LIC tops premium income stakes

Public sector behemoth, Life Insurance Corporation, has recaptured a chunk of the market share of new business premium in August.

LIC's first year premium income market share rose to 83.3 per cent in August from 74.3 per cent in July.

The market share of 16 private life insurance companies in first-year premium shrunk in August to 16.7 per cent from 25.7 per cent in July and 24.3 per cent in 2005-06. LIC's market share in first-year premium in August last year was 75.7 per cent.

The first-year premium income of LIC rose 138.4 per cent on year in August to Rs 4,554 crore, while that of private companies rose 49.6 per cent to Rs 9.16 billion.

The first-year premium income of all life insurance companies together rose 116.9 per cent on year in August to Rs 5,469 crore. Indian life insurance companies had a first year premium income of Rs 4,359 crore in July.

Among private life insurance companies, ICICI Prudential Life Insurance had the largest first year premium income in August followed by Bajaj Allianz Life Insurance and SBI Life Insurance.

ICICI Prudential had a market share of 4.9 per cent in the first-year premium income in August, while Bajaj Allianz and SBI Life had market shares of 3.2 per cent and 1.9 per cent, respectively.

ICICI's first-year premium income in August grew 65.6 per cent year-on-year to Rs 266 crore, while Bajaj's premium income rose 10.2 per cent to Rs 172 crore.

SBI Life Insurance had a premium income of Rs 101 crore in August, up 177.4 per cent on year.

India has 17 life insurance companies, including LIC. First-year premium income of life insurance companies in April-August, the first five months of 2006-07, increased 160.6 per cent to Rs 23,566 crore.