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Mumbai, Jul 31: The domestic life insurance industry, in the first quarter, has seen some reshuffling in the rankings of top private sector players. While ICICI Prudential Life Insurance, with a total premium mobilisation of Rs 1,590. 27 crore, retained its top slot, Bajal Allianz Life Insurance, with premium income of Rs 829.24 crore, has lost its number two position to SBI Life Insurance, subsidiary of the country’s largest bank State Bank of India.
SBI Life has recorded a 170% jump in its premium income to Rs 1,148 crore during the period. Reliance Life, with a total premium income of Rs 557 .33 crore, is the fourth largest private sector player in the industry. Birla Sunlife and Max New York Life ended the quarter with almost similar numbers.
Birla Sunlife has earned a premium of Rs 501.53 crore while Delhi-based Max New York Life has mobilsied Rs 501.61 crore during the period.
However, life insurance subsidiary of Housing Development Finance Corporation, HDFC Standard Life, which was in the top five in 2007-08 lost heavily market share and has become the seventh largest private sector in the Q1 2008-09.
The company has earned a premium of Rs 490 crore during the period.
The total pemium of Life Insurance Corporation (LIC) is estimated at Rs 7,524.56 crore, down 12% over the corresponding period of last year.
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