Mumbai: ICICI Bank Limited on Monday said it will retain its majority shareholding in ICICI Prudential Life Insurance Company Limited after joint venture partner Prudential plc agreed to acquire a 75% controlling stake in Bharti Life Insurance Company Limited.ICICI Bank currently holds around 51% in ICICI Prudential Life Insurance, while Prudential owns 21.91% in the life insurer.Also Read: Prudential to acquire 75% stake in Bharti’s insurance business for Rs 3,500 croreIncorporated in July 2000, ICICI Prudential Life offers wide range of products from unit-linked insurance plans (ULIPs), participating and non-participating products, annuity, protection and group insurance businesses. For FY26, ICICI Prudential Life Insurance reported a 10.5% rise in embedded value (EV) to Rs 52,989 crore from Rs 47,951 crore a year earlier, while profit after tax rose 34.6% year-on-year to Rs 1,600 crore. The value of new business (VNB) stood at Rs 2,629 crore in FY26, up 10.9% year-on-year, with VNB margin at 24.7%. In the March quarter alone, VNB stood at Rs 965 crore.The transaction involves Prudential acquiring the stake from Bharti Life Ventures Pvt Ltd and funds managed by 360 ONE Asset Management, subject to regulatory approvals and other conditions.As part of the proposed acquisition, Prudential will be required by regulators to reduce its holding in ICICI Prudential Life Insurance to below 10% and cease to be classified as a promoter of the insurer.Following the disclosure, ICICI Bank clarified that it remains committed to retaining majority ownership in ICICI Prudential Life Insurance for the long term.Post the announcement, shares of ICICI Prudential Life Insurance fell nearly 9% to hit a 52 week low before recovering partially to trade 5.64% lower to Rs 505 on the BSE in afternoon trade.