In absolute terms, ICICI Lombard generated new business of Rs 702 crore (Rs 7.02 billion) followed by Reliance General Insurance with absolute new business of Rs 302 crore (Rs 3.02 billion), according to the statistics of Insurance Regulatory Development Authority.
The Anil-Ambani led insurance company witnessed a growth of about 397 per cent, followed by ICICI Lombard which registered a percentage change of 85 per cent over the corresponding period of 2005-06, IRDA figures show.
IFFCO-Tokio, Bajaj Allianz and Tata AIG secured the next three positions with absolute new business collections of Rs 227 crore (Rs 2.27 billion), Rs 218 crore (Rs 2.18 billion) and Rs 108 crore (Rs 1.08 billion) respectively.
On an absolute term, ICICI Lombard and Reliance General together cornered Rs 1,000 crore (Rs 10 billion) of the Rs 1,650 crore (Rs 16.50 billion) new business generated by private insurers during the period.
ICICI Lombard collected Rs 1,525 crore (Rs 15.25 billion), while Reliance General collected Rs 377.54 crore (Rs 3.77 billion) premium in April-September 2006-07.
Reliance General sold a total of 440,719 policies in the first half this year compared to 43,947 in the same period of 2005-06.
Private sector general insurance companies managed to corner almost 71 per cent share in the Rs 2,314 crore (Rs 23.14 billion) new general insurance business generated during first half of 2006-07, as against 29 per cent by public sector firms.
General insurance business increased by 22 per cent during the first half of the current fiscal to Rs 12,668 crore (Rs 126.68 billion). Public sector companies still continue to enjoy a lion's share of 65 per cent.