By India Blooms News Service Dec 30, 2022
ICICI Prudential Life Insurance Company has crossed 2.5 lakh crore in Assets under Management (AUM), the company said Thursday.
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, ICICI Prudential said in a press release.
The company commenced operations 22 years ago in December 2000 and had an AUM of approximately Rs 100 crore at the end of FY2001.
It took the company nine years to garner an AUM of Rs 50,000 crore and 14 years to cross the Rs 1 lakh crore mark.
Since then, it has taken the company only six years to double its AUM to Rs 2 lakh crore and a little less than two years to shore up the next Rs 50,000 crore, taking the total AUM to Rs 2.5 lakh crore, said the press release.
The pace of growth has accelerated significantly since it crossed the Rs 1 lakh crore mark, registering a growth of 150 percent in its AUM.
ICICI Prudential Life continues to be the private market leader with a market share of 15.7 percent in terms of New Business Sum Assured as on 30th September, 2022, he said.
Chief Investment Officer of ICICI Prudential Life Insurance Manish Kumar 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.
Demonstrating our commitment towards Environmental, Social and Governance (ESG) issues, we were the first Indian insurance company to sign the United Nations-supported Principles for Responsible Investment. We were also Indias first life insurance company to launch the Sustainable Equity Fund, an ESG-focused fund, he said.
The company has deployed several new-age digital solutions which have empowered customers to access information, and conduct policy-related transactions from the comfort of their homes, Kumar added.