ICICI Prudential Life Insurance Company Limited has informed the Exchange about General Updates
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ICICI Prudential Life Insurance is selling its entire 100% stake in ICICI Prudential Pension Funds Management Company (ICICI PFM) to ICICI Bank. The Pension Fund Regulatory and Development Authority of India (PFRDA) has now approved the transaction via its letter dated January 5, 2026, allowing ICICI Bank to become the new sponsor of ICICI PFM, subject to certain conditions. This is an update to earlier intimations from July and November 2025 about the proposed sale. The deal effectively transfers the pension fund management business from ICICI Prudential Life Insurance to ICICI Bank, both of which are part of the ICICI group.
With PFRDA approval secured, this divestment is now closer to completion, allowing ICICI Prudential Life Insurance to exit the pension fund management segment and focus on its core life insurance business. For shareholders, this is a portfolio simplification move within the ICICI group, though completion still depends on meeting the remaining regulatory conditions.