ICICI Prudential Life Insurance Company is looking at making significant capital infusion during the current financial year to support its expansion plan. | |
| Sujit Ganguli, head-marketing, said, "To support our expansion, there will be requirement of substantial capital infusion. We will be increasing our branch networking significantly over twelve months." |
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| He, however, did not divulge the amount of capital that would be infused. The company had firmed up plans of more than double its branches over the next twelve months. |
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| "Currently, we have 177 offices in 132 cities. We will be increasing the office number by more than 100 per cent," said Ganguli. |
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| The company will be eyeing tier II and tier III cities in a major way. The company has worked out a two-pronged strategy to clock significant growth during the current financial year. |
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| "We will be focusing on both geographical expansion and launching new products for achieving aggressive growth this year," he added. |
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| During 2005-06, the company registered 64 per cent growth in weighted new business premium to Rs 2,412 crore. |
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| Meanwhile, renewal premium income went up by 113 per cent to Rs 1,657 crore in 2005-06, thereby, contributing to around 39 per cent of the total premium. |
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| "The growth in the weighted new business premium was likely to be in line with last year's growth rate," said Ganguli. |
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| Ganguli also informed that during 2005-06, funds under management had increased by 130 per cent to Rs 8,822 crore. |
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| New business achieved profit grew 69 per cent to Rs 528 crore during 2005-06 from previous year's Rs 312 crore, he added. |
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| Ganguli explained that the new guidelines of ULIP products would not have any major impact on their products as they were long-term. |
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| He, however, added that the company would be re-filing around 10 ULIP products to abide by the guidelines. |
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