ICICI Prudential Life increases Capital Base

Mumbai: ICICI Prudential Life Insurance has hiked its capital base by Rs 300 crore to Rs 2,372 crore. The capital has been invested by the promoters ICICI Bank and Prudential plc, in the existing proportions of 74:26 respectively. The additional capital will be utilized to fund the high up-front expenses and meet the solvency norms. It will also enable ICICI Prudential to continue driving its expansion strategy over the next year, which comprises opening new branches and offices across the country as well as scaling up operations. ICICI Prudential recorded a growth of 22 per cent in new business-weighted premium in the first quarter of 2006-07 at Rs 987 crore.