ICICI Prudential Life Insurance’s AUM crosses ₹2.5 trillion
1 min read . Updated: 29 Dec 2022, 01:10 PM IST
PremiumThe company commenced operations 22 years ago in December 2000, and had an AUM of approximately ₹100 crore at the end of FY2001.
NEW DELHI: Assets under management (AUM) of ICICI Prudential Life Insurance Company have crossed ₹2.5 trillion, driven by the company’s customer-centric products, growth in new business premium, industry-leading persistency ratios, superior customer service and superior risk-adjusted returns, the private insurer said in a press release.
The company commenced operations 22 years ago in December 2000, and had an AUM of approximately ₹100 crore at the end of FY2001. It took the company nine years to garner an AUM of ₹50,000 crore and 14 years to cross the ₹1 trillion mark. Since then, it has taken the company only six years to double its AUM to ₹2 trillion and a little less than two years to shore up the next ₹50,000 crore, taking total AUM to ₹2.5 trillion.
ICICI Prudential Life led the market, with a share of 15.7% in terms of New Business Sum Assured as on 30 September 2022. As a large and responsible life insurance company, it has also integrated Environmental, Social and Governance (ESG) factors in its functioning.
Manish Kumar, chief investment officer, ICICI Prudential Life Insurance, said, “...We believe the assets under management for a life insurer qualitatively symbolise the trust placed by customers in the Company since life insurance is a long-term product...Over the last two decades, our investment philosophy has ensured zero NPAs since inception and across market cycles. Integrating ESG factors into our business has been one of our focus areas. Demonstrating our commitment towards ESG issues, we were the first Indian insurance company to sign the United Nations-supported Principles for Responsible Investment. We were also India's first life insurance company to launch the 'Sustainable Equity Fund', an ESG-focused fund."
ICICI Prudential Life Insurance has deployed several new-age digital solutions which has empowered customers to access information, and conduct policy related transactions from the comfort of their homes. Additionally, its suite of innovative products, multi-channel distribution architecture and superior customer service has enabled the company to remain the preferred life insurance partner for customers.
