Mumbai, Sept. 18: ICICI Prudential Life Insurance Company's initial public offer (IPO) is likely to draw a strong response from investors and deliver listing gains. The issue, which will open for subscription tomorrow and close on September 21, is the first by an insurance company and expected to pave the way for more listings by insurers. The public offer comprises about 18 crore equity shares of ICICI Prudential Life Insurance, of which 5.7 crore are reserved for retail investors. The size of the Indian life insurance sector (excluding Sahara Life Insurance Company) is Rs 3.7 trillion on a total premium basis in 2015-16, making it the tenth-largest in the world, according to Swiss Re. However, the life insurance penetration (insurance premium as a percentage of GDP) was just 2.9 per cent in 2014-15 compared with 3.7 per cent in Thailand, 7.3 per cent in South Korea and a global average of 3.5 per cent in 2015.

Source: The Telegraph September 18, 2016 19:01 UTC