ICICI Prudential Life Insurance Company's annualised new business premium rose 77 per cent to Rs 1,256 crore in 2004-05. Its total premium rose 139 per cent to Rs 2,363 crore, pushing up ICICI Prudential's market share to 7 per cent from 4 per cent a year ago. | |
| ICICI Prudential's funds under management jumped 130 per cent to Rs 3,832 crore at the end of March 2005 from Rs 1,664 crore at the end of March 2004. |
| |
| The total new business premium, including the entire receipts of single premium policies, was up 111 per cent to Rs 1,584 crore in 2004-05. |
| |
| Unit linked insurance policies accounted for almost 80 per cent of the new business premium in 2004-05. The expense ratio for the life insurer in 2004-05 was 17 per cent of the total premium received. |
| |
| ICICI Prudential Life Insurance CEO and managing director, Shikha Sharma, said the focus for the next few years will be on pursuing profitability through a robust and healthy portfolio. |
| |
| The January-March 2005 quarter saw the life insurer received annualised premium of Rs 590 crore against 2.67 policies. Annualised premium takes into account only 10 per cent of premium received under single-premium policies. |
| |
| A total of 6,14,519 policies were issued in 2004-05, a rise of 41 per cent over 2003-04. Renewal premium at Rs 780 crore in 2004-05 constituted 49 per cent of the new business premium. ICICI Prudential's market share amongst private sector life insurers was 36 per cent at the end of March 2005. |
| |
| Sharma said ICICI Prudential efforts at growing rural business beyond regulatory requirements has led to the insurer crossing the milestone of covering two lakh farmers, with over one lakh policies issued in 2004-05. |
| |
| She said ICICI Prudential settled 770 claims worth Rs 9 crore in 2004-05, 86 per cent of them within 10 days, against the regulatory 30 day period. |
| |
|
| |
