The Life Insurance Corporation of India has been ranked the 12th largest life insurance company in the Asian region outside Japan, by FinanceAsia.

According to FinanceAsia, Asian life insurance companies have been able to attract immense business and are generating most revenues. Despite the competition in India, LIC has fared well, it stated.

After a seven-year period of sector-wide fluctuation, 2003 has been marked by life insurers as one of the more stable years in recent times.

Insolvencies leveled out and the larger insurance businesses witnessed dramatic premium growth for both domestic and foreign life insurers.

"In China, life insurance penetration went from strength to strength. For the world's most populated nation, total written premiums edged close to Rmb 400 billion for the year and the sector enjoyed some much needed recapitalisation through the China Life and Ping An listings," stated FinanceAsia in a release.

Overall, 2003 was a robust year for premium income across the region. The amount of money generated through gross premiums reflected the breadth and size of any organisation in the respective Asian countries.