The ICICI prudential is a joint project of ICICI bank and Prudential plc. Both the companies are engaged with the life insurance business of India. The ICICI prudential is a private insurance company. The ICICI bank is a very important financial power house. The Prudential plc is a primary international financial service group with its headquarters in the UK.
The main features of the ICICI Prudential are as follows:
- The ICICI prudential was the first private insurance company which came to the market in the year 2000 in December. The Insurance Regulatory Development Authority or the IRDA approved its coming in the market.
- The capital of ICICI Prudential according to the latest report of March 2008 is Rs. 37.72 billion and the two companies together hold 74% and 26% of stake respectively.
- At the end of the year in 2008 the company collected Retail New Business Weighted premium of Rs. 6,684 crores. This collection registered to the growth of 68% for the last year have covered about 3 million retail policies at that time.
- According to the reports of April 2008 the company has possessions about Rs. 30,000 crore. The ICICI Prudential Life is the only private life insurer in the country which has received the National Insurer Financial Strength of AAA from Fitch ratings, which is the highest rating. It clearly assures the companies abilities of meeting the obligations of the customers at the time of maturity or claim.
- The ICICI Prudential has maintained its position in the industry of Life Insurance with its range of flexible products meeting the needs of the customers at each and every step of life.