ICICI Prudential Life Insurance Company (ICICI Prudential Life) is a joint venture between ICICI Bank Ltd., India's largest private sector bank, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. 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% and 26% 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.
For over a decade, ICICI Prudential Life has maintained its dominant position (on new business retail weighted basis) amongst private life insurers in the country, with an array of products to match the different life stage requirements of customer and enable them to achieve their long term financial goals.