Anil Dhirubhai Ambani Group Company Reliance Life Insurance has emerged as the leading private sector insurer in conditions of the number of policies sold in the month of July.
Reliance Life Insurance sold 2, 81,810 policies throughout the month, according to IRDA data.
However, in terms of total premium collections in July, ICICI Prudential was the top private player, mopping up Rs 584 crore, while SBI Life garnered Rs 563 crore and Reliance Life Insurance Rs 296 crore.
Meanwhile, state-owned LIC collected a total premium of Rs 5,690 crore in the same month.
During the first quarter of the current fiscal, Reliance Life sold 4, 93,899 policies as next to 4, 06,699 policies in the parallel period last year.
Among the private life insurance players, ICICI Prudential saw its premium collections from new business grow by 73(%) per cent to Rs 1,987 crore throughout the April-July period, while Reliance Life witnessed a growth of 23(%) per cent in new premium collections to Rs 901 crore for the 4 months ended July, 2010.
SBI Life's premium collections from new business grew to Rs 1,539 crore in April--July, 2010, from Rs 1,398 crore throughout the same period last year.
LIC recorded an over 70(%) per cent increase in new premium collections to Rs 24,430 crore during April--July this year from Rs 14,265 crore a year ago, according to the data.
Overall, the 23 life insurers in the country collectively mopped up Rs 34,249 crore as new first-year premium during the period, a 55(%) per cent increase from Rs 21,996 crore in the year-ago period.
The private sector, comprising 22 life insurers, together accounted for Rs 9,818 crore worth of new business in the April--July period, compared to Rs 7,730 crore a year earlier, a growth of 27(%) per cent.
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