SBI Life regains top slot among pvt insurers in first half
New Delhi: SBI Life, an insurance venture
promoted by the country`s largest lender 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.
The insurer has pipped ICICI Prudential Life in the
April-September period of this fiscal which mopped up first
year premium of Rs 2,128 crore, according to IRDA figures.
SBI Life mostly benefited from the huge insurance
premium that it mopped up in September. The company`s new
business during the month stood at Rs 686 crore against
ICICI Prudential’s Rs 402 crore.
ICICI Prudential had taken over SBI Life to become the
largest private insurer in the first five months of 2009-10.
However, when compared to last year, SBI Life`s premium
declined by around one per cent. In the first six months of
the last fiscal, its premium income stood at Rs 2,405 crore.
On the other hand, 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.
Overall, 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.
While, in the private insurers` league, Bajaj Allianz
emerged third with new businesses collection worth Rs 1,439
crore in the first six months of this fiscal. However, the
insurer saw a de-growth of 29 per cent.
On the other hand, 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.
According Reliance Life Insurance President Malay Ghosh,
"Average Premium per policy has improved during the month and
our focus on Retail and non-single segment, reduced cost and
enhanced profitability continues."
Overall, the private life insurance industry has
registered a de-growth of 15 per cent in the first half of the
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
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