Insurers new biz grows 22% to Rs 55,355 cr

Written by Press Trust of India | New Delhi | Updated: Dec 31 2009, 09:01am hrs
New businesses of the life insurance companies grew 22% to Rs 55,355 crore in the first eight months of the current fiscal as against the corresponding period last year.

The industry mopped up Rs 45,337 crore during the same period last fiscal, according to an Insurance Regulatory & Development Authority (Irda) data.

Among 23 players in the sector, the market share of LIC jumped to 66% to Rs 36,448 crore during the first eight months of 2009-10, from Rs 25,219 crore during the same period last fiscal.

However, the private life insurance industry has declined 6%. The 22 private insurers have collected Rs 18,905-crore first year premium during April-November this fiscal, compared to Rs 20,116 crore during the same period last year.

Private insurer ICICI Prudential was the worst hit as its premium declined 28% at Rs 3,031 crore during the same period. The insurer mopped up first year premium of Rs 4,246 crore in the corresponding period last year.

The countrys largest private life insurer, SBI Life, garnered a first year premium of Rs 3,523 crore compared to Rs 3,290 crore last year, registering a 7% growth.

In the first eight months of the current fiscal, non-life or general insurance industry grew 9.4% in premium collection, with state-run players performing better than the private ones.

During April-November period this year, four public insurers registered a growth of 11.05% by mopping up a premium of Rs 13,127 crore compared to Rs 11,821 crore during the corresponding period last year.

New India managed to mop up the highest premium at Rs 3,929 crore in the first eight months of this fiscal.

On the other hand, private players grew 7.1% during April-November period this year by collecting Rs 9,075 crore premium.

The worst hit was ICICI Lombard among the private players registering a degrowth of 13.6%, collecting Rs 2,135 crore premium in the first eight months.

Another big player, Bajaj Allianzs premium also declined by 11% while it mopped up Rs 1,603 crore during April-November period this year compared to Rs 1,801 crore in the corresponding period last fiscal.