ICICI Prudential Life Insurance Company Ltd. has filed for an initial public offering of shares, which could raise an estimated Rs. 4700-5000 crore in the largest local IPO in six years.
ICICI Bank, which owns nearly 68 % of the company, is selling up to 181,341,058 shares in the IPO, as per the prospectus.
ICICI Prudential Life Insurance Co
Ltd,the largest private sector life insurer in India by total premium in
fiscal 2016 and assets under management at March 31, 2016. They are a
joint venture between ICICI Bank Limited, India’s largest private sector
bank in terms of total assets with an asset base of 7.2 trillion at
March 31, 2016, and Prudential Corporation Holdings Limited, a part of
the Prudential Group, an international financial services group with GBP
509 billion of assets under management at December 31, 2015. They were
one of the first private sector life insurance companies in India and
commenced operations in fiscal 2001. They offer their customers a range
of life insurance, health insurance and pension products and services.
Every fiscal year since fiscal 2002, they have consistently generated
the most new business premiums on a retail weighted received premium
basis among all private sector life insurers in India.
In fiscal 2016, their market share, on a
retail weighted received premium basis, among all insurance companies in
India (public and private sector) was 11.3%, as compared with a market
share of 9.7% for their nearest private sector competitor. Among the 23
private sector life insurance companies in India, they had a market
share, on retail weighted received premium basis, of 21.9% in fiscal
2016.
Objects:
- To achieve the benefits of listing the Equity Shares of the Company on the Stock Exchanges,
- To carry out the sale of up to 181,341,058 Equity Shares by the Selling Shareholder.
Strengths:
- Consistent Leadership across Cycles
- Delivering Superior Customer Value
- Diversified Multi-channel Distribution Network
- Robust and Sustainable Business Model
- Strong Brand
At March 31, 2016, they had 1.04 trillion
of assets under management, making them one of the largest fund
managers in India. Of these, 72.4% were in linked assets. Funds
representing 92.9% of their linked assets with identified benchmarks as
at March 31, 2016 had performed better than their respective benchmarks
since inception.
