INDIA INSURANCE RESEARCH & CONSULTANTS

An Industry Update
Highlights ..
Life Insurance
Birla Sun Life New Business Premium Up 148% Kotak Life New Business Premium Up By 56%...... Reliance To Open Up 400 New Branches . Birla Sun Life Insurance Increases Its Capital To Rs.877 Crores .. ING Vysya Life Collects Rs 116 Crore From Bancassurance .
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INSURANCE NEWSbytes
Volume 20 October 2007

A Monthly Newsletter from IIRC;

Share of Bancassurance distribution in selected markets

2 1 55 10 13 20.3 64 24.8 59 71.8 48 88.3 14.4 23 n.a. 8.5 16.3 33 45.3 43

IRDA
IRDA to study existing distribution channels. Disclose Expense Ratios Says IRDA..
ASIA

INTERNATIONAL
AXA Ties Up With Leading Bank In Italy .. Manulife To Expand In Malaysian Market . Swiss Life Puts Dutch, Belgian Units On Block India Insurance Research & Consultants

Source: Swiss Re, Sigma report

LIFE INSURANCE PERFORMANCE EVALUATION (SEPTEMBER- 2007) Insurers First Year No of Premium (Rs mn) Policies
ICICI Prudential Bajaj Allianz SBI Life HDFC Standard Reliance Life Birla Sun Life Max New York Aviva Tata AIG Kotak Life ING Vysya Met Life Shriram Life Sahara Life Bharti Axa Life LIC 5,983.7 224264 538820 62558 76852 61100 47233 61554 30952 32606 17488 26868 17672 10228 7887 5470 1809233 3050785 7,788.7 2,921.8 1,618.3 1,761.1 1,890.6 1,138.1 864.4 722.4 594.0 447.8 508.9 257.3 81.1 60.8 25,548.4 52,187.6 Total Source: IRDA; 1 crore = 10 million Q2 PERFORMANCE BIRLA SUN LIFE NEW BUSINESS PREMIUM UP 148% Birla Sun Life Insurance has recorded a new business premium growth of 148% in Q2 FY08 as compared to Q2 FY07. The new business premium went up from Rs 171.2 crore to Rs 423.7 crore. The new business premium for the first 6 month in FY08 has gone up by 88% from Rs 317.8 crore in FY07 to Rs 596.8 crore. The asset under management for the company is at Rs 5330.2 crore and the share capital is at Rs 877 crore. Renewal premium rose by 79% on the back of higher persistency levels. The total number of branches is at 308 in September 07 up from 137 branches in Mar 07. The advisor base went up to 69,000 from 57,000 during the same period. The expansion has resulted in high capital cost which has impacted the profitability.

KOTAK LIFE NEW BUSINESS PREMIUM UP BY 56% Kotak Life Insurance premium income grew 56% to Rs 2,625.7 mn in Q2 FY08 from Rs 1,678.5 mn in Q2 FY07. The Company has a network of 93 branches in 62 cities (55 branches as on 30th September 2006). As on September 30, 2007, KLI had around 376,000 individual policies on books representing a basic sum assured of Rs 147 bn (excluding riders). Additionally, KLI had around 300 group policies covering 594,000 lives with an aggregate sum assured of Rs194 bn. SBI LIFE POSTED A YOY GROWTH OF 79% SBI Life net premium at Rs. 1376.50 cr posted YOY growth of 79.24%. During FY 2007-08, 5.34 additional lives were insured. The profit after tax (PAT) is at Rs.14.09 crore as against a loss of Rs.10.13 crore in the corresponding period last year. Gross Income increased by 145.52% YOY from Rs. 901 crore in H1FY07 to Rs.2,212 crore. The market share is at 3.11% as on 31.08.2007 and is ranked 3rd amongst the private insurance companies. DISTRIBUTION REACH BIRLA SUN LIFE TO SCALE UP DISTRIBUTION NETWORK Birla Sun Life Insurance hopes to grow faster than the insurance industry this year, by scaling up its distribution network. The company opened 200 branches, of its existing 337 network in the past four months. The Company has plan to expand branch network to 800-1,000 branches. The agency force will also correspondently grow from the current 25,000 as the Company is going to employ 300 agents per new branch. The companys assets under management stand at Rs 5,700 crore as on October 20, 2007. KOTAK LIFE TO SPREAD IN RURAL AREAS Kotak Life Insurance is strengthening its initiative in the rural areas, and will focus on deeper penetration in Maharashtra, Gujarat, Punjab, Haryana and Kerala. The company is in the process of adding to its present network of 93 branches, and expects to open 150 more by March 2008. Over 50 percent of these will be located in the rural areas.

