INSURANCE
New premium collection for private life insurers grows 23% in April-January
Feb-14-2019

The new business premium collection of private life insurance companies grew 22.92% year-on-year (Y-o-Y) to Rs 53,645.06 crore in the April 2018 to January 2019 period. On the other hand, Life Insurance Corporation of India (LIC), the largest player in the insurance market saw a 1.83% Y-o-Y drop in the first year premium collection to Rs 1,05,359.00 crore.

The life insurance industry collected new premiums of Rs 1,59,004.07 crore, growing 5.32% Y-o-Y. This is the lowest growth recorded by the life insurers in the last three years in the April-January period. LIC held 66.