ICICI PRUDENTIAL LIFE INSURANCE

ICICI BANK LTD.

ICICI Bank (Industrial Credit and Investment Corporation of India) is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India, with its registered office in Vadodara. In 2014, it was the second largest bank in India in terms of assets and third in term of market capitalisation. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialised subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The bank has a network of 4,450 branches and 14,404 ATMs in India, and has a presence in 19 countries including India.

PRUDENTIAL CORPORATION HOLDINGS LIMITED

Prudential Corporation Holdings Limited operates insurance and asset management companies. The company was incorporated in 1978 and is based in London, United Kingdom. Prudential Corporation Holdings Limited operates as a subsidiary of Prudential Holdings Limited.

OVERVIEW ICICI Prudential Life Insurance Company Ltd. (ICICI Prudential Life) is a joint

venture between ICICI Bank Ltd., one of India's largest private sector banks, and Prudential Corporation Holdings Limited.

ICICI Prudential Life began its operations in fiscal year 2001 and has consistently been the market leader* amongst private players in the Indian life insurance sector. Their Assets Under Management (AUM) as on 30th June 2016 were `1092.82 billion. 

They offer an array of products across savings, investments and protection categories that matches the different life stage requirements of their customers and enables them to achieve their long term financial goals. ICICI Prudential Life is the first private life insurer to attain assets under management of `1 trillion and In-force sum assured of over `3 trillion. ICICI Prudential Life is also the first insurance company in India to be listed on NSE and BSE.

Fiscal Particulars2001 Company started operations2002 Crossed the mark of 100,000 policies2005 Crossed the mark of 1 million policies

2008Crossed the mark of 5 million policiesCrossed receipt of `100 billion of total premiumCrossed `250 billion of assets under management

2010Established Subsidiary for the purposes of undertaking pension funds related businessCompany turned profitable - registered profit of `2.58 billionCrossed `500 billion of assets under management

2012 Started paying dividends2015 Crossed `1 trillion of assets under management

SWOCSTRENGHTS ICICI Bank is the largest private sector bank in India and the second largest bank in India, in

terms of assets. ICICI Bank offers a wide range of banking products and financial services to corporate and retail

customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management.

ICICI Bank is a leading player in the retail banking market and has over 10 million retail customer accounts. The Bank’s corporate customers include India’s leading companies as well as growth-oriented small and middle market businesses, and the products and services offered to them include loan and deposit products and fee and commission-based products and services.

ICICI Bank had total assets of Rs. 1,462.14 billion and profit after tax of Rs. 13.91 billion. The Bank has a network of over 500 branches and extension counters, and 1,850 ATMs.

Prudential has been writing life insurance in the United Kingdom for over 150 years and has had the largest long-term fund in the United Kingdom for over a century.

In the United Kingdom Prudential is a leading life and pensions provider offering a range of retail financial products. M&G is Prudential's UK & European Fund Manager, with around US$ 230.00 billion of funds under management.

WEAKNESS Very huge premium of policies compared to other companies. Minimum premium is 19000.(Expect tax saving policy only 10,000) Target upper class people only. Policy charges are very high. More centred in urban areas. Most of the plans too complicated to understand.

OPPORTUNITIES Tie up with more corporate agents all over India. Tie up with broker also (ex PolicyBazaar) Rural market

CHALLENGES LIC offering huge surplus in life fund. Players like Bajaj Allianz with low premium for same plan. Changes in policy of IRDA (Insurance Regulatory and Development Authority.) New entrance.