Mumbai: The life insurance industry recorded 68 per cent increase to Rs 25,399 crore in new business premium collected in March 2010 compared to Rs15,090 crore in the corresponding month in 2009.
Insurers witnessed a spurt in business during the last month of the financial year — with contributions over 23 per cent of the total collection in 2009-10 — as individuals opted to purchase covers to avail tax benefits.
Private players registered a whopping 47 per cent growth in the new business premium while state-owned Life Insurance Corporation of India (LIC) posted 83 per cent increase in new business income in March.
“Last quarter contribute to 40 per cent of sales. But March experienced the maximum inflow,” said a senior executive of a life insurance company.
No More Gloomy
Insurers Apr-Mar 2009 Apr-Mar 2010 % Chg
LIC 52,954 70,891 33.87
SBI Life 5,386 7,041 30.73
ICICI Prudential 6,813 6,334 -7.03
Bajaj Allianz Life 4,492 4,451 -0.91
Reliance Life 3,514 3,921 11.58
HDFC Standard Life 2,644 3,261 23.34
Birla Sun Life 2,824 2,958 4.75
Max New York Life 1,844 1,848 0.22
Private total 34,154 38,399 12.43
Total 87,108 109,290 25.46
Figures in Rs cr
Source: Irda
SBI Life has pipped ICICI Prudential to become the largest private sector insurer in terms of new business premium. SBI Life recorded 71 per cent increase in new business premium collection to Rs 1,775 crore as against Rs 1,038 crore March 2009. ICICI Prudential recorded 53 per cent increase to Rs 1,362 crore in March 2010 against Rs 887 crore in the corresponding month a year ago.
In 2009-10, SBI collected premium of Rs 7,041 crore from the sale of new policies, while ICICI Prudential recorded 7 per cent decline in new business collections to Rs 6,334 crore. Insurers sold 10.55 million new policies with LIC bagging 8.52 million and private companies 2.03 million. Group premium contributed 51 per cent for the month with SBI and ICICI Prudential making large contributions. LIC increased its market share by 4 per cent in total premium collection from 2009. At the end of March 2010, LIC holds 65 per cent market share in terms of new business income collection with the private sector contributing the remaining 35 per cent share last fiscal
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