The Hindu Business Line : ICICI Pru makes significant gains in rural biz

During the period, the number of branches rose from 583 to 1,950 — 1,000 of them were rural branches in 12 States. To facilitate operations, it tied up with the Department of Post in Andhra Pradesh, Uttar Pradesh, Punjab and with South Indian Bank in Kerala, said Mr Anup Rau, Senior Vice-President and Head (Sales), here on Thursday.

Within seven years of starting operations, the company has emerged as a market leader in the private segment, with a significant growth in the last two years. The company’s operations are spread across 1,665 cities in the country.

The funds management stood at Rs 28, 578 crore, mobilised through its products in health, retirement and wealth creation. Over 7 million policies have been sold, securing an overall market share of 11.8 per cent. During 2007-08 the total premium income increased by 71 per cent and the renewal premium by 101 per cent, compared to the previous year. “What is significant is that the renewal premium constituted 41 per cent of the total premium as the customers were at liberty to withdraw after three years,” he said, addressing media persons.

New products

The company has launched new products — Hospital Care and Crises Cover — in its health segment along with second generation unit-linked insurance policies such as LifeStage (regular premium) and LifeStage Pension, he added.

Referring to the Madurai market, he said two branches are functioning with 678 advisors and 154 touch points. The customers are extremely aware of the products and pension policies found significant acceptance with the pension to life ratio at 1:2.

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