LIC snaps up nearly 75% new biz in Q1
The grip of insurance giant Life Insurance Corporation's (LIC) on the market only got cemented this quarter further with the state-run behemoth cornering nearly three-fourths of the new premiums in the first quarter with Rs 18,740-crore business.
LIC clocked a more than twofolds growth in new business in the June quarter over Rs 9,028 crore it garnered in the same period last fiscal. In other words, LIC cornered Rs 18,740 crore of the Rs 25,522 crore overall business this the quarter to June period.
According to the Insurance Regulatory and Development Authority (Irda) data, 23 life insurers collectively mopped up Rs 25,522 crore in first-year premium during the first quarter of the current fiscal compared to Rs 14,456 crore in the year-ago period, a growth of over 76 per cent.
In contrast, 22 private life players together managed Rs 6,782 crore new business in the first three months of those fiscal compared to Rs 5,428 crore in the same period last year, translating into a growth of around 30 per cent.
Among private life players, ICICI Prudential saw its news business growing 74 per cent to Rs 1,407 crore in the period, while Reliance Life saw its business increasing 20 per cent to Rs 605 crore during the reporting period.
Significantly, SBI Life saw its business declining to Rs 976 crore in April-June 2010, against Rs 1,072 crore during the same period last year, thereby registering a decline of 9 per cent.
The non-life insurance industry grew over 21 per cent in the first quarter by collecting Rs 10,751 crore premium against Rs 8,829 crore q-o-q.
In the April-June period, the four public sector general insurers collected Rs 6,390 crore compared to Rs 5,243 crore during the corresponding months last year.
The maximum premium was mopped up by New India Insurance with a 21 per cent growth to Rs 1,994 crore.
Among the private players, ICICI Lombard grew 25 per cent to Rs 1,070 crore new premium during the April-June period.