ICICI Prudential posts 143 pc growth in HI FY07

New Delhi, Nov 17: ICICI Prudential Life Insurance today posted a growth of 143 per cent during the half year April-September 2006, earning new business weighted premium of Rs 1,626 crore, as against Rs 668 crore during the corresponding period the previous year.

The company had underwritten 658,437 policies during the period and sum assured in force stood at Rs 64,113 crore. It continued to retain its position as the leading private life insurer with a retail market share of 9.2 per cent of the total and 30 per cent of the private market. Assets held stood at Rs 11,423 crore as on September 30, 2006.

''We have seen excellent progress over the past six months on both the product and distribution fronts, which has catapulted our base to over three million policies, the largest amongst private life insurers. We have almost doubled the distribution during the year, with a total of around 400 branches across the country,'' ICICI Prudential Life Insurance Executive Director N S Kannan said.

Since the beginning of the financial year, ICICI Prudential launched four plans including a premium guarantee market-linked plan which ensures that an investor will only get the benefits of the upsides of the market; an immediate annuity product that offers a guaranteed income for life for retired people.

The third is an insurance product which has been designed for cancer patients. Last month, ICICI Prudential launched 'Diabetes Care', the world's first critical illness insurance for diabetics.

UNI