ICICI prudential life insurance records 56 pc growth in H1

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Mumbai, Oct 20 (UNI) Private insurer ICICI Prudential Life Insurance today reported a 56 per cent growth for the first half of current fiscal, garnering a total premium of Rs 6,726 crore as against Rs 431 crore it collected for the corresponding period of last fiscal.

Renewal premium, one of the key indicators of long-term sustainability of the business, showed strong growth of 90 per cent and stood at Rs 3,423 crore during HI FY2009, the insurer said in a release here.

The new business retail weighted premium for the half year ended September 30, 2008 stood at Rs 2,650 crore and increased by 22 per cent as compared to same period in FY2008. The Annualised Premium Equivalent (APE) for the half year ending September 30, 2008 stood at Rs 2,760 crore and increased by 25 per cent as compared to corresponding period in FY2008. The Company's New Business Profit (NBP) stood at Rs 522 crore.

ICICI Prudential Life has underwritten over 12.85 lakh policies and its sum assured in force stood at Rs 182,427 crore for the six month period ending September 30, 2008. The Company's assets base also sustained a robust growth and stood at Rs 30,000 crores as on September 30, 2008.

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