Description : Corporate
Date : Aug-16-2010
Anil Ambani Group's life insurance business enterprise Reliance Life has sold majority of its policies among private players during the first quarter of current financial year.
As per the data from the Insurance Regulatory and Development Authority (IRDA), Reliance life had sold 4.93 lakh policies during the period April-June of current fiscal as compared to 4.06 lakh policies in the corresponding period previous year, a surge of almost 21 per cent.
Reliance owned insurer has left behind its competitor Birla Sunlife, which sold 3.62 lakh policies in the first quarter.
Reliance Life's President and Executive Director Malay Ghosh said that company has recorded an outstanding growth on the back of innovative product range, expanding pan-India distribution network and workforce and steady trust of its clients.
Ghosh further added that Reliance Life's new business premium inclined by 20 per cent to Rs 605 crore during the quarter ended June 30, 2010, from Rs 506 crore in the corresponding period a year ago.
Reliance Life's distribution network comprises of 1,247 branches by the end of the June quarter as compared to 1,145 branches in the same period a year ago. The number of agents observed a 24 per cent surge to 1.99 lakh at the end of the first quarter as against 1.61 lakh agents as on June 30, 2009.
ICICI Prudential, the leading private insurer in terms of premium collection, sold 3.35 lakh policies in the first quarter of this fiscal, whereas SBI Life was able to sell only 1.22 lakh policies during the same period.
India's biggest insurer Life Insurance Corporation lead the insurance industry by attaining 12 per cent growth to 66.21 lakh policies during Q1 of 2010-11 from 59.08 lakh policies during the corresponding period in the previous year.
The 23 life insurers collectively accumulated Rs 25,522 crore as first-year premium during the three month period from April to June of the current fiscal as against Rs 14,456 crore in the previous year, a surge of more than 76 per cent.
LIC mopped Rs 18,740 crore of the Rs 25,522 crore overall businesses in the insurance industry during the first quarter.
Date : Aug-16-2010
Anil Ambani Group's life insurance business enterprise Reliance Life has sold majority of its policies among private players during the first quarter of current financial year.
As per the data from the Insurance Regulatory and Development Authority (IRDA), Reliance life had sold 4.93 lakh policies during the period April-June of current fiscal as compared to 4.06 lakh policies in the corresponding period previous year, a surge of almost 21 per cent.
Reliance owned insurer has left behind its competitor Birla Sunlife, which sold 3.62 lakh policies in the first quarter.
Reliance Life's President and Executive Director Malay Ghosh said that company has recorded an outstanding growth on the back of innovative product range, expanding pan-India distribution network and workforce and steady trust of its clients.
Ghosh further added that Reliance Life's new business premium inclined by 20 per cent to Rs 605 crore during the quarter ended June 30, 2010, from Rs 506 crore in the corresponding period a year ago.
Reliance Life's distribution network comprises of 1,247 branches by the end of the June quarter as compared to 1,145 branches in the same period a year ago. The number of agents observed a 24 per cent surge to 1.99 lakh at the end of the first quarter as against 1.61 lakh agents as on June 30, 2009.
ICICI Prudential, the leading private insurer in terms of premium collection, sold 3.35 lakh policies in the first quarter of this fiscal, whereas SBI Life was able to sell only 1.22 lakh policies during the same period.
India's biggest insurer Life Insurance Corporation lead the insurance industry by attaining 12 per cent growth to 66.21 lakh policies during Q1 of 2010-11 from 59.08 lakh policies during the corresponding period in the previous year.
The 23 life insurers collectively accumulated Rs 25,522 crore as first-year premium during the three month period from April to June of the current fiscal as against Rs 14,456 crore in the previous year, a surge of more than 76 per cent.
LIC mopped Rs 18,740 crore of the Rs 25,522 crore overall businesses in the insurance industry during the first quarter.
Comments