the icici group

7/29/2019 The Icici Group

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THE ICICI GROUP

The Industrial Credit and Investment Corporation of India Limited (ICICI) was incorporated

at the initiative of the World Bank in 1955, the Government of India and representatives of

Indian industry with the objective of creating a development financial institution for

providing project and corporate finance to Indian industry. It started off its operations by

providing finance for industrial development, and it has diversified into housing finance,

consumer finance, mutual funds and its latest venture Life Insurance. Following the market

oriented economic policy reform in the 1990s, ICICI moved away from its traditional role

into a new era of liberalized regulation and intense competition. A series of initiatives were

championed to keep up with keen competition in Indias financial service sector, and access

to international capital markets was crucial to the success of the new mandate. Since

inception, ICICI has grown from a development bank to a financial conglomerate and has

become one of the largest public financial institutions in India. ICICI has thus far financed

all the major sectors of the economy

GROUP COMPANIES OF ICICI


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THE ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD

ICICI Prudential Life Insurance was established in the year 2000 with a commitment to

expand and reshape the life insurance industry in India. The company was amongst the first

private sector insurance companies to begin operations after receiving approval from

Insurance Regulatory Development Authority (IRDA) and in the time since, has taken several

steps towards its realizing its goal. ICICI Prudential understands that different people have

their own sets of needs at various stages of their lives. That's why they offer a choice of

solutions depending on whether you are a young individual planning for the years ahead or an

established professional planning for your retirement. The Company is now operational in ten

cities throughout the country.

ABOUT ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD.

ICICI Prudential Life Insurance Company is a joint venture between ICICI, a premier

financial powerhouse and Prudential, a leading international financial services group

headquartered in the United Kingdom. ICICI and Prudential came together in 1993 to form

Prudential ICICI Asset Management Company, which has today emerged as one of the

largest private sector mutual fund company in India. The two companies bring together the

strongest financial service brands in Asia, known for their professionalism, excellent quality

of service and long - term commitment to consumers. Riding on the success of this

relationship, the two companies joined hands once more in 2000, to form ICICI Prudential

Life Insurance Company, with a commitment to provide leading- edge life insurance

solutions. This venture plans to take care of the insurance needs at various stages of life.

ICICI Prudential has been adjudged the Best Life Insurer by Outlook Money. This is the

only award that recognizes the value delivered to customers in addition to business

performance. ICICI Prudential's equity base stands at Rs. 6.75 billion with ICICI

Bank having 74%stake in the company and Prudential having 26%. The Company was

granted Certificate of Registration for carrying out Life Insurance business, by the IRDA on

November 24,2000. It commenced commercial operations on December 19, 2000, becoming

one of the first few private sector players to enter the liberalized arena. ICICI Prudential was

positioned as an enabler of protection relevant to the needs of the life stage. The Companyissued its first policy on December 12, 2000. In the year ended March 31, 2004, the company


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had issued over 430,000 policies. ICICI Prudential was amongst the first to identify the

emerging opportunity in the Pension segment and launched two linked pension products- Life

Time Pension and Life Link Pension, which have been well received in the market. The

company has a network of about 30,000 advisors as well as12 banc assurance tie-ups. ICICI

Prudential has one of the largest distribution networks amongst private life insurers in India.

Today the company is the #1 leading private life insurer in the country. The company has a

commitment to increase consumer knowledge about Life Insurance.

HISTORY

ICICI Prudential was established in Dec 2000. Since the brand ICICI is well known in the

country, they did not have to face that particular challenge. They wanted to build an

organization with culture different from that of LIC. Life Insurance was positioned as a high

excitement and emotive product. The task at the time of set up was to establish the ICICI

brand, build awareness and give the brand a larger than life image by addressing the issue of

credibility and trust to invest funds with. Another big initiative that ICICI Prudential

launched was a quality initiative Six Sigma. For promoting the company, the theme was

cover every Indian with joy, hope, freedom, life. Further, they chose children from

municipal schools who received endowment policies. These programs were to deliver the

brand promise. Today the company has set themselves metrics that is best in class for various

categories of players. In terms of service the companys benchmarks are the best retail

financial services player in the world. The company is hopeful of playing a major role in the

expanding the life insurance market in this country.


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Vision, Mission And Values

Vision - Be the trusted learning partner for our customers through motivated people,

enabling processes and empowering technology.

Mission - Our mission is to become the best 'Customizable E-Learning and

Applications Company' in terms of quality, cost and delivery. The fundamental goal of

the company is to raise the practice as well as level of collaborative rapid E-Learning

and Applications Development. Through our products, services & solutions we

facilitate the process of knowledge sharing smoothly and in a cost effective manner.

