ICICI Pru Life hikes capital base by Rs100 crore
By Our Banking Bureau | 11 Feb 2005
Mumbai: ICICI Prudential Life Insurance Company, has increased its capital base by Rs100 crore, taking its total paid-up equity capital to Rs925 cr. This is the eleventh equity hike since the company was incorporated in December 2000. The two partners, ICICI Bank and Prudential plc, have been issued 10 crore equity shares of Rs10 each, in their existing proportions of 74:26 respectively.
The authorised capital of the company stands at Rs1,200 crore. ICICI Prudential claims to have the highest capital base amongst all life insurers in the country.
The company grew nearly 127 per cent in April-December 2004 over the same period last year, to notch up a new business received premium of over Rs860 crore. ICICI Prudential's total market share amongst private life insurers stood at 31 per cent, and its share in the retail business was 35 per cent. Its total market share for the same period is 9.2 per cent.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc.
