Date:14/11/2008 URL: http://www.thehindu.com/2008/11/14/stories/2008111457241800.htm

Business

ICICI Prudential total premium up 56 % in H1

S. Varadharajan

CHENNAI: ICICI Prudential Life Insurance Company, a joint venture between ICICI Bank and Prudential of the U.K., has crossed the 80 lakh policies mark in September this year since it began its operations in December 2000.

The company’s market share, based on weighted new business premium for individual business, stood at 13.5 per cent in the half-year ended September 30, 2008, according to N. S. Kannan, Executive Director. In an interaction with The Hindu, Mr. Kannan said renewal premium, one of the key indicators of long-term sustainability of the business, showed a growth of 90 per cent at Rs. 3,423 crore in the half-year under review.

Total received premium (new business plus renewal) was up 56 per cent at Rs. 6,726 crore against Rs. 4,311 crore.

New business profit in the half-year stood at Rs. 522 crore.