APPP turns upside down the life insurers rankings
Venkatachari
Jagannathan
08 October 2004
Chennai: Rankings of domestic life insurers turns topsy- turvy when one looks at the average premium per policy (APPP).
For instance, Life Insurance Corporation of India's (LIC) ranking as number one in terms of total premium income and the number of policies issued goes down to 12th place on the basis of its average premium per policy (APPP) of Rs.8,322
So is the case with ICICI Prudential Life Insurance Company Limited, the private sector leader and next to LIC (new premium income upto August 2004: Rs399.77 crore. The company goes down to number four position with an APPP of Rs22,009.
On the other hand the last and 13th ranked MetLife India Insurance Company Private Limited (new premium income Rs15.22 crore) with an APPP of Rs14,518 jumps to 9th rank.
Interestingly, the ranking order changes when one measures the APPP of the individual single premium policies (ISPP) and individual non-single premium policies (INSPP).
While SBI Life Insurance Company Limited ranks first in the case of ISPP with an APPP of Rs1.78 lakh, Birla Sun Life Insurance Company Limited claims the top spot in the case of INSPP with a APPP of Rs36,125.
