ICICI Prudential

From Wikipedia, the free encyclopedia Jump to: navigation, search ICICI Prudential

Type Industry Headquarters Key people Products Website

Private limited company Insurance Mumbai Sandeep Bakshi, Managing Director Individual and Group Insurance Plans Official Website

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, one of the foremost financial services companies of India and Prudential plc, one of the leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector life insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of September 30, 2010) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1, 2010 to September 30, 2010, the company garnered Rs 7,267 crores of total premiums and has underwritten over 10 million policies since inception. The company has a network of over 1,500 offices and over 1,60,000 advisors, as on September 30, 2010. The company has assets held over Rs. 65,000 crores as on September 30, 2010. For the past nine years, ICICI Prudential Life has maintained a wide range of Life Insurance products that meet the needs of the Indian customer at every step in life. ICICI Prudential Life recently completed 10 years on the Indian Insurance scape on 12th December 2010. ICICI Prudential website [1] Since the liberalization of Indian Insurance sector, ICICI Prudential Life Insurance has been one of the earliest private players. Since the time, ICICI Pru Life has been the leader in terms of market share as indicated by the IRDA (Insurance Regulatory and Development Authority, the regulator for Indian Insurance Industry) at its website.

During 2007-08, the organization's focus on rural business has proved its complex project execution capability and strong partnerships for customer servicing. In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie up with TTK Healthcare to settle insurance claims of its users.[1] ICICI Prudential's life insurance products may be loosely categorized under four formsLife Plans (further categorised into Term Plans and Wealth Plans), Child Plans, Retirement Plans and Health Plans. Under Life Insurance Plan category it offers term plans like i-Protect online term plan, ICICI Pru Pure-Protect and ICICI Pru LifeGuard, and ULIP wealth plans like ICICI Pru LifeStage Wealth II, ICICI Pru LifeLink Wealth SP, ICICI Pru Pinnacle Super etc. Under the Child / Education Plan category it offers products like ICICI Pru SmartKid regular premium and ICICI Pru SmartKid Premier Under the Retirement Insurance Plan category it offers products like ICICI Pru Forever Life & ICICI Pru LifeLink Pension SP. Under the Health Insurance Plan category it offers products like ICICI Pru Health Saver & ICICI Pru Hospital Care II.

Contents
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1 Life Insurance Plan 2 Retirement Insurance Plan 3 Child / Education Plan 4 Health Insurance 5 References 6 External links

[edit] Life Insurance Plan

ICICI Pru i-Protect Term Plan is a term insurance plan available online only. ICICI Pru Pure-Protect is a term plan without Return of Premium.

[edit] Retirement Insurance Plan

ICICI Pru LifeLink Pension SP is a single premium pension policy that provides you the opportunity to enjoy regular income as pension post retirement by paying just a single premium. ICICI Pru ForeverLife is a regular premium deferred pension plan that provides the security of life cover during the Accumulation Phase and offers five ways to get your pension, after retirement.

[edit] Child / Education Plan

ICICI Pru SmartKid Regular Premium is a regular premium, traditional plan with two options to receive guaranteed educational benefits, no matter what the uncertainties in your life. ICICI Pru SmartKid Premier is a ULIP plan which ensures your childs education continues even if you are not around.

[edit] Health Insurance

ICICI Pru Health Saver is a comprehensive whole of life health insurance plan that takes care of hospitalization costs as well as all your health care needs. ICICI Pru Hospital Care II is a fixed benefit hospitalisation and surgical plan that offers you and your family, fixed payouts at various stages of hospitalisation in addition to benefit received from other medical insurance plans

Prudential plc
From Wikipedia, the free encyclopedia Jump to: navigation, search This article is about the British company. For the American company, see Prudential Financial. For places named after the company, see Prudential (disambiguation). Prudential plc

Type Traded as Industry Founded Headquarters Key people

Public limited company LSE: PRU NYSE: PUK SEHK: 2378 Financial services 1848 London, United Kingdom Harvey McGrath (Chairman)

Tidjane Thiam (Group Chief Executive) Life insurance Products Investment management Operating income 1,941 million (2010)[1] Net income 1,431 million (2010)[1] Employees Approximately 25,000 (2010)[2] Website www.prudential.co.uk Prudential plc (LSE: PRU, NYSE: PUK, SEHK: 2378) is a multinational financial services company headquartered in London, United Kingdom. Prudential's largest division is Prudential Corporation Asia, which has over 15 million customers across 13 Asian markets and is a top-three provider of life insurance in mainland China, Hong Kong, India, Indonesia, Malaysia, Singapore, the Philippines and Vietnam.[3] Its Prudential UK division has around 7 million customers and is a leading provider of life and pensions in the UK.[3] Prudential also owns Jackson National Life Insurance Company, which is one of the largest life insurance companies in the United States, and M&G Investments, which is a European fund management business with total assets under management of 203 billion (at 30 June 2011).[3] Prudential has its primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has secondary listings on the Hong Kong Stock Exchange, New York Stock Exchange and Singapore Exchange.