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The companys strategy was to address the needs of the rural and urban customers. Towards this goal, it will leverage its relationship with the Kotak Mahindra Bank, whose branchnetwork will touch 200 during the fiscal, and Kotak Securities, present in 300 locations, to distribute life insurance products. RELIANCE TO OPEN UP 400 NEW BRANCHES Reliance Life Insurance, one of the leading life insurance players in India, will invest Rs 1000-1200 crore in 2-3 years to expand its insurance business. It also plans to open 400 new branches, for which it has applied to Insurance Regulatory Development Authority (IRDA). The company has a distribution network of over 340 branch offices across India & also has applied for licenses from IRDA for opening 400 new branches across India. About 20 of these branches would be in Punjab and Haryana. BHARTI AXA LIFE OPENS NEW BRANCHES Bharti AXA Life Insurance Company Limited has announced the launch of its operations in Calicut and Vijaywada. This is the second branch launch for the company in Kerala within a span of one month. The Vijayawada branch is the second branch of the company in Andhra Pradesh (AP), following the launch of its Hyderabad operations last year. NEW PRODUCT LAUNCH ING VYSYA LIFE INSURANCE LAUNCHES ING POSITIVE LIFE UNIT LINKED INSURANCE PLAN ING Vysya Life Insurance has launched ING Positive Life, a Unit Linked Saving Solution. This product is in line with the companys customer centric approach as it comes with simple documentation and quick processing of the policy. Key highlights include: Flexible premium paying options No medical underwriting Flexible investment options Systematic Investment benefit Partial withdrawal option ING Positive Life (the Plan) is targeted at the regular savings segment. The plan is flexible so that it suits the profile of an individual customer from the ages of 0 to 50 years. It allows the customer to enter the plan for as low as Rs. 834/- per month.

The convenient policy terms of 10, 15 or 20 years allows one to match his/her life goals to the policy terms. There is flexibility of premium paying term from a minimum of three years to the policy term. The plan allows a customer to manage his/her investments and also serves as a Systematic Investment Plan (SIP) mode of investment. The premiums paid can be invested in a choice of five fund options i.e. Debt, Secure, Balanced, Growth or Equity Fund based on an individuals risk appetite. During the policy term, the customer has an option to switch between these funds, or redirect future premiums into the available options. BIRLA SUN LIFE LAUNCHES ULIP- SARAL JEEVAN Birla Sun Life Insurance Company has launched Saral Jeevan Plan, an over-the counter unit-linked insurance plan (ULIP), that provides immediate life insurance cover without any medical tests. The policyholder is given 8 fund options, including a multiplier fund option that invests predominantly in mid cap stocks, but is open to large cap stocks to the extent of 30 percent. The plan offers free unlimited switches. The unique features of Saral Jeevan Plan are: - It is an Over-the Counter (OTC) Plan. Immediate life insurance cover*, made possible through process-simplification. - Process-simplification is based on special Risk-Mitigation Strategies developed in partnership with the re-insurers. - No medical tests. -Launch of Multiplier fund option, which invests predominantly in mid cap stocks, with an option to invest 30% in large cap stocks as well, in order to diversify the portfolio. BSLI is an early entrant in the mid cap segment for investments, amongst private life insurers. - 100% premium allocation No premium allocation charge is deducted from the policy premium. This means all of the policy premium will be invested in the investment funds of your choice. ING VYSYAS NEW UNIT LINKED- HIGH LIFE PLUS ING Vysya Life Insurances High Life Plus is the insurers offering in the unit-linked insurance plan (Ulip) segment. Like most other such plans, it, too, can be used to meet future financial requirements ranging from childrens education to retirement.

