ICICI Prudential Life Insurance crosses two million policies milestone

Our Markets Bureau
22 February 2006

Mumbai: ICICI Prudential Life Insurance has announced crossing the become the first the two-million policy mark. This, the company says, makes it the first private life insurer to cross this figure. The corresponding sum assured stands at Rs 43,000 crore and new business received premium income at Rs4,532 crore and was reached within 18 months of crossing the one million policy mark in September 2004.

This is also one of the most rapid expansions in the private sector insurance segment.

According to, Shikha Sharma, managing director and CEO, ICICI Prudential Life Insurance, "A policy base of two million in less than six years of operations is an indicator of the robustness and scalability of our business processes - distribution, underwriting, service, etc. We have been able to realise economies of scale and bring down the expense ratio, an important parameter from the profitability point of view. Last, but not least, since the pooled mortality and investment risks are spread over a larger base, the overall risk for the company, and hence policyholders, is reduced".

ICICI Prudential also recently became the first life insurer in India to receive Fitch Ratings' 'national insurer financial strength' rating of AAA.

The size of its funds under management (FUM) is Rs7,000 crore, the largest by any private sector life insurance company.

In the past, ICICI Prudential received the Prudential Corporation Asia's Prudence Customer Centricity award for the second year in a row.