ICICI Prudential Life Insurance company's AUM cross ₹2 lakh crore

ICICI Prudential Life Insurance company’s Assets under Management (AUM) have crossed ₹2 lakh crore in its 20th year, mentioned an official statement. The company started operations 20 years ago with the issuance of policies to seven underprivileged children, according to the statement. It had an AUM of approximately ₹100 crore in FY 2001, which grew to about ₹50,000 crore in FY2010. Subsequently the company was the first in the insurance industry to achieve an AUM of ₹1 lakh crore in February 2015.

Speaking about the new milestone, N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, "It demonstrates our steadfast focus on customer-centricity and the trust reposed in us by our customers. It also symbolizes the commitment of our employees, distributors and other stakeholders to keep the customer at the core of every initiative implemented."

"We continue to be guided by our vision of building an enduring institution which serves the protection and long-term savings needs of customers with sensitivity. As one of the largest life insurance companies in the country it is our mission to protect and provide financial security to every Indian," he further added.

ICICI Prudential Life Insurance was the first life insurance company to list on the Indian stock exchanges — the National Stock Exchange (NSE) Limited and the BSE Limited. "Due to its stringent investment philosophy, the company has had no NPAs since inception and across market cycles," the insurance company said.

ICICI Prudential Life Insurance is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The company has consistently been amongst the top private sector life insurance companies in India on a Retail Weighted Received Premium (RWRP) basis. On 30 September, 2020, the Company had a total sum assured of ₹ 18.06 lakh cr.

Source: Live Mint