News About ICICI Life Insurance

• ICICI Have Three Years to Reach 25% Public Holding Norm

  ICICI Prudential Life Insurance and its promoters have 3 years to meet SEBI’s public holding norms, according to a report.

  ICICI Bank and Prudential Holdings’ shares in the company will be reduced following their IPO, with ICICI Bank holding 54% and Prudential holding 20%.

  The IPO, set for the 19th-22nd of September, 2016, will see the bank dilute 12.63% of its stake in the life insurance company.

  The ICICI CEO and MD, Ms. Chanda Kochhar, has stated that the bank’s long term plan is to divest some of its stake in the life insurance company. She further stated the bank is working towards achieving the new norms set out for IPO’s for insurance companies in 2015, with the life insurer now ready to be listed on the exchanges.

  

  16th September 2016

• ICICI stakes sold to insurance firms

  Private sector ICICI Bank has sold stakes from its insurance ventures. ICICI Lombard, which is the general insurance arm, sold 9% of its stakes, while from ICICI Prudential 2% stakes amounting to around Rs 2,200 crore were sold. The transfers were completed on March 31, 2016.

  In a statement issued, ICICI Lombard General Insurance Company sold 9% of its shareholdings to Fairfax Financial Holdings, its joint venture partner. An additional 9% stakes, estimated to around Rs 1,550 crore, was acquired by Prem Watsa-run Fairfax Financial Holdings. Post this transaction, the company values at Rs 17,225 crore. The Fairfax holding in ICICI Lombard has gone up to 35%.

  ICICI Bank, in another stake transfer, sold ICICI Prudential Life Insurance Company’s 2% stake to Compassvale Investments Pte Ltd. Compassvale Investments is an indirectly wholly-owned subsidiary of Temasek, which is Singapore-based investment Company. ICICI Bank received Rs 650 after this stake transfer, valuing the company at Rs 32,500 crore.

  After the completion of stake transfer, ICICI Bank will have 68% of share holdings in both the insurance arms. The foreign joint venture partner, Prudential Plc, will maintain its current holding which is approximately 26%

  

  11th April 2016

• ICICI Lombard to Settle 8.5 Lakh Claims This Financial Year

  A senior ICICI Lombard official said the insurer would settle 8.5 lakh motor insurance claims during 2016-17. Last year, the company settled 7.4 lakh claims in the segment.

  The number of claims are reported to have gone up especially after the floods in Tamil Nadu in November 2015. Claims under the non-life insurance in general is reported to be around Rs. 700 crore because of the Tamil Nadu floods, ICICI Lombard General Insurance Chief Underwriting, Claims and Reinsurance, Sanjay Datta told PTI.

  A majority of the claims that are likely to be settled in this fiscal fall under the own-damage category. ICICI Lombard gets around 45 per cent of its total premium collection from motor insurance.

  

  23rd January 2016

• FIPD to take call on 14 FDI proposals on January 14

  The Foreign Investment Promotion Board (FIPB) announced that it will take up 14 foreign investment proposals on January 14. The FDI proposals include ICICI Prudential Life Insurance, ICICI Lombard General Insurance Co., drugmaker CIPLA and Euronet Services India among others.

  The board, which recommends foreign investment proposals for government approval, is scheduled to meet next week for the first time in 2016. The panel, headed by Economic Affairs Secretary Shakikanta Das, had cleared four investment proposals worth Rs 1,810 crore at the last meeting on December 29 2015 and deferred the decision to increase foreign shareholding from 26 per cent to 49 percent on a further four investment proposals.

  

  14th January 2016

• ICICI Prudential Life Insurance Company Launches 3 in 1 Product

  ICICI Pru iProtect Smart is a 3 in 1 product offered by ICICI Prudential Life Insurance Company Limited. This comprehensive product offers 3 benefits which is providing cover for critical and terminal illnesses, cover against death and cover against accidental death and disability.

  Although the product cannot replace the loss and devastation of the breadwinner of the family, it does provide financial security to the family through an insurance product which combines the cover for Life, Health and Accidents.

  Puneet Nanda, Executive Director of ICICI Prudential Life Insurance Company Limited says that earlier customers would have to purchase insurance covers for life, accidental death and critical illness separately but with the introduction of the iProtect Smart, customers can get the combined benefits in one single product at an affordable price.

