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Chennai:
Even as the top domestic life insurers maintained their rankings in FY07, Reliance
Life Insurance Company Limited and SBI Life closed the year with a quantum leap
in performance. Reliance
life closed FY07 with a fresh premium income of Rs930.46 crore from 4.5 lakh policies,
up from Rs193.43 crore through 79,464 policies in the previous fiscal moving up
to the sixth spot on the basis of new premium income among the 16 life insurers
and fifth amongst the private life insurers. Similarly,
SBI Life closed last fiscal with a new premium income of Rs2,566.08 crore (5.65
lakh policies) up from Rs828.52 crore (2.85 lakh policies) earned the previous
year. Meanwhile
the government owned Life Insurance Corporation of India (LIC) continued to dominate
the sector by earning a whopping Rs55,934 crore as new premium selling 3.8 crore
policies for FY07. The previous year the company earned Rs25,645 crore selling
3.1 crore policies. The company logged a stupendous growth in the individual single
premium segment during FY07 earning a premium of Rs20641 crore as against Rs8753
crore the previous year. The
private insurers who follow LIC are ICICI Prudential (Rs5254.64 crore out of 19.60
lakh policies), Bajaj Allianz Life (Rs4269.78 crore, 20.79 lakh policies). Last
fiscal the industry as a whole mobilised fresh business to the tune of Rs75406
crore (Rs35899 crore during FY06). The share of 15 private companies is Rs19471.85
crore (Rs10252.76 crore during FY06). However,
in terms of average premium per policy (APPP) the top slot is claimed by SBI Life
averaging Rs45361 per policy. (See Table I) LIC is ranked 14th with a figure of
Rs14,631. What is notable is that LIC''s APPP is also on the rise, revealing the
company''s growing market share in the unit linked policy segment. However,
if one takes the APPP of individual single premium and individual non single premium
policies then Max New York Life comes first in the former category with a premium
income of Rs192736 and HDFC Standard Life in the latter earning Rs33602. However
the other performance metrics like premature surrenders, claims, agent''s productivity,
reinsurance outgo, and renewal ratio, sales expenses are not available.
| Ranking
of Indian life insurers by fresh premium and average premium per policy |
Company
Name | Premium
Rs in crore | Ranking
on total premium | *Total
Policies | Ranking
on No of Policies | Av.Premium
per policy (APPP) Rs. | Ranking
on APPP | | Bajaj
Allianz | 4269.78 |
3 |
2079217 |
2 |
20536 |
9 |
| ING
Vysya | 467.44 |
12 |
229233 |
11 |
20391 |
10 |
| Reliance
Life | 930.46 |
6 |
450917 |
7 |
20634 |
8 |
| SBI
Life | 2566.08 |
4 |
565701 |
4 |
45361 |
1 |
| Tata
AIG Life | 642.35 |
10 |
408797 |
9 |
15713 |
12 |
| HDFC
Standard Life | 1624.24 |
5 |
525147 |
6 |
31047 |
3 |
| ICICI
Prudential | 5254.64 |
2 |
1960034 |
3 |
26808 |
5 |
| Birla
Sun Life | 882.72 |
8 |
426746 |
8 |
20684 |
7 |
| Aviva
Life | 724.03 |
9 |
297555 |
10 |
24332 |
6 |
| Kotak
Mahindra | 614.94 |
11 |
165203 |
12 |
37223 |
2 |
| Max
New York | 920.34 |
7 |
552670 |
5 |
16652 |
13 |
| MetLife
India | 344.09 |
13 |
119610 |
13 |
28768 |
4 |
| Bharti
Axa | 7.77 |
16 |
5703 |
16 |
13624 |
15 |
| Sahara
Life | 43.17 |
15 |
41663 |
15 |
10361 |
16 |
| Shriram
Life | 179.78 |
14 |
96078 |
14 |
18711 |
11 |
| LIC |
55934.7 |
1 |
3.8E+07 |
1 |
14631 |
14 |
*Total policies includes: Individual Single Premium (ISP), Individual
Non Single Premium (INSP) Group Single Premium (GSP) and Group Non Single Premium
(GNSP).
| Company
Name | Average
premium per policy ISP Rs. | Rank | INSP
Rs. | Rank |
Bajaj
Allianz Life | 68092 | 6 | 15886 | 10 |
ING
Vysya | 135625 | 2 | 18386 | 8 |
Reliance
Life | 61992 | 9 | 15897 | 9 |
SBI
Life | 66529 | 7 | 24972 | 4 |
Tata
AIG Life | 84568 | 4 | 12771 | 13 |
HDFC
Standard | 7957 | 14 | 33602 | 1 |
ICICI
Prudential | 65649 | 8 | 20770 | 7 |
Birla
Sun Life | 4537 | 15 | 21125 | 6 |
Aviva | 86113 | 3 | 22391 | 5 |
Kotak
Mahindra | 79698 | 5 | 31385 | 2 |
Max
New York | 192736 | 1 | 13835 | 12 |
MetLife
India | 57237 | 10 | 25871 | 3 |
Sahara
Life | 37406 | 12 | 5528 | 16 |
Shriram
Life | 46541 | 11 | 11451 | 14 |
Bharti
Axa | - | 16 | 14846 | 11 |
LIC | 34035 | 13 | 7435 | 15 |
ISPP: Individual
Single Premium Policy- INSP: Individual Non Single Premium Policy
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