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Features. The life cover remains the same through the policy term and the fund value is paid along with the insurance amount as death benefit. The minimum sum assured is the higher of the annual premium multiplied by half the number of years of the policy term, or five times the annual premium. If you survive the policy term, you get the fund value only. Although the term of the policy varies between 5 and 25 years, the plan gives you the option to limit your premium payments anytime after three years. However, remember that having chosen a Ulip to achieve your long-term financial goals, you should stick to regular savings and opt for this limited payment only in case of an emergency. CAPITAL EXPANSION BIRLA SUN LIFE INSURANCE INCREASES ITS CAPITAL TO RS.877 CRORES The promoters of Birla Sun Life Insurance have infused an additional capital of Rs.100 crores into the capital base of the Company. This enhances the Company's capital to Rs.877 crores as of 26th September, 2007. This has been done to meet with the companys plans on capital expenditure and to conform to the solvency margin requirements as stipulated by the Insurance Regulatory & Development Authority. The additional infusion is as per the current IRDA guidelines and is in the ratio of 74:26 between the Aditya Birla Group and Sun Life Financial Inc. respectively. The company has major expansion plans for the current year and capex spends are planned accordingly. The capital injected is Rs.100 crores in this tranche, taking the total capital to Rs.877 crores. The additional capital will be utilized to strengthen the infrastructure of BSLI. Our distribution expansion is an area of focus. We are expecting to grow our branch strength with additional branches planned in tier 2 and tier 3 towns across India. MAX NY LIFE TO DOUBLE CAPITAL BASE Max New York Life Insurance will nearly double its capital base to around Rs 1,550 crore by the end of 2008. The companys current capital base stands at Rs 807 crore. Max New York Life Insurance will nearly double its capital base to around Rs 1,550 crore by the end of 2008. The companys current capital base stands at Rs 807 crore. MNYL plan to open 150 offices by the end of 2008 and expand our presence to over 200 cities. Around 50 will be opened this year and another 100 next year, Bennett elaborated. At present, the company has 175 offices in 122 cities.

He said that the planned expansion and growth meant that the company hoped to achieve break-even only by the end of 2009. Like its peers, MNYL will also hit the market with standalone health-insurance products early next year. OTHERS SBI LIFE ENSURES PLACE AMONG GLOBAL TOP 5 SBI Life Insurance, where SBI holds 74%, has made history moving to the fifth slot among the global insurance companies listed by the Illinois-based Million Dollar Roundtable (MDRT), 2006, in terms of number of members. MDRT is an association of the worlds best life insurance sales (advisors) professionals. Founded in 1927, membership to the MDRT is calculated on the commission derived from the first year premium. To make it to the club, the advisor needs to get a minimum commission of $69,000 or the minimum premium paid should be $132,000 in the said calendar year. SBI Life is the first Indian company to figure among the top 10 global insurance firms in terms of MDRT membership. The Indian entry comes within 10 years of the domestic insurance being opened to the private sector. The Indian company recorded the maximum rise in terms of first-time membership at 99.5%. Korean insurer Samsung Life Insurance leads the table with 2,638 members. SBI Life Insurance at fifth spot has 801 MDRT members. LIC of India, Indias biggest insurer, is placed 21st with 345 MDRT members followed by Max New York Life at the 22nd spot with 345 MDRTians. Other prominent Indian players include Reliance Life Insurance (39th), MetLife India (68th) and ICICI Prudential (80th). LIC EYES RS 7,800 CRORE-PREMIUM INCOME FROM GROUP BUSINESS LIC with more than one lakh customers in the group insurance segment is targeting a new premium income of Rs 7,800 crore from the group category this year. In a related effort, the life insurance major has introduced a group insurance product, the group critical illness rider. For group alone, they have a fund size of Rs 60,000 crore. The rider scheme, unlike mediclaim does not work on a reimbursement basis. A person is paid a part of the sum assured on being diagnosed with a particular disease. The scheme covers critical illnesses such as cancer, heart attack, stroke and kidney failure. The scheme covers the 18-64 age groups and has a minimum cover amount of Rs 50,000.

