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Business News- Times Now<http://forums.investorline.co.in/aggregator/sources/106>- *2 hours 40 min* ago p align=justifyBritish major Prudential Plc on Tuesday (October 21) said that the firm's insurance joint venture with India's leading private sector lender ICICI Bank is highly productive and value enhancing. brbrThe Indian JV ICICI-Prudential has also increased its market share to 14 per cent from 10 per cent, till August 2008, the UK giant said in a third quarter Interim Management statement. In India, the new business sales jumped 34 per cent to 173 million pounds for the first nine months, compared with the same period a year ago. brbr"In an extremely competitive market, for year to date August 2008, ICICI-Prudential has increased its market share to 14 per cent from 10 per cent. India remains one of the cornerstones of our Asian growth strategy. Our joint venture with ICICI is highly productive and value enhancing, it said. brbrCommenting on the third quarter, Prudential Group's Chief Executive Mark Tucker said the overall group new business was up 15 per cent. Our sales in Asia were up nine per cent over last year and up 21 per cent excluding Taiwan... This is a very good overall result and we are well positioned to continue to achieve profitable market share growth, outperforming our competition, even in these very challenging markets, Tucker said. brbrPrudential's total group insurance grew 15 per cent with Annual Premium Equivalent (APE) reaching 2.3 billion pounds for the nine months ended September 30, 2008. Asia accounted for 1.03 billion pounds of the total APE. APE sales comprise regular premium sales plus one-tenth of single premium insurance sales. brbrOn the other hand, in the Asia Asset Management segment, the net inflows came down 63 per cent at one billion pounds. The statement noted that the Asian markets have suffered in the short term in the wake of the global financial turmoil. brbr"We are unlikely to achieve our goal of doubling 2005 new business profit a year early in 2008. It remains our expectation that this will be achieved in 2009, assuming a return to more normal market conditions during the year, Tucker added. brbrNoting that the company expects global financial market conditions to remain highly challenging for some time, Tucker said, However, our retirement-led strategy underpinned by our diversified geographic presence and product capability together with strong brand recognition ensures that we remain very well positioned to outperform over the market cycle. brbr(With inputs from agencies)/p Categories: Business<http://forums.investorline.co.in/aggregator/categories/4>, Capital Market <http://forums.investorline.co.in/aggregator/categories/5>, Corporate News <http://forums.investorline.co.in/aggregator/categories/11>, Economy<http://forums.investorline.co.in/aggregator/categories/12>, India <http://forums.investorline.co.in/aggregator/categories/43>, Industry<http://forums.investorline.co.in/aggregator/categories/20>, Inflation <http://forums.investorline.co.in/aggregator/categories/21>, International Business <http://forums.investorline.co.in/aggregator/categories/23>, International News <http://forums.investorline.co.in/aggregator/categories/24>, USA<http://forums.investorline.co.in/aggregator/categories/46> http://forums.investorline.co.in/ --~--~---------~--~----~------------~-------~--~----~ Get latest market updates & search internet right from your browser-download our toolbar here- http://investorline.ourtoolbar.com/ Visit our site at – http://investorline.co.in/ Newsroom: http://newsroom.investorline.co.in/ Learning Center- http://learning.investorline.co.in/ Mutual funds - http://mutualfunds.investorline.co.in/ Life Insurance - http://insurance.investorline.co.in/ Investor Journal - http://research.investorline.co.in/ Newscatcher- http://catcher.investorline.co.in/ Interested in Financial Planning-Let us Contact you- http://spreadsheets.google.com/viewform?key=pb_z4f1_zGMg4iBBFT3-SWQ&email=true If you like the site then promote it here- https://www.freetellafriend.com/tell/?url=http://investorline.co.in/blogs/news Create your own free blog on- http://investorline.co.in/blogger Visit this group at http://groups.google.com/group/india-investor -~----------~----~----~----~------~----~------~--~---
