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ICICI Prudential posts 80% growth in business from Punjab region

ICICI Prudential posts 80% growth in business from Punjab region
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First Published: Tue, May 20 2008. 04 07 PM IST
Updated: Tue, May 20 2008. 04 07 PM IST
PTI
Chandigarh: Private insurance company ICICI Prudential Life Insurance on Tuesday said it has achieved 80% growth in life insurance business from Punjab, Haryana, Jammu and Kashmir and Himachal Pradesh, with selling 3.10 lakh insurance policies in these states in 2007-08.
“Punjab region comprising Punjab, Haryana, Jammu and Kashmir and Himachal Pradesh has performed tremendously as far our life insurance business is concerned and the business growth from this region has even surpassed company’s overall growth of 68% in 2007-08,” ICICI Prudential Life Insurance, Senior Vice President and Head Customer Service, Poonam Bhardwaj told reporters here today.
Punjab region contributes almost 8% in company’s overall insurance premium, she said.
Talking about the company’s performance as a whole, she said that the company had sold over 7 million policies and crossed Rs. 28,000 crore in assets held during last seven years of its operation. She said during 2007-08, the company continued its strong performance with retail new business weighted premium of Rs. 6,684 crore, registering 68% growth over last year.
As compared to 2006-07, the company tripled its branch network to 1950 branches in 1665 cities across the country including over 1000 branches in rural segments in 2007-08.
The total premium income of the company jumped by 71% to Rs. 13,561 crore from Rs7,913 crore in 2006-07, she said.
“The last financial year saw us increase our distribution network and strength our service infrastructure and continued to introduce innovative products in health, retirement and wealth creation space,” she said.
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First Published: Tue, May 20 2008. 04 07 PM IST