ICICI Pru weighted new biz premium up 64%

ICICI Prudential registered a 64 per cent growth in weighted new business premium in the financial year ended March 31, 2006, taking the premium up to Rs 2,412 crore.

During the year, the company wrote 837,963 retail policies and the sum assured stood at Rs 45,888 crore.

Addressing the media here today, N S Kannan, executive director of the company, said the profit from new business increased to Rs 528 crore, up by 69 per cent from last year's Rs 312 crore.

Renewal premium was up by 113 per cent at Rs 1,657 crore, contributing 39 per cent to the total premium. Group insurance premium increased to Rs 286 crore, up by 157 per cent, contributing 7 per cent to the total premium.

He said that ICICI Prudential also crossed the 2-million policies mark and the 5-lakh rural policies mark during FY06, thus becoming the first private sector insurer to achieve this.