ICICI Prudential Life Insurance grew 77% to garner a total premium of Rs. 7,758 crores for the period April 1 to December 31, 2007. The company notched up weighted retail + group new business premium of Rs. 4,586 crore during the period, posting a year-on-year growth of 69%. This growth comes from a base that has grown 97% over the corresponding period in the previous year.

Renewal premium, one of the key indicators of long-term sustainability of the business, showed a strong growth of 110%. New Business Profit (NBP) stood at Rs 748 crore for the nine month period. The company wrote over 18 lakh policies over the period and increased its assets held to over Rs 28,000 crore. ICICI Prudential Life’s retail weighted market share from April to November 2007 stood at 11.8% of the total market, retaining its position of being the leading private life insurer in the country.

Commenting on company’s performance, Ms Shikha Sharma, Managing Director and CEO, ICICI Prudential Life Insurance said, ”We have continuously invested in understanding our customer needs and have introduced unique products and services to enable our customers meet their insurance needs. We have also strengthened our distribution network to ensure our products and enhanced services reach customers across the country. Our nine month results in the current financial year have again seen us deliver on these parameters, thereby further strengthening both our leadership position in the market as well as in the minds of our customers.”

In line with its growth strategy, ICICI Prudential Life strengthened its presence across the country by increasing the branch count to over 1,000 branches, employee strength to over 31,200 and advisor base to 263,000. During the period October 1 to December 31, 2007, Rs. 430 crore capital was infused in the company by the promoters ICICI Bank Limited and Prudential Plc. in their existing shareholding proportion of 74:26 respectively, taking the total capital base to Rs 3,362 crore.

Key highlights for the 9 months ending December 31, 2007

· Strengthened its health insurance product suite with launch of Hospital Care and Crisis Cover

· Launched second generation ULIP products with LifeStage RP and LifeStage Pension

· Established strong distribution network in rural India with over 280 offices in tehsils and villages

· Strategic partnership with Indian Postal Service in Gujarat, AP and Punjab for cash management service

· Tie-up with Bank of Baroda, APonline and e-mitra for cash management service

· Launched the SMS helpline to enable policyholders receive instant update on their policies through a simple SMS

· Launch of Bio-metric Smart Cards for rural policyholders

· Fitch Ratings affirmed the AAA (ind) rating to the company

Parameter

April-Dec 2006 (9m07)

April-Dec 2007 (9m08)

Y-O-Y

Weighted received premium (Rs cr)

2,722

4,586

69%

– Weighted retail (Rs cr)

2,302

3,994

74%

– Group business premium (Rs cr)

420

592

41%

Renewal Premium (Rs cr)

1,475

3,094

110%

No. of Policies (retail)

1,144,961

1,819,493

59%

Assets held (Rs cr) (as of Dec 31)

13,459

28,409

Sourced From: Adfactors Public Relations Pvt Ltd

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