Private insurer ICICI Prudential Life Insurance Company's assets under management (AUM) have crossed Rs 2.5 trillion mark, the company said in a release.
According to the report, it was the company's customer-centric products, increase in new business premium, industry-leading persistency ratios, customer service, and risk-adjusted returns that contributed to building the AUM.
The company, which started operations 22 years ago in December 2000, has an AUM of around Rs 100 crore by the end of FY 2001. In the next nine years, the organisation reached Rs 50,000 crore, and in another 14 years, crossed Rs 1 trillion threshold. Since then, the company took six years to double its AUM to Rs 2 trillion, and less than two years to secure the subsequent Rs 50,000 crore, bringing its total AUM to Rs 2.5 trillion.
As of September 30, 2022, ICICI Prudential Life had a 15.7 per cent market share in terms of new business sum assured. It has also incorporated Environmental, Social, and Governance (ESG) factors into its operations as a sizable, ethical life insurance firm.
Manish Kumar, chief investment officer, ICICI Prudential Life Insurance, said, “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...Over the last two decades, our investment philosophy has ensured zero NPAs since inception and across market cycles. Integrating ESG factors into our business has been one of our focus areas. Demonstrating our commitment towards ESG issues, we were the first Indian insurance company to sign the United Nations-supported Principles for Responsible Investment. We were also India's first life insurance company to launch the 'Sustainable Equity Fund', an ESG-focused fund."
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