LIC's premium collections from new business rose to Rs67,135.32 crore from Rs49,019.49 crore during the first ten months of FY11.
New Delhi: The country's largest insurer Life Insurance Corp of India (LIC) has recorded about 37% growth in its new business premium to Rs67,135.32 crore during the April-January period this fiscal, reports PTI.
In comparison, during the 10-months period ending 31st January of the previous fiscal (2009-10), LIC's premium collections from new business stood at Rs49,019.49 crore, the data from sectoral regulator Insurance Regulatory and Development Authority (IRDA) said.
Overall, the 23 life insurers in the country collectively mopped up Rs95,000 crore as new first-year premium during the period, a 26% increase from Rs75,347 crore in the year-ago period.
Out of this, the 22 private life insurers together accounted for Rs27,864.73 crore worth of new business in the April-January period, compared to Rs26,327.81 crore in the year-ago period, a growth of about 6%.
Among the private life insurance players, SBI Life saw its premium collections from new business grow by 9% to Rs5,274.97 crore during the period, while Reliance Life saw an dip of 10% to Rs2,171.38 crore.
ICICI Life's premium collections from new business grew to Rs5,130.23 crore in April-January 2011, from Rs4,290 crore during the same period last year.Meanwhile, the non-life insurance industry witnessed a 24.57% growth in premium collections in the April-January period to Rs14,394.69 crore.
The segment had registered a gross premium income of Rs11,555.89 crore in the April-January period of 2009-10, as per the IRDA data. Nearly 70% of the gross premium income in the non-life insurance sector was accounted for by public sector units (PSUs).
In the April-January period, the four public sector general insurers collected Rs20,112.59 crore, compared to 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% growth in collections to Rs5,850.54 crore.
Among the private players, ICICI Lombard's premium collections grew 29% to Rs3,511.35 crore during the first four months of the current fiscal.
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