Public sector insurer Life Insurance Corporation of India (LIC) continued to maintain its market share for the 11-month period ended February 2011.LIC has notched up a total premium of R73,122 crore as against R54,320 crore reported during the same period in the previous financial year, recording a growth of 35%. On the other hand, private sector companies together recorded a meagre growth of 4% during the same period with a total premium of R30,756 crore. The insurance major notched a total premium of R5,986 crore in February 2011 and holds a total market share of 70.39%, according to a latest data.However, the ticket size (calculated on individual non-single premium basis) of LIC stood at R7,597 for the period ended February, the data said.
Private sector companies together hold a market share of 29.61%. For the month of February 2011 alone the total premium notched up by the 22 companies was estimated to be around R2.891.50 crore, the data maintained.
In total, life insurance companies together as an industry, reported a healthy growth of 24% for the 11-month period of the current financial year to R103,878 crore when compared with R83,891 crore achieved during the same period in the previous financial year.
On the private sector side, except companies such as Bajaj Allianz, Reliance Life, Birla Sunlife, Met Life, Aviva, ING Vysya, Future Generali, Bharat Axa Life and Sahara Life, other companies reported a positive growth during the said 11-month period. Among the private sector, SBI Life is leading the pack with a total premium of R5,845.31 crore for the 11-month period ended February 2011 when compared with R5,266 crore achieved during the same period of the previous financial year, witnessing a growth of 11%. The company holds a market share of 5.63% as of February 2011. Next in the line is ICICI Prudential with a total premium of R5,710.54 crore (R4,972.23 crore) with a growth of 14.85% and with a market share of 5.5%.