Prudential scoffs at rumours about India JV

Monday, October 13, 2008 at 4:10 am

Britain’s second largest life insurance company Prudential Plc on Sunday (October 12) said that its joint venture with India’s ICICI was growing stronger and rumours suggesting otherwise were “absolutely unfounded.”

“India is one of the cornerstones of our Asian growth strategy. Our JV with ICICI is highly productive and value enhancing. We are in India for the long term. Our commitment to India and our partner remains immense,” Prudential CEO Mark Tucker said in a statement.

The statement comes in the wake of reports questioning the financial standing of ICICI Prudential, the largest private sector insurer in India. “The rumour is totally and absolutely unfounded. Prudential through its joint venture with ICICI is fully committed to India,” he said.

The joint venture has generated new business to the tune of Rs 2,818 crore in the first five months of this fiscal. Its first premium income stood at Rs 8,303 crore during 2007-08. “We have together built powerful and market leading franchises. We have experienced rapid growth, creating material value for our shareholders. The relationship between Prudential and ICICI is exceptionally strong and mutually beneficial,” Tucker said.

(With inputs from agencies)

( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)

Prudential scoffs at rumours about India JV

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