ICICI Prudential Life Insurance Company Limited

Introduction  

ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The authorized capital of the company is Rs.2300 Million and the paid up capital is Rs. 1500 Million. The Company is a joint venture of ICICI (74%) and Prudential plc UK (26%).

The Company was granted Certificate of Registration for carrying out Life Insurance business, by the Insurance Regulatory and Development Authority on November 24, 2000. It commenced commercial operations on December 19, 2000, becoming one of the first few private sector players to enter the liberalized arena. 

The Company is now operational in Mumbai, New Delhi, Pune, Chennai, Kolkata, Bangalore, Chandigarh, Ahmedabad, Hyderabad, Lucknow, Nasik, Jaipur, Cochin, Meerut, Mangalore and Ludhiana.

Till March 31,2002 the Company has issued 100,000 polices translating into a Premium Income of around Rs. 1,200 Million and a sum assured of over Rs.15,000 Million. 

The Company recognizes that the driving force for gaining sustainable competitive advantage in this business is superior customer experience and investment behind the brand. The Company aims to achieve this by striving to provide world class service levels through constant innovation in products, distribution channels and technology based delivery. The Company has already taken significant steps to achieve this goal..

Vision and Mission 

Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in the life insurance industry. This they hope to achieve through their commitment to excellence, focus on service, speed and innovation, and leveraging our technological expertise.

The success of the organisation will be founded on its strong focus on values and clarity of purpose. These include:

•  Understanding the needs of customers and offering them superior products and service
  

•  Building long lasting relationships with their partners
  

•  Providing an enabling environment to foster growth and learning for their employees

And above all building transparency in all our dealings.

They believe that they can play a significant role in redefining and reshaping the sector. Given the quality of their parentage and the commitment of their team, they feel that tere will be no limits to their growth.

Sponsors


ICICI Ltd was established in 1955 by the World Bank, the Government of India and the Indian Industry, to promote industrial development of India by providing project and corporate finance to Indian industry.

Since inception, ICICI has grown from a development bank to a financial conglomerate and has become one of the largest public financial institutions in India. ICICI has financed all major sectors of the economy, covering 6,848 companies and 16,851 projects. In the fiscal year 2000-2001, ICICI had disbursed a total of Rs 319.65 billion.

ICICI has now developed a whole range of activities to become a Universal Bank. Some of ICICI's spectrum of activities include: 
* Commercial Banking - ICICI Bank, India's first internet bank. 
* Information Technology - ICICI Infotech, transaction processing, software development 
* Investment Banking - ICICI Securities, one of the key players in the Indian Capital Markets 
* Mutual Fund - Prudential ICICI AMC, leading private sector mutual fund player in India 
* Venture Capital - ICICI Venture, leading private equity investor with focus on IT and HealthCare 
* Retail Services - ICICI PFS, Marketing and Distribution of Retail Asset Products 
* Distribution - ICICI Capital, Distribution and Servicing of Retail Liability Products 
ICICI is listed on the Indian Stock Exchanges and on the New York Stock Exchange (NYSE). On September 22, 1999, it became the first Indian company to be listed on the NYSE (symbol: IC and IC.D). This has been followed by the listing of ICICI Bank on NYSE (symbol: IBN) on March 28, 2000.

Prudential plc: 

Prudential plc was founded in 1848. Since then it has grown to become one of the largest providers of a wide range of savings products for the individual including life insurance, pensions, annuities, unit trusts and personal banking. It has a presence in over 15 countries, and caters to the financial needs of over 10 million customers. It manages assets of over US$ 259 billion (Rupees 11,39,600 crores approx.) as of December 31, 1999. Prudential plc. has had its presence in Asia for the past 75 years catering to over 1 million customers across 11 Asian countries. 

Prudential is the largest life insurance company in the United Kingdom (Source : S&P's UK Life Financial Digest, 1998). Asia has always been an important region for Prudential and it has had a presence in Asia for over 75 years. In fact Prudential's first overseas operation was in India, way back in 1923 to establish Life and General Branch agencies.

In the US, Prudential owns Jackson National Life, one of the leading life insurance companies. Prudential controls approximately 4% of all the listed shares on the second largest stock exchange in the world, the London Stock Exchange, making it one of the largest institutional investors in the UK. Prudential is focused on the internet generation and is one of the first financial service organisations to use the internet on a fully integrated basis. 

In October 1998, Prudential launched a "branchless" bank based on the internet. Unusually titled as " egg:|". The bank has in a short span of its existence become a leading banking service provider in the UK. Infect in the first six months of its existence it garnered over 5 billion (US$ 8 billion) in deposits from over 500,000 customers. 

Development of superior products and services that offer value for money and security while producing superior financial returns, enables Prudential to maximise the value of its shareholder's investment and to establish lasting relationships with customers and policy holders.

ICICI and Prudential came together in 1993 to provide mutual fund products in India and today are the largest private sector mutual fund company 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. 


Management


Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. 

Shri K.V. Kamath, Chairman 
Mr. Mark Tucker 
Smt. Lalita D. Gupte 
Mr. Danny Bardin 
Mrs. Kalpana Morparia 
Shri M.P. Modi 
Mr. John Caouette 
Shri S.P.Subhedar, (Alternate Director to Mr. Danny Bardin) 
Mr. Derek Stott, (Alternate Director to Mr. Mark Tucker) 
Smt. Shikha Sharma, Managing Director 
Management Team

Ms. Shikha Sharma, Managing Director
Mr. Kevin Wright, Executive Vice President - Sales & Distribution
Ms. Madhavi Soman, Chief - Strategic Initiatives
Mr. V. Rajagopalan, Appointed Actuary 
Mr. Sandeep Batra, Chief Financial Officer & Company Secretary
Mr. Saugata Gupta, Chief - Marketing & Service
Mr. Shubhro J. Mitra, Chief - Human Resources

Corporate Office:

ICCI Prulife Towers,
1089, Appasahab Marathe Marg,
Prabhadevi,
Mumbai 400 025.
Telephone Number: 022-462 1600
Website : www.iciciprulife.com