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Friday, Apr 23, 2010

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http://www.thehindubusinessline.com/2010/04/23/stories/2010042352310600.htm

ur Bureau

Mumbai, April 22

After a year of dismal growth, the life insurance industry saw a rebound in business in
2009-10 with a 25 per cent growth in new premium income.

According to data compiled by the Insurance Regulatory and Development Authority, life
insurance companies together collected Rs 1,09,290 crore in fresh business premium
during the fiscal.

The growth in 2009-10 was led by State-owned Life Insurance Corporation of India,
which bettered its previous year's numbers by growing its fresh business by 34 per cent to
Rs 70,891 crore.

Private sector players posted a 12 per cent growth in new business and collected Rs
38,399 crore premium.

Among the private players, SBI Life emerged as the leading insurer, in terms of new
business. SBI Life collected Rs 7,041 crore in new business premium against Rs 6,334
crore collected by ICICI Prudential in 2009-10.

LIC managed to increase its market share to 65 per cent in FY10 from 61 per cent in
FY09.
Of the new business premium collected by the industry, around 50-60 per cent will be
from ULIPs, company officials said.

While ULIPs will be around 75-80 per cent of the new business premiums for the private
sector players, it could be more than 50 per cent for LIC.

LIC managed to increase its ULIP collections through ‘Wealth Plus', which it launched in
February. However, a clearer picture will emerge after companies come out with the
detailed break-ups of their premium collections.

In March, the industry grew by 82 per cent. While LIC's new business grew by 83 per
cent, private sector players' new business grew by 81 per cent.

Among the private players, most of the players were able to register good growth, with
the exception of Birla Sun Life, Max New York and MetLife, who posted negative
growth.

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Business Daily from THE HINDU group of publications

Thursday, Jul 29, 2010
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Life insurance new business grows 75% in Q1

Our Bureau Mumbai, July 28

The life insurance industry's new business collections grew by more than 75 per cent in
the first quarter of this fiscal led by a three-digit growth in the new business of Life
Insurance Corporation of India.

While LIC's new business premiums grew by 108 per cent to Rs 18,740 crore, the private
sector clocked a 25 per cent growth in its new business to Rs 6,781 crore.

Among the private players, ICICI Prudential emerged as the largest player pipping SBI
Life Insurance. While ICICI Prudential's new business grew by 74 per cent to Rs 1,407
crore, SBI Life's new business fell 9 per cent to Rs 976 crore.

ULIPs dominate

Life insurance companies have been pushing their unit-linked plans in a big way before
the implementation of the large-scale changes in product structures of ULIPs from
September 1. ULIPs constitute more than 80 per cent of the total business for the
industry.

In the quarter, LIC also managed to increase its market share to more than 73 per cent.
LIC had ended last year with a 65 per cent market share.

In June, the industry almost doubled its new business collections as compared to the year-
ago period. While LIC registered a 136 per cent increase, the private sector grew by 36
per cent.

http://www.blonnet.com/2010/01/08/stories/2010010853480600.htm

Life insurers' losses mount 43% in FY09

LIC's profit increases, most private players hit.
Our Bureau

Mumbai, Jan. 7

The life insurance industry posted a loss of Rs 4,878 crore in the financial year 2008-09,
as against a loss of Rs 3,413 crore in 2007-08, according to data released by the Insurance
Regulatory and Development Authority in its annual report.

Losses incurred by the industry were 43 per cent higher as compared to the earlier fiscal.

Industry watchers attributed the losses mainly to private sector life insurers, who were
unable to translate higher expenditure into growth in fresh business premiums.
In 2008-09, the industry posted a negative growth of 7.16 per cent in fresh business
premium.

While the largest life insurer, Life Insurance Corporation of India, was able to increase its
profits, most of the private players continued to incur huge losses.

LIC's profit increased 13 per cent to Rs 957 crore in 2008-09, from Rs 845 crore in 2007-
08.

Some pare their losses

Among the private players, companies like ICICI Prudential Life Insurance and Bajaj
Allianz Life Insurance were able to pare their losses substantially as they tried to cut
costs by going slow on expansion plans.

While ICICI Prudential incurred a loss of Rs 780 crore in 2008-09 (against a loss of Rs
1,395 crore in 2007-08), Bajaj Allainz's losses came down to Rs 71 crore (Rs 214 crore).

But other established players like HDFC Standard Life Insurance, Max New York Life
Insurance, Reliance Life Insurance, Birla Sun Life Insurance, Tata AIG Life Insurance
and Aviva Life Insurance recorded higher losses.

Kotak Mahindra Life Insurance, MetLife Insuarance, Shriram Life and Aegon Religare
were the only private players to post profits.