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BAJAJ ALLIANZ LIFE INSURANCE CROSSES 50 LAKH POLICIES Bajaj Allianz Life Insurance crossed a major milestone 50 lakh individual policies, since inception in October 2001. Riding on a strong growth momentum this financial year, the insurer issued over 15 lakh polices and collected over Rs 2500 crore in premiums, a company release said. The company has issued 5,026,704 policies. Last year, the total number of policies issued was more than 20 lakh 79 thousand. Bajaj Allianz made a humble beginning in the second half of financial year 2001-2002 after the company received license from the insurance regulator IRDA and issued 21,376 policies. Bajaj Allianz Life Insurance Company with a profit of Rs 63 crore approximately is the most profitable private sector life insurance company in India for 2006-07. In the first quarter of the financial year 2007-08, the profit was Rs 30 crore. RELIANCE LIFE LAUNCHED EXPRESS LIFE The company launched Express Life, an innovative and customer friendly service, targeting customers between 18 and 45 years of age. The customers would enjoy life insurance cover within three days of submitting the duly filled application form, mandatory documents and requisite premium cheques. This is the first-of-its-kind initiative in the sector. It would offer life insurance cover almost instantly to customers, without the hassles of a long waiting period, follow-ups and medical check-ups. This will redefine the way insurance is bought and sold in India, he said, adding that Reliance Life is the first life insurance player in the country to offer this novel life insurance scheme, with a cover of upto Rs 10 lakh. The company is aiming to sell one million policies across the country in this financial year

Bancassurance channels of the private sector ING Vysya Life Insurance Company Ltd generated Rs 116 crore during the first nine months of the current calendar year. At least 68,000 policies were sold through the alternative channels, Rene said. Last year for the same period, ING Vysya Life generated Rs 60 crore through its bancassurance. MAX NEW YORK LIFE IN PACT WITH CO-OP BANK Max New York Life Insurance (MNYL) and the District Cooperative Central Bank Limited (DCCB) of Mahabubnagar in Andhra Pradesh entered into a strategic referral tie-up. As per the tie-up, MNYLs insurance products will be sold through the DCCBs network of 120 branches in Mahabubnagar district. The alliance enables MNYL to reach its customised life insurance solutions to more than 2.5 lakh customers of DCCB. MNYL stated in a press release that it would tailor its products according to the needs and affordability in the rural areas. Important factors like education of children, daughters marriage and flexible premium payment options would be taken into account while planning the products for customers of the bank. SBI LIFE TIES UP WITH CO-OP BANK As part of its efforts to penetrate the semi-urban and rural areas of Gujarat, SBI Life Insurance has announced a strategic bancassurance tie-up with the Valsad District Cooperative Bank Ltd (VDCB). The tie-up is a referral arrangement wherein SBI Life products will be available throughout all the 43 branches of VDCB. The life insurance major will offer its entire product portfolio, which ranges from protection, saving and endowment plans to pension and unit-linked life insurance plans to the banks customers, according to a release here. The tie-up would enhance integrated bancassurance reach. SBI Life plans to reach out to the semi-urban and rural markets through the cooperative bank route. VDCB has a customer base comprising over 10,000 individuals, 11,000 societies and about 60 local bodies. It is the apex cooperative bank for Valsad district in South Gujarat, traditionally known for the cultivation of Alphonso mangoes, castor oilseeds, dyes and bricks.

