Private insurer ICICI Prudential Life Insurance's assets under management (AUM) have crossed INR2.5-trillion (US$30.18-billion) mark, the company said in a release.
According to the statement, 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, had an AUM of around INR1 billion by the end of FY 2001.
In the next nine years, the organisation reached an AUM of INR500 billion, and in another 14 years, it crossed INR1-trillion threshold.
Since then, the company took six years to double its AUM to INR2 trillion, and less than two years to secure the subsequent INR500 billion, bringing its total AUM to INR2.5 trillion.
As of September 30, 2022, ICICI Prudential Life had a 15.7% 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.
Mr 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," he said, reported Business Standard.