ICICI-Pru sees no threat from Prudential foray

KOLKATA: ICICI Prudential, a 74:26 JV between ICICI Bank and UK’s Prudential Plc, has no plans to change its brands strategy even if Prudential Insurance enters India. The UK-based Prudential Insurance has reportedly decided to start operations in India and sought Insurance Regulatory and Development Authority of India’s (Irda) approval to set up a representative office.

“In nearly six years since we started operations, our brand has achieved highest recall factor among private players. It is one of the most preferred brands among private insurers.

We have built brand equity over the last five to six years. So we don’t see the need to make changes in our brand promotion exercise or branding strategies,” Sujit Ganguli, vice-president and marketing head at ICICI Prudential told ET.

Mr Ganguli was responding to a specific query on possible changes in ICICI Prudential’s brand strategy, in the event Prudential comes to India. On ICICI Prudential head of sales Prasun Sikdar said:

“According to a valuation exercise undertaken by independent valuers, ICICI Pru’s valuation is between Rs 8,000 crore and Rs 12,000 crore. Assets under management have crossed the Rs 10,000-crore mark and we are the largest private insurer with 32% market share.”