Life Insurance cos put up better growth show in H1
BSLI has posted a 186% rise in new business premium income at Rs 238 cr, while Bajaj Allianz Life has posted BSLI has posted a 186% rise.
Domestic life insurance companies, including. Birla SunLife, Bajaj Allianz Life Insurance, SBI Life, Tata AIG, have posted a subÂstantial growth in their half-yearly performance. Birla Sun Life Insurance (BSLI) has reported a 186% rise in its new business premium income at Rs 238 crore for six months ended September 2004 over the same period in 2003 while Bajaj Allianz Life Insurance has recorded a Rs 190 crore of new business premium in the first six months. BSLI has covered 6.5 lakh lives till date and the total sum assured has crossed Rs 17,900 crore mark, the private life insurer said in a release here on Thursday.
Tata AIG Life Insurance Company’s first year preÂmium income rose 72% to Rs 108.6 crore for the halfÂ-year ended September 30, 2004 against Rs 63.1 crore for the same period last year. The total premium income of the company during this period increased by 118% to Rs 194.3 crore as against Rs 89.1 crore last year, the company said.
Tata AIG covered over 1.54 lakh lives during April to September period, an increase of 119% over the corresponding period last year while the number of policies sold under the indiÂvidual life business during this period was 97,806, an increase of 55% over the corresponding period last year, it said. During this period, Tata AIG announced a reversionary bonus of 3.25% for 2003-04, in line with the prevailÂing interest scenario and applicable to all eligible participating plans.
SBI Life Insurance Company has recorded a 405% growth in total preÂmium income at Rs 202 crore for the firstÂ-half ended September 2004 as against Rs 40 crore H1 of last year. "In the first half of the current year more than five lakh lives have been covered. We will be one of the first companies to break even amongst the new players," said managing director and CEO S Krishnamurthy.
Bancassurance recorded a premium income of Rs 163 crore, about 80% of the total premium income, he said, adding that other channels too showed good growth over the corresponding period last year.