ICICI Prudential Life Insurance started its operations in 2001. The life insurance arm was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited[10] with assets under management (AUM) of approx. ₹1 billion (US$12 million).[11]
In 2005, the company crossed the mark of 1 million policies.[12] In 2008, it crossed the mark of 5 million policies and ₹100 billion (US$1.2 billion) in total premiums received.[12]
In 2010, the company had grown up to ₹500 billion (US$5.8 billion) mark in assets under management (AUM).[13]
In 2016, ICICI Prudential Life became the first insurance company to be listed in Indian stock exchanges, namely Bombay Stock Exchange and National Stock Exchange.[15] In the IPO, parent company ICICI Bank Limited offloaded 12.65% stake worth ₹5,000 crore (US$744.1 million).[16][17][18]
In 2017, ICICI Prudential Life was to take over Sahara Life's insurance business on request from the regulator IRDA in a motive to resolve the crisis at Sahara's life insurance arm.[19] The merger was later revoked by Securities Appellate Tribunal.[20]
In 2020, ICICI Prudential Life had crossed ₹2 trillion (US$23 billion) mark in assets under management (AUM).[21] The total premium income was ₹320 billion (US$3.7 billion) of which ₹120 billion (US$1.4 billion) was from the new business premium while approx. ₹210 billion (US$2.4 billion) was of the renewal premium.[22]
In 2022, ICICI Prudential Life Insurance company had crossed ₹2.5 trillion (US$30.75 billion) mark in AUM.[23]
In December 2019, the company collaborated with Paytm so that users can get the iProtect Smart plan benefits through it.[24]
In September 2020, it entered into a corporate agency agreement with NSDL Payments Bank for providing customer-based protection and savings products to customers of latter.[25]
In December 2020, it collaborated with RBL Bank and formed a bancassurance partnership with a plan to offer portfolio of life insurance products to customers.[26]
In January 2021, the company collaborated with PhonePe so that users can get term life insurance instantly via the app without any health check-ups and paperwork.[27]
