Led by state-owned LIC,life insurance companies have registered a 61 per cent growth in first-year premium collections in the first two months of the current fiscal. According to IRDA data,23 life insurers mopped up a first-year premium of Rs 13,965 crore during the April-May period,compared to Rs 8,652 crore in the same period a year ago. Leading the pack,LIC's first-year premium collections grew by 88 per cent to Rs 10,081 crore against Rs 5,353 crore in the first two months of the previous fiscal. In 2009-10,LIC collected a premium of Rs 70,891 crore,compared to Rs 52,954 crore in 2008-09. The market share of LIC also increased to 65 per cent in 2009-10 compared to around 61 per cent in the previous year. The other 22 private insurers mopped up Rs 3,884 crore in the first two months of the current fiscal compared to Rs 3,299 crore in the same period last year,translating into a growth of over 16 per cent. Among the private life insurers,SBI Life garnered Rs 943 crore from first-year premium collections in April-May,2010,against Rs 783 crore in April-May,2009,translating into a growth of over 20 per cent. At the same time,ICICI Prudential's business grew by 58 per cent to Rs 761 crore in the first two months of FY'11,while first-year premium collections of Reliance Life increased by 22.5 per cent to Rs 316 crore.
