Mumbai, May 17: The Life Insurance Corporation of India (LIC) has reported a meagre 5.8 per cent growth in new premium income in 2007-08, against 73.61 per cent growth of private life insurers.

The PSU insurer has not only reported weak growth in premium but also sold a fewer policies. The number of policies sold by the LIC in 2007-08 fell 1.6 per cent, while private insurers reported 67.4 per cent growth.

New premium income of life insurers rose 23.31 per cent in the last fiscal to Rs 92,988.71 crore, with the LIC reporting an increase of Rs 59,182 crore, while the 17 private insurers showed a rise of Rs 33,806 crore, according to data of the Insurance Regulatory and Development Authority.

Bharti Axa Life Insurance India reported a 1,355.7 per cent growth rate in new premium income at Rs 113.11 crore. Bharti has a 74 per cent stake in the joint venture company, with Axa owning the rest. Although the company registered scorching growth in percentage terms, its absolute growth was small, since its base was much smaller than most life insurers.

Leaving aside Bharti, Reliance Life is the fastest growing insurer with a 195.85 per cent jump in new premium at Rs 2,752.76 crore for 2007-08. The company sold about 10.74 lakh life policies during the year, recording 138.2 per cent growth. Birla Sunlife at Rs 1,965.01 crore and SBI Life at Rs 4,792.86 crore displayed a 122.61 per cent and 87 per cent jump in new premium income, respectively, for the year.

In non-life insurance, private companies grew aggressively. Reliance General recorded a 113.35 per cent jump in premium for the year ended March 2008, the highest in the industry. The company underwrote a gross premium of Rs 1,946.42 crore during the year.