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Mumbai, Oct. 23

SBI Life Insurance has overtaken ICICI Prudential Life Insurance in fresh business premium in September to emerge as the largest private life insurer. According to data released by the insurance regulator IRDA, in September, SBI Life collected Rs 686 crore in fresh business premium, as against Rs 402.41 crore collected by ICICI Prudential. The life insurance industry posted a negative growth of 1.75 per cent, dragged down by the performance of the private players. While fr esh business premium collections of private life insurers dipped 12.14 per cent to Rs 3,002 crore, Life Insurance Corporation of India’s premium collections grew by 5.75 per cent to Rs 5,004 crore. In the first six months of this fiscal, the industry grew by 13 per cent aided by the robust growth in LIC’s fresh business premiums. In April-September period, while LIC grew by 35 per cent, the private players posted a negative growth of 15 per cent. The industry collected Rs 39,047 crore in the first six months of this fiscal.

— Our Bureau

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