ICICI Prudential Life Insurance Company (ICICI Pru) said that CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating to the Rs 1,400 crore subordinated debt of the company.
The rating on existing subordinated debt of Rs 1200 crore has been reaffirmed at 'CRISIL AAA/Stable.
CRISIL Ratings stated that the rating continues to factor in the strategic importance and support available from its parent, ICICI Bank, both on an ongoing basis and in the event of distress; the established market position of ICICI Pru Life, well-diversified distribution channels, adequate capital position and healthy persistency metrics and profitability.
These strengths are partially offset by ability to sustain growth in various segments and challenges in sustaining profitability due to rising competition.
ICICI Pru Life is promoted by ICICI Bank and Prudential Corporation Holdings (Prudential), a part of the Prudential PLC group of UK. ICICI Bank and Prudential held 51.1% and 22.0% share, respectively, in ICICI Pru Life as on 30 September 2024. The company commenced operations in fiscal 2001 and was among Indias first private sector life insurance companies. It offers diversified products to cater to the needs of customers across different life stages, enabling them to meet their long-term savings, life protection, healthcare and retirement planning needs.
The scrip had declined 1.24% to end at Rs 683.20 on the BSE today.
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