| Compiled by : deepak bansal |
Guide : Prof. sanjeev sharma |
WEBSITE:
www.iciciprulife.com
HEAD OFFICE:
ICICI Prudential Life Insurance Company
ICICI Prulife Towers,1089, Appasaheb Marathe Marg, Prabhadevi,
Mumbai-400025
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Bank has 74% stake in the company, and Prudential plc has 26% .
ICICI and Prudential came together in 1993 to form Prudential ICICI Asset Management Company, which has today emerged as one of the leading mutual funds in India. The two companies bring together two of the strongest financial service brands in Asia, known for their professionalism, excellent quality of service and long term commitment to YOU. Riding on the success of this relationship, the two companies joined hands once more in 2000, to form ICICI Prudential Life Insurance, with a commitment to provide leading-edge life insurance solutions.
ICICI Prudential has recruited and trained over 60,000 insurance advisors to interface with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers.
The company has network with 12 bancassurance tie-ups, having agreements with ICICI Bank, as well as some corporate agents. It has also tied up with organisations like Dhan for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged sections of society.
Today the company is the No.1 private life insurer in the country.
PROFILE
COMPANY NAME: ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.
INDIAN PARTNER: ICICI BANK
FORIGN PARTNER: PRUDENTIAL plc
EQUITY RATIO: 74:26
COMMENCEMENT OF OPERATION: 19 TH DECEMBER, 2000
FIELD OF OPERATION: LIFE
HOME ADDRESS: ICICI PRUDENTIAL LIFE INSURANCE COMPANY
ICICI PRULIFE TOWERS, 1089, Appasaheb Marathe Marg, Prabhadevi,
MUMBAI- 400025
CEO OF THE COMPANY: Ms. SHIKHA SHARMA MANAGEMENT: Board of Directors
Mr. K.V. Kamath, Chairman
Mr. Mark Norbom
Mrs. Lalita D. Gupte
Mrs. Kalpana Morparia
Mrs. Chanda Kochhar
Mr. Kevin Holmgren
Mr. M.P. Modi
Mr. R Narayanan
Ms. Shikha Sharma, Managing Director
Management Team
Ms. Shikha Sharma, Managing Director
Mr. Sandeep Batra, Chief Financial Officer & Company Secretary
Mr. Shubhro J. Mitra, Chief - Human Resources
Mr. Puneet Nanda, Head - Investments
Ms. Anita Pai, Chief - Operations & Underwriting
Mr. V. Rajagopalan, Appointed Actuary
Mr. Shridhar Sethuram, Chief - Sales & Marketing
Mr. Anil Tikoo, Head - Information Technology
BANCASSURANCE PARTNERS:
ICICI Bank,
Federal Bank, Bank of India, South Indian Bank, Lord Krishna Bank, Goa State Co-operative Bank, Indoor Paraspar Sahakari Bank,
Manipal State Co-operative Bank, Jalgaon People's Co-operative Bank,
Shamrao Vithal Co-operative Bank, Punjab & Maharashtra Co-operative Bank.
ABOUT JOINT VENTURE PARTNERS:
ICICI BANK
ICICI Bank (NYSE:IBN) is India's second-largest bank with total assets of about Rs.125,229 crore and a network of over 450 branches and offices and about 1790 ATMs. 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 the only Indian company to be rated above the country rating by the international rating agency Moody's and the only Indian company to be awarded an investment grade international credit rating. The Bank enjoys the highest AAA (or equivalent) rating from all leading Indian rating agencies.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single equity.
EQUITY SHAREHOLDINGS
ICICI Bank's equity shares are listed in India on stock exchanges at Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
Prudential plc
Established in 1848, Prudential plc is a leading international financial services company in the UK, with around US$250 billion funds under management, and more than 16 million customers worldwide. Prudential has championed customer-centric products and services, supported by over 60,000 staff and agents across the region
Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment management and general insurance.
M&G was acquired by Prudential in 1999 and is the Group's UK and European fund manager, responsible for managing over £112 billion of funds (as at 31 March 2004).
Launched by Prudential in 1998, Egg is an innovative financial services company, with over 2.5 million customers with a market share of nearly 5% of UK credit card balances.
In Asia, Prudential is UK''s largest life insurance company with a vast network of 23 life & fund management operations in 12 countries serving 4 million customers- China, Hong Kong, India, Japan, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand & Vietnam.
In the US, Prudential owns Jackson National Life, a leading life ins. company & has more than 1.5 million policies and contracts in force.
Commitment & Aim
According to them- our commitment to the shareholders who own Prudential is to maximise the value over time of their investment. We do this by investing for the long term to develop and bring out the best in our people and our businesses to produce superior products and services, and hence superior financial returns. Our aim is to deliver top quartile performance among our international peer group in terms of total shareholder returns.
At Prudential our aim is lasting relationships with our customers and policyholders, through products and services that offer value for money and security. We also seek to enhance our Company's reputation, built over 150 years, for integrity and for acting responsibly within society.
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