part of our insurance holdings", given the recent policy developments in this regard.
The government has recently issued an ordinance for increasing composite cap of foreign investment in insurance companies from 26 per cent to 49 per cent.
"We currently do have various options and we are looking at those options," ICICI Bank, Executive Director, NS Kannan had said in the call to a question on monetising its insurance business.

ICICI Prudential Life was amongst the first private sector life insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority of India (IRDAI).

ICICI Prudential Life's capital infused stands at Rs. 47.96 billion (as of March 31, 2014) with ICICI Bank Ltd. And Prudential plc holding 74 per cent and 26 per cent stake respectively.
For the financial year 2014, the company garnered a total premium of Rs 124.29 billion. The company has assets under management of Rs 805.97 billion as on March 31, 2014.