Government-owned insurers hog limelight in April

May 25th, 2010 - 8:48 pm ICT by IANS  

Chennai, May 25 (IANS) Indian government-owned insurers — life and general — logged positive growth in April and stood ahead of the respective private sector clubs, data released by the industry watchdog has revealed.
According to data published by the Insurance Regulatory and Development Authority (IRDA), the state-owned Life Insurance Corporation (LIC) earned a total premium of Rs.4,173.69 crore (Rs.41.73 billion) in April 2010, up from Rs.2,133.10 crore (Rs.21.33 billion) earned during the corresponding period in 2009.

LIC closed last month with a premium growth of around 98 percent while the 22-member private life insurers logged a growth of 5.65 percent.

The private insurers earned Rs.1,572.64 crore (Rs.15.72 billion) April 2010, up from Rs.1,488.47 crore (Rs.14.88 billion) in the previous year logging an incremental growth of Rs.84.17 crore (Rs.841.7 million).

Amongst the private life insurers, five have logged negative growth and 16 have closed with a positive growth figure while IndiaFirst Life Insurance started operations only last November.

In the non-life insurance sector too, the club of four state-owned insurers logged a business growth of 19.25 percent while the growth of the 14-member private companies stood at 15.41 percent.

Only two companies - Reliance General Insurance and Cholamandalam MS General Insurance - posted negative growth in April 2010 as compared to April 2009.

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