I-Pru posts maiden profit of Rs 258 cr in FY'10: Vaidyanathan

ICICI Prudential Life Insurance posts its maiden profit of Rs 258 crore after launching a slew of low-charge products.

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.

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"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.