Private players failed to make a significant dent into the business of Life Insurance Corporation, which still commands over 89 per cent of the Rs 4,335 crore (Rs 43.35 billion) premium income mopped up by 13 companies till August 2003.
Life Insurance Corporation along with 12 private players have mopped up Rs 4,335 crore in first premium income by selling over 67.72 lakh new policies during the first five months of this fiscal.
LIC's market share fell below 90 per cent even after the insurance monolith mopped up Rs 3,888 crore (Rs 38.88 billion) in premium during April-August this fiscal.
LIC's market share was over 94.22 per cent in terms of number of policies sold, official sources said in New Delhi.
In August alone, LIC sold over 17.82 lakh new policies for a premium income of Rs 922 crore (Rs 9.22 billion).
The 12 private players sold on an aggregate 391,000 new policies for a premium income of Rs 446 crore (Rs 4.46 billion) during the first five months.
Among the private players, ICICI Prudential Life increased its market share to 3.07 per cent after it sold 90,505 policies for a premium income of Rs 133 crore (Rs 1.33 billion).
ICICI Prudential was followed by Birla Sunlife, HDFC Standard Life and Tata AIG, each with over 1 per cent share.
Birla Sunlife mopped up Rs 65 crore (Rs 650 million) to maintain a 1.51 per cent market share, while HDFC Standard Life collected Rs 55 crore (Rs 550 million) [1.27 per cent] and Tata AIG managed Rs 48 crore (Rs 480 million) [1.11 per cent].
Other players were -- Allianz Bajaj, Max New York Life, OM Kotak, SBI Life, Aviva, ING Vysya, Metlife and AMP Sanmar -- had less than 1 per cent market share.
