Life premiums grow 25%

The growth is significant as it comes against a 6 per cent decline in the previous fiscal. The robust growth was led by the state-owned LIC with new premium mop-up touching Rs 70,891 crore during the year. According to industry sources, the 23 life insurers mopped up a first year premium of Rs 1.09 lakh crore in 2009-10 compared to Rs 87,108 crore in the previous year. In 2008-09, the insurers registered a degrowth of 6 per cent.

In 2009-10, Life Insurance Corporation (LIC) collected a premium of Rs 70,891 crore compared to Rs 52,954 crore in 2008-09, thereby growing by around 34 per cent during the year. The market share of LIC has also increased to 65 per cent in 2009-10 compared to around 61 per cent in the previous year.

The other 22 private insurers mopped up a first year premium of Rs 38,399 crore in the financial year 2010, compared to Rs 34,154 crore during the previous financial year, translating into a growth of over 12 per cent.

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