Life Insurance Corporation grows by 178%

Life Insurance Corporation, the country's largest insurer, has consolidated its position by recording 178% increase in premium collection during April-September this fiscal, higher than the life insurance industry growth rate of 162% reports Economic Times.

A total of 16 players together mopped up Rs 29,664 crore in premium till September of 2006-07 as against Rs 11,323 crore in the same period of 2005-06, a growth of 161.98%, according to data compiled by regulator Irda.

LIC expanded business by 178% to mop up Rs 23,435 crore in premium in the first six months of this fiscal after selling 98.36 lakh policies as compared to Rs 8,409 crore collected in the year ago period.

The state-owned insurer has increased its market share to 79% from 78.84 per cent a month back, while the private players' market pie were down marginally to 21% from 21.16%.

The 15 private players, led by ICICI Prudential, collected Rs 6,229 crore together in premium till September as against Rs 2,914 crore a year ago.

ICICI Prudential clocked 112% growth in premium income at Rs 1,745 crore and had a market pie of 5.88%. Bajaj Allianz was at the second spot among private players and clocked 103% growth in premium collection at Rs 1,306 crore while cornering 4.4% of the market.

SBI Life Insurance collected Rs 664 crore in premium, followed by HDFC Standard (Rs 547 crore), Birla Sunlife (Rs 319 crore) and Max New York Life Insurance (Rs 311 crore).

Aviva gathered a premium of Rs 302 crore, Tata AIG (Rs 279 crore), Reliance Life (Rs 245 crore), ING Vysya (Rs 187 crore) and Kotak Mahindra Old Mutual (Rs 183 crore).

Other players with premium collections below Rs 100 crore were Met Life (Rs 96 crore), Shriram Life (Rs 29 crore), Sahara Life (Rs 9 crore) and Bharti Axa Life (Rs 94.03 lakh).