Company Overview of ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential Life Insurance Company Limited provides life, pensions, and health insurance products in India. The company offers participating, non-participating, and unit linked products for individual and groups. It provides insurance solutions for individuals, such as savings and wealth creation, protection, child plans, retirement, and health insurance solutions. The company also offers group insurance solutions for companies, including group gratuity plan, group leave encashment plan, group superannuation plan, group immediate annuities, and group term plan. In addition, it provides flexible rider options comprising accident and disability benefit, and critical illness benefit. ICICI...
ICICI Pru Life Towers
1089, Appasaheb Marathe Marg
Founded in 2000
Key Executives for ICICI Prudential Life Insurance Company Ltd.
Chairman of ICICI Lombard General Insurance Company Limited
Chief Executive Officer of ICICI Lombard General Insurance and Managing Director of ICICI Lombard General Insurance
Compensation as of Fiscal Year 2012.
ICICI Prudential Life Insurance Company Ltd. Key Developments
Shriram Reportedly To Bid For HSBC's 26% in Canara HSBC
May 15 13
Shriram Capital Limited is reportedly bidding to acquire 26% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited from HSBC Holdings plc (LSE:HSBA), senior officials from Shriram Group Pvt. Co. and two other industry representatives, who are familiar with the deal said. Shriram Capital has reportedly hired Axis Capital Markets India Ltd. (BSE:531278) for the transaction. The purchase of HSBC's stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company and a subsequent merger of Shriram Life Insurance Company Limited with it will propel Shriram to under 10 ranking, based on current financials, from 18, said the person who did not want to be identified. According to Economic Times, Shriram declined to comment and Axis had not responded to a mail seeking comment. The other competitors for the stake are Manulife Financial Corporation (TSX:MFC), HDFC Standard Life Insurance Co., Ltd. and ICICI Prudential Life Insurance Company Ltd. An executive said, "This is an opportunity for Shriram Life. We see value in the deal as there are two large banks." According to industry sources, Shriram had a better opportunity compared with the HDFC Standard Life and ICICI Prudential Life, who want to acquire 100% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company which Canara Bank Limited (BSE:532483) and Oriental Bank of Commerce (BSE:500315) are objecting. Shriram and Manulife stand a better chance of completing the transaction as they do not face obstacles, unlike ICICI, or HDFC Life as insurance regulator mandates that no licence holder could operate two companies and if there is a owner with stakes in two, they should be merged.
ICICI Prudential Life Insurance Company Ltd. Reports Earnings Results for the Fiscal 2013
Apr 29 13
ICICI Prudential Life Insurance Company Ltd. reported earnings results for the fiscal 2013. ICICI Life's profit after tax for fiscal 2013 was INR 14.96 billion ($276 million) compared to INR 13.84 billion ($255 million) for fiscal 2012. ICICI Life's annualised premium equivalent (APE) increased by 13% to INR 35.32 billion ($651 million) in fiscal 2013 from INR 31.18 billion ($574 million) in fiscal 2012.
Manulife And HDFC Reportedly Frontrunners For HSBC's Stake In Indian Insurance JV
Apr 10 13
Manulife Financial Corporation and HDFC Standard Life Insurance Co., Ltd. are the lead bidders in the race to acquire HSBC Holdings plc’s 26% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, a media report stated. The stake is valued around $200 million. Last week, Birla Sun Life Insurance Company Limited, ICICI Prudential Life Insurance Company Ltd. had also submitted bids for the stake. Canara Bank Limited and Oriental Bank of Commerce could also divest their stakes in Canara HSBC Oriental Bank of Commerce Life Insurance, Reuters reported citing sources. The sources stated that no final decision has been taken on this and this could push the deal value to $800 million, including a bank distribution agreement. One source stated: "The biggest attraction for any Indian or foreign bidder in this joint venture would be the vast distribution network, which is absolutely essential in a country like India. There are a very few good partnership opportunities available for foreign players in India, this venture is one of them."
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