LIC (Life Insurance Corporation of India)
still remains the largest life insurance company accounting for 64% market
share. Its share, however, has dropped from 74% a year before, mainly owing to
entry of private players with innovative products and better sales force.
ICICI Prudential Life Insurance Co Ltd is the biggest
private life insurance company in India.
It experienced growth of 58% in new business premium, accounting for increase
in market share to 8.93% in 2007-08 from 6.97% in 2006-07.
Bajaj Allianz Life Insurance Co Ltd has reported a growth of
52% and its market share went up to 6.98% in 2007-08 form 5.66% in 2006-07. The
company ranked second (after LIC) in number of policies sold in 2007-08, with
total market share of 7.36%.
SBI Life Insurance Co Ltd in terms of new number of policies
sold, the company ranked 6th in 2007-08. New premium collection for the company
was Rs 4,792.66 crore in 2007-08, an increase of 87% over last year.
Reliance Life Insurance Co Ltd Total collected was Rs
2,792.76 crore and its market share went up to 2.96% from 1.23% a year back. It
now ranks 5th in new business premium and 4th in number of new policies sold in
HDFC Standard Life Insurance Co Ltd with an income of Rs 2,680 crore in FY2007-08,
registering a year-on-year growth of 64%. Its market share is 2.88% and it
ranks 6 th among the insurance companies and 5th amongst the private players.
Birla Sun Life Insurance Co Ltd market share of the company
increased from 1.22% to 2.11% in 2007-08. The company moved to the 7th position
in 2007-08 from 8the a year before, pushing down Max New York Life insurance
Max New York Life Insurance Co Ltd has reported growth of
73% in 2007-08. Total new business generated was Rs 641.83 crore as against Rs
387.51 crore. The company was pushed down to the 8th position from 7th in
Kotak Mahindra Old Mutual Life Insurance Ltd the
fiscal 2007-08, the company reported growth of 80%, moving from the 11th
position to 9th. It captured a market share of 1.19% in 2007-08. Last year the
company doubled its branch network to 150 from 74.
Aviva Life Insurance Company India Ltd ranking dropped to
10th in 2007-08 from 9th last year. It has presence in more than 3,000
locations across India
via 221 branches and close to 40 bancassurance partnerships. Aviva Life Insurance
plans to increase its capital base by Rs 344 crore. With the fresh investment,
total paid-up capital of the insurer would go up to Rs 1,348.8 crore.