Slashing costs and launching a slew of low-charge products contributed to life insurer ICICI Prudential Life Insurance's healthy top-line in the 2009-10 fiscal when it posted its maiden profit of Rs 258 crore, a top company official has said.
"Our key focus for 2010 was profitability. We also tried to avoid infusing capital. We launched an array of low-charge products that gave us a very good top-line revenue and also cut costs," ICICI Prudential Life Insurance's MD and CEO, V Vaidyanathan, told PTI in an interview here.
Going forward, the life insurer is now confident of a growth in profits and is eyeing a 10 per cent marketshare this fiscal, he said. The company had posted a loss of Rs 780 crore in the year-ago period.
Vaidyanathan said that cutting costs of over Rs 350 crore was a major factor that has contributed to the company's profitability in FY'10.