ICICI Prudential total collection grows 56%

ICICI Prudential total collection grows 56%


Mangalore: ICICI Prudential Life Insurance has posted a growth of 56% in total premium collection at Rs6,726 crore for the half year ended on 30 September, this year, a top official of the company said.

The company posted a growth of 56% in garnering total received premium-new business plus renewal of Rs6,726 crore against Rs4,311 crore during the corresponding period in the financial year 2007, company’s Senior Vice-President and Head-Finance Satyan Jambunathan told reporters here today.

Renewal premium, one of the key indicators of long-term sustainability of the business, showed strong growth of 90% and stood at Rs3,423 crore for 2008-09, he said.

The new business retail weighed premium for the half year ended 30 September, this year, stood at Rs2,650 crore and increased by 22% compared with the same period in fiscal 2008 and the Annualised Premium Equivalent (APE) for the half year ending 30 September, stood at Rs2,760 crore and increased by 25% compared with the corresponding period of last year, he said.

The company’s New Business Profit (NBP) stood at Rs522 crore and company continues to be the leading life insurance player with a new business market share of 13.5% for the half year ended 30 September 2008, which is significantly higher than our market share of 12.7% for the year ended on 31 March, this year, Jambunathan said.