According to insiders, the bank accounts for approximately 5% of ICICI Prudential Life’s annualised premium equivalent (APE) and around 6% of its retail APE.
With this likely exit, ICICI Bank is not anticipated to begin offering non-protection products, such as unit-linked insurance plans (ULIPs) or savings products from ICICI Prudential Life, but may focus solely on distribution of protection-oriented products, they noted.
In other news, sources have stated that the Insurance Regulatory and Development Authority of India (IRDAI) is expected to provide a 12–18 month period for Prudential plc to reduce its 12% stake in ICICI Prudential Life.
As part of the proposed agreement, ICICI Bank is likely to procure about 2% of the stake from Prudential, while the remaining 10% may be divested through block transactions, sources reported. Prudential’s 12% ownership is valued at over ₹9,000 crore based on current estimates.
Standard Chartered chose not to comment on the matter.
Responses from ICICI Bank, ICICI Prudential Life Insurance, IRDAI, Standard Chartered, and Bharti Life Insurance were still pending.
