ICICI Pru posts 64% growth in new premium in 2005-06

ICICI Prudential Life Insurance has registered 64 per cent growth in weighted new business premium in the financial year ended March 31, 2006, taking its premium to Rs 2,412 crore, a top official of the company said today.

"In the last financial year, ICICI Prudential Life Insurance has written 837,963 retail policies and the sum assured in force stands at Rs 45,888 crore," a growth of 65 per cent during the year, N S Kannan, executive director, ICICI Prudential Life, told reporters here.

ICICI Prudential has become the first private life insurer to cross the two million policies-mark and 500,000 rural policies mark, during the last fiscal, he said.

The company's market share among private life insurers stands at 29.3 per cent for 2005-06 and 9.3 per cent of the overall market share.

New business achieved profits (NBAP) has increased to Rs 528 crore,a 69 per cent increase from last year's Rs 312 crore and the renewal premium was up by 113 per cent to Rs 1,657 crore, which is 39 per cent of the total premium, he said.

Funds under management (FUM) registered an increase of 130 per cent to Rs 8,822 crore, he said, adding "Today, ICICI Prudential's FUM base is the largest amongst private sector life insurers."

Group business premium increased by 157 per cent to Rs 286 crore, contributing 7 per cent of the total premium, he said.

The company had settled 1,369 urban death claims for an amount of Rs 14 crore and the average time taken to settle a claim was six days, Kannan said.