ICICI Pru premium income up 56% in H1

ICICI Prudential Life Insurance reported a 56 per cent growth in premium in the half year ended September 30, 2008. The premium rose to Rs 6,726 crore from Rs 4,311 crore in the corresponding period last year.

The insurance firm wrote 1,285,000 policies at a sum of Rs 1,82,427 crore in the period from April to September 2008 as against 1,099,000 policies in the same period last year, a growth of 17 per cent. Renewal premium rose significantly by 90 per cent to 3,423 crore.

The annualised premium equivalent increased 25 per cent to Rs 2,760 crore. Shikha Sharma, managing director and chief executive officer, ICICI Prudential Life Insurance, said, “Even in this volatile market scenario, most of our funds have outperformed their benchmark indices, on our appropriate investments.

 

This long-term perspective has also enabled us to sustain our customers’ trust.”

ICICI Prudential sent a message to its customers, saying “ICICI Pru Life has been affirmed a AAA (Ind) ratings as on September 30, 2008, the highest possible financial rating that can be given to an Indian company.”

ICICI Prudential increased its asset base by Rs 7,300 crore to Rs 30,000 crore as on September 30, 2008 from Rs 22,700 crore in the corresponding quarter last year.