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Life insurance industry grows 38% in Apr-Oct

With a renewed thrust on group covers and success of golden jubilee policy 'Bima Gold', LIC saw 27 per cent growth in business at over Rs.10, 000 crore till October this fiscal but private players aggressively increased their market share.

Amid a stiff competition between the state-owned LIC and private players, the life insurance industry logged a handsome 38 per cent growth in premium income from fresh policies at Rs.13, 763 crore during April-October 2005, as per data compiled by Insurance Regulatory and Development Authority.

Though most of the insurers continue to grow their businesses, two private insurers- Birla Sunlife and SBI Life - saw a decline in business till October.

Life Insurance Corporation grew its business by 27 per cent to collect Rs.10,160 crore in premium after selling about 1.11 crore policies in the first seven months of 2005-06. LIC improved its market share in the group insurance schemes significantly from 67 to 83 per cent in a month's time after covering 5.33 million lives in October alone taking the overall coverage to 8.15 million lives.

But, LIC's market share came down marginally to 73.82 per cent till October this year from 74.26 per cent a month ago, as private players increased their share to 26.18 per cent.

The 13 private players are slowly but steadily increasing their market pie to over 26 per cent after collecting Rs.3, 602 crore till October.

ICICI Prudential topped the private players chart after logging 76 per cent growth in premium income at Rs.999 crore followed by Bajaj Allianz that grew business by 247 per cent to pocket Rs.817 crore in premium income. ICICI Prudential had a market share of 7.26 per cent while Bajaj Allianz had 5.94 per cent of market.

HDFC Standard Life had a market share of 3.11 per cent, followed by Birla Sunlife (1.91 per cent), Tata AIG (1.63 per cent), SBI Life (1.49 per cent), Max New York Life (1.35 per cent) and Aviva (1.13 per cent).

Other players - Kotak Mahindra Old Mutual, ING Vysya, AMP Sanmar, Met Life and Sahara Life - each had less than one per cent market share. HDFC Standard collected Rs.428 crore in premium till October, followed by Birla Sunlife (Rs.262 crore), Tata AIG (Rs.224 crore), SBI Life (Rs.205 crore), Max New York Life (Rs.186 crore) and Aviva (Rs.156 crore).

In group insurance, LIC was a dominating player with a market share of about 83 per cent covering 81.5 lakh lives till October.

Among the private players, SBI Life was at the top with a market share of 4.65 per cent in group insurance. Tata AIG had a market share of 4.27 per cent, followed by Met Life (1.74 per cent), ICICI Prudential (1.58 per cent), Bajaj Allianz and Aviva (1.16 per cent each).

(http://sify.com)

 
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