Life Insurance Industry growth has registered an increase of 15% in new premium income to Rs.125, 826 crore in 2010-11. The total premium for the entire private sector life insurance industry is pegged at Rs.39,381 crore in 2010-11.
Private life Insurers registered a combined growth rate of just 3% in new business premium income in FY 2010-11. The major factor of this slow growth rate can be attributed to new regulations forced by IRDA. There are total 22 companies in private life insurance sector.
ICICI Prudential has outperformed all the private insurers by recording a growth of 24% in total premium and collected Rs 7860.99 crores, followed by with SBI Life with a collection of Rs 7570.72 crores with 33% growth from last year’s premium.
LIC first year premium has grown up by 21.94% during FY 2010-11 over the same period previous year. LIC collected Rs 86,444.72 crores during April 2010 to March 2011 as compared to Rs 70891.05 crores collected in FY 2010-11. LIC has also gained market share of almost 4% to 68.7% in terms of premium.
Some of the private sector life insurance companies have recorded a negative growth in 2010-11. Birla Sun Life Insurance has seen a negative growth of 30% with new business premium income of Rs. 2,077 crore during 2010-11. Other private life insurer who also registered negative growth are Reliance Life (23%, Rs.3,035 crore), Bajaj Allianz Life (22%, Rs. 3,462 crore), Met Life (34%, Rs.704 crore), Sahara Life (28%, Rs.91 crore), Bharti Axa Life (17%, Rs.362 crore), Future Generali Life (8%, Rs.449 crore), Aviva (7%, Rs.745 crore), Kotak Life (6%, Rs.1,253 crore).