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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (75)	2/7/2000 11:14:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

Prudential to enter India's Insurance market with ICICI. 07-02-2000 17:43:51(iio) Prudential to enter India's insurance market by Dec 2000 Britain's largest life insurance and pensions group, Prudential Plc, expects to launch its Indian insurance business by the end of calendar 2000, its chairman, Martin Jacomb, said on Sunday. Prudential has tied up with Indian term lender ICICI Ltd to enter the Indian insurance business. "We expect to be able to get going by the end of this year," Jacomb, who is visiting India, told Reuters in an interview. Parliament recently approved the Insurance Regulatory and Development Authority Bill, which seeks to open up the domestic insurance business to foreign and private Indian firms. Entry guidelines for the firms are being worked out. He said he was satisfied with the 26% foreign investment cap and the investment guidelines set by the Indian government for the insurance business. "We are fully prepared and enthusiastic to operate within the restraints, and the investment guidelines will enable us to meet policy holders` expectations," Jacomb said. On other businesses, he said the success of an asset management company, which is another joint venture with ICICI had made him optimistic about the Indian retail savings market. "It's been a great success and funds under management now total Rs38bn and that`s above our expectations." The focus now would be on concentrating on the mutual funds business and insurance, but Jacomb expected "other things to develop" as the Indian financial sector is liberalized further. "But of course other things will develop as the sector opens up, management of provident funds might come high on that list and the pension funds field will be of great interest to us," he said. Asian Insurance Business Sees Rapid Growth: Jacomb said the firm's insurance business in Asia was growing rapidly, and his firm was putting more emphasis on the region. "Our business in Asia even when you aggregate it, is smaller than the United States and UK but it is growing rapidly ... we put particular emphasis on this part of the world because of the rate of growth and our expectations for the long term future." Asia accounts for about 15% to 20% of Prudential`s total premiums. The group`s operations cover Hong Kong, Singapore, Malayasia, Indonesia, the Phillippines, Taiwan and Vietnam. "We expect to start business in China later this year. The only notable exceptions in Asia are Japan and South Korea and they remain places we watch with interest," Jacomb said. He said the group would focus on consolidating its business in the 10 Asian countries, a process which would require "a lot of management and lot of capital".