ICICI strengthens base in health insurance

VIJAYAWADA: ICICI Prudential Life Insurance ended its financial year 2006-07 on an upswing, with the company becoming the first private insurer to have sold four million policies.

For the year ended March 31, 2007 the company garnered retail plus group premium of Rs 4,843 crore, giving it a market share of 28.7 per cent amongst the private life insurers for the year as per data released by regulator IRDA, ICICI Prudential Life Insurance senior vice-president Anup Rau told reporters.

ICICI Prudential also became the first private life insurance company to cross milestone of four million policies sold.

He said for the two months ended May 31, the company garnered Rs 587 crore business premiums maintaining its market share among private life insurers and increasing it to 10 per cent of the total market, including LIC.

The company's assets held as on May 31 stands at over Rs 17,500 crore.

He said ICICI Prudential Life also continued to strengthen its presence across the country with over 580 branches across 421 locations and over 230,000 advisers. It also maintained distribution partnerships with banks such as ICICI Bank and Bank of India.

Rau said the company already has six products in the health insurance and has now launched hospital care to cover over 1,000 surgical procedures and hospitalisation.