ICICI Pru eyes 100% growth in premium

ICICI Prudential, India's largest private life insurer, is expecting 100 per cent growth in first premium collection during this fiscal, compared with the last fiscal.

"During the April-December 2006 period, we earned a new premium of Rs 2,722 crore, which is 97 per cent higher than that of the last fiscal corresponding period. So we are confident of continuing the growth during the last quarter of this fiscal as well," Anup Rau, vice-president, ICICI Prudential, told mediapersons here.

Buoyed by the phenomenal growth, the company is planning large-scale expansion of network.

"During this fiscal, we opened about 300 new branches across the country. In 2007-08 too, we will open similar number of branches in the country," he added. The company is aiming for a 100 per cent growth in 2007-08 also through expansion.

The private insurer added about 1.1 lakh new insurance advisers during this fiscal and would increase the number further during the next fiscal. It is also planning to increase the rural network to get more business during coming years.