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ICICI Prudential Life Insurance Company Ltd.

BSE: 540133 Sector: Financials
NSE: ICICIPRULI ISIN Code: INE726G01019
BSE 09:22 | 20 Oct 422.75 -0.55
(-0.13%)
OPEN

425.00

HIGH

425.00

LOW

420.05

NSE 09:07 | 20 Oct 423.00 -0.25
(-0.06%)
OPEN

423.00

HIGH

423.00

LOW

423.00

OPEN 425.00
PREVIOUS CLOSE 423.30
VOLUME 1787
52-Week high 537.50
52-Week low 221.95
P/E 56.67
Mkt Cap.(Rs cr) 60,703
Buy Price 422.55
Buy Qty 15.00
Sell Price 422.90
Sell Qty 14.00
OPEN 425.00
CLOSE 423.30
VOLUME 1787
52-Week high 537.50
52-Week low 221.95
P/E 56.67
Mkt Cap.(Rs cr) 60,703
Buy Price 422.55
Buy Qty 15.00
Sell Price 422.90
Sell Qty 14.00

ICICI Prudential Life Insurance Company Ltd. (ICICIPRULI) - Company History

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. The holding company 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 and Prudential Corporation Holdings Limited. It is one of the first private sector life insurance companies in India and commenced operations in fiscal 2001. The holding company carries on business of providing life insurance pensions and health insurance to individuals and groups. Riders providing additional benefits are offered under some of these products. The business is conducted in participating non-participating non-participating variable and unit linked lines of businesses. These products are distributed through individual agents corporate agents banks brokers and the holding company's proprietary.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 crores 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 policyholders' 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.

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