SBI Life pips ICICI Pru to become largest private insurer

SBI Life has overtaken ICICI Prudential to become the country's largest private insurer in terms of first year premium collection, garnering a new business of Rs 4,698 crore in April-December this fiscal.

New Delhi: SBI Life has overtaken ICICI Prudential to become the country's largest private insurer in terms of first year premium collection, garnering a new business of Rs 4,698 crore in April-December this fiscal.
     
ICICI Prudential collected the first year premium of Rs 4,651 crore in nine months to December, according to the data released by Insurance Regulatory and Development Authority.
     
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance. SBI owns 74 percent of the total capital in the JV and BNP Paribas Assurance holds the remaining 26 percent.
     
In percentage terms, new business of ICICI Prudential, a 74:26 joint venture between ICICI Bank and UK-based Prudential Plc, increased by almost 21 percent compared to the same period last year. SBI Life's growth was 7 percent during the April-December period.
     
For December, SBI Life collected new business premium of Rs 773 crore, higher than Rs 598 crore collected by ICICI Prudential in the month.
     
With this, SBI Life's market share increased to over 22 percent in December, from 19.4 percent in the December 2009.
     
While ICICI Prudential's market share among the private insurers, fell marginally to 17.1 percent in the month of December, from 17.9 percent in the year ago period.
     
On a month-on-month basis, SBI Life's new business premium from Unit Linked Plans (ULIPs) rose to Rs 487 crore during December, from Rs 261 crore in November-end.
     
New business premium from group insurance products on monthly basis grew two-fold to Rs 228 crore at the end of December. Also traditional products business premium rose to Rs 59 crore from Rs 36 crore and individual products to Rs 545 crore in December, from Rs 297 crore at the end of November.
     
On the industry side, the 23 life insurers collectively mopped up a first-year premium of Rs 24,980.33 crore in April-December.
     
However, the life insurance industry grew by 6.85 percent during the April-December period.
     
The leading player in the life insurance industry, state- run Life Insurance Corporation (LIC) saw its market share rising to 63.91 percent, from 63.34 percent in December 2009.
     
The first year premium garnered by LIC for the month of December stood at Rs 6,205.04 crore.

PTI

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