The country’s largest insurer LIC has recorded about 37 per cent growth in its new business premium to Rs 67,135.32 crore during the April-January period this fiscal.

During the 10 months ended January 31 of the previous fiscal (2009-10), premium collections from new business stood at Rs 49,019.49 crore, according to the Insurance Regulatory and Development Authority (IRDA) data.

Overall, the 23 life insurers in the country collectively mopped up Rs 95,000 crore as new first-year premium during the period, a 26 per cent increase from Rs 75,347 crore in the year-ago period.

Out of this, the 22 private life insurers together accounted for Rs 27,864.73 crore worth of new business during April-January this fiscal compared with Rs 26,327.81 crore in the year-ago period, a growth of about 6 per cent.

Among the private life insurance players, SBI Life saw its premium collections from new business grow by 9 per cent to Rs 5,274.97 crore, while Reliance Life saw a dip of 10 per cent to Rs 2,171.38 crore. ICICI Life’s premium collections grew to Rs 5,130.23 crore from Rs 4,290 crore.

Meanwhile, the non-life insurance industry witnessed a 24.57 per cent growth in premium collections during April-January to Rs 14,394.69 crore. The segment had registered a gross premium income of Rs 11,555.89 crore in the same period of 2009-10, as per the IRDA data.

Nearly 70 per cent of gross premium income in the non-life insurance sector was accounted for by PSUs.

During April-January, the four public sector general insurers collected Rs 20,112.59 crore against Rs 16,606.08 crore during the corresponding period last year.

The maximum premium was mopped up by New India Insurance, which saw a 18.01 per cent growth in collections to Rs 5,850.54 crore.

Among the private players, ICICI Lombard’s premium collections grew 29 per cent to Rs 3,511.35 crore during the first four months of the current fiscal.

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