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Our Bureau

Mumbai , May 4

The life insurance sector has grown by 35 per cent in terms of new business premium last fiscal. The new premium pie has grown to Rs 35,898 crore, from Rs 26,602 crore in the previous year.

LIC's market share has been further reduced to 71.4 per cent from 78.1 per cent. Among the private players, Bajaj Allianz Life has edged out ICICI Prudential Life at the number one position. Bajaj Allianz Life grew by 216 per cent and clocked in new business premium of Rs 2,715.6 crore. The company cornered a market share of 7.56 per cent. ICICI Prudential on the other hand garnered premium of Rs 2,637 crore and holds a market share of 7.35 per cent.

The other private player that registered significant growth in the fiscal 2005-06 was HDFC Standard Life.

The company's new business has grown by 112 per cent to Rs 1,029 crore. The market share of HDFC Standard Life has jumped from 1.92 per cent in 04-05 to 8.7 per cent in 05-06.

Of the total pie, individual regular premium policies contributed 55 per cent at Rs 19,889 crore. Individual single premium policies were 31 per cent of the total portfolio at Rs 10,999 crore.

Individual policies have registered an overall growth of 39 per cent against the previous year. Despite the FBT on group superannuation, business registered a growth of 14 per cent to Rs 5,009 crore.

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