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ICICI Pru`s AuM cross USD 10 billion

Last Updated: Thursday, September 24, 2009 - 18:12

New Delhi: The country`s largest private insurance company, ICICI Prudential Life, said today its assets under management (AUM) have crossed USD 10 billion.
"Our assets under management crossed USD 10 billion
(about Rs 47,000 crore) at the end of August," ICICI
Prudential Life Insurance Managing Director V Vaidyanathan

Of the total assets, the private insurer has parked Rs
30,000 crore in the capital market, while the remaining Rs
17,000 crore in debt instruments.

The company`s assets under management stood at Rs 43,000
crore as on June 30, 2009.

Asked about the break even, Vaidyanathan said, although
the target is to become profitable by March 2012, "we are
striving to achieve it earlier."

The company, he added, would be focusing on increasing
efficiency and trimming expenses. "We are reducing our
wasteful expenses, and are redirecting the resources to areas
of growth," he said.

Vaidyanathan said business is picking up with the
economy showing some signs of revival.

Bureau Report

First Published: Thursday, September 24, 2009 - 18:12
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