LIC clocks 184 pc growth in new premium in Apr-Oct
Life Insurance Corporation, the country's largest insurer, has seen new premium grow by a robust 184 per cent in April-October 2006-07, while the entire life insurance industry expanded by 163 per cent.
By PTI |
NEW DELHI: Life Insurance Corporation, the country's largest insurer, has seen new premium grow by a robust 184 per cent in April-October 2006-07, while the entire life insurance industry expanded by 163 per cent.
All the 16 life insurance players together mopped up Rs 36,290 crore in the first seven months this fiscal compared to Rs 13,762 crore collected in April-October 2005-06, a growth of 163 per cent, according to data compiled by regulator IRDA.
LIC collected Rs 28,906 crore in new premium by selling 1.19 crore policies as against Rs 10,160 crore collected in the year ago period. Its market share stood at 79.65 per cent. The 15 private players doubled premium income to Rs 7,384 crore from Rs 3,602 crore a year ago and had 20.35 per cent of the market.
ICICI Prudential, the top private player, crossed the Rs 2,000 crore mark to collect Rs 2,080 crore by clocking 108 per cent increase in premium, followed by Bajaj Allianz Life Insurance, which mopped up Rs 1,520 crore in premium. ICICI Prudential had 5.73 per cent of the market, while Bajaj Allianz had a 4.19 per cent pie.
SBI Life collected Rs 814 crore, followed by HDFC Standard (Rs 659 cr), Birla Sunlife (Rs 384 cr), Max New York Life (Rs 372 cr), Aviva (Rs 346 cr), Tata AIG (Rs 326 cr), Reliance Life (Rs 280 cr), Kotak Mahindra Old Mutual (Rs 217 cr), ING Vysya (Rs 208 cr) and Met Life (Rs 116 crore).
Shriram Life and Sahara Life collected Rs 45.5 crore and 10.5 crore respectively while Bharti Axa Life, the latest entrant in the sector, collected Rs 1.12 crore.
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