Prudential Life Insurance gains profit

Vijayawada, July 6: Strenthening its leadership momentum among the private life insurers in the country, the ICICI has garnered retail and group premium business to the tune of Rs 4,843 crore, ending March 31, 2007, by giving a market share of 28.7 per cent.

Addressing a press conference here today, ICICI Prudential life Insurance senior Vice-President Anup Rau said the company in view of the upswing of the business, became the first private life insurance company to cross the milestone of four million policies sold.

He said the company's business continued in the current fiscal and for the two months in this fiscal ended on May 31, 2007, it secured a new business premium of Rs 587 crore, thus increasing the market share to 10 per cent of the total market, including LIC.

Mr Rau said the company's assets as on May 31 this year stood at over Rs 17,500 crore.

ICICI had also strengthened its presence across the country with over 580 branches and over 2,30,000 advisors.

Mr Rau said the ICICI Prudential has over 22 bancassurance partners and also had tie-ups with Federal Bank, South Indian Bank, Lord Krishna Bank, Idukki District Co-operative Bank, Jalgaon People's Co-operative Bank and with Nine Bank of India sponsored Regional Rural Banks. He said the company was the only life insurer in the country to be assigned AAA (IND) credit rating from fitch ratings as it had retained its position as the No 1 private life insurer for the past six years with a wide range of flexible products to meet the needs of the Indian customer.

Mr Rau said the ICICI bank offered a wide range of banking products and financial services to the corporate and retail customers in the areas of investment banking, life and non-life insurance, private equity and asset management.

The Bank, a leading player in the retail banking market, have a large customer base through a network of over 950 branches, 3,300 ATMs, call centres and internet banking. The bank's fund management business has expanded in China, Hong Kong, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam, United Arab Emirates apart from India.

UNI