Birla Sun Life defies industry trend. Logs negative growth
Our Banking Bureau
05 July 2005
Chennai: At a time when private life insurers are logging double / triple digit growth, the Mumbai-headquartered Birla Sun Life Insurance Company Limited has registered a 21.22 per cent fall in premium income till May 2005 this fiscal.
As per the figures released by the Insurance Regulatory and Development Authority (IRDA) the company has earned a total new premium of Rs47.12 crore upto May 2005 as against Rs51.81 crore earned during the corresponding period the previous year.
Ironically, the company that has registered the highest growth rate for the period under review, is none other than the one from which both the Indian and foreign partners wish to withdraw - AMP Sanmar Life Insurance Company Limited. (See: All eyes are on Sanmar) The company booked a fresh premium of Rs14.79 crore up from Rs5.47 crore earned at the end of May 2004.
The other life insurers who have registered three digit growth are;
- Bajaj Allianz Life Insurance Company Rs97.14 crore (160 per cent),
- MetLife India Insurance Company Private Limited Rs10.08 crore (154 per cent),
- Max New York Life Insurance Company Limited Rs35.63 crore (144 per cent),
- Kotak Mahindra Old Mutual Life Insurance Company Limited Rs21.10 crore (124 per cent-),
- HDFC Standard Life Insurance Company Limited Rs77.90 crore (136 per cent)
- ING Vysya Life Insurance Company Private Limited Rs11.46 crore (113 per cent).
There is not much of a change in terms of the top four rankings. While the government-owned Life Insurance Corporation of India (LIC) ranks at the top with a new premium income of Rs2,027 crore, followed by private sector insurers ICICI Prudential Life Insurance Company Limited (Rs205.52 crore), Bajaj Allianz Life and Birla Sun Life.