LIC’s new premium crosses Rs50k crore during April-October

LIC’s new premium crosses Rs50k crore during April-October
PTI
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First Published: Sun, Nov 28 2010. 06 36 PM IST
Updated: Sun, Nov 28 2010. 06 36 PM IST
New Delhi: The new premiums of country’s largest insurer Life Insurance Corporation (LIC) has breached the Rs50,000-crore mark during April-October period this year, an increase of 66% from the corresponding period last fiscal.
In the first seven months of the current fiscal, LIC’s new premium stood at Rs50,605 crore compared to Rs30,469 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 Rs69,706 crore during April-October this year, up from Rs46,689 crore in the corresponding period last fiscal.
The 22 private life insurers have collected Rs19,099 crore in the first seven months of 2010-11, up from Rs16,217 crore in the same period last fiscal.
Among private insurers, ICICI Prudential has collected the maximum Rs3,639 crore new premium during April-October period this year, an increase of 40% from the first seven months of 2009-10.
During April-October last year, ICICI Prudential mopped up Rs2,586 crore new premium.
SBI Life has collected Rs3,538 crore in the first seven months of the current fiscal, up from Rs3,073 crore during the corresponding period last year.
Similarly, new premium of Reliance Life grew to Rs1,617 crore during April-October this year from Rs1,498 crore during the same period in 2009-10.
On the other hand, the premium of non-life or general insurance industry grew over 22% during April-October period this year.
The 18 insurers mopped up Rs24,161 crore premium in the first seven months of the current fiscal from Rs19,680 crore in the corresponding period last year.
Out of Rs24,161 crore, the four public insurers -- New India, National, United India and Oriental -- collected Rs14,089 crore in the first seven months of the current fiscal.
During the corresponding period last year, these state-run insurers mopped up Rs11,635 crore premium.
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First Published: Sun, Nov 28 2010. 06 36 PM IST
More Topics: LIC | Life Insuracne | Policies | Premium | Irda |