BANCASSURANCE
ING VYSYA LIFE COLLECTS RS 116 CRORE FROM BANCASSURANCE IN JAN-SEPT ING Vysya Life new premium collection through Alternate Channels has almost doubled to Rs 112.19 crore till September as against Rs 60.4 crore in the last calendar year.

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IRDA
IRDA PANEL TO EXAMINE DISTRIBUTION CHANNELS The Insurance Regulatory and Development Authority (IRDA) has set up a 10-member committee to look into the working of the various distribution channels of insurance companies. The committee, which is headed by N.M. Govardhan, former Chairman of Life Insurance Corporation of India, has members from both public and private sector from life as well as non-life companies. It is expected to submit its report by end of December. The committee is to observe some practices have crept into the system in terms of remuneration or reimbursement of expenses or incentive schemes of the agents. The committee is to see whether they are in conformity with the provisions of the Insurance Act and their impact on the acquisition cost. In the last couple of years, IRDA has enlarged the scope of the intermediaries structure from the traditional tied individual agents to corporate agents, micro-insurance agents, bancassurance mode and the referral system. Apart from these channels, insurers have also adopted other means of sales to suit e-sales such as computer points, on-line insurance purchase etc. DISCLOSE EXPENSE RATIOS: IRDA To promote greater transparency, the insurance regulator wants companies to disclose their expense ratios. While it is not mandatory for insurers, the regulator wants the information in public domain. The expense ratio is an indicator of the income of the insurer over its administrative expenses. Some insurance companies already disclose expense ratios. This will prove to be beneficial for investors while arriving at valuation of the companies. For instance, SBI Life has declared its expense ratio at 11% compared to the industry average of 15-17%. For large life insurance players such as ICICI Prudential, with an annualised premium of Rs 4,000 crore in 2006, its operating cost as a percentage of annualised premium is 20%. ING Vysya, with the lowest annualised premium, has the highest operating cost as a percentage of annualised premium. HDFC Standard Life had annualised premium at Rs 1,300 crore with operating expenses as a percentage of annualised total premium at 30%. For Max New York Life, the annualised premium stood at Rs 800 crore and its operating expenses as a percentage of annualised premium was nearly 50%.

IRDA STEPS UP VIGIL ON INSURERS Insurers have now come under the close scrutiny of the Insurance Regulatory and Development Authority (IRDA). For the first time, IRDA has started conducting on-site inspections of insurance companies and has already completed the inspections of a few companies. The insurance regulator has constituted three teams consisting of three members each for conducting these on-site inspections. There will also be one additional member who will check on compliance with all regulations.

INTERNATIONAL
ALLIANZ MALAYSIA IS MOVING CLOSER TO THE CAPITAL MARKET Allianz Malaysia Berhad (AMB, formerly known as Allianz General Insurance Malaysia Berhad) is back on the stock exchange, it was re-listed on the Main Board of Bursa Malaysia Securities Berhad (Bursa Malaysia) in Kuala Lumpur. Allianz SE as AMBs major shareholder has placed out 36.35 million AMB shares to local investors. This represents approximately 23.6 percent of AMBs share capital. Following this transaction, AMB now fulfills the minimum of 25 percent shares on free float necessary to be traded on Bursa Malaysia. The trading of AMB shares had been suspended since 2001. The Company didn't comply with the minimum free float after the acquisition of Malaysia British Assurance Berhad (now known as AMB) by Allianz in 2001. AXA TIES UP WITH LEADING BANK IN ITALY AXA and BMPS (Banca Monte dei Paschi di Siena), leader of one of the top five banking groups in Italy, announced the finalization of their partnership agreement on the Italian Financial Protection market. As part of this partnership, AXA acquires 50% of MPS Vita (life and savings) and MPS Danni (P&C), 50% of BMPS open pension funds business and takes on the management of the insurance companies' assets and open pension funds' assets. This agreement, which seals the union between BNPS's experience and knowledge of the Italian market and AXA's know-how, will enable AXA to develop on the fourth largest pension and bancassurance market in Europe via Monte dei Paschi di Siena's network of 1900 branches and 700 financial advisers.

