Indian insurance firms on high growth curve
IBEF: December 11, 2009


New Delhi: The Indian life insurance industry has registered a double-digit growth figure of 35.7 per cent year-on-year (y-o-y) in October 2009, owing to large inflows in first-year premiums.

The government-owned Life Insurance Corp of India (LIC) leads the industry with a growth of 45 per cent y-o-y in its annual premium equivalent (APE). Private firms succeeded in mobilising US$ 3.48 billion in the first-year premiums during the first seven months of FY10. The mobilisation stood at US$ 3.82 billion during the same period in FY09.

Some of the strong private players which posted double-digit growth on m-o-m basis include ICICI Prudential Life Insurance Co Ltd, SBI Life Insurance Co Ltd and Max New York Life Insurance Co Ltd. Among small insurers Tata AIG (APE up by 74 per cent y-o-y) and Max New York Life (APE up by 58 per cent y-o-y) witnessed robust growth.