Monday, November 29, 1999

Life insurance industry growing; total premium up 18% in FY``10

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New Delhi, June 16 (PTI) The life insurance industry witnessed a steady growth in 2009-10 financial year, with an 18 per cent increase in total premium received during the year to Rs 2,61,025 crore over the previous fiscal. The industry had collected premium worth Rs 2,21,791 crore in the previous fiscal, the Life Insurance Council said in a statement. According to the council''s data, new business premium jumped 25 per cent to Rs 1,09,213 crore in FY''10 from Rs 87,006 crore last year, while renewal premium of the industry grew by 13 per cent to Rs 1,51,812 crore. ". life insurance companies have been adhering to rural and social sector obligation by covering more than 1.93 crore lives in social sector in FY 2008-09. Life companies have also sold more than 2.8 crore policies in rural areas in FY''08 and FY''09," the council''s Secretary General SB Mathur said. Besides, up to the 2009-10 fiscal, life insurance firms opened more than 11,927 branches, 70 per cent of which are in semi-urban or rural areas, the council said. The total assets held by life Insurance industry stood at about Rs 12,90,000 crore as on March 31, 2010. Considering the above factors, life insurance industry has become one of the main contributors towards the countrys long-term infrastructure growth, the statement said.

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