THE country's largest insurer LIC has recorded about 37 per cent growth in its new business premium to Rs 67,135.32 crore during the April-January period this financial year.
In comparison, in the 10-months ending January 31, of the previous financial year (2009-10), LIC's premium collections from new business stood at Rs 49,019.49 crore, the data from sectoral regulator Insurance Regulatory and Development Authority said.

Overall, the 23 life insurers in the country collectively mopped up Rs 95,000 crore as new first-year premium during the period, a 26 per cent increase from Rs 75,347 crore in the yearago period.

Out of this, the 22 private life insurers together accounted for Rs 27,864.73 crore worth of new business in the April-January period, compared to Rs 26,327.81 crore in the year-ago period, a growth of about 6 per cent.

Among the private life insurance players, SBI Life saw its premium collections from new business grow by 9 per cent to Rs 5,274.97 crore during the period, while Reliance Life saw an dip of 10 per cent to Rs 2,171.38 crore.

ICICI Life's premium collections from new business grew to Rs 5,130.23 crore in April-January, 2011, from Rs 4,290 crore during the same period last year.

Meanwhile, the non-life insurance industry witnessed a 24.57 per cent growth in premium collections in the April-January period to Rs 14,394.69 crore.

The segment had registered a gross premium income of Rs 11,555.89 crore in the April-January period of 2009-10, as per Irda data.

Nearly 70 per cent of the gross premium income in the non-life insurance sector was accounted for by PSUs.

In the April-January period, the four public sector general insurers collected Rs 20,112.59 crore, compared to Rs 16,606.08 crore during the corresponding period last year. The maximum premium was mopped up by New India Insurance, which saw a 18.01 per cent growth in collections to Rs 5,850.54 crorek.

Source :- mydigitalfc