ICICI Bank's life insurance arm,
ICICI Prudential on Friday touched a new milestone as the company's Assets under Management (AUM) crosses Rs2 lakh cr for the first time since inception.
ICICI Prudential has been in operations since the past 20 years.
The company's AUM was at Rs100cr in FY2001, which further increased to Rs50,000cr in FY2010. Subsequently, the company's AUM rose to Rs1 lakh cr in February 2015, making the company first in the insurance industry to achieve such a target.
N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “We are delighted to achieve this milestone of managing Rs 2 lakh cr of assets. It demonstrates our steadfast focus on customer-centricity and the trust reposed in us by our customers. It also symbolizes the commitment of our employees, distributors and other stakeholders to keep the customer at the core of every initiative implemented."
Kannan added, "We continue to be guided by our vision of building an enduring institution which serves the protection and long-term savings needs of customers with sensitivity. As one of the largest life insurance companies in the country, it is our mission to protect and provide financial security to every Indian.”
In its regulatory filing, ICICI Prudential stated that in its 20-year journey, the Company has changed several industry paradigms and was the first life insurance company to list on the Indian stock exchanges. Due to its stringent investment philosophy, the company has had no NPAs since inception and across market cycles.