Promoters of ICICI Pru infuse capital

Tuesday 09, January, 2007 The promoters of ICICI Prudential Life Insurance -ICICI Bank and Prudential Plc. have infused an additional capital of Rs. 230 crore. With this infusion, the Company’s capital base now stands at Rs. 1,815 crore making it an extremely capitalized private financial services company. This was the third equity hike in this financial year. The insurer would be using the infused amount to meet its solvency margin and in setting up new branches and offices, etc. ICICI Prudential Life Insurance is a joint venture between the ICICI Group and Prudential plc. of the UK. It was among the first private sector life insurance companies in India to receive regulatory approval. And its good performance has helped the company to sustain its coveted number one position and it plans to breakeven by next year. ICICI Pru has acquired new business of over Rs. 3,000 crore during the first nine months of the financial year and its present market share among private life insurance companies stands at 30%.

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