ICICI Prudential Life Insurance Company Ltd

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, long term savings and health insurance products to individuals and groups. Riders providing additional benefits are offered under some of these products. The business is conducted in participating, non-participating and unit linked lines of businesses. These products are distributed through individual agents, corporate agents, banks, brokers, online channels and the Holding Company's proprietary sales force (PSF).

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 cr