Reliance Life, SBI Life move up the ranking order

Venkatachari Jagannathan
07 May 2007

Chennai: Even as the top domestic life insurers maintained their rankings in FY07, Reliance Life Insurance Company Limited and SBI Life closed the year with a quantum leap in performance.

Reliance life closed FY07 with a fresh premium income of Rs930.46 crore from 4.5 lakh policies, up from Rs193.43 crore through 79,464 policies in the previous fiscal moving up to the sixth spot on the basis of new premium income among the 16 life insurers and fifth amongst the private life insurers.

Similarly, SBI Life closed last fiscal with a new premium income of Rs2,566.08 crore (5.65 lakh policies) up from Rs828.52 crore (2.85 lakh policies) earned the previous year.

Meanwhile the government owned Life Insurance Corporation of India (LIC) continued to dominate the sector by earning a whopping Rs55,934 crore as new premium selling 3.8 crore policies for FY07. The previous year the company earned Rs25,645 crore selling 3.1 crore policies. The company logged a stupendous growth in the individual single premium segment during FY07 earning a premium of Rs20641 crore as against Rs8753 crore the previous year.

The private insurers who follow LIC are ICICI Prudential (Rs5254.64 crore out of 19.60 lakh policies), Bajaj Allianz Life (Rs4269.78 crore, 20.79 lakh policies).

Last fiscal the industry as a whole mobilised fresh business to the tune of Rs75406 crore (Rs35899 crore during FY06). The share of 15 private companies is Rs19471.85 crore (Rs10252.76 crore during FY06).