Corporate
- Sustained private market leadership for 8 years in a row
- One of the most capitalized companies in the life insurance industry. Capital infused during FY2009 stood over Rs 1,000 crores, with ICICI Bank and Prudential plc holding 74% and 26% stake respectively.
- Issued over 9 million policies since inception
- Leveraged its multi-channel distribution network to increase proximity to its consumers
- Advisor base of over 276,000
- Branch network of 2,099 branches with a presence in more than 1,800 cities, towns and rural areas
- 18 strong bank partners
- Increased its customer touch-points to over 10,000 with significant partnerships for providing customers a wide range of premium payment options
Products & Services
- Strengthened its funds portfolio with the launch of the highly successful Return Guarantee Fund (RGF), as a fund option under our existing products, to provide security in volatile markets
- Launched LifeStage Assure, a triple advantage wealth creation product. The product is designed to provide guaranteed returns of upto 450% of the first year premium on maturity, to enable consumers to invest in equities without any risk of downside.
- Wealth Advantage, a unique single premium whole life ULIP & Pure Protect, an exclusive plan designed to provide life cover at an extremely affordable rate, were also launched during the year.
- Strengthened its health insurance portfolio by launching Health Saver, to enable consumers meet their current healthcare expenses and also invest for future healthcare expenses. Health Saver is also the only health savings product that offers tax benefits under section 80D on the entire premium paid. MediAssure, a comprehensive reimbursement product in the health insurance category was also launched during the year
- Launched Sarv Jana Suraksha, a micro-insurance product that provides life cover to customers for a minimal premium of Rs. 50/- p a
- Partnered with Suvidha Info Serve to offer its extensive network of over 3,500 outlets for consumers
- Launched premium payment service through IVR
- Launched iCLAIM, a first-of-its kind service in the industry that provides consumers the option to reach out for assistance from the company officials and prompt resolution, while making a claim
Awards & Recognition
- First Indian life insurance company to receive the ?Life Insurance Company of the Year? award at the Asia Insurance Industry Awards 2008. The company was awarded for its constructive contribution to efficiency and effectiveness in the financing of insurable risk in Asia
- Received the coveted ‘ICAI Award for Excellence in Financial Reporting’ by the Institute of Chartered Accountants of India (ICAI). The award is a recognition of the quality of accounting practices and financial disclosures adopted by ICICI Prudential Life
- Ranked as the Most Trusted Brand amongst private life insurers in The Economic Times-Most Trusted Brand Survey 2008
FY2009 financial highlights
Parameter
FY2008
FY2009
Y-O-Y
Total premium (Rs cr.)
13,563
15,356
13%
Renewal Premium (Rs cr.)
5,526
8,872
61%
Group premium (Rs cr.)
1,262
1,446
15%
No. of Policies (retail) ?000*
2,913
2,638
-9%
Statutory loss (Rs cr.)
1,395
780
-44%
Expense ratio (%)
14.9%
11.8%
-21%
Share capital (Rs cr.)
3,772
4,780
27%
*Issued over 9 million policies since inception
Source is iciciprulife, published on Mumbai, April 29, 2009
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