ICICI Prudential Life to Be Renamed ICICI Life as Prudential Steps Back to Investor Role

The board of ICICI Prudential Life Insurance has approved a proposal to rename the company ICICI Life Insurance Limited and has started the regulatory process to reclassify Prudential Corporation Holdings from a promoter to an ordinary investor. The move follows Prudential plc's agreement to acquire a 75% stake in Bharti Life Insurance from Bharti Life Ventures and funds managed by 360 ONE Asset Management, a transaction announced in May 2026 and still subject to regulatory approvals. Indian rules on holding controlling positions in more than one life insurer are expected to require Prudential to cut its stake in ICICI Prudential Life to below 10% from close to 22%, at which point it would cease to be a promoter. ICICI Bank, which holds roughly 50.8%, has signed a letter of undertaking with Prudential to address any conflict of interest arising from the Bharti Life investment, and has separately secured approval to raise its own stake by up to 2% to offset dilution from employee stock options. The application for reclassification will go to the insurance regulator, and Prudential has agreed to support the transition away from its brand name.