Company & Business Profile
ICICI Prudential Life Insurance Company Limited, largest private sector life insurer in India by total premium in fiscal 2016 and assets under management at March 31, 2016, is a joint venture between ICICI Bank Limited. India’s largest private sector bank in terms of total assets with an asset base of 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 the customers a range of life insurance, health insurance and pension products and services. It offers a range of products to cater to the specific needs of customers in different life stages, enabling them to meet their long-term savings and protection needs. It also offers customers access to its products and services through an extensive multi-channel sales network across India, including through the branches of bank partners, individual agents, corporate agents, its employees, offices and its website.
As of June 30, 2016, the Company had 124,155 individual agents. As of July 12, 2016, the bank partners had over 4,500 branches. The Company believes that it is at the forefront of leveraging technology in the Indian life insurance sector, with focus on digitization and transformation of sales, customer on-boarding and internal processes. It also believes that its focus on technology has enriched customer experience and enhanced the productivity of its employees and distributors.
Objects of the Issue
- To achieve the benefits of listing the Equity Shares of the Company on the Stock Exchanges.
- To carry out the sale of up to 181,341,058 Equity Shares by ICICI Bank Limited (the “Promoter Selling Shareholder”).
- To enhance the “ICICI Prudential” brand name and provide liquidity to the existing shareholders.
- To provide a public market for the Company’s equity shares in India.
- The Company will not receive any proceeds from the Offer.
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