Mumbai, April 12
ICICI Prudential has grown to acquire a market share of seven per cent by registering a growth of 77 per cent.
The company has declared an annualised premium of Rs 1,256 crore for 2004-05 against Rs 707 crore in the previous fiscal.
It had issued a total of 6.14 lakh policies, taking the total number of policies to 14 lakh and the total sum assured to over Rs 30,000 crore. At the end of March 2005, the company had settled 770 claims.
Renewal premium at Rs 780 crore has grown by 226 per cent. This accounts for 49 per cent of ICICI Prudential's new business, while the expense ratio has slipped to 17 per cent compared to 26 per cent for 2003-04.
Ms Shikha Sharma, Managing Director, said that increasing renewal business and reducing expense ratios were the two key drivers of profitability.
In terms of group business, the company has acquired a market share of seven per cent at Rs 111 crore from last year's 1.2 per cent.
The share of bancassurance in the total business has remained unchanged at 18 per cent.
Of the company's total two lakh rural policies, one lakh were issued in 2004-05.
On the growth rate having reduced in the past three years, Ms Sharma said that this was bound to happen because the operating base had widened. "The focus for the next few years is to pursue profitability by continuing to build scale through a robust and healthy portfolio," she added.