The Hindu Business Line : ICICI Pru upbeat on health insurance, pension segments

The private insurance major proposes to take advantage of its vast network of 177 branches across 132 locations, advisor strength of 72,000, eight bank partners and over 200 corporate agents and brokers with a total of 4,000 distribution points across the country, its Executive Director, Mr N.S. Kannan, said.

Addressing newspersons here on Thursday, he said the company was also planning to aggressively expand its network. However, he refused to divulge details pertaining to number of new branches and advisors being planned. He also declined to quantify the size of opportunities in the health insurance and pension products that the company is looking at.

"I can only say that we are very upbeat on the opportunities emerging in health insurance and pension segments. We have major plans for network expansion to exploit the opportunities," Mr Kannan said.

According to him, though the contribution of health insurance, thrown open to life insurers just recently, is currently insignificant, the company expects a significant contribution in the next couple of years. "We are confident of growing at over 60 per cent this year and retain our market leadership position," he said.

Capital infusion

Stating that the company requires significant capital infusion to implement its ambitious growth plans, he, however, said the company was yet estimate its exact capital requirements now. "Both the partners are ready to pump the capital as and when required."

Sharing the details on some of interesting trends observed by ICICI Pru in the falling stock markets, Mr Kannan said the investors were still demonstrating their faith in equities under the unit-linked insurance policies (ULIPs).

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