LIC leads the pack in fresh premium collection

Wednesday, February 25, 2009 at 2:02 am

Public-sector Life Insurance Corporation of India (LIC) has clocked a robust 72.53 per cent jump in fresh premium collection in January 2009, leaving behind major private-sector players, most of whom have posted a negative growth in the month.

According to data released by insurance sector regulator Insurance Regulatory and Development Authority (IRDA), the first-year premium collected by private life insurers in January 2009 has seen a negative growth of 24.99 per cent as compared to the same period last year.

LIC, the country’s biggest life insurer, has, however, witnessed a growth of 72.53 per cent in fresh premium collected during the month. Leading private sector players such as Bajaj Allianz, ICICI Prudential Life, SBI Life, Aviva and HDFC Standard Life have posted a negative growth in the first month of 2009 as compared to last year, the regulator said.

“Private insurers that garnered a total fresh premium of Rs 2,642.58 crore experienced a decline of 24.99 per cent in January 2009 as against Rs 3,522.96 crore in January last year,” the IRDA said in its monthly data. The number of policies sold by private players in the month was 1,342,316 as against 1,363,953 in January 2008, the data said. “LIC collected fresh premium of Rs 10,401.14 crore in January 2009, up by 72.53 per cent from Rs 6,028.45 crore in the same period last year,” IRDA said.

The number of policies sold by the state-owned LIC grew by 34.91 per cent at 4,363,421 in January this year as against 3,234,209 during January 2008. Bajaj Allianz’s fresh premium fell by 49.65 per cent to Rs 343.41 crore from Rs 682.14 crore collected in January 2008, the regulator said.

The other life insurance companies that witnessed a dip in fresh premium are Aviva (41.64 per cent), SBI Life (39.95 per cent), ICICI Prudential Life (35.79), HDFC Standard Life (35.08 per cent) and Kotak Mahindra Tata AIG, posting a growth of 10.52 per cent and 20.05 per cent, respectively, in fresh premium collection in January 2009.

(With inputs from agencies)

( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)

LIC leads the pack in fresh premium collection

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