LIC posts 83 per cent growth in new business premium in August

LIC posts 83 per cent growth in new business premium in August 1 Oct 2009, 1843 hrs IST, PTI

MUMBAI: The premium collection of the life insurance industry grew by around 44 per cent to Rs 9,044.18 crore in August this year as against Rs  6,273.57 crore in the same period last year, according to IRDA data.  The private life insurance segment, however, witnessed a negative growth of around 8 per cent while the LifeInsurance Corporation of India (LIC) registered a whopping growth of 83 per cent in August.  LIC garnered a premium of Rs 6,544.99 crore in August this year as against Rs 3,562.93 crore in the corresponding period of the previous year, the data said.  Premium collection of private life insurers stood at Rs 2,499.20 crore during the month as compared to Rs 2,710.65 crore in August 2008.  Among private life insurers, ICICI Prudential Life registered a negative growth of 16 per cent with a premium collection of Rs 524.97 crore in August this year as against Rs 627.91 crore in the corresponding period last year.  Bajaj Allianz Life's premium collection was Rs 289.57 crore during the month under review, down by 25 per cent, as against Rs 389.73 crore in the year-ago period.