Financial Daily from THE HINDU group of publications
Tuesday, Dec 31, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 31, 2002 |
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Money & Banking
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Life Insurance Lord Krishna Bank to sell ICICI Pru Life products Our Bureau
Mr V.K. Gupta, Executive Director, Lord Krishna Bank Ltd (left), with Mr Sandeep Batra, Chief Financial Officer, ICICI Prudential Life Insurance, at a meet in Mumbai on Monday.
MUMBAI, Dec. 30 ICICI Prudential Life Insurance Company has tied up with Kerala-based Lord Krishna Bank, for the distribution of its life insurance products. Speaking to presspersons on the occasion of the launch here today, Mr S.R. Sinha, Senior Vice-President, Lord Krishna Bank, said, that the bank hopes to make at least 15 per cent of its total net profit through bancassurance in about three years time. Of this 15 per cent, the bank expects the majority contribution from our non-life business, that is around 65 per cent and the remaining 35 per cent will be garnered from the life business, said Mr Sinha. The bank already has a tie up in place with Bajaj Allianz to market its general insurance products. To start with, the bank will market the insurance products of ICICI Prudential from seven branches, but will roll it out to over 30 branches in around three months time, officials said. Lord Krishna bank is also in the process of beefing up its retail business. Currently, the bank has a branch network of 96 spread across 10 States. It has applied to the Reserve Bank of India (RBI) for licensing an additional 25 branches. "The bank may also consider coming out with a public issue by 2004,'' Mr Sinha said. However, it was too early to speculate on the details of the issue at this point, he said. Currently, Mr Ashwin Puri, is the majority shareholder promoter holding around 75 per cent stake in the bank. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. The company has issued over 2,00,000 policies with a sum assured of over Rs 5,400 crore and a premium income in excess of Rs 280 crore.
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