Mumbai: ICICI Bank has increased its holding in ICICI Prudential Life Insurance to about 52.8 percent after acquiring an additional 2 percent stake for approximately Rs 1,470 crore from its joint venture partner, UK based Prudential plc.
The private sector lender completed the acquisition through multiple transactions on the stock exchanges between July 22 and September 2, 2026, according to a regulatory filing.
Bank Buys Over 2.9 Crore Shares
ICICI Bank purchased 2,90,15,693 equity shares of ICICI Prudential Life Insurance during the period. The shares represented approximately 2 percent of the insurers equity share capital as of June 30, 2026.
The aggregate consideration for the acquisition was approximately Rs 14.70 billion, equivalent to Rs 1,470 crore.
Following the transactions, ICICI Banks shareholding in the life insurance company has increased to approximately 52.8 percent, further consolidating its majority ownership.
Before the stake sale, ICICI Bank held about 50.9 percent in ICICI Prudential Life Insurance, while Prudential plc owned approximately 21.9 percent.
Prudential Cuts Stake for Regulatory Compliance
The stake reduction by Prudential plc comes as the British financial services group prepares to increase its presence elsewhere in Indias insurance industry.
Prudential announced in May that it planned to acquire a 75 percent stake in Bharti Life Insurance.
Under applicable regulatory requirements, Prudential must reduce its holding in ICICI Prudential Life Insurance to 10 percent before it can increase its ownership in Bharti Life Insurance.
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The latest transaction therefore forms part of Prudentials broader stake reduction exercise aimed at meeting those requirements.
For ICICI Bank, the purchase strengthens its ownership of the listed life insurer while Prudential progressively trims its exposure.
The acquisition was executed through the stock exchange mechanism rather than through a single block transaction.
The deal also marks another step in the restructuring of ownership within Indias life insurance sector as Prudential works towards its proposed investment in Bharti Life Insurance.
