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Mumbai:
ICICI Prudential
Life Insurance, the insurance
arm of ICICI, proposes to increase its capital from Rs 150 crore
to Rs 250 crore in the next fiscal year. The infusion of funds
will be done to keep in line with the growth of the business
venture.
ICICI Prudential Life
Insurance MD Shika Sharma said: We dont need any more funds
than the initial Rs 150 crore in this fiscal; we might need Rs 100
crore next fiscal.
The decision to increase
capital comes in the wake of the companys rapid business growth
and also to adhere to the prudential norms laid down by the
Insurance Regulatory and Development Authority. As per the norms,
all insurers will have to recapitalise their ventures in proportion
to the business growth
in order to maintain a solvency ratio of 150 per cent.
ICICI Prudential Life
Insurance started operations this year and has offices in nine
cities including New Delhi, Mumbai, Kolkata and Chennai. The
company proposes to open offices in at least three more cities by
March 2002.
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