ICICI Pru to infuse Rs 50 crore
By Venkatachari Jagannathan | 05 Dec 2003
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Chennai: In line with the capital adequacy and solvency norms issued by the Insurance Regulatory and Development Authority (IRDA), ICICI Prudential Life Insurance has decided to increase its equity base by Rs 50 crore to Rs 575 crore this fiscal. The company retains nearly 95 per cent of the risk in its books.
Based on the industry trend, the company has seen good sales of its unit-linked savings and investment, child and retirement policies. The quarter (July-September 2003) saw these products contributing Rs 86.5 crore premium income. On the distribution side, ICICI Prudential Life has 60 branches in 44 cities and 26,000 agents. For the first six months, the company booked a premium income of Rs 184 crore.
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