2 min readNew DelhiApr 22, 2010 05:55 PM IST
First published on: Apr 22, 2010 at 05:55 PM IST
ADAG Group company Reliance Life Insurance has sold the highest number of policies among 22 other private sector players in 2009-10.
During the year,the company sold about 23.2 lakh policies against 22.1 lakh policies in the previous year. Of the total,3.4 lakh policies were sold in March.
Reliance is closely followed by Bajaj Allianz Life Insurance that sold 22.3 lakh policies in the same period,according to industry sources.
Other players like ICICI Prudential Life sold as many as 17.6 lakh policies,while insurance venture promoted by SBI covered 13.5 lakh lives during the year.
The private sector,comprising 22 players,together sold 1.4 crore policies compared to 1.5 crore in the previous fiscal,industry sources said.
However,the largest player in the life insurance segment,state-owned LIC sold 3.8 crore policies compared to 3.5 crore policies in 2008-09.
Life insurance industry grew over 25 per cent in 2009-10,while LIC’s market share rose to 65 per cent.
According to industry sources,the industry mopped up first year premium of Rs 1.09 lakh crore in 2009-10 compared to Rs 87,108 crore in 2008-09.
LIC collected premium of Rs 70,891 crore compared to 52,954 crore in 2008-09,thereby growing by around 34 per cent during the year.
Among private life insurers,SBI Life was the biggest player. The insurer collected Rs 7,041 crore as first year premium in the last fiscal compared to Rs 5,386 crore in 2008-09.
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