The Hindu : Business : ICICI Prudential to increase its presence in State

Online edition of India's National Newspaper
Wednesday, Jun 14, 2006

Business

Business

ICICI Prudential to increase its presence in State

Staff Reporter

KOCHI: ICICI Prudential Life Insurance expects to increase the number of its branches in Kerala to 40 during this financial year from the current number of 12 in keeping with the company's strong growth during the last financial year in the State.

The life insurance company's business in Kerala grew 162 per cent during the last financial year, said N. S. Kannan, executive Ddrector of the company and its vice-president for South Anup Rau here on Monday. The new ICIC Prudential locations will include towns like Kalpetta, Irinjalakkuda, Pala and Thiruvalla, they said.

The company's weighted new business premium grew 64 per cent during the last financial year. Mr. Kannan said that during the last financial year, ICICI Prudential had written 8.37 lakh policies.

ICICI Prudential is the number one player in the private sector in terms of weighted new business premium, claimed the company officials.

The last financial year also saw its new business' achieved profits going up to Rs.528 crores, a growth of 69 per cent. Renewal premium went up 113 per cent to touch Rs.1,657 crores.

Funds under management increased by 130 per cent to Rs.8,822 crores during the last financial year, Mr. Kannan added.

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