ICICI Prudential Life Insurance earned a new concern leaden insurance premium of Rs 6,684 crore during the fiscal twelvemonth 2007-08, registering a growing of 68% over the last year.

The corresponding new concern annualised insurance premium equivalent for FY08 stood at Rs 6,519 crore, registering a growing of 49% over the last year.

The company crossed the 7 million policies grade during FY08.

Commenting on company's performance, Shikha Sharma, managing manager and CEO, said, "Our success is founded on our ability to understand and accommodate to customers' needs. FY 2007-08 proverb us strengthening our statistical distribution web additional and launch alone services to increase client and distributer convenience.

With our expanded network, we are now well positioned to guarantee the bringing of our merchandises and services to clients across the country. These enterprises have got enabled us to keep our leading place in the market."

In line with its growing strategy, ICICI Pru increased its subdivision count to over 1,950 and employee strength to over 28,000. The adviser alkali rose to over 2,90,000.

Also, the stockholders infused Rs 410 crore of working working capital in February, taking the sum capital to Rs 3,772 crore.

Under licence from

MUMBAI:
Reliance Life Insurance is planning to inculcate Rs 1,500 crore as working capital over the
next three old age to fund its growth concern in the life coverage segment. The
business programs also envisage the company extending its subdivision and agents
network. According to Reliance Life Insurance chief executive officer Phosphorus Nandagopal, the
company is looking at infusing Rs 1,500 crore to its existent alkali of Rs 900
crore. The gait of working capital extract would depend on the gait of its business
growth, he told newspersons on Wednesday at a merchandise launch of the company. Reliance Life Insurance, a relatively late entrant to the life
insurance concern after the sector was opened up earlier in the decade, saw its
premium income turn by 165% to Rs 930 crore until September this year, Mr
Nandagopal said. This is almost the same growing it achieved in the whole of last
year. The company is expected to stop the twelvemonth clocking a growing of
over 200%, according to senior Reliance Life Insurance officials. The company,
which is portion of the Anil Dhirubai Ambani group, programs to increase its current
agent strength from 1,40,000 to 2,00,000 by December. Besides, its branch
network is expected to increase to 740 from 600 subdivisions now. The company is
also exploring a raid into wellness insurance. The majority of the
company’s income is from unit-linked coverage plans, with traditional
products accounting for just about 10% of the business. The company’s
recent merchandise â€" Reliance Child unafraid program â€" is a multi-premium
product with an in-built release installation in the event of the decease of the
proposed insurer.

HYDERABAD/MUMBAI: Insurance Regulatory
Development Authority (Irda) have cleared top direction alterations at Bajaj
Allianz. This is the first proposal that the regulator have cleared after it
introduced new norms making it compulsory for all companies to seek prior
approval for top-level reshuffle. “We have got approved top-level changes
proposed by Bajaj Allianz,” said Irda president cesium Rao. Allianz
country director and Bajaj Allianz Life Insurance chief executive officer Surface-To-Air Missile Ghosh will take charge
of Allianz’s trading operations in the Center East. Kamesh Goyal, currently chief executive officer of
Bajaj Allianz General Insurance Company, will replace Surface-To-Air Missile Ghosh. Swaraj
Krishnan, who is currently general director in Bajaj Allianz General, will be the
new chief executive officer in topographic point of Mister Goyal. Both Bajaj Allianz ventures â€"
life and non-life â€" currently inhabit the figure two place among private
sector companies. The top direction alterations take topographic point ahead of the demerger of
Bajaj Auto’s fiscal services concern into a separate company. The
board of Bajaj Life and General Insurance cleared the assignments on Friday. A
formal proclamation is likely to be made soon after a communicating is received
from the regulator. The coverage regulator had made it clear that no
appointment, re-appointment Oregon expiration of CEO, whole-time manager or
managing manager of an coverage company will be valid till anterior blessing was
granted by it. Insurers have got to inform the authority, at least, 30
days in progress to enable the completion of owed diligence. Insurance companies
have to supply to the regulator inside information of the CEO-designate, including his
qualifications, experience, wage and other directorships. The
current twelvemonth have seen a important churn at top degrees of private non-life
insurance companies. Earlier this year, Tata AIG General mendelevium Dalip Verma moved to
the Center East. His replacement Michael Carlin, too, set in his document within a
couple of calendar months with Gaurav Garg pickings complaint in June 2007. A few
weeks later, Royal Sundaram Alliance mendelevium Anthony Francois Jacob moved to take on regional
responsibilities in the Gulf region. Mister Jacob’s place was filled in by
Deutshce Depository Financial Institution former mendelevium and head-retail banking Ajay Bimbhet.