Strong performance by Life Insurance Corporation, ICICI Prudential and SBI Life helped the 16 player-strong life insurance industry to mop up Rs 2,982 crore in April this year compared with Rs 1,996 crore collected in the same month last year, according to data compiled by the Insurance Regulatory and Development Authority.
However, some life insurers such as Bajaj Allianz, ING Vysya Life and Reliance Life saw a decline in premium collections during the period under review.
The country’s largest life insurer, LIC, saw new premiums grow 57 per cent to Rs 2,134 crore in April by selling 15,89,684 policies against Rs 1,355 crore a year ago. It had a market share of 71.56 per cent in April.
The 15 private players together saw their business grow 32 per cent to Rs 848 crore with a market share of 28.44 per cent.
ON THE RISE
Insurers Premium (Rs cr)
ICICI Prudential 271.00
Bajaj Allianz 124.00
SBI Life 90.00
HDFC Standard 70.00
Max New York Life 69.00
Tata AIG 48.00
Aviva 39.00
Reliance Life 33.00
Birla Sunlife 28.00
Kotak Mahindra Old Mutual 26.00
ING Vysya 22.00
Met Life 19.00
Shriram Life 4.50
Sahara Life 1.70
Bharti Axa Life 0.72
ICICI Prudential topped the private players’ chart with its premium income rising 84.5 per cent to Rs 271 crore and had 9.08 per cent share of the market. Bajaj Allianz, which saw 15 per cent decline in business, collected Rs 124 crore with a market share of 4.16 per cent.
The general insurance industry grew 16 per cent in April, which also saw ICICI Lombard emerging as the second-largest non-life insurance player.
If the robust growth is any indication, private players such as ICICI Lombard, Bajaj Allianz and Reliance General are going to give a tough fight to four established public sector players — New India Assurance, Oriental Insurance, United India and National Insurance — in 2007-08.
The eight private players together have increased their market share to 40.5 per cent in April from 34 per cent in the same month a year ago.
With a modest 8 per cent growth in premium collection at Rs 651 crore, New India retained its number one slot by cornering 20.72 per cent of the market.
ICICI Lombard, a formidable challenger to New India now, grew its new premium 36 per cent to Rs 448 crore and had a market share of 14.28 per cent.
Oriental Insurance was at the third place with a flat growth in premium collection at Rs 413 crore and a market pie of 13.16 per cent.
United India saw a 3 per cent growth in business at Rs 407 crore and had 12.97 per cent of the market.
National Insurance grew premium income 8 per cent to Rs 396 crore and had a market share of 12.6 per cent.
Bajaj Allianz General Insurance collected 215 crore in April, followed by Reliance General (Rs 221 crore), Tata AIG (112 crore), Iffco Tokio (Rs 107 crore), Cholamandalam (Rs 73 crore), Royal Sundaram (Rs 73 crore), HDFC Chubb (Rs 22 crore).
Specialised institutions ECGC and Star Health & Allied Insurance collected Rs 38 crore and Rs 34 crore, respectively, in April.
Source: Business Standard
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