MUMBAI: The market share of private companies in life insurance business has gone up from 36.4 per cent in 2007\08 to 39.2 per cent in 2008\09,
according to Bajaj Finserv, a major private insurance player.
The company while releasing the results today said in 2008\09, the life insurance industry declined by 6.3 per cent against a growth of 23 per cent during the year before.
New business premium for the industry as a whole was around Rs 87,108 crore compared to Rs 92,989 crore the year before, the company said.
While LIC had to contend with a negative growth of 10.5 per cent , the private sector companies grew marginally by one per cent in 2008\09.
"Accordingly, the market share of private players increased from 36.4 per cent last year to 39.2 per cent in 08\09", the company said.
Bajaj Finserv itself reported new business premium of Rs 4,492 crore compared to Rs 6,674 crore in the previous year.
Sanjiv Bajaj, managing director said the company chose not to pursue businesses that were not profitable which led to fall in the company's market share but it helped the company post a profit of Rs 45 crore against a loss of Rs 16 crore last year.
The company while releasing the results today said in 2008\09, the life insurance industry declined by 6.3 per cent against a growth of 23 per cent during the year before.
New business premium for the industry as a whole was around Rs 87,108 crore compared to Rs 92,989 crore the year before, the company said.
While LIC had to contend with a negative growth of 10.5 per cent , the private sector companies grew marginally by one per cent in 2008\09.
"Accordingly, the market share of private players increased from 36.4 per cent last year to 39.2 per cent in 08\09", the company said.
Bajaj Finserv itself reported new business premium of Rs 4,492 crore compared to Rs 6,674 crore in the previous year.
Sanjiv Bajaj, managing director said the company chose not to pursue businesses that were not profitable which led to fall in the company's market share but it helped the company post a profit of Rs 45 crore against a loss of Rs 16 crore last year.
Source:ET
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Bharti Airtel
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