ICICI Prudential Life Insurance, India’s leading private life insurer, has posted a growth of 56% for the half year ended September 30, 2008, garnering total received premium (new business + renewal) of Rs 6,726 crores as against Rs 4,311 crores during the corresponding period in FY2008. Renewal premium, one of the key indicators of long-term sustainability of the business, showed strong growth of 90% and stood at Rs 3,423 crores for H1 FY2009.
Mumbai, Maharashtra, India, October 22, 2008 (PRESSbooth.ORG) -- The new business retail weighted premium for the half year ended September 30, 2008 stood at Rs 2,650 crore and increased by 22% as compared to same period in FY2008. The annualised premium equivalent (APE) for the half year ending September 30, 2008 stood at Rs 2,760 crore and increased by 25% as compared to corresponding period in FY2008. The company’s New Business Profit (NBP) stood at Rs 522 crore.
ICICI Prudential Life has underwritten over 12.85 lakh policies and its sum assured in force stood at Rs 182,427 crore for the six month period ending September 30, 2008. The company’s assets base also sustained a robust growth and stood at Rs 30,000 crores as on September 30, 2008.
Ms. Shikha Sharma, Managing Director and CEO, ICICI Prudential Life Insurance said, “We believe that our strong and consistent investment philosophy of ensuring long-term benefits for our consumers has enabled us sustain our strong assets base. Even during these volatile markets most of our funds have outperformed their benchmark indices due to the appropriateness of our investing style. This long-term perspective has also enabled us sustain our customers’ trust as seen in our persistency, which continues to remain strong. Further, I believe we have built a strong brand that has invested towards ensuring consumers’ convenience. Consumers trust and loyalty has further reflected in our strong renewals, which have significantly increased in this period.”
As on September 30, 2008 ICICI Prudential Life had a branch network of over 2,050 branches with over 1,050 branches in rural India and 278,000 advisors across the country.
Highlights of H1 FY2009 Crossed the 80 lakh policies mark. Fitch Ratings affirmed the AAA (ind) rating to the company. Rs 808 crore capital infused in the company by the partners ICICI Bank Limited and Prudential Plc. in their existing proportions of 74:26 respectively, taking the total capital infused to Rs 4,580 crore. Launched LifeStage Assure, a triple advantage wealth creation product. The product is designed to provide upto 450 % of first year premium guarantee on maturity, to enable consumers to invest in equities without any risk of downside. Strengthened its health insurance portfolio by launching two new products in the category. Diabetes Care Active, a unique long-term health insurance plan, combined with a customized wellness program, created exclusively for Type II diabetics and pre-diabetics. Medi Assure, the company’s first reimbursement product in the health insurance category. Tied up with Suvidha Infoserve to accept insurance premium at over 3000 outlets across India, including kirana stores, mobile stores, medical stores, STD booths, cyber cafés and travel agencies, which can be easily accessible by policyholders. Introduced the e-portfolio statement for consumers. This first of its kind service in the life insurance industry which provide consumers a customized e-statement with their complete investment details on a monthly basis.
Rs crores Parameters April-Sept 2007 (H108) April-Sept 2008 (H109) Growth H109 over H108 Total premium 4,311 6,726 56% Renewal premium 1,805 3,423 90% New business weighted retail 2,174 2,650 22% Annualised Premium Equivalent 2,200 2,760 25% New Business Profit 433 522 20% No. of Policies (‘000) 1,099 1,285 17%
About ICICI Prudential Life Insurance:
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. It was one of the first players to commence operations when the insurance industry was opened to the private sector in 2000. For the half year ended September 30, 2008, the company garnered Rs 6,726 crore of total premium and has underwritten over 8 million policies since inception. The company has a network of over 2,050 offices and 278,000 advisors. It is also the only life insurer in India to be assigned AAA (Ind) credit rating from Fitch Ratings. For the past eight years, ICICI Prudential has maintained its leading position amongst life insurers in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. To know more about the company, please visit www.iciciprulife.com.
Forward-Looking Statements:
Except for the historical information contained herein, statements in this release which contain words or phrases such as “will”, “would”, “aim”, “will likely result”, “believe”, ”expect”, “will continue”, “anticipate”, ‘”estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objectives”, “goals”, “project”, “should”, “will pursue”, and similar expressions or variations of such expressions may constitute “forward looking statements”. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to ICICI Prudential’s ability to successfully implement its strategy in the field of insurance, our growth and expansion, technological changes, investment income, cash flow projections, our exposure to market risks as well as the other risks detailed in the reports filed by ICICI Bank (joint promoters of ICICI-Prudential Life Insurance Company Limited) with the Securities and Exchange Commission of the United States. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
Contact:
Anuja Sharma
Senior Manager,
Corporate Communications
ICICI Prudential Life Insurance Company,
Mumbai Tel: (022) 66274616
Email: sharma.anuja @ iciciprulife.com
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