The domestic life insurance industry has reported a healthy growth of over 51 per cent in premium underwritten for the nine-month period of the current fiscal ended December 2005.

As per the statistics prepared by the Insurance Regulatory and Development Authority (IRDA), the industry underwrote a premium of Rs 19,893.38 crore for the nine-month period under review compared to Rs 13,153.12 crore in the corresponding period of the previous fiscal.

ICICI Prudential retained leadership in private sector with a market share of 7.19 per cent with a growth of 72.73 per cent in premium underwritten at Rs 1,429.55 crore (Rs 827.61 crore). Bajaj Allianz reported highest growth of 301.3 per cent in premium underwritten at Rs 1,367.04 crore (Rs 340.65 crore) and stood second in the private sector with a market share of 6.87 per cent.

Birla Sun Life is the only life insurance player in the industry that suffered a negative growth in premium collections. The company underwrote premium of Rs 362.88 crore during the period under review compared to Rs 387.32 crore in the corresponding period of the previous fiscal, a fall of 6.31 per cent.

Provate insurers' growth: The private sector posted a growth of 91.16 per cent in premium collections at Rs 5,424.1 crore (Rs 2,837.46 crore) to garner a total market share of 27.27 per cent. Life Insurance Corporation of India, with a growth of 40.27 per cent, in premium underwritten at Rs 14,469.27 crore (Rs 10,315.65 crore), has ended up with a market share of 72.73 per cent.

The individual segment of the industry dominated in premium collections at Rs 16,971.49 crore (Rs 10,814.04 crore), while group premiums stood at Rs 2,921.89 crore (Rs 2,339.07 crore), contributing 85.31 per cent and 14.69 per cent, respectively.

In terms of number of policies sold, the industry reported a growth of 27.45 per cent by selling 1.78 crore policies (1.39 crore).

While the private sector posted a growth of 64.41 per cent to garner a market share of 12.46 per cent, LIC reported an increase of 23.5 per cent in number of policies sold with a market share of 87.54 per cent.

Though LIC is far behind the private sector in terms of growth in premium underwritten and number of policies sold during the nine months period under review, it has reported a growth of 208.79 per cent in number of lives covered under group schemes, while the private sector witnessed a growth of 39.58 per cent under this segment.

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