BIZ-LIFE-INSURANCE-REPORT

New business premium collection

by the life insurance industry has grown 2.41 percent to Rs

1.41 trillion as of December, show the data released by the

apex industry body.

The industry collected Rs 1,41,584 crore as against Rs

1,38,253 crore last year, the Life Insurance Council said in a

statement Friday.

The individual new business booked was Rs 63,356 crore

as against Rs 62,739 crore in the same month last year,

showing a growth of a paltry 1 percent.

The group new insurance business showed a faster

growth of 3.59 percent, with the overall business increasing

to Rs 78,228 crore from Rs 75,514 crore a year ago.

The state-run behemoth LIC led both in new business

premium collection with a 66.49 percent market share and also

new business by policies with a 73.33 percent share of the

pie, it said.

HDFC Life came second on the new business premium

collection front with a 7.02 percent market share, and SBI

Life was came next with a 5.78 percent market share, the

statement said.

ICICI Prudential Life was the fourth in the pecking

order both by new premium collection and also new policies,

with a 4.82 percent and 3.48 percent share, respectively, it

said.