ICICI Pru pips SBI Life to become largest private insurer
New Delhi: Private insurer ICICI Prudential has pipped SBI Life to regain the top position among private players garnering new businesses Rs 1,725 crore in the first five months of the current fiscal.
SBI Life, promoted by the country`s largest lender State
Bank of India, earned first year premium worth Rs 1,704 crore
in April-August period while ICICI Prudential collected Rs
1,725 crore in the same period, according to the IRDA data.
The ICICI Prudential`s gain is mainly from the large
premium the insurance firm managed to mop up in August. The
company new business during the month stood at Rs 525 against
SBI Life`s Rs 306 crore.
SBI Life had taken over ICICI Prudential to become the
largest private insurer in the first two months of FY`10.
However, when compared to last year, ICICI Prudential`s
premium dipped by about 40 percent. In the first five months
of FY`09 its premium stood at Rs 2,818 crore.
SBI Life also saw its premium declining to Rs 1,703 crore
in the first five months of this fiscal, compared to Rs 1,763
crore raised in the same period last fiscal.
Overall, the private life insurers registered a negative
growth of about 15 percent during April-August of the current
fiscal. The 21 private life insurers managed to raise Rs
10,227 crore in the first five months of FY`10 against Rs
12,089 crore during the same period last year.
However, the life industry grew by 17 per cent in April
-August of the current fiscal, with the life insurance
companies` premium rising to Rs 31,039 crore against Rs
26,449 crore during the same period last year.
This was mainly due to the 45 percent growth in new
business registered by the country`s largest insurer Life
LIC`s market share rose to 67 percent in new business in
the first five months of current fiscal from 54 percent
share during the corresponding period last year.
It mopped up Rs 20,810 crore during April-August period of
the current fiscal, compared with Rs 14,359 crore during the
same period last year.
In August, the premium collection of the life insurance
industry grew by around 44 percent to Rs 9,044.18 crore
against Rs 6,273.57 crore in the same period last year.
The private life insurance segment, however, witnessed a
negative growth of around 8 percent, while the LIC registered
a whopping growth rate of 83 percent in premium collection in
Commenting on the August figures, Reliance Life Insurance
president Malay Ghosh said, "The new business numbers are
showing growing trend each month which is a positive sign. We
are sure that the private sector will be back on the growth
path by the second half of the financial year."
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