LIC share in total premium collection at 73% of Industry

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    LIC share in total premium collection at 73% of Industry
    Indian state-owned insurance group and investment company Life Insurance Corporation of India had about 73 per cent share in the total premium collected over the last three financial years amounting to Rs 6.48 lakh crore, reported PTI.

    According to the official data, the total premium collected by all the life insurance companies during 2011-12, 2012-13 and 2013-14 was at Rs 8.88 lakh crore.

    Among the private insurance companies, ICICI Prudential was leading the list after contributing highest share in life insurance premium collection at Rs 39,988.47 crore, followed by SBI Life who contributed Rs 34,322.37 crore, HDFC Standard - Rs 33,587.98 crore, Max Life - Rs 20,307.77 crore and Bajaj Allianz - Rs 20,219.64 crore.

    As per the media reports, the collective claims settlement by all the 25 life insurers, including individual and group insurance, stood at Rs 36,155.53 crore for the past three fiscals.

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