ICICI Prudential posts 152 pc hike in premium collection

New Delhi, July 31 (UNI) ICICI Prudential Life Insurance today posted 152 per cent increase in its business weighted premium at Rs 812 crore in the first quarter ended June 30, 2006.

Of this, Rs 690 crore came from retail business premiums, registering a growth of 155 per cent over the same quarter last year.

The successful quarter has increased ICICI Prudential's retail market share for the first quarter to 32 per cent of private companies and 12 per cent of the total market.

The quarter also saw the company's promoters, ICICI Bank and Prudential plc, infusing an additional Rs 150 crore of incremental capital, taking the total infusion to Rs 1,335 crore.

''Product development to expand our offerings to customers seeking solutions to meet their specific goals of retirement, health, education insurance and wealth creation continues to be our thrust area. This will be coupled with an expansion of our distribution network through our own branches as well as those of our partners,'' ICICI Prudential Life Insurance Managing Director Ms Shikha Sharma said.

ICICI Prudential has opened offices in 75 new locations over the past quarter and has over 83,000 advisors across the country, he added.

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