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Our Bureau

Bangalore , Feb. 5

ICICI Prudential Life Insurance Company's premium income has topped Rs 1,000 crore for the first nine-month period of the current financial year.

ICICI Prudential is the first private sector life insurer to achieve this number.

Briefing presspersons here today, Ms Shikha Sharma, Managing Director, said that 80 per cent of the growth was driven by unit-linked plans. The risk and endowment products of the company drove the remaining part of the growth.

For the first nine-month period of this year, the company had sold about 5,50,000 policies with a sum assured exceeding Rs 13,000 crore.

In line with the growth in business, she said, ICICI Prudential had also expanded its capital base to Rs 625 crore. Despite the increase in the equity base during the year, the stake holding remained constant. ICICI continued to hold 74 per cent of the stake and the remaining by Prudential Life Insurance of UK. Ms Sharma said, "Further business expansion will require additional capitalisation."

All the incremental growth would be powered by the bancassurance tie-ups, she said. ICICI-Prudential has tied up with 11 banks for vending life insurance products.

She also said that the direct selling agency force would be strengthened in the coming months. In addition, it was also attempting a tie- up with the Postal Department for vending some of the products. These included products, which are not in direct competition with India Post's own insurance schemes.

Ms Sharma said that ICICI Prudential was also reorienting its focus to group policies to corporates.

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