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MANULIFE TO EXPAND IN MALAYSIAN MARKET The worlds fifth largest life insurer, Manulife Financial Corp, is open to possible acquisitions in Malaysia as it views the country as a potential growth driver for the group in Asia. Manulife had acquired half a dozen companies in Indonesia and three to four in the Philippines. Manulife Financial entered the Malaysian life insurance industry after acquiring US-based life insurer John Hancock Financial Services Inc in the US. The merger between John Hancock and Manulife Financial was finalised in April 2004. BANGLADESH: LIFE INSURANCE GRWOS BY 33% The premium income in 2006, stood at Tk. 24,477.00 million for life and Tk. 8,157.00 million for general insurance registering growth of 32.97 % and 14.97% respectively. Major problems being faced by the insurance industry namely Amendment of Insurance Law, Investment of Life Fund, Corporate Tax of Life Insurance Companies, Income Tax of Agents, Enlistment of insurance companies with banks, Outstanding reinsurance claims with Sadharan Bima Corporation, Insurance Act on placement of facultative reinsurance abroad and Insurance Act prohibiting obtaining of insurance for properties located in Bangladesh from outside Bangladesh. NEW ZEALAND: INSURANCE PREMIUM UP BY 6.2% According to Investment Savings and Insurance Association (ISI) total premiums earned $1.367 billion and premiums for the most popular products, term life and income protection, grew by 8 per cent over the year to $1.145 billion in New Zealand. According to ISI chief executive Vance Arkinstall although the growth is positive it needs to increase if it is to address the underinsurance problem that exists within New Zealand. During the year ended 30 September 2007, the local life insurance industry paid out over $799 million, of which $406 million was in death payments and $207 million was in maturities of existing life insurance savings. Other benefits including income replacement was $186 million. SWISS LIFE PUTS DUTCH, BELGIAN UNITS ON BLOCK Swiss Life on Friday advanced expansion plans by putting its Dutch and Belgian units on the block in a move likely to lead to new investments in faster-growing markets.

Swiss Life confirmed a Reuters report from the day before that it was looking at the sale of the units as part of a strategic review. A source close to the deal told Reuters that a sale might lead it to expand in markets where growth outpaces that in the Netherlands and Belgium.

ZURICH FINANCIAL SERVICES HAS 27.5% STAKE IN NEW CHINA LIFE Swiss-based Zurich Financial Services currently is in the limelight as it has held a 27.5% stake in New China Life Insurance Co., Ltd., surpassing the Chinese regulatory ceiling of 20% for a foreign investor in a Chinese insurer. As early as 1996, Zurich Financial Services had signed a confidential agreement with the Chinese insurer's largest shareholder at that time. Under the agreement, the Chinese shareholder would hold a 10% stake in New China Life on behalf of Zurich Financial Services. These shares were diluted to 7.5% after New China Life's capital expansion. China had not opened the insurance sector to foreign competition in 1996, but Zurich Financial Services still skirted the policy restriction. New China Life in 1999 received regulatory approval to sell 199.2 million new shares to four foreign institutions. Zurich Financial Services got a 10% stake, International Finance Corporation (IFC) 6%, Meiji Life Insurance 4.5%, and FMO a 4.4% stake. Later, the Swiss-based financial group inked stake stake purchase agreements with (IFC) and FMO respectively, and bought out FMO's stake in 2004. By 2006, it has purchased a combined 5.6% stake from IFC. Through these steps, Zurich Financial Services has controlled 27.5% of New China Life, thus becoming the latter's biggest foreign shareholder. HSBC TO BUY STAKE IN S KOREAN INSURANCE CO HSBC Holdings Plc to buy a 49.9 percent stake in the life insurance unit of South Korea's No. 4 banking group, Hana Financial. A preliminary agreement between HSBC and Hana Financial would be signed on November 12. Hana Financial had bought the other half of the insurance firm from Germany's Allianz for an undisclosed sum in May, ending the joint venture status of the unit.

