ICICI insurance to expand

GUWAHATI: Leading private insurance company, ICICI Prudential Life Insurance has plans to increase its presence in the north east and would open branches in several states of the region.

"There has been tremendous response from the customers in the region for which ICICI will have to be present in most of the NE states," company Vice President Prasun Sikdar said here.

ICICI with a market share of 29.3 per cent has Rs 8000 crore funds under management as in May, which is the largest fund base amongst all private life insurers, he said.

The company had registered a 64 per cent growth in its new business premium in the financial year ending at March 2006 taking its premium up to Rs 2,412 crore.

In this period the company had written 837,963 retail policies and the sum assured in force stands at Rs 45,888 crore at a growth of 65 per cent during the year.

ICICI has 177 branches in 132 areas and has advisor strength of over 72,000, he added.