ICICI Prudential Life crosses Rs 2.5 lakh crore AUM milestone

ICICI Prudential Life Insurance Company

New Delhi, Dec 29 ICICI Prudential Life Insurance Company on Thursday said it has crossed the milestone of Rs 2.5 lakh crore in assets under management (AUM).

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, the company said in a release.

The life insurer began its operations 22 years ago in December 2000, closing with an AUM of around Rs 100 crore in FY2001.

In nine years, it garnered an AUM of Rs 50,000 crore and it took 14 years to cross Rs 1 lakh crore worth of assets under management.

ICICI Prudential Life Insurance said it took only six years for the company to double the AUM since then to Rs 2 lakh crore.

"The pace of growth has accelerated significantly for the company since it crossed the Rs 1 lakh crore mark, registering a growth of 150 per cent in its AUM," it said.

Promoted by ICICI Bank, the insurer is the private sector market leader with a market share of 15.7 per cent in terms of new business sum assured as on September, 30, 2022.

"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.

"We have a stringent investment philosophy as customers entrust us with their hard-earned savings to achieve their long-term financial goals," said Manish Kumar, Chief Investment Officer ICICI Prudential Life Insurance.