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LIC, which is the only public sector life insurer, saw its first-year premium increase from Rs 4,024 crore in February 2009 to Rs 5,300 crore in February 2010. The first-year premium of private sector insurers grew from Rs 2,652 crore in February 2009 to Rs 3,242 crore in 2010.
A Life Insurance Council spokesperson told Financial Chronicle that the Indian economy in the first quarter of 2009 continued to be in a slowdown mode and the equity market picked up only after March 2009. “This is the reason why the premium collection in February 2009 was lower by close to 30 per cent in 2010,” he added.
Among private sector life insurers, HDFC Standard Life saw its fresh premium in February 2010 double to Rs 402 crore compared with Rs 205 crore a year ago.
SBI Life’s first-year premium grew 22 per cent to Rs 420 crore in February 2010, against Rs 345 crore a year ago. However, ICICI Prudential Life Insurance’s first-year premium dropped from Rs 620 crore in February 2009 to Rs 569 crore.
Meanwhile, the gross premium of the non-life insurance sector rose by 22 per cent in February 2010 to Rs 2,771 crore, compared with Rs 2,275 crore. The public sector general insurers’ gross premium increased by 19 per cent in February 2010 to Rs 1,613 crore from Rs 1,355 crore a year ago, while the private sector general insurers saw their gross premium underwritten in February 2010 grow by 26 per cent to Rs 1,160 crore.
 Limited.JPG)
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