ICICI Pru`s AuM cross USD 10 billion
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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 told.

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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