FITCH AFFIRMS AAA RATING FOR ICICI PRU LIFE

India-based ICICI Prudential Life Insurance, a joint venture between Indian bank ICICI and UK insurer Prudential, has had its AAA Insurer Financial Strength (IFS) rating affirmed by agency Fitch. The affirmation, along with the assignation of a ‘stable’ outlook, is a reflection of the ongoing operational and capital support given by the company’s strongly rated shareholders, as well as its strong capitalisation and market position, says Fitch. The agency also points to the unit-linked nature of ICICI Prudential Life’s business as a potential source of increased revenue. Meanwhile executive director at ICICI Prudential Life NS Kannan has predicted a 30-40% growth this year in private life insurance in India. The first half of 2008 has seen an overall growth of 14% in the life sector compared to 2007 figures, with private insurance providers registering 73% growth.