ICICI Prudential Life Insurance Company Limited was incorporated on 20th July 2000 as a public limited company. The Company obtained the certificate of commencement of business on October 16 2000. It is registered with the Insurance Regulatory and Development Authority of India (IRDAI) for carrying out the business of life insurance pursuant to the registration certificate dated November 24 2000.ICICI Prudential is a joint venture between ICICI Bank Limited India's largest private sector bank in terms of total assets with an asset base of Rs. 7.2 trillion at March 31 2016 and Prudential Corporation Holdings Limited a part of the Prudential Group an international financial services group with GBP 509 billion of assets under management at December 31 2015. It is one of the first private sector life insurance companies in India and commenced operations in fiscal 2001. The company offers its customers a range of life insurance health insurance and pension products and services. In 2001-02 ICICI Prudential Life Insurance crossed the mark of 1 lakh policies. During the year 2004-05 the company crossed the mark of 1 million policies. During the year 2007-08 the company crossed the mark of 5 million policies. Also during the year its total premium crossed Rs 10000 crore mark and the assets under management crossed Rs 25000 crore mark. During the year 2009-10 the company established a wholly owned subsidiary ICICI Prudential Pension Funds Management Company Limited which is registered as a fund manager with the Pensions Fund Regulatory and Development Authority of India for the purposes of undertaking pension funds related business. During the year ICICI Prudential Life Insurance turned profitable and registered profit of Rs 258 crore. During the year the company's assets under management crossed Rs 50000 crore mark. During the year 2011-12 the company announced maiden dividend to the shareholders. During the year 2014-15 ICICI Prudential Life became the first private life insurer to attain assets under management of Rs 1 lakh crore.ICICI Prudential Life Insurance Company's initial public offer (IPO) opened for subscription on 19 September 2016 and closed on 21 September 2016. One its promoters ICICI Bank offered 18.13 crore shares in the price band from Rs 300 to Rs 334 per share in the IPO. There was no fresh issue of shares from ICICI Prudential Life Insurance Company. On 29 September 2016 ICICI Prudential Life was listed on the bourses and it became the first pure play life insurance company in India to be listed on the Indian stock exchanges. On 27 March 2017 ICICI Prudential Life announced that the Insurance Regulatory and Development Authority of India (IRDAI) has levied a penalty of Rs 20 lakh on the company. Earlier the IRDAI had conducted an onsite inspection of the company in December 2013 and subsequently the insurance sector regulator raised certain observations which were followed by a show-cause notice to the company. On 28 July 2017 ICICI Prudential Life announced that it has received an order from Insurance Regulatory and Development Authority of India (IRDAI) directing it to take over the assets and policyholder liabilities of Sahara Life Insurance. This is not a merger between the two companies but purely a transfer of customers of Sahara Life Insurance to ICICI Prudential Life. On 27 November 2017 ICICI Prudential Life Insurance Company Limited (ICICI Pru Life) announced that it has implemented the Electronic - National Automated Clearing House (e-NACH) service of the National Payment Corporation of India. ICICI Pru Life is the first life insurance company in India to offer this service to its customers. The e-NACH mandate service is a digital registration process wherein a customer issues a mandate to the bank for his/her account to be debited at pre-determined frequencies. e-NACH service is the most modern and paperless form for making regular payments.