Prudential plc successfully listed ICICI Prudential Life Insurance Company Limited, valuing it at £5.6 billion and enhancing Prudential's stake to £1.4 billion while reinforcing its presence in the Indian life insurance market.

Target Information

Prudential plc has announced the successful domestic listing of ICICI Prudential Life Insurance Company Limited, referred to as ICICI Pru Life. This prominent life insurance provider operates within the Indian market as a joint venture with ICICI Bank Limited. As of the listing, ICICI Pru Life holds a market share of 11.3% and is recognized as the largest privately-owned life insurer in India by total premium and assets under management.

The initial public offering (IPO) was priced at Rs. 334 per share, affirming a market valuation of roughly £5.6 billion for ICICI Pru Life, with Prudential's share amounting to £1.4 billion. It is noteworthy that Prudential did not sell any shares or acquire proceeds from this IPO, instead maintaining its significant stake in the company.

Industry Overview in India

The life insurance industry in India has experienced considerable growth, characterized by an increase in awareness about the necessity for financial protection among the populace. Regulatory reforms have bolst