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Mangalore, November 17:: ICICI Prudential Life Insurance, has posted a growth of 56 per cent in total premium collection at Rs 6726 crore for the half year ended on September 30, this year, a top official of the company said.
The company posted a growth of 56 per cent in garnering total received premium-new business plus renewal of Rs 6726 crore as against Rs 4311 crore during the corresponding period in FY 2007, Satyan Jambunathan, Senior Vice President and Head- Finance of the company told reporters.
Renewal premium, one of the key indicators of long-term sustainability of the business, showed strong growth of 90 per cent and stood at Rs 3423 crore for 2008-09, he said.
The new business retail weighted premium for the half year ended September 30, this year, stood at Rs 2650 crore and increased by 22 per cent compared to the same period in FY 2008 and the Annualized Premium Equivalent (APE) for the half year ending September 30, stood at Rs 2760 crore and increased by 25 per cent compared to the corresponding period of FY 2008, he said.
The company's New Business Profit (NBP) stood at Rs 522 crore and company continues to be the leading life insurance player with a new business market share of 13.5 per cent for the half year ended September 30, 2008, which is significantly higher than our market share of 12.7 per cent for the year ended on March 31, this year, Jambunathan said.
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