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Mumbai, July 29

ICICI Prudential Life Insurance has increased its capital base by Rs 300 crore to Rs 2,372 crore. The capital has been infused by the promoters ICICI Bank and Prudential plc, in the existing proportions of 74:26 respectively. “The additional capital will be used to fund the high up-front expenses and meet the solvency norms. It will also enable ICICI Prudential to continue driving its expansion strategy over the next year, which includes opening new branches and offices across the country as well as scaling up operations,” said a press release. ICICI Prudential registered a growth of 22 per cent in new business weighted premium in the first quarter of 2006-07 at Rs 987 crore. The company wrote over 4,50,000 policies over the period and increased its assets held to over Rs 18,400 crore.

— Our Bureau

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