  He also added that the product is not a typical term product and the customers have flexibility to increase the cover at pivotal milestones such as during times of marriage or when welcoming a new child and so on.

  

  21st December 2015

• ICICI Prudential Life introduces iProtect Smart

  ICICI Prudential Life Insurance has launched ICICI Pru iProtect Smart - a single product that combines the benefits of life, health and accident insurance by offering cover against death, critical and terminal illness, accidental death and disability due to accident.

  Puneet Nanda, Executive Director, ICICI Prudential Life, stated that the iProtect Smart was introduced to help customers purchase a single product at an affordable price instead of purchasing separate insurance covers individually. Customers can also increase their cover at important points during their lifetime, like marriage, childbirth etc.

  The premium for critical illness cover remains the same throughout the policy term while there is also the option to avail of death benefits as monthly income over 10 years.

  

  20th December 2015

• ICICI Bank ready to sell 6% of its stake in life insurance

  The board of directors of ICICI Bank has agreed to the sale of 6% of its stake in its life insurance subsidiary, ICICI Prudential Life Insurance Company. The price targeted for this sale has been set at Rs. 1,900 crore which puts the value of the company at about Rs. 32,500 crore. Of the proposed sale of the 6% shareholding, 4% will be sold to Premji Invest and the remaining 2% to Temasek, an investment company based out of Singapore, through its subsidiary Compassvale Investments Pvt Ltd. While the sale has been approved by the board of directors, it still awaits the seal of approval from the government.

  

  18th November 2015

• ICICI Bank to sell ICICI Prudential Life Insurance stock to PremjiInvest and Compassvale Investments Pte Ltd.

  ICICI Bank Ltd said that its board of directors has approved the sale of its stake in its life insurance joint venture, ICICI Prudential Life Insurance. 4% stake is being taken over by PremjiInvest and its affiliate. 2% stake will be taken by Compassvale Investments Pte Ltd., which is a wholly-owned subsidiary of Temasek Holdings, Singapore. The value of the deal is said to be Rs.1,950 crore. After the takeover, ICICI Bank will hold 68% share of ICICI Prudential Life Insurance. The transaction is as per the government and regulatory approval. 9% share was taken over by Fairfax Financial Holdings for Rs.1,550 crore on 31st October, 2015.

  

  17th November 2015

• ICICI bats for tech upgradation of services to beat competition

  ICICI Lombard is increasingly looking to offer solution-oriented products via greater use of technology as a business enabler to enhance customer satisfaction, opined Sanjay Datta, Chief, Underwriting, Reinsurance & Claim, ICICI Lombard GIC Ltd recently.

  Admitting that the general insurance sector in India continues to be under-penetrated, Datta said ICICI Lombard is increasingly focusing on providing innovative services based on customer needs and specific requirements. Also, simplification in terms of product delivery and model of distribution is important to attract and retain customers, he said.

  In a move to increase its product penetration, ICICI Lombard has been reaching out to its clientele via alternate distribution channels. ICICI Lombard is also extensively using analytics to map the changing preferences of customers, Datta added.

  

  27th August 2015

• ICICI Pru Smart Life: A new savings product from ICICI Prudential Life Insurance Company

  ICICI Prudential Life Insurance Company Limited recently announced the launch of ICICI Pru Smart Life – a new savings product designed to offer financial protection to customers. ICICI Pru Smart Life offers a dual protection feature through its Smart Benefit which pays a lump sum amount to the nominee to take care of any unforeseen family liabilities, in case the policyholder dies. This feature helps family members of the policyholder to achieve their financial goals. When the policy term gets over, nominees receive the fund value.

  
  

  ICICI Pru Smart Life provides eight essential fund options which customers can choose from based on their needs. The product is designed to empower customers by helping them fulfill their financial goals. ICICI Pru Smart Life rewards customers over the long term by offering Loyalty Additions and Wealth Boosters. This can be used to achieve different financial goals like buying a home, funding children’s education or planning for peaceful retirement. On maturity, customers can receive the entire maturity benefit due as a lump-sum amount or in the form of structured payouts to meet their financial needs.

  

  13th March 2015