The Hindu Business Line : ICICI Prudential Life premium up 135 pc

ICICI Prudential Life Insurance Company has recorded a 135 per cent growth in total premium income for the financial year ended March 31, 2003, at Rs 989 crore, as against a premium income of Rs 420 crore in the corresponding period, the previous year.

New business premium income grew by 106 per cent to Rs 751 crore during this period, said a press release.

During the past year, ICICI PruLife has issued 4,36,115 policies, taking its total policy count to over 7,80,000. The company added Rs 8,173 crore in terms of sum assured in the financial year 2003-04, taking the total sum assured since inception to Rs 16,000 crore.

The last quarter of the year, January-March 2004, has been the most successful quarter for the company. New business received premium posted a 93-per cent growth to Rs 372 crore, over the previous quarter, i.e., the third quarter of the financial year 2003-04, said the release.

The company's market share amongst private life insurers for retail business stands at 39.3 per cent for the period April '03 to February '04, said the release.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. The company has a network of over 30,000 advisors as well as 12 bancassurance tie-ups.