ICICI Prudential records 68 pc growth in 2007-08

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Patna, May 23: ICICI Prudential, country's largest private insurance company, has recorded an unprecedented growth of 68 per cent during 2007-08 and grabbed 11.8 per cent share in the domestic market.

Company's senior vice-president Prasun Sikdar told newspersons here that the increased distribution network, better service infrastructure and innovative products in health, retirement, and wealth creation space had helped in achieving the 68 per cent business growth in last fiscal. ''Since the company's launch in 2000, it sold over seven million policies and crossed Rs 28,000 crores of assets,'' Mr Sikdar said adding that renewal premium rose up by 101 per cent to Rs 5,526 crores from Rs 2,751 crores during the period, which stands 41 per cent of the total premium.

As compared to 2006-07, the company tripled its network to increase customer convenience in 2007-08, he informed adding that it has over 1950 branches in 1665 cities across the country.

Referring to the company's foray into the rural segment, Mr Sikdar said it had achieved significant growth by not only opening over 1000 branches in rural areas in 12 states but launched first-of-its kind service initiatives with key state-governed institutes to increase convenience amongst rural customers.

''ICICI Prudential has tied up with the department of post in Andhra Pradesh, Uttar Pradesh, Punjab and Gujarat and South Indian Bank in Kerala to provide convenient premium paying facilities to its customers,'' he informed.


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