ICICI Pru leader among private players

New Delhi: ICICI Prudential Life Insurance has emerged a clear leader among new players with a 40-per cent market share out of the private sector pie.

The total new business bagged by the private life companies was a meagre 2 per cent at Rs 296.62 crore, according to the figures released by the Insurance Regulatory and Development Authority (IRDA). Life Insurance Corporation (LIC), however, generated Rs 14,843.32 crore.

The gross premium income for the life industry in 2001-02 came to Rs 42,719.21 crore up from Rs 36,070.42 crore in 2000-01. IRDA statistics also show the non-life players raising their share from 4 per cent in 2001-02 (Rs 477.26 crore out of a total Rs 10,987.21 crore) to 9 per cent (Rs 340.14 crore) in April-June 2002, while the public sector companies raked in Rs 3,424.48 crore in new business in the same quarter.

The gross direct premium for the non-life companies was Rs 11,464.47 crore in 2001-02, against Rs 10,087.03 crore in the previous fiscal.

Among the new life insurance companies, Max New York Life followed ICICI Prudential at a distant second with 13 per cent of the market. HDFC Standard gathered 12 per cent and Birla Sun Life slightly less. Tata AIG has managed 10 per cent while the other players have much smaller shares.

Since some more players joined the fray in the current year, IRDA has made available representative data on their performance reported for the April-June period of the present fiscal. Accordingly, the individual new business (non-linked) during the four months came to Rs 526.92 crore in the case of LIC and Rs 53.17 crore in the case of the private insurers.

The corresponding figures for the two in the individual rural business was Rs 87.81 crore and Rs 1.36 crore, respectively, while the single premium new business (non-linked) amounted to Rs 363.46 crore and Rs 38.08 crore, respectively.