ICICI Prudential Life Insurance grows by 64 pc

Kochi, Jun 12: The Leading private sector life insurance company ICICI Prudential Life Insurance has registered 64 per cent growth in weighted new business premium in the last financial year, taking its premium upto Rs 2,412 crore.

During the year, the company issued 837,963 retail policies and the sum assured in force stands at Rs 45,888 crore, a growth of 65 per cent during the year, ICICI Prudential executive director N S Kannan said at a press conference here today.

Commenting on the impact of the volatility of the markets on its customer base, Mr Kannan said that the market shifts appeared to be more due to technical rather than fundamental factors.

Stating that retail customers were showing better understanding of such movements, he said that they were mostly investing for the long term.

He said the company had crossed the two million policies mark and 500,000 rural policies during FY06, becoming the first private life insurer to do so.

The company had 177 branches across 132 locations.

Continuing with its endeavour to expand the life insurance market in India, he said the company will open ''a very large number'' of new branches across the country in the year ahead and also develop new products to attract new customer segments.

UNI