Mumbai, December 30, 2022:ICICI Prudential Life Insurance Company has crossedthe milestone of ` 2.5 lakh crore in Assets under Management (AUM), signifying the trust reposed in the company by its customers. This is an outcome of offering customer-centric products, growth in new business premium, industry-leading persistency ratios, superior customer service and delivering superior risk-adjusted returns.
The Company commenced operations 22 years ago in December 2000 and hadan 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 lakh crore mark.
Since then, it has taken the Company only six years to double its AUM to ` 2 lakh crore and a little less than two years to shore up the next ` 50,000 crore, taking the total AUM to ` 2.5 lakh crore. The pace of growth has accelerated significantly for the Company since it crossed the ` 1 lakh crore mark, registering a growth of 150% in its AUM. ICICI Prudential Life continues to be the private market leader with a market share of 15.7% in terms of New Business Sum Assured as on 30th September, 2022.
Life insurance plays a prominent role in society by enabling families to have financial security. This bigger purpose of making a difference in people’s lives and livelihoods has inspired the way the Company approaches its business. As a large and responsible life insurance company, it has also integrated Environmental, Social and Governance (ESG) factors in its functioning.
Mr. Manish Kumar, Chief Investment Officer ICICI Prudential Life Insurance, said, “We are delighted to have achieved this milestone, especially in the 22nd year of operation. 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.
We have a stringent investment philosophy as customers entrust us with their hard-earned savings to achieve their long-term financial goals. 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.
Guided by our vision of ‘building an enduring institution that serves the protection and long-term saving needs of customer with sensitivity’ we have always endeavoured to offer products and solutions that enable our customers to provide financial security to their families.”
The Company 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.