Contents
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1 History o 1.1 21st century 2 Operations 3 Prudential Assurance and Prudential Financial 4 Management 5 References 6 External links

[edit] History
The Company was founded on 30 May 1848 in Hatton Garden in London as The Prudential Mutual Assurance Investment and Loan Association providing loans to professional and working people.[4]

In 1854 the Company began selling the relatively new concept of industrial branch insurance policies to the working class population for premiums as low as one penny through agents acting as door to door salesmen. The army of premium collection agents was for many years identified with the Prudential as the "Man from the Pru".[4] It moved to its traditional home at Holborn Bars in 1879 and converted to a limited company in 1881.[4] The building was designed by Alfred Waterhouse, and is built of terracotta manufactured by Gibbs and Canning Limited of Tamworth (c.1878)two of the same driving forces behind the Natural History Museum in London. The Company was first listed on the London Stock Exchange in 1924. In 1997 Prudential acquired Scottish Amicable, a business originally founded in 1826 in Glasgow as the West of Scotland Life Insurance Company, for $1.75bn.[5]

Holborn BarsTraditional home of Prudential In 1998 Prudential set up Egg, an internet bank within the UK. The subsidiary reached 550,000 customers within nine months but had difficulty achieving profitability.[6] In June 2000 an initial public offering of 21% was made to allow for further growth of the internet business but in February 2006 Prudential decided to repurchase the 21% share of Egg.[7] Egg was subsequently sold to Citibank in January 2007.[8] In 1999, M&G, a UK fund management company, was acquired.[9] In June 2000 the Company was first listed on the New York Stock Exchange to help focus on the US market.[10]

[edit] 21st century

In October 2004 Prudential launched a new subsidiary, PruHealth, a joint venture with Discovery Holdings of South Africa selling Private Medical Insurance to the UK market.
[11]

In April 2008 Prudential outsourced its back office functions to Capita: about 3,000 jobs were transferred (1,000 in Stirling, 750 in Reading and 1,250 in Mumbai).[12] This significant outsourcing deal worth an estimated 40m for an initial three year period built

on Prudential's existing relationship with Capita who took over its Belfast operation in 2006 along with approximately 450 employees in a smaller operational restructure.[13] On 7 April 2009, it was announced that Prudential was in talks with Manchester United regarding becoming the English football giant's shirt sponsor in 2010.[14] However, on 3 June 2009, Manchester United announced that it had signed a four year shirt sponsorship deal with American insurance giant, Aon Corporation. The deal is said to be worth 80 million over four years, replacing United's deal with American International Group (AIG) as the most lucrative shirt deal in history. In 2010, Aon will replace troubled American insurance company AIG, which is restructuring itself having received a $150 billion (109 billion) bail-out from the U.S. government.[15] On 1 March 2010, Prudential announced that it was in "advanced talks" to purchase the pan-Asian life insurance company of AIG, American International Assurance (AIA) for approximately $35.5 billion.[16] The deal later collapsed and AIA ended up raising money in an IPO.

[edit] Operations

Prudential's administrative centre in Reading, United Kingdom The Company has four business units:[17]

Prudential UK: the business offers pensions, annuities, savings and investments (bonds, ISAs). They are particularly well-known for the sale of with-profit bonds and pensions, corporate pension schemes, bulk annuities and individual annuities. The company left the general insurance (household, car) market in 2002, licensing Churchill Insurance (now part of the Royal Bank of Scotland group) to use the Prudential name. M&G: the business offers investment management services including retail fund management, institutional fixed income, pooled life, pension funds, property and private finance. Part of M&G, Prudential Property Investment Managers specialises in the management of Prudential's property assets. Prudential Corporation Asia: based in Hong Kong,[18] the business is the largest UK life assurer in Asia. It has had a presence in the continent since 1923 when an overseas agency for life assurance was created in India. Although this was

subsequently nationalised, Prudential relaunched in India in 2000 as ICICI Prudential, a 26% joint venture with ICICI Bank. As CITIC Prudential Life, a 50 50 joint venture, they were the first UK company to re-establish life business in China in 2000. There are also businesses in Hong Kong, Taiwan, Japan, South Korea, Singapore, Malaysia, Philippines, Thailand, Vietnam and Indonesia. Jackson National Life Insurance Company: based in Michigan, United States,[19] the business was purchased in 1986. It was named after Andrew Jackson, the seventh President of the United States of America and started business in 1961.

[edit] Prudential Assurance and Prudential Financial

There is no ownership link between Prudential plc and Prudential Financial, Inc., the business founded in Newark, New Jersey, U.S. by John F. Dryden in 1870.[20]

[edit] Management
There are currently 16 people on the board of directors. Key individuals are: Chairman of the Board of Directors Group Chief Executive Chief Financial Officer President & Chief Executive Officer for Jackson Chief Executive of M&G Chief Executive of Prudential Corporation Asia Chief Executive of UK & European Insurance Operations Group Chief Risk Officer Harvey McGrath Tidjane Thiam Nic Nicandrou Mike Wells Michael McLintock Barry Stowe Rob Devey John Foley