NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2007/03/02 - LIC or the Life Insurance Corp. of India is showed record growth in its new group business premium. The same trend is likely to continue in the years to come as well.
LIC (Life Insurance Corp. of India) – the largest “Life Insurance” player of India – has recorded tremendous growth of 180%. The growth was witnessed in the group business premium of the corporation during December last year (2006).
The firm recorded a new group business premium of Rs 5,900 crore by December last year, whereas it was Rs 3,900 crore during the FY spanning from 2005 to 2006. Gratuity business contributed about Rs 3,000 crore, while another Rs 1,000 crore came from the super-annuation business, as per AIDIS Surveys conducted by All-India Debt and Investment Surveys.
Today, the company enjoys Rs 53,000 crore funds from groups business.
The market share of the company’s group business also accelerated and grabbed a lion’s share (84%) of the pie as on FY 2005-06. Also, during the initial nine months of the fiscal year, LIC recorded 211% growth in the 1st year single premium income.
RNCOS has just published its much-anticipated report on “Indian Insurance Industry Forecast (2007-2009)”. The report provides an in-depth analysis of the present & future scenario of the Indian Insurance Industry. It looks into the details of the Indian insurance market with focus on the performance of key players in this sector.
LIC is the largest insurance player of India. Of the overall premium of about Rs 3766 crore the insurance industry had generated from group business over the FY 2005-06, about Rs 3051 crore were contributed by the LIC alone, as per the report.
This market research reports on “Indian Insurance Industry Forecast (2007-2009)”, also addresses some interesting issues for today’s Global business environment.
- Discussion about the current scenario of the insurance industry worldwide
- Indian insurance industry in international perspective
- Pinpoint the growth sectors and identify the driving factors
- Identify market, brand leaders, and understand the competitive environment
- Key Challenges & Strategies
Who should read this report?
The report is a must read for analysts, consultants, businesses, and others who are closely monitoring the development of insurance sector in India. Businesses can analyze the current market to decide their future policies and strategies accordingly.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.