The life insurance industry registered 13 per cent growth in the first half of this financial year. The 22 insurers mopped up Rs 39,047 crore first year premium in the April-September period this year against Rs 34,581 crore in the corresponding period last year.
Among the 22 insurers, Life Insurance Corporation mopped up Rs 25,814 crore in the first half of the current fiscal, registering a growth of 35 per cent. In the April-September period last year, LIC had collected Rs 19,091 crore first year premium.
The 21 private insurers have collected Rs 13,232 crore first year premium during April-september period this year against Rs 15,507 crore during the corresponding period in 2008-09. Overall, the private life insurance industry has registered a de-growth of 15 per cent in the first half of the current fiscal.
ICICI Prudential was the worst hit. Its insurer premium dipped by 40 per cent at Rs 3,464 crore in the first half of the current fiscal from the corresponding period last year. Bajaj Allianz faces a fall of 29 per cent with new businesses collection worth Rs 1,439 crore in the first six months of this fiscal. Reliance Life collected premium of Rs 1,249 crore in the April-September period against Rs 1,473 crore garnered during the corresponding period last year, i.e. negative growth of 13 per cent. SBI, has regained the top position among private players with a premium income of Rs 2,391 crore in the first half of this fiscal. However, when compared to last year, SBI Life's premium declined by around one per cent.
ICICI Prudential was the worst hit. Its insurer premium dipped by 40 per cent at Rs 3,464 crore in the first half of the current fiscal from the corresponding period last year. Bajaj Allianz faces a fall of 29 per cent with new businesses collection worth Rs 1,439 crore in the first six months of this fiscal. Reliance Life collected premium of Rs 1,249 crore in the April-September period against Rs 1,473 crore garnered during the corresponding period last year, i.e. negative growth of 13 per cent. SBI, has regained the top position among private players with a premium income of Rs 2,391 crore in the first half of this fiscal. However, when compared to last year, SBI Life's premium declined by around one per cent.
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