SBI Life becomes largest pvt life insurer

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New Delhi: SBI Life has taken over ICICI Prudential to become the largest private insurer by garnering first year premium of Rs 784 crore in the first two months of the current fiscal.

ICICI Prudential during the first two months earned a premium of Rs 483.54 crore from new business while SBI Life promoted by the country's largest lender State Bank of India, at the same time collected Rs 784 crore, according to the IRDA data.

SBI Life, a joint venture between State Bank of India and French firm Cardif SA collected Rs 546 crore in the same period last year, which is Rs 238 crore lower than the premium collected till May, 2009.

In percentage terms SBI Life's first year premium grew by 43.49% over the same period last year.

Meanwhile, new business of ICICI Prudential, a 74:26 joint venture between ICICI Bank and UK-based Prudential plc, declined by almost 50% compared to the same period last year. The company earned Rs 952 crore during the same period last year.

However, the life insurance industry grew by 6.58% during the period under review.

The country's largest insurer Life Insurance Corporation mopped up Rs 5,354 crore as the first year premium, an increased of 28% over the same period last year.

During the same period last year, LIC mopped up Rs 4170.87 crore.

The 22 life insurers including LIC collected Rs 8,654 crore against Rs 8,119 crore in the same period last year.