New Delhi: Life Insurance Corporation achieved a growth rate of over 40 per cent to garner Rs 18,834 crore premium income while ICICI Pru Life and Bajaj Allianz Life logged 69 per cent and 292 per cent growth respectively over last year.
The debut of Sriram Life saw the number of players going up to 15, who together collected Rs 26,286 crore in premium in the first 11-months of 2005-06, according to data compiled by Insurance Regulatory and Development Authority.
LIC continued with its recent high growth rate of over 40 per cent to mop up Rs 18,834 crore in first year premium by selling 2.09 crore policies in April-February of last fiscal.
Though, country's largest life insurer LIC was expanding business handsomely, its market share fell slightly to 71.65 per cent from 72.2 per cent a month back as most of the private players are going at a faster rate.
In the private space competition has further intensified after entry of Chennai-based Sriram Life, which collected Rs 18.76 lakh premium in its first month of operation. The 14 private players increased their market share to 28.35 per cent from 27.8 per cent a month ago by collecting Rs 7,451 crore in premium till February.
ICICI Prudential regained its number one position among private insurers by logging 69 per cent growth to collect Rs 1,956 crore in premium and a market pie of 7.44 per cent.
Bajaj Allianz Life Insurance was close behind ICICI Prudential, by clocking 292 per cent growth in business at Rs 1,940 crore and a market share of 7.38 per cent.
HDFC Standard collected Rs 778 crore in premium income, followed by SBI Life (Rs 512 crore), Birla Sunlife (Rs 478 crore), Tata AIG (Rs 405 crore), Max New York Life (363 crore), Aviva (Rs 309 crore).
Kotak Mahindra Old Mutual collected Rs 234 crore, ING Vysya Rs 200 crore, Reliance Life Rs 150 crore, Met Life Rs 107 crore and Sahara Life Rs 15 crore.
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