Of the 23 life insurance companies operating in the country,only a few seem to be able to bring in new business for the industry. During the first eight months of the current fiscal,only three companies Life Insurance Corporation of India ,SBI Life,Tata AIG Life have managed to register a double digit growth rate. LIC,which commands 46 per cent market share,has registered a 24 per cent in new business premium collection during April and November. The company has collected Rs 13,777.39 crore during April and November compared with Rs 11,024.57 crore garnered last year during the same period. Tata AIG Life,on the other hand,registered a growth rate of 19.14 per cent and SBI Life managed 11.16 per cent growth. Big players like Bajaj Allianz Life,ICICI Prudential and Kotak Mahindra continue to bleed as they registered negative growth rate of 23 per cent,27 per cent and 28 per cent respectively. In comparison,small players like Bharti Axa and IDBI Fortis Life has put up a better show. These companies have managed to grow at 28 and 55 per cent respectively. On the whole,the industry grew by 6 per cent during April and November. Private players continued to register a negative growth rate at -5.3 per cent and lone public sector insurance giant grew at 25 per cent. According to IRDA,during November,22 life insurance companies mopped up Rs 2,409.42 crore compared with Rs 2,046.25 crore collected by LIC alone. All calculations have taken into account 10 per cent of single premium collected by the companies.
