MarketFor over 50 years, life insurance in India has been defined and managed by a single company - the Life Insurance Corporation of India (LIC). With the 1999 Insurance Regulatory and Development Authority (IRDA) bill, which paved the way for the entry of private companies into both the life and general sectors, there could not be a lack of new enthusiasm and new success stories. Today, just three years after their entry, their cumulative share has exceeded 13% (Source: IRDA), far exceeding expectations. Clearly insurance is on a growth path. The percentage of premium income to GDP, which was only 2.3% in 2000/01, rose to 3.3% in 2002/03; and life insurance has emerged as the major contributor to this growth. The industry presented a huge opportunity. Life insurance penetration, for example, was a dismal 22% of the insurable population. However, private players have faced many challenges. They faced attitudinal barriers to the category and the perception that insurance was just a tax-saving tool. Insurance itself had lost its fundamental logic: protection. It was therefore not surprising that its potential was frozen and untapped. The challenge for private insurance operators has been to change the driver of the established category and convince customers to value life insurance as an investment and protection tool. Results Commencing operations in December 2000, ICICI Prudential's success was meteoric, becoming the number one private life insurer in the industry. months after launch. Today it has one of the largest distribution networks among private life insurers in India, with branches in 54 cities. The total number of policies issued stands at over 780,000 with a total sum insured exceeding Rs. 160 billion.ICICI Prudential closed the financial year ended March 31, 2004 with a total premium income received of Rs. 9.9 billion, up 135% from last year's total premium collection of Rs. 4.20 billion. Premium collection from new businesses shows growth of 106% to Rs. 7.5 billion, driven primarily by the company's range of unit-linked policies and unique pension plans. The company's retail market share among private companies was 36%, making it a clear leader in the segment. To add to its achievements, it was rated the most trusted private life insurer in 2003/04 (Economic Times 'Most Trusted Brand Survey' by ACNielsen ORG-MARG). For the second consecutive year it was also awarded the "Outlook Money - Best Life Insurer" award. The company is also proud to have won silver at EFFIES 2003 for its "Retire from Work, Not Life" campaign".