Life risk firms' first-year premium income up 58%

First year premium income of life insurance companies in April rose 58.4 per cent to Rs 1,996 crore from Rs 1,260 crore a year ago, according to data compiled by Insurance Regulatory Development Authority.

First year premium income of state-owned Life Insurance Corporation of India in April grew 32.5 per cent year-on-year to Rs 1355 crore, while premium income of private life insurance companies grew 170.2 per cent to Rs 641 crore.

LIC had a market share of 67.9 per cent in the first year premium income in April compared with 81.2 per cent a year ago. Market share of private life insurance companies in first year premium income in April stood at 32.1 per cent compared with 18.8 per cent a year ago.

Among the private life insurance companies, ICICI Prudential Life Insurance Co. Ltd. had the largest first year premium income in April followed by Bajaj Allianz Life Insurance Co Ltd.

ICICI Prudential had a market share of 7.4 per cent in the first year premium income in April compared with 5.7 per cent a year ago, while Bajaj Allianz had a market share of 7.3 per cent compared with 2.3 per cent in April 2005.

ICICI's first year premium income in April grew 105.2 per cent on year to Rs 147 crore, while Bajaj's premium income rose 400.5 per cent to Rs 146 crore. India has 15 life insurance companies, including LIC.

The market share of lone public sector life insurance firm LIC has been declining since India opened up the sector to private companies in 2000.