August 15, 2005
Life insurance industry in India grows 21pc in q1, pvt. companies corner 25pc
NEW DELHI: Life insurance industry grew by 21 per cent with LIC and 13 private players mopping up Rs 4,437 crore in the first three lean months of 2005-06.
Private players expanded business by 73 per cent while state-owned life insurance corporation grew by 10.2 per cent. Fuelled by aggressive growth, the private players have now cornered over 25 per cent of the life insurance market till June 2005 compared to 17.61 per cent a year ago in terms of premium income from fresh businesses, as per data released by regulator IRDA.
LIC continues to shed ground as its market share came down to 74.87 per cent till June 2005 as against 82.39 per cent during the corresponding period last year.
LIC mopped up Rs 3,322 crore in premium income during April-June this fiscal by selling 33.86 lakh policies.
Posted by Tom Troceen