(RTTNews) - The life insurance sector grew by 41% in 2005-06. The 15 life insurance companies together collected Rs 35,898 crores in the fiscal ended March this year, compared to Rs 25,343 crores in the previous fiscal, as per data compiled by regulator IRDA (Insurance Regulatory and Development Authority). For the country's largest life insurer, Life Insurance Corporation (LIC | charts | news | PowerRating), premium income rose more than 28% to Rs 25,645 crores after it sold 3.16 crore policies as against Rs 19,972 crore collected a year ago. But thanks to stiff competition from private insurers, the market share of LIC dipped 6.63% t 71.44% from 78.07% n the corresponding period last year. In the period under review, the fourteen private players collected Rs 10,252 crores. In the process, the private players increased their market share from 21.93% to 28.56 %in a year's time, shows IRDA data. Among the top players in the private insurance realm, Bajaj Allianz grew by 215% o collect Rs 2,715 crores in premium. It had a market share of 7.56%, which puts it at the top of the private players in the insurance sector. ICICI Prudential had a 66 % growth to garner Rs 2,637 crores in premium and 7.34% f the market. Premium income for HDFC Standard increased by 111% o Rs 1,029 crores. It had a market share of 2.86%.

_______________________________________________________

Copyright(c) 2006 RealTimeTraders.com, Inc. All Rights Reserved