Private sector insurer ICICI Prudential Life Insurance on Thursday said its assets under management (AUM) have crossed the Rs 2.5-trillion mark.
“This is an outcome of offering customer-centric products, growth in new business premium, industry-leading persistency ratios, superior customer service and delivering superior risk-adjusted returns,” the insurance company said in a release.
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The company had commenced operations 22 years ago in December 2000 and had an AUM of approximately Rs 100 crore at the end of FY2001. It took the company nine years to garner an AUM of Rs 50,000 crore and 14 years to cross the Rs 1-trillion mark. “Since then, it took the company only six years to double its AUM to Rs 2 trillion and a little less than two years to shore up the next Rs 50,000 crore, taking the total AUM to Rs 2.5 trillion,” the insurer said, adding its pace of growth has accelerated significantly since it crossed the Rs 1-trillion mark, registering a growth of 150% in its AUM.
ICICI Prudential Life, promoted by ICICI Bank and Prudential Corporation Holdings, continues to be the private market leader with a market share of 15.7% in terms of new business sum assured as on September 30, 2022, according to the release.
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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.”
As on September 30, 2022, the company had an AUM of Rs 2.44 trillion and a total sum assured of Rs 26.28 trillion.