Pvt insurers clock 129% growth in FY05

Private insurance companies, led by ICICI Prudential, grew by 129% to mop-up Rs 5,557 crore as first premium in 2004-05 as against Rs 2,429 crore in 2003-04.

Life Insurance Corporation (LIC) clocked 21.87% growth in business at Rs 19,786 crore by selling 2.4 crore new policies in 2004-05.

The life insurance industry grew by an impressive 36% with premium income from new business at Rs 25,343 crore during the last fiscal, according to figures released by IRDA.

LIC mopped up Rs 19,786 crore last fiscal when compared with Rs
16,240 crore in 2003-04, but its market share came down from 87.04% to 78.07%.

The 13 private insurers increased their market share from about 13% to about 22% in a year's time.

ICICI Prudential continued to lead the private space with a market share of 6.25% after collecting Rs 1,584 crore in premium followed by Bajaj Allianz (3.39%), Birla Sun Life (2.45%), HDFC Standard Life (1.92%) and SBI Life (1.91%).

While Bajaj allianz mopped up Rs 860 crore in premium, Birla Sun Life collected Rs 621 crore, HDFC Standard Life (Rs 486 crore) and SBI Life (Rs 483 crore).