Lic New Business Premium Compilation up 37 Percent

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

In comparison, in the 10 months ending January 31, of the previous fiscal (2009-10), LIC’s premium collections from new business stood at Rs. 49,019.49 crore, the data from sectoral regulator Insurance Regulatory and Development Authority (IRDA) said.

Overall, 23 life insurers in the country collectively mopped up Rs. 95,000 crore as new first-year premium during the period, a 26% 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 in the April-January period, compared to Rs. 26,327.81 crore in the year-ago period, a development of about 6%.

Among the private life insurance players, SBI Life saw its premium collections from new business grow by 9% to Rs. 5,274.97 crore during the period, while Reliance Life saw a dip of 10% to Rs. 2,171.38 crore.

ICICI Life’s premium collections from new business grew to Rs. 5,130.23 crore in April-January, 2011, from Rs. 4,290 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 Rs. 14,394.69 crore.

The segment had registered a gross premium income of Rs. 11,555.89 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 PSUs.

In the April-January period, the four public sector general insurers collected Rs. 20,112.59 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 18.01% growth in collections to Rs. 5,850.54 crore.

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