ICICI Pru Life to become ICICI Life as Prudential seeks reclassification | Insurance News
The board of ICICI Prudential Life Insurance on Monday approved a proposal to rename the company ICICI Life Insurance, as it initiated the regulatory process to reclassify Prudential Corporation Holdings from a ‘promoter’ to an ‘investor’ following the latter’s proposed acquisition of a 75 per cent stake in Bharti Life Insurance.
The board also accepted the resignation of Non-Executive Director Naveen Tahilyani.
In a stock exchange filing, the insurer said the proposed name change from ICICI Prudential Life Insurance Company Limited to ICICI Life Insurance Limited is aimed at aligning the company’s corporate identity with its post-reclassification promoter structure. The proposal is subject to prior approval from the Insurance Regulatory and Development Authority of India (Irdai).
The development follows Prudential’s decision to acquire a 75 per cent stake in Bharti Life Insurance from Bharti Enterprises for ₹3,500 crore, announced on May 17, 2026, subject to regulatory approvals. The transaction requires Prudential to reduce its stake in ICICI Prudential Life to below 10 per cent from its current holding of nearly 22 per cent.
On Sunday, ICICI Prudential Life said ICICI Bank had signed a letter of undertaking with Prudential Corporation Holdings to address any potential conflict of interest arising from Prudential’s investment in Bharti Life.
Under the undertaking, Prudential will abstain from voting on special resolutions at ICICI Prudential Life unless they adversely affect its rights or interests. It has also agreed that its nominee director will resign from the board once the company files the reclassification application and that it will not nominate another director until the process is complete.
As of June 30, ICICI Bank held a 50.84 per cent stake in ICICI Prudential Life, while Prudential owned 21.89 per cent.
Shares of ICICI Prudential Life have fallen 9.43 per cent since May 15 to close at ₹484.80 on the BSE on Monday, down 0.8 per cent for the day. The company’s market capitalisation stood at ₹70,334.04 crore.
Separately, Irdai recently granted a certificate of registration to Prudential HCL Health Insurance to undertake health insurance business in India. The joint venture is owned 70 per cent by Prudential and 30 per cent by HCL Group.
