ICICI Prudential premium income up 152% in Q1

ICICI Prudential Life Insurance Company has reported 152 per cent rise in premium income in the first quarter of 2006-07 to Rs 812 crore from Rs 323 crore a year earlier.

The largest private sector life insurer said retail business premium accounted for Rs 690 crore, which is up 155 per cent over Rs 270 crore a year earlier.

ICICI Prudential said its retail market share among private life insurers increased to 32 per cent in the first quarter of 2006-07 and 12 per cent of the total market.

The company underwrote over 3,02,482 policies during April-June 2006 and its total sum assured in force at the end of June 2006 stands at over Rs 56,000 crore. Its funds under management increased by 121 per cent year-on-year to over Rs 9,300 crore at the end of June 2006.

The quarter also saw the company's promoters, ICICI Bank and Prudential plc, infusing an additional Rs 150 crore of incremental capital, taking the total equity capital to Rs 1335 crore.

Shikha Sharma, managing director and CEO, ICICI Prudential Life Insurance, said, "ICICI Prudential will continue to expand its offerings and also expand our distribution network through our own branches as well as those of our partners". ICICI Prudential opened offices in 75 new locations in the past quarter and had over 83,000 agents across the country.

The company also launched a range of ten revamped unit-linked policies to meet the requirements of the new Irda guidelines.

The policies have been launched in the segments of retirement, wealth-creation and education insurance and are available in both regular and single premium forms.