INSURANCE
New business premium collection by life insurance industry grows 2.41% to Rs 1,41,584 crore in December
Jan-14-2019

The Life Insurance Council in its latest report said that New business premium collection by the life insurance industry has grown 2.41 percent to Rs 1,41,584 crore in December 2018 against Rs 1,38,253 crore last year. The individual new business booked was Rs 63,356 crore in December as against Rs 62,739 crore in the same month last year, showing a growth of a paltry 1 percent.

The group new insurance business showed a faster growth of 3.59 percent, with the overall business increasing to Rs 78,228 crore from Rs 75,514 crore a year ago. The state-run behemoth LIC led both in new business premium collection with a 66.49 percent market share and also new business by policies with a 73.33 percent share of the pie.

HDFC Life came second on the new business premium collection front with a 7.02 percent market share, and SBI Life was came next with a 5.78 percent market share. ICICI Prudential Life was the fourth in the pecking order both by new premium collection and also new policies, with a 4.82 percent and 3.48 percent share, respectively.

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