LIC's new premium crosses Rs 50,000 crore during Apr-Oct

The new premiums of country's largest insurer Life Insurance Corporation (LIC) has breached the Rs 50,000-crore mark during April-October period this year, an increase of 66 per cent from the corresponding period last fiscal. 

In the first seven months of the current fiscal, LIC's new premium stood at Rs 50,605 crore compared to Rs 30,469 crore during the same period last year, Insurance Regulatory and Development Authority (IRDA) said in its monthly data. 

Overall, the life insurance industry mopped up new premium of Rs 69,706 crore during April-October this year, up from Rs 46,689 crore in the corresponding period last fiscal. (49.29%)

The 22 private life insurers have collected Rs 19,099 crore in the first seven months of 2010-11, up from Rs 16,217 crore in the same period last fiscal. (17.77%)

Among private insurers, ICICI Prudential has collected the maximum Rs 3,639 crore new premium during April-October period this year, an increase of 40 per cent from the first seven months of 2009-10.          

During April-October last year, ICICI Prudential mopped up Rs 2,586 crore new premium. 

SBI Life has collected Rs 3,538 crore in the first seven months of the current fiscal, up from Rs 3,073 crore during the corresponding period last year. 

Similarly, new premium of Reliance Life grew to Rs 1,617 crore during April-October this year from Rs 1,498 crore during the same period in 2009-10. 

On the other hand, the premium of non-life or general insurance industry grew over 22 per cent during April-October period this year. 

The 18 insurers mopped up Rs 24,161 crore premium in the first seven months of the current fiscal from Rs 19,680 crore in the corresponding period last year. 

Out of Rs 24,161 crore, the four public insurers -- New India, National, United India and Oriental -- collected Rs 14,089 crore in the first seven months of the current fiscal. 

During the corresponding period last year, these state-run insurers mopped up Rs 11,635 crore premium.       

Source: ET