ICICI Bank Buys 2% More in Life Insurance JV for ₹1,470 Cr

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Sep 02, 2026 23:06

ICICI Bank increases its stake in ICICI Life by 2% from Prudential plc for ₹1,470 crore, raising its total holding to 52.8% due to regulatory compliance.

ICICI Bank Buys 2% More in Life Insurance JV for ₹1,470 Cr

Photograph: Shailesh Andrade/Reuters

Key Points

ICICI Bank acquired an additional 2% stake in its life insurance venture, ICICI Life.
The acquisition was made from its joint venture partner, Prudential plc, for Rs 1,470 crore.
This transaction increases ICICI Bank's total shareholding in ICICI Life to approximately 52.8%.
Prudential plc reduced its stake to meet regulatory requirements for its planned acquisition of Bharti Life Insurance.

New Delhi, Sep 2 (PTI) ICICI Bank on Wednesday said it has raised its stake in its life insurance venture by buying a 2 per cent stake from its joint venture partner for a sum of Rs 1,470 crore.

The bank has, through multiple tranches executed between July 22 and September 2, 2026, completed the purchase of 29,015,693 equity shares of ICICI Life, representing about 2 per cent of ICICI Life's equity share capital on June 30, 2026, for an approximate consideration of Rs 14.70 billion through the stock exchange mechanism, ICICI Bank said in a regulatory filing.

Following this, the bank's shareholding in ICICI Life stands at approximately 52.8 per cent.

Paring down of stake by its joint venture partner, UK-based Prudential plc, is part of regulatory requirement.

Prudential plc announced its plans in May this year to acquire a 75 per cent stake in Bharti Life Insurance.

According to the regulatory requirement, Prudential plc has to reduce its stake in ICICI Prudential Life Insurance to 10 per cent before increasing its holding in Bharti Life Insurance.

Prior to the stake sale, Prudential plc's holding in ICICI Life Insurance was 21.9 per cent, while ICICI Bank had a 50.9 per cent majority stake.

Source: PTI By Rediff Money Desk, New Delhi

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