ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The authorized capital of the company is Rs. 2,300 mn and the paid-up capital is Rs.1,500 mn. The company is a joint venture of ICICI and Prudential Plc, UK. It was granted Certificate of Registration by the Insurance Regulatory and Development Authority (IRDA) on November 24, 2000 for carrying out Life Insurance business. It commenced commercial operations on December 19, 2000, becoming one of the first few private sector players to enter the liberalized arena.

Over the years, ICICI Prudential expanded on all fronts, particularly distribution capability and product width and depth. The company has grown to 177 branches across 132 locations, and has advisor strength of over 72,000. In partnership with its nine bank partners and over 200 corporate agents and brokers, its reach increased exponentially to about 4,000 distribution points across the country. FY06 also saw ICICI Prudential widen its product lines to offer health products like Health Assure, Health Assure Plus and Cancer Care, as well as bolster its retirement solutions with Golden Years, and investment plans with LifeLink Super.

ICICI Prudential Life Insurance has registered a 64% growth in weighted new business premium in the financial year ended March 31, 2006, taking its premium up to Rs. 2,412 cr. In this period, the company has written 837,963 retail policies and the sum assured in force stands at Rs. 45,888 cr, a growth of 65% during the year.

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