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Wednesday, September 02, 2009

LIC's market share rises to 64%; private cos do poorly

The market share of the state-run Life Insurance Corp (LIC) has gone up to 64 per cent in the first four months of FY10, even as the private sector insurance firms continue to bleed, IRDA said.

LIC's first year premium collection on insurance policies during first four months of the current fiscal rose by 32 per cent to Rs 14,265 crore, according to the monthly figures revealed by insurance regulator IRDA.

This suggests that the LIC has managed to significantly improved its client base.

On the other hand, private sector life insurer major ICICI Prudential posted a degrowth of 45 per cent with its first premium collection dipping to Rs 1,200 crore against Rs 2,192 crore mopped up during the first four months of fiscal 2009.

Overall, the 22 life insurers managed to collect Rs 21,996 crore during the first four months of this fiscal against Rs 20,178 crore during April-July 2008, a growth of 9 per cent.

LIC had increased its market share to 62 per cent among life insurers in the first quarter the current fiscal, thereby growing by about 20 per cent, compared to same period last year.

The 21 private insurers managed to collect Rs 7,730 crore during the first four months of the current fiscal against Rs 9,380 crore in the previous year, registering a fall of more than 17 per cent.


source: ET

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