SBI Life tops among private insurers with Rs2,391 crore Apr-Sept collections
24 October 2009
SBI Life, an insurance venture promoted by the country's largest lender SBI, has regained the top slot among private insurers with a premium income of Rs2,391 crore in the first half of this fiscal.
The insurer has overtaken ICICI Prudential Life in the first half of the current fiscal (April-September 2009-10). ICICI Prudential had achieved first year premium collection of Rs2,128 crore, according to figures released by the Insurance Regulatory and Development Authority (IRDA).
SBI Life mostly gained from the huge insurance premium it mopped up in September with the insurer's new business during the month reaching Rs696 crore as against Rs402 crore of ICICI Prudential's.
ICICI Prudential had beaten SBI Life to emerge the largest private insurer in the first five months of 2009-10. However, as compared to last year, SBI Life's premium declined by around one per cent. In the first six months of the last fiscal, its premium income was Rs2,405 crore.
ICICI Prudential took a hit with its insurer premium dipping by 40 per cent to Rs3,464 crore in the first half of the current fiscal compared to the corresponding period last year.
Overall, the life insurance industry posted a 13 per cent growth in the first half of this financial year as the 22 insurers collected Rs39,047 crore first year premium in the April-September period this year as against Rs34,581 crore in the corresponding period last year.
Life Insurance Corporation collected Rs25,814 crore in the first half of the current fiscal, posting a growth of 35 per cent. In the same period last year, LIC had collection figures of Rs19,091 crore first year premium.
Among private insurers, Bajaj Allianz came in at the third spot with business collection worth Rs1,439 crore in the first six months of this fiscal, but the insurer saw a de-growth of 29 per cent.