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ICICI Prudential Life Insurance (ICICI Pru) has joined the elite club of companies with Rs 1 trillion market capitalisation (market-cap) on the BSE on Friday, after its share price hit a new high of Rs 708.20, rallying 5 per cent in intra-day trades. The earlier lifetime high for the life insurance stock was Rs 694.30 registered on August 18, 2021.
ICICI Pru became the third insurance company to cross Rs 1 trillion market cap. HDFC Life Insurance is on top of the list with a Rs 1.49 trillion market cap, while SBI Life Insurance has Rs 1.23 trillion. The market cap of ICICI Pru touched Rs 1.02 trillion in intra-day trades. At 11:22 am, the stock was up 2.6 per cent at Rs 692.30, with a market cap of Rs 99,466 crore, as per BSE data. In comparison, the S&P BSE Sensex was up 0.01 per cent at 57,857.
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In the past month, the stock has appreciated by 6.5 per cent compared to the 9 per cent rise recorded by its peers SBI Life and HDFC Life. The benchmark index Sensex has gained 7.5 per cent during the same period.
ICICI Bank and Prudential Corporation Holdings promote ICICI Prudential Life. The company has consistently been amongst the top private sector life insurance companies in India on a Retail Weighted Received Premium (RWRP) basis. On June 30, 2021, ICICI Pru had Asset Under Management (AUM) of Rs 2,231.71 billion and a Total Sum Assured of Rs 20.87 trillion.
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