Life insurance industry grew 6.5 pc during April-May: IRDA | india | Hindustan Times
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Life insurance industry grew 6.5 pc during April-May: IRDA

The life insurance industry grew by 6.58 per cent in the first two months of the current fiscal against the same period last year, sectoral regulator IRDA said.

india Updated: Jun 26, 2009 23:17 IST

The life insurance industry grew by 6.58 per cent in the first two months of the current fiscal against the same period last year, sectoral regulator IRDA said.

The country's largest insurer Life Insurance Corporation mopped up Rs 5,534 crore as the first year premium in the first two months of the current fiscal, with a market share of 64 per cent, the IRDA figure revealed.

During the same period last year, LIC mopped up Rs 4170.87 crore.

Among others, SBI Life's first year premium grew by 43.49 per cent in the first two months at Rs 783.94 crore against Rs 546.34 crore last year.

Similarly, the general insurance or non-life industry grew by 3.66 per cent in the first two months of the current fiscal.

The non-life insurers mopped up Rs 6,226.21 crore in April and May against Rs 6,006.33 crore during the same period last year.

The public general insurers registered a growth of 6.99 per cent in gross premium in the first two months at Rs 3,685.41 crore against Rs 3,444.59 crore during the same period last year.

However, the private non-life insurers registered a decline of 0.82 per cent at Rs 2,540.80 crore in the first two months against Rs 2,561.74 crore during the same period last year.