Thursday, June 01, 2006
41 PC Growth Logged by Life Insurance Industry
Source: hindu.com
In the year 2005-06 the Life insurance sector has grown by 41% because of the performance of country’s largest life insurer, LIC, and private players like Bajaj Allianz and ICICI Prudential.
According to the data compiled by regulator IRDA the 15 life insurance companies together collected around Rs 35,898 crore in the fiscal ended march of this year as compared to 25,343 crore in the previous fiscal. The premium income of Life Insurance Corporation rose more than 28% to Rs 25,645 crore and thereafter it was sold for 3.16 crore policies as against Rs 19,972 crore which was collected a year ago. Due to aggressive marketing and firm competition of private life insurers LIC’s market share got dipped by 6.63 % to 71.44% from 78.07% in the year ago period.
The 14 private players gradually increased their market share from 21.93% to 28.56% in a year’s time by collecting around Rs 10,252 crore during the period under review.
Source: hindu.com
In the year 2005-06 the Life insurance sector has grown by 41% because of the performance of country’s largest life insurer, LIC, and private players like Bajaj Allianz and ICICI Prudential.
According to the data compiled by regulator IRDA the 15 life insurance companies together collected around Rs 35,898 crore in the fiscal ended march of this year as compared to 25,343 crore in the previous fiscal. The premium income of Life Insurance Corporation rose more than 28% to Rs 25,645 crore and thereafter it was sold for 3.16 crore policies as against Rs 19,972 crore which was collected a year ago. Due to aggressive marketing and firm competition of private life insurers LIC’s market share got dipped by 6.63 % to 71.44% from 78.07% in the year ago period.
The 14 private players gradually increased their market share from 21.93% to 28.56% in a year’s time by collecting around Rs 10,252 crore during the period under review.
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