ICICI Prudential Life, which is entering its 20th year of operations, said on Friday that its assets under management have crossed Rs 2 lakh crore.
The company, the first in the industry to go public, began operations 20 years ago with the issuance of policies to seven disadvantaged children and closed the first year of operations with an AUM of around 100 million rupees (in the fiscal year 2001).
The AUM grew to around Rs 50,000 crore in fiscal year 2010 and subsequently the company was the first in the insurance industry to achieve an AUM of Rs 1 lakh crore in February 2015.
As of September 2020, his total sum insured was Rs 18.06 lakh crore.
“Reaching the asset milestone of Rs 2-lakh-crore demonstrates the trust placed in us by our customers,” said ICICI Prudential Life CEO and CEO NS Kannan.
“As one of the largest life insurers, our mission is to protect and provide financial security for all citizens.”
In its 20-year history, the company has shifted several industry paradigms and was the first life insurer to list on the stock exchanges. Due to its strict investment philosophy, the company has had no NPA since inception and in market cycles.
The insurer is promoted by ICICI Bank and Prudential Corporation Holdings and began operations in 2000. It offers a variety of products in the protection and savings categories.
The ICICI Prudential accountant closed flat with a negative bias at Rs 496.50 on the BSE, whose benchmark Sensex closed with a gain of more than 0.3% at more than 46,010.