ICICI Prudential to sell life insurance products via RBL Bank under Bancassurance partnership

ICICI Prudential Life Insurance and RBL Bank have entered into a bancassurance partnership to offer life insurance products to the bank’s customers.

This will enable around 87 lakh customers of RBL Bank to access and purchase protection & savings products of the company along with providing financial security to themselves & their families.

RBL Bank will distribute these products through its network of 398 branches, which are spread across 28 states. It will also sell this product through internet & mobile banking.

Reacting to this, the stock of ICICI Prudential Life Insurance today rose by 0.97 per cent and made an intraday high of Rs 488.20 per share.

The company reported a net profit of Rs 302.46 crore in Q2FY21, which increased by 0.21 per cent YoY, as compared to Q2FY20 when it had reported a profit of Rs 301.84 crore. The company reported a total income of Rs 16,835.36 crore for Q2FY21, an increase of 105.08 per cent, as against the total income of Rs 8,209.08 crore for Q2FY20.

The share price of the company closed at Rs 486.85, up by 0.69 per cent on BSE.