LIC grabs market share from pvt insurers

Life Insurance Corporation (LIC) is living up to its motto: Insuring Lives, Ensuring Smiles.

LIC has consolidated its position by recording 178% increase in premium collection between April-September this fiscal - higher than the life insurance industry growth rate of 162%.

A total of 16 players together mopped up Rs 29,664 crore in premium till September 2006-07 as against Rs 11,323 crore in the same period of 2005-06 - a growth of 161.98%, according to data compiled by regulator IRDA.

LIC expanded business by 178%, and collected Rs 23,435 crore in premium in the first six months of this fiscal by selling 98.36 lakh policies as against Rs 8,409 crore collected in the year-ago period.

The state-owned insurer increased its market share to 79% from 78.84% a month back.

The 15 private players, led by ICICI Prudential, collected Rs 6,229 crore in premium till September as against Rs 2,914 crore a year ago. ICICI Prudential clocked 112% growth in premium income at Rs 1,745 crore and had a market share of 5.88%.