ICICI Prudential board approves reclassifying Prudential as an investor

ICICI Prudential Life Insurance Co. Ltd on Monday approved the reclassification of British insurer Prudential Plc from promoter to investor; because this company is preparing to establish a new insurance venture in which it will hold a majority stake with the Bharti group led by Sunil Mittal.

The life insurer’s board, Prudential Corp. Approved seeking approval from the Insurance Regulatory and Development Authority of India to reclassify Holdings Ltd. He also approved seeking regulatory approval to rename the company as ICICI Life Insurance Ltd.

The approval came a day after co-backer Prudential sent a letter to the insurer to begin the process of reclassifying it as an investor in the company. “The Board considered and approved Prudential’s request for reclassification from ‘Promoter’ to ‘Investor’,” the life insurer told the exchanges on Monday. he said. It also reported that non-executive director Naveen Tahilyani has resigned from the board effective July 6.

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new regulation

ICICI Bank and Prudential Corp. on Saturday signed a letter of commitment setting out the rights and obligations of both parties in the period between the submission of the reclassification application to Irdai and the completion of the transaction. These include regulations governing voting on special resolutions and the withdrawal of Prudential’s director nominee from the company’s board of directors.

As on June 30, Prudential held 21.89% stake in the insurer while ICICI Bank held 50.84% stake. The regulations require the foreign promoter to reduce his stake in the company to less than 10% and cease being a promoter in order to continue his venture with the Bharti group and become a promoter of another life insurance company in the country.

The foreign investor also has ICICI Bank-ICICI Prudential Asset Management Co. It has a joint venture with an investment fund in which it owns 35% of the shares.

ICICI Pru Life recorded annual premium equivalent (APE) as follows: ₹10,641 crore in FY26, up 2.2% y-o-y. Retail APE was at this stage: ₹8,692 crore, up just 0.1% year-on-year. New business bonus was 9.9% higher ₹24,810 crore.

During the two-month period ending May 30, 2026, the insurer recorded 14.5% annual growth in APE. ₹1,340 crore, retail APE of which ₹1,018 crore, up 8.4%. New job bonus increased by 18.8 percent ₹2,899 crore for the period, according to the latest analyst presentation.

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Shares of ICICI Prudential Life Insurance closed down 0.1 percent ₹While it was at 484.80 on the National Stock Exchange, ICICI Bank shares ended 1.1% higher. ₹1,426.05 on Monday. The company announced the board’s approval after market hours.

new venture

On May 17, Prudential Corp. acquired Bharti Life Insurance Co. from Bharti Life Ventures Pvt. Ltd. announced that it has signed a share purchase agreement to acquire 75% of its shares. Ltd. and funds managed by 360 ONE Asset Management. Agreement includes initial cash consideration ₹3,500 crore, maximum ₹700 crore as additional contingent consideration. It also includes Bharti Airtel and 360 ONE WAM Ltd. It also includes long-term strategic distribution agreements with.

Prudential had later said that India was a “strategically” important, exciting and attractive market and that the deal with the Bharti group was aimed at securing a majority stake in a life insurance company in the country.

“The business is expected to leverage the combined brand strength of Prudential and Bharti, supported by Prudential’s operational capabilities. Prudential expects to work closely with Bharti Enterprises’ other businesses and related organisations.”

ICICI had then also said that the proceeds from the disposal of its stake in Prudential Life would be used to support future growth in other businesses and the remaining capital would contribute to Prudential’s free surplus.

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Prudential provides life and health insurance and asset management services in Greater China, Asean, India and Africa. It is traded on the Hong Kong Stock Exchange and the London Stock Exchange.

Apart from the proposed majority control in Bharti Life Insurance, Prudential’s India insurance operations comprise a majority stake in Prudential HCL Health Insurance Ltd, a 70:30 joint venture of HCL Group with Vama Sundari Investments.

On June 29, Irdai issued a certificate of registration to Prudential HCL Health, allowing it to commence operations as the country’s eighth independent health insurer. On April 13, the insurer appointed Amit Dave as chief executive officer and managing director and Abhishek Saraf as chief operating officer.