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Our Bureau

Mumbai , Aug 8

MARKET share of Life Insurance Corporation of India in terms of first premium income has come down to 74.87 per cent in the quarter ended June 30 from 82.39 per cent in the corresponding period in the previous year.

However, the premium income for the quarter increased to Rs 3,322.35 crore from Rs 3,014.72 crore during the same period, according to the figures released by IRDA.

LIC's individual single premium policies accounted for Rs 1,018.33 crore of the premium and individual non-single premium policies contributed to Rs 1,706.59 crore. Group single premium policies raked in Rs 597.41 crore.

ICICI Prudential still leads the race among the private insurers with 7.53 per cent market share, up from 6.06 per cent in June 2004. The company received premium income of Rs 334.13 crore (Rs 221.81 crore). The bulk of the premium at Rs 268.97 crore came from individual non-single premium policies.

Bajaj Allianz Life ranks second reporting Rs 185.52 crore in terms of premium and a market share of 4.18 per cent. In June 2004, the company had a market share of 1.80 per cent and premium income of Rs 65.81 crore.

Bajaj Allianz had a significant proportion of the premium coming from individual single premium policies and individual non-single premium policies at Rs 82.24 crore and Rs 97.68 crore respectively. The company has shown the highest growth of 181 per cent from the previous quarter.

HDFC Standard Life, which has reported a total premium of Rs 142.02 crore, stands third and has a market share of 3.20 per cent. This is a significant jump from the 1.45 per cent market share it held in June 2004 and the new premium income of Rs 53.11crore.

The private insurers account for a total of 25.3 per cent of the market and Rs 1,115.08 crore of the premium collected during the quarter.

The new premium received by the insurance industry totalled about Rs 4,437.43 crore during this quarter.

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