ICICI Bank 2016 Annual Report Download - page 91

89Annual Report 2015-2016
In addition, the Bank launched a range of technology-based products to offer more convenience to customers. Some of
these initiatives include Forex@click (a facility to purchase foreign exchange and travel card products 24x7), a dedicated
portal for the collection of central/state taxes, e-SOFTEX which enables software exporters to manage export reporting
to the authorities and doorstep banking for corporate customers which enables them to request collection and provide
disbursement instructions online.
To enhance fraud prevention measures, the Bank launched a real-time fraud monitoring tool for managing the fraud
on credit and debit cards. Big data and multi-channel campaign management have helped the Bank in campaigns,
management of real time offers, geospatial analytics and event-based marketing. The Bank continues to adopt state-of-
the-art technologies for infrastructure monitoring and data-centre optimisation to cater to evolving customer aspirations.
Additionally, the Bank has migrated its key systems (Core Banking System, Payment Gateway, Dealing Room Primary,
among others) to their latest versions enabling access to new features, enhanced security and better scalability.
KEY SUBSIDIARIES
ICICI Prudential Life Insurance Company (ICICI Life)
ICICI Life remains the market leader among private life insurers in terms of retail weighted received premium (RWRP) with
an overall market share of 11.3% and private market share of 21.9% for scal 2016. ICICI Life’s total premium in scal
2016 was ` 191.64 billion as compared to ` 153.07 billion during scal 2015 while the annualised premium equivalent
for scal 2016 was ` 51.70 billion as compared to ` 47.44 billion for scal 2015. The prot after tax was ` 16.50 billion as
compared to ` 16.34 billion in scal 2015. The total assets under management for ICICI Life stood at ` 1,039.39 billion
as on March 31, 2016. During scal 2016, ICICI Bank sold a 6.0% stake in ICICI Life to two investors, at a company
valuation of ` 325.00 billion. Post the transaction, our share ownership in ICICI Life came down from approximately 74%
to approximately 68%.
ICICI Lombard General Insurance Company (ICICI General)
ICICI General’s Gross Written Premium (GWP) was ` 83.07 billion in scal 2016. The company maintained its market
leadership in the private sector with an overall market share of 8.4%. The company witnessed an increase in policy
volumes by 13.90% from 13.87 million in scal 2015 to ` 15.80 million in scal 2016. ICICI General’s prot before tax
increased from ` 6.91 billion in scal 2015 to ` 7.08 billion in scal 2016 despite the impact of Chennai oods and high
weather insurance claims. ICICI General’s prot after tax decreased from ` 5.36 billion in scal 2015 to ` 5.07 billion
scal 2016, due to a higher effective tax rate in scal 2016, as loss carried forward from earlier years had already been
absorbed in prior periods. In scal 2016, ICICI Bank sold a 9.0% stake in ICICI General to its joint venture partner, Fairfax
Financial Holdings, at a company valuation of ` 172.25 billion. Following the transaction, the share ownership in ICICI
Lombard General Insurance Company of ICICI Bank and Fairfax Financial Holdings Limited is approximately 64% and
35%, respectively.
ICICI Prudential Asset Management Company (ICICI AMC)
ICICI Prudential AMC had quarterly average assets under management of ` 1,758.81 billion for quarter ended March 31,
2016, making it the largest asset management company in India. The overall market share in mutual fund business has
grown to 13.0% on quarterly average basis compared to 12.5% in scal 2015. At March 31, 2016, the closing equity mutual
fund AUM (excluding exchange traded funds) has moved up to ` 614.10 billion and the market share has increased to
14.4% from 13.5% in March 2015. ICICI AMC posted a prot after tax of ` 3.26 billion for the year ended March 31, 2016,
an increase of 32% as compared to ` 2.47 billion for the year ended March 31, 2015.
In scal 2016, the Company won the Best Fund House (Equity Category) in the Morningstar Fund Awards 2016, the Best
Debt Fund House Award in Business Today - Money Today Financial Awards 2016 and the Best Fund House - India 2016
at the APAC Investment Awards 2016.