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INDIA INSURANCE RESEARCH & CONSULTANTS

INDIA INSURANCE RESEARCH & CONSULTANTS

Volume 2 July, 2006

INDIA INSURANCE RESEARCH & CONSULTANTS

CompetitionTrack
Volume 2: Quarter 1 (April to June 2006) www.indiainsuranceresearch.com

MONTHLY BUSINESS REVIEW APRIL to JUNE 2006

Volume 4: July 2006 www.indiainsuranceresearch.com

Robust Quarter 1 performance

www.indiainsuranceresearch.com A Monthly Newsletter on Indian Pension Sector from IIRC

INDIA: LIFE INSURANCE INDUSTRY

The new business premium for the quarter ended June 2006 has gone up by 210% at Rs 137368.5 mn as compared to Rs 44374.4 mn for the quarter ended June 2005. Among private players ICICI Prudential is at the top with a market share of 6.3% followed by Bajaj Allianz (4.5%) & SBI Life (1.9%). LIC has registered a 225% growth in new business in the first quarter ending June 2006 compared to corresponding period in 2005. Reliance Life which has taken over AMP Sanmar has registered an impressive growth followed by ING Vysya Life and SBI Life. However private players have witnessed a fall in the market share during the above mentioned period.

For the first quarter (Apr-Jun, 2006)

COMPETITORS COMPARISON

Highlights
Pension assets to hit $100 bn by 2015 EFP rates likely to go down by 50 basis points . Pension Bill likely to pass in the monsoon session . Japan requires employer to change retirement age . Bush signs sweeping pension bill reform .

New Business Market Share Quarter Apr-Jun (2006)

New Business for the First Quarter: April - June (2006) Apr to Jun Apr to Jun Growth Market Share % 06 (Rs mn) 05 (Rs mn) % (Apr Jun 06) 8,696.6 3,341.3 160.3 6.3 6,236.2 1,855.2 236.1 4.5 2,565.9 751.1 241.6 1.9 2,488.1 1,420.2 75.2 1.8 1,533.8 640.0 139.7 1.1 1,472.6 505.4 191.4 1.1 1,457.4 816.7 78.4 1.1 1,323.9 208.1 536.2 1.0 1,231.8 855.2 44.0 0.9 1,192.2 235.9 405.4 0.9 784.1 339.6 130.9 0.6 411.0 171.3 139.8 0.3 59.5 0.0 NA 0.0 39.8 10.8 266.7 0.0 29,492.8 11,150.9 164.5 21.5 107,875.7 33,223.5 224.7 78.5 137,368.5 44,374.4 209.6 100.0

Insurers ICICI Prudential Bajaj Allianz SBI Life HDFC Standard Max New York Aviva Birla Sun Life Reliance Life Tata AIG ING Vysya OM Kotak Met Life Shriram Life# Sahara Life Private Total LIC Grand Total

Market Share % (Apr Jun 05) 7.5 4.2 1.7 3.2 1.4 1.1 1.8 0.5 1.9 0.5 0.8 0.4 0.0 0.0 25.1 74.9 100.0

Note: Source: IRDA # Shriram Life started operation in February 2006

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Disclaimer
The information in this report was prepared by India Insurance Research & Consultants. The information herein is believed to be reliable and has been obtained from public sources believed to be reliable by India Insurance Research & Consultants. India Insurance Research & Consultants makes no representation as to the accuracy or completeness of such information.

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