ICICI Prudential Bows Out, ICICI Bank Moves In-PFRDA Approves Pension Fund Transfer

ICICI Prudential Life Insurance Company Limited announced that it has secured the PFRDA’s approval, marking the completion of a key regulatory step in its pension fund restructuring plan. The sale, first announced in July 2025 and reaffirmed in November 2025, involves transferring full ownership of ICICI Prudential Pension Funds Management to ICICI Bank Limited.  

Key Developments  

• ICICI Prudential received formal intimation from its pension subsidiary on January 5, 2026, at 6:37 p.m.  
• PFRDA, through its letter dated January 5, has approved both the transaction and the change of sponsorship.  
• Post-transfer, ICICI Bank will officially become the sponsor of ICICI Prudential Pension Funds Management Company Limited.  
• The approval is subject to ICICI Prudential and ICICI Bank meeting specific compliance conditions set by PFRDA.  
• This development strengthens ICICI Bank’s position in the retirement fund management space while allowing ICICI Prudential Life to focus more sharply on its core life insurance operations.  

Source: Company Announcement to BSE, PFRDA Approval Letter