ICICI Prudential Life Insurance opens office in Dubai

ICICI Prudential's Dubai office comes soon after the company opened its first overseas office in the Kingdom of Bahrain in November 2005 and marks a move to further strengthen the company's ability to cater to the vast non-resident Indian (NRI) population in the Gulf.

ICICI Prudential Dubai, located in Bur Dubai, will be able to service the 1.4 million discerning NRIs in UAE. The office will promote and service the life insurance needs of the NRIs through ICICI Prudential's wide range of products, which include wealth creation, education insurance, retirement solutions and health solutions.

ICICI Prudential's Dubai office will be inaugurated today by Mr. Venu Rajamony, Counsel-General of India, Dubai, in the presence of Mr. Bhargav Dasgupta, Executive Director, ICICI Prudential Life Insurance, Mr. Amey Saxena, Senior Vice President & Head - Priority Circle & GCC, ICICI Prudential Life Insurance and other senior officials from ICICI Prudential Life Insurance and ICICI Bank.

"ICICI Prudential is delighted to announce the opening of its Dubai office. GCC is an important region for ICICI Prudential's future growth plans and UAE, as one of the fastest growing economies with a large NRI population, is key to this growth." said Mr. Bhargav Dasgupta at a press conference to mark the inauguration of the Dubai office.

"The booming UAE economy has resulted in greater wealth for NRIs, most of who are seeking to use their enhanced earnings to secure the future of their families back home in India, be it for their retirement planning, child's education or wealth creation needs. ICICI Prudential's range of insurance products is ideally suited to meet all these needs in a comprehensive manner. Today we are delighted to bring our brand and service promise closer to Indians who live and work in UAE. As we establish our presence here, we hope to partner with them as they secure the future of their families and themselves here as well as in India,"

continued Mr. Dasgupta.

ICICI Prudential's journey since inception has been marked with a series of pioneering steps, the launch of the office in Dubai, UAE, being the most recent. As of March 31, 2007, the company garnered Rs. 4,843 crore (1.11 bn USD) of weighted retail + group new business premiums and wrote over 1.96 million retail policies. The company has assets held to the tune of over Rs. 17,500 crore (4.02 bn USD). For the past six years, ICICI Prudential has retained its position as the No. 1 private life insurer in India.

ICICI Prudential is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims.

In India, the company has a multi-channel distribution strategy to reach customers. In addition to advisors, tie-ups with and referrals through established banks and corporate agents are integral to the company's goal to expand distribution, and have yielded excellent results thus far.