The Hindu Business Line : ICICI Pru Life posts 49% biz growth

Mumbai, April 15 ICICI Prudential Life Insurance has raked in new business premium of Rs 6,519 crore in 2007-08, a growth of 49 per cent over the previous year.

For the quarter ended March , 2008, the company grew its new business premium by 40 per cent at Rs 2,639 crore

The premium has been determined on the basis of the “Annualised Premium Equivalent” method , which gives only 10 per cent weightage to single premium written during a year.

Ms Shikha Sharma, CEO and MD, ICICI Prudential, said that the downturn in the stock market had caused a slump in the business in the last quarter. “We have seen a drop in the number of policies as well as average premium,” she said.

In the new fiscal, the company plans to set up 200-300 branches in the rural areas. Its branch network currently stands at 1950.

“We will be focussing on increasing the productivity of our existing branches and employees,” Ms Sharma said.

ICICI Prudential currently has 28,000 employees and 2.8 lakh insurance advisors.

The company’s shareholders infused capital of Rs 410 crore in February 2008, taking the total capital to Rs 3,772 crores.

Ms Sharma said that the company expected to grow faster than the life insurance industry and that break-even was still a couple of years away.

More Stories on : Life Insurance

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Commodity prices vulnerable

‘Insurers should go rural to enable financial inclusion’

Rupee to remain range-bound

United Bank home loans for urban poor

ICICI Pru Life posts 49% biz growth

RBI not keen to manage sovereign wealth fund

HDFC Bank into carbon credit

Corporation Bank launches reverse mortgage plan

Centurion Bank, India Post in pact