ICICI Bank 2014 Annual Report Download - page 57

Annual Report 2013-2014 55
KEY SUBSIDIARIES
ICICI Prudential Life Insurance Company (ICICI Life)
ICICI Life successfully maintained its leadership amongst private players in terms of new business
premium on a retail weighted basis. ICICI Life’s total premium for fiscal 2014 was ` 124.29 billion and new
business annualised premium equivalent premium was ` 34.44 billion. ICICI Life’s unaudited new business
profit in fiscal 2014 was ` 4.27 billion. The profit after tax was ` 15.67 billion in fiscal 2014 compared to
` 14.96 billion in fiscal 2013. The total sum assured by ICICI Life, including the group insurance business,
increased by 9.5% from ` 2,757.71 billion at March 31, 2013 to ` 3,020.68 billion at March 31, 2014.
ICICI Lombard General Insurance (ICICI General)
ICICI General maintained its leadership in the private sector with an overall market share of 9.4% in fiscal
2014. ICICI General’s gross written premium grew by 11.1% from ` 64.20 billion in fiscal 2013 to ` 71.34
billion in fiscal 2014. Profit after tax increased by 67% from ` 3.06 billion in fiscal 2012 to ` 5.11 billion in
fiscal 2014.
ICICI Prudential Asset Management Company (AMC)
ICICI Prudential AMC improved its ranking to become India’s second largest mutual fund manager based
on quarterly average assets under management (AAUM) that touched `1,068.22 billion in January-March
2014 and a market share of 11.8%. Profit after tax increased by 66% from ` 1.10 billion in fiscal 2013 to
` 1.83 billion in fiscal 2014. ICICI Prudential AMC was awarded as best fund house in the debt, equity and
multi-asset categories by Morningstar India.
ICICI Venture Funds Management Company (ICICI Venture)
ICICI Venture, despite a challenging environment for alternate asset managers, maintained its leadership
position as a specialist alternative asset manager based in India through its presence in diversified asset
classes of private equity, infrastructure, real estate and special situations. During fiscal 2014, ICICI Venture
concluded fund raising for the infrastructure focused equity fund. In addition, the special situation fund,
to which ICICI Venture is an advisor under a strategic alliance with a leading global player, also concluded
fund raising during the year. ICICI Venture achieved a profit after tax of ` 0.33 billion in fiscal 2014 compared
to a profit after tax of ` 0.20 billion in fiscal 2013.
ICICI Securities (I-Sec)
During fiscal 2014, despite the volatility in capital markets, I-Sec increased its market share across the
institutional, retail and private wealth segments. The company maintained its market leadership in the
retail broking business. I-Sec achieved a profit of ` 0.75 billion in fiscal 2014 compared to ` 0.68 billion in
fiscal 2013.
ICICI Securities Primary Dealership Limited (I-Sec PD)
I-Sec PD managed multiple corporate debt placements aggregating to ` 776.09 billion in fiscal 2014.
During the year, I-Sec PD was awarded the ‘Best Domestic Bond House’ in India at The Asset Triple A
Asian Awards 2013, conducted by the international publication, The Asset, for its contribution in primary
debt placements and overall development of the domestic bond markets. I-Sec PD’s profit after tax was
` 1.32 billion in fiscal 2014 compared to ` 1.22 billion in fiscal 2013.