LIC records highest premium ever in March

Mumbai: Life Insurance Corporation of India received Rs12,361 crore worth of new business premium in March 2007 — the highest premium recorded by the corporation in any single month. On the basis of this LIC posted a new business premium of Rs55,934 crore in '06-07 a 118 per cent growth over the previous year.

The organization's premium collection in March '07 has set a record of sorts in that it is higher than the premium collected in the whole of whole of '03-04.

The rise in premium gives LIC a marketshare of over 74 per cent of the total new business premium mobilised in India, which is substantially higher than the 72 per cent on March 1, 2006. LIC's unit-linked policies account for nearly 70 per cent of the total individual premium.

In March 2006-07 the corporation booked over Rs4,826 crore in group insurance, which accounted for nearly 30 per cent of total collections.

The private life insurance industry on the other hand recorded a growth of 89 per cent with total new business premium for the year standing at Rs19,471 crore as against Rs10,252 crore in the corresponding period last year.

ICICI Prudential continues to be the largest private life insurance player with a market share of 7 per cent followed by Bajaj Allianz Life Insurance which has a market share of 5.7 per cent.

Reliance Life Insurance recorded the fastest growth in the current year at 381 per cent with new business premium of Rs931 crore, followed by SBI Life Insurance at 209 per cent to Rs2,566 crore. The latter has moved to the number three position after Bajaj Allianz Life Insurance.