SBI Life has overtaken ICICI Prudential to become the country’s largest private insurer in terms of first year premium collection,garnering a new business of Rs 4,698 crore in April-December this fiscal.
ICICI Prudential collected the first year premium of Rs 4,651 crore in nine months to December,according to the data released by Insurance Regulatory and Development Authority.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance. SBI owns 74 per cent of the total capital in the JV and BNP Paribas Assurance holds the remaining 26 per cent.
In percentage terms,new business of ICICI Prudential,a 74:26 joint venture between ICICI Bank and UK-based Prudential Plc,increased by almost 21 per cent compared to the same period last year. While SBI Life’s growth was 7 per cent during the April-December period.