Life Insurance Corp surges ahead, private players stagnateJanuary 2nd, 2009 - 9:13 pm ICT by IANS
Chennai, Jan 2 (IANS) State-owned Life Insurance Corp (LIC) increased its new business income by Rs.5.63 billion in November over the previous month, but the 20-member private sector club stagnated, data released by the sectoral watchdog Friday showed. According to the figures released by Insurance Regulatory and Development Authority (IRDA), LIC earned a total premium of Rs.33.46 billion (Rs.3,346 crore) in November, selling nearly 2.58 million policies.
The company had sold about 2.25 million policies and earned around Rs.27.82 billion (Rs.2,782 crore) in October.
On the other hand, private sector companies together did new business worth of Rs.23.06 billion (Rs.2,306 crore), selling a little over 1.14 million policies in November, as compared to Rs.23.04 billion premium earned from 1.09 million policies the previous month.
While SBI Life increased its premium income in November to around Rs.5.6 billion from around Rs.3.25 billion, major private players like ICICI Prudential, Bajaj Allianz and Reliance Life saw a dip in their premium during the same period.