Life insurance industry showed a growth of 25% in the new business sales in FY2010 led by LIC said ET in its report. News says that 23 life insurers together collected Rs. 1.09 lakh crore of first year premiums as compare to Rs. 87,108 crore in the previous year.
Life Insurance Corporation alone collected a premium of Rs 70,891 crore in 2009-10 as compared to Rs 52,954 crore in 2008-09. The market share of LIC has increased to 65% in 2009-10 from 61% in the previous year.
The rest 22 private insurers in 2009-10 mopped up a first year premium of Rs 38,399 crore compared to Rs 34,154 crore during the previous financial year.
SBI Life topped among private insurers collecting Rs 7,041 crore as first year premium in the FY2010 compared to Rs 5,386 crore in 2008-09 recording a high growth of over 30 per cent. Other major gainer among the private sector is the Reliance Life Insurance with the growth of 10% over last financial year.