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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]
ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with a registered office in Vadodara.It offers a wide range of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859 [ 1 ] (worth ₹15 lakh & ₹41 lakh in 2017 prices).
The LIC benefited from this process and in 2013 reported that the first year premium compound annual growth rate (CAGR) was 24.53% while total life premium CAGR was 19.28%, matching the growth of the life insurance industry and outperforming general economic growth. [25]
ICICI Lombard General Insurance is the largest private-sector general insurance company in India. [ 5 ] In a 2016 fiscal, ICICI Bank sold a 9.0% stake in ICICI General to its joint venture partner, Fairfax Financial Holdings, at a company valuation of ₹ 172.25 billion (equivalent to ₹ 250 billion or US$2.9 billion in 2023). [ 6 ]
On 4 August 2021, ICICI Prudential Life Insurance started supporting UPI AutoPay feature for insurance payment. [152] [153] In August 2021, Dish TV introduced UPI scan and pay feature for the first time in a nationwide rollout due to COVID-19 restriction and heavy demand for no contact digital payment solutions. [154]
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