Panaji, May 12 (UNI) ICICI Prudential Life Insurance has sustained its leadership position with an over all market share of 11.8 per cent leading the growth in private segment, the Company Vice-President and Head Sales Anup Rau said.
Speaking to mediapersons on performance of the Company, Mr Rau said, ''The last financial year saw us increase our distribution network and strengthen our service infrastructure and continued to introduce innovative products in the health, retirement and wealth creation space. This strategy helped us maintain our leadership position in the market and also enhance our customer's experience in many distinct ways.'' Mr Rau also said total premium income increased by 71 per cent to Rs 13,561 crores from Rs 7,913 crores in FY 2006-07. Renewal premium rose up by 101 per cent to Rs 5,526 crores from 2,751 crores in FY 2007-08 and now contributes 41 per cent of the total premium. The group business premium stood at Rs 1,262 crore. Funds managed saw a robust growth of 81 per cent to Rs 28,578 crore. ICICI Prudential Life's total capital base stands at Rs 3,772 crores.
He said the Company's foray into the rural segment saw significant growth in FY 2007-08. The company not only opened over 1,000 rural branches in 12 states, but also launched first of its kind service initiatives with key state-governed institutes to increase convenience amongst rural customers.
During the seven years of operation, ICICI Prudential sold over seven million policies and crossed the Rs 28,000 crores in assets held.
The company has over 1,950 branches in over 1,665 cities across the country, including over 1,000 branches in rural segments.
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