ICICI Prudential says report on Standard Chartered partnership exit is speculative

ICICI Prudential Life Insurance Company Ltd. on Thursday clarified that a media report suggesting Standard Chartered may exit its bancassurance partnership with the insurer is “speculative in nature.”

In an exchange filing, the insurer referred to a news article titled “Standard Chartered likely to exit ICICI Pru Life bancassurance tie-up; may join Bharti Life Insurance” that was circulating in mainstream media.

The company stated that pursuant to Regulation 30(11) of SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations and the applicable Industry Standards Note, it wishes to clarify that the report remains speculative.

The clarification comes after a CNBC-TV18 report citing sources claimed that Standard Chartered could potentially exit its bancassurance arrangement with ICICI Prudential Life Insurance and may instead partner with Bharti AXA Life Insurance.

According to the report, discussions between Standard Chartered and Bharti Life were at an advanced stage, although no final agreement had been announced.

Bancassurance partnerships are important distribution channels for life insurance companies, enabling insurers to sell products through banking networks. Any major shift in such alliances is closely tracked by investors as it can impact premium growth and distribution reach.

ICICI Prudential Life Insurance did not provide any further comments regarding the reported discussions or the future status of its relationship with Standard Chartered.

ICICI Prudential Life Insurance is one of India’s leading private life insurers, jointly promoted by ICICI Bank and Prudential Corporation Holdings.

Disclaimer: This article is for informational purposes only and should not be construed as investment advice.