 "ICICI Prudential's assets under management cross Rs 2 trillion")
ICICI Prudential Life, which is entering the 20th year of operations, on Friday said that its assets under management have crossed Rs 2 lakh crore.
The company, the first in the industry to go public, started operations 20 years ago with the issuance of policies to seven underprivileged children and closed the first year of operations with an AUM of around Rs 100 crore (in FY01).
The AUM grew to about Rs 50,000 crore in FY10 and subsequently the company was the first in the insurance industry to achieve an AUM of Rs 1 lakh crore in February 2015.
As of September 2020, its total sum assured stood at Rs 18.06 lakh crore.
"Achieving the Rs 2-lakh-crore assets milestone demonstrates the trust reposed in us by our customers," ICICI Prudential Life MD and chief executive NS Kannan said.
"As one of the largest life insurers, it is our mission to protect and provide financial security to every citizen."
In its 20-year journey, the company has changed several industry paradigms and was the first life insurer to list on the stock exchanges. Due to its stringent investment philosophy, the company has had no NPAs since inception and across market cycles.
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The insurer is promoted by ICICI Bank and Prudential Corporation Holdings and began operations in 2000. It offers an array of products in the protection and savings categories.
The ICICI Prudential counter closed flat with a negative bias at Rs 496.50 on the BSE, whose benchmark Sensex closed with a gain of over 0.3 per cent at over 46,010.