ICICI Prudential Life inks partnership with American Express Banking Corp

To offer its comprehensive products suite to American Express Card members

ICICI Prudential Life announced its strategic partnership with American Express Banking Corp. (AEBC) today. The partnership will enable ICICI Prudential Life offer its insurance products to customers of American Express Banking Corp. The partnership has been established under the referral agency model for a period of three years.

Commenting on the new referral partnership, Mr. Tarun Chugh, Chief-Group Sales and Alternate Channels, ICICI Prudential Life Insurance said, “Our philosophy is to partner with a limited number of organizations which have strong brands and long-lasting, trust-based relationships with their customers. We would then invest in building distribution capabilities, around our partners’ area of strength. We are sure this partnership will help the corporation’s customers reach us through a channel they already trust, enabling us to offer them our unique range of products and services designed to meet their long-term financial goals.”

Commenting on the partnership, Mr. Amit Dutta, Vice-President  & Head – Marketing, American Express Banking Corp. said, “This strategic alliance with ICICI Prudential Life is an extension of our philosophy to meet financial and lifestyle needs of our customers. By tying up with one of India’s leading life insurer, we can value-add to our customers by referring them towards not only an innovatively designed and customer-centric product range, but also world-class service from ICICI Prudential Life.”

ICICI Prudential Life has a multi-channel distribution strategy to reach customers. In addition to the advisor channel, the company has distribution arrangements with established banks and large retail finance distributors, which contribute approximately 40% of the company's business. The company's distribution partnerships have been highly successful in both sourcing new business and also driving awareness and increasing reach and penetration across the country.

About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. It was one of the first players to commence operations when the insurance industry was opened to the private sector in 2000. For the half year ended September 30, 2008, the company garnered Rs 6,726 crore of total premium and has underwritten over 8 million policies since inception. The company has a network of over 2,050 offices and 278,000 advisors. It is also the only life insurer in India to be assigned AAA (Ind) credit rating from Fitch Ratings. For the past eight years, ICICI Prudential has maintained its leading position amongst life insurers in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. To know more about the company, please visit www.iciciprulife.com.

Except for the historical information contained herein, statements in this release which contain words or phrases such as “will”, “would”, “aim”, “will likely result”, “believe”, ”expect”, “will continue”, “anticipate”, ‘”estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objectives”, “goals”, “project”, “should”, “will pursue”, and similar expressions or variations of such expressions may constitute “forward looking statements”. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to ICICI Prudential’s ability to successfully implement its strategy in the field of insurance, our growth and expansion, technological changes, investment income, cash flow projections, our exposure to market risks as well as the other risks detailed in the reports filed by ICICI Bank (joint promoters of ICICI-Prudential Life Insurance Company Limited) with the Securities and Exchange Commission of the United States. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.