Values - Zobble believes technology, howsoever brilliant, is not an end in itself but a

means to an endthe end being: making life better, easier and more productive for

every stakeholder in the global ecosystem.

MILESTONES OF THE COMPANY

Dec 12th2000 : ICICI Prudential issues its first policies to underprivileged children.

Dec 20th2001 : Launched Market-linked insurance schemes.

Feb 19th2002 : Launched innovative child product.

Feb 25th2003 : Company grabs 73% of private sector pensions market.

April 7th2003 : ICICI Prudential crosses Rs. 500crore premium milestone.

July 15th2003 : ICICI Prudential became the first Life Insurance Company to cross

Rs.500crore capital base.

Sept 25th2003 : ICICI Prudential launched Smart kid unitlinked child plans.

April 2004 : ICICI Prudential tops the premium income chart among private players for

the third time in a row.


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ICICI Prudential Life Insurance has increased its market share among private life insurers to

nearly 40%.

Best Life Insurer award by Outlook Money.

ABOUT THE PARTNERSICICI BANK

ICICI Bank is Indias second largest bank. ICICI Bank provides a broad spectrum

of financial solutions for corporate and retail customers. It has about 450 branches and

extension counters, 1675 ATMs, call centers and Internet banking. ICICI Bank is theonly

Indian company to be rated above the sovereign rating by the international ratingagency

Moodys and the only Indian company to be awarded an investment gradeinternational credit

rating. The Bank enjoys the highest AAA (or equivalent) rating fromall leading Indian rating

agencies. This is one of the largest financial institutions in Indiaand trusted by millions of

Indians over the years.

FOREIGN PARTNER

PRUDENTIAL PLC

Prudential is a leading international financial services company in the UK. Prudential

hasbrought to market an integrated range of financial services products that now includeslife

assurance, pensions, mutual funds, personal banking, investment management andgeneral

insurance. Prudential is one of the largest life insurance companies in the world.It also has

its presence throughout Asia. Since 1923, Prudential has championedcustomer centric

products and services. Solid reputation built over 150 years. Alreadyestablished as one of the

biggest mutual fund companies in India (Prudential ICICAMC). It is truly a global brand.

PRUDENTIAL ASIA

Prudential is the largest life insurance company in the United Kingdom. Asia has alwaysbeen

an important region for Prudential and it has had a presence in Asia for over 75years. It has


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over 45,000 staff agents and over 1 million customers. It has its operationsin 12 countries

throughout Asia.

SERVICE

ICICI Prudential has recruited and trained over 18,000 insurance advisors to interfacewith

and advise customers and has the highest number amongst private life insurers onthe

renowned Million-Dollar Round Table (MDRT). Further, it leverages its state-of-the-art IT

infrastructure to provide superior quality of service to customers. It has a Customer First

philosophy.

COMPETITORS

ICICI Prudential faces tough competition from Life Insurance Corporation of Indiawhich is

one of the oldest insurance company and also from other private insurers likeBirla Sunlife,

Tata AIG, MetLife etc, HDFC Standard Life Insurance, ING Vysya etc.

LIFE INSURANCE SCORE CARD - (First year & single premium in 200304)

Insurance Company Income (in Rs. Crore) % Growth (over the

previous year)

ICICI Prudential 750.91 106.23

ING Vysya 72.60 311.15

AMP Sanmar 27.88 341.50

SBI Life 195.90 172.54

Tata AIG 180.15 245.07

HDFC Standard 209.33 61.88

Allianz Bajaj 179.70 183.50

Birla Sun life 449.86 247.20

Aviva 77.13 472.83

OM Kotak 127.10 260.99

Max Newyork 131.48 95.34


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MetLife 23.38 203.70

Private Total 2425.46 153.15

LIC 16284.68 1.93

VARIOUS DEPARTMENTS

Sales & Distribution Department

Operations Department

Banc assurance

Risk Management

Group Assurance Department

Front Desk

HR & Administration Department

Training Department


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BOARD OF DIRECTORS

MS. CHANDA D. KOCHHAR MR. N. S. KANNAN

CHAIRPERSON DIRECTOR

MR. K. RAMKUMAR MR. RAJIV SABHARWAL

DIRECTOR DIRECTOR

MR. BARRY STOWE MR. ADRIAN O'CONNOR

DIRECTOR DIRECTOR


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MR. KEKI DADISETH PROF. MARTI G. SUBRAHMANYAM

INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR

MS. RAMA BIJAPURKAR MR. VINOD KUMAR DHALL

INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR

MR. SRIDAR IYENGAR MR. SANDEEP BAKHSHI

INDEPENDENT DIRECTOR MANAGING DIRECTOR & CEO

MR. PUNEET NANDA

EXECUTIVE DIRECTOR

the icici group

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