New Delhi: Even as investors’ horizon continues to expand to avenues like stocks and mutual funds, the erstwhile life insurance is holding its turf and recorded a growth of 110% in the last fiscal.
While all the 16 players recorded significant business gains to their portfolios, the industry leader Life Insurance Corporation of India (LIC) expanded its market share to 74.1%, as against 6.9% of its closest rival ICICI Prudential.
Riding high on aggressive marketing and innovative products across the sector, the sector’s collective new business gains — the first premium collections — more than doubled to Rs75,406.52 crore at the end of fiscal ended 31 March, from Rs35,897.96 crore a year ago, the data collated by industry regulator IRDA shows.
As against 118.1% growth recorded by the single state-owned insurer, the 15 private sector insurers clocked a collective increase of 89.9% in their first premium collections.
All the public and private sector players together sold 4.6 crore policies in the year, with LIC cornering 3.8 crore insurance covers.
LIC’s first premium collection rose to Rs55,934.69 crore during the 2006-07 as compared to Rs25,645.19 crore in the previous year, raising its market share by about three% from 71.4% last year.
While ICICI Prudential retained its top position in the private sector, Reliance Life jumped from 12th to fifth position. In the combined private and public sector tally, it was ranked sixth, as against 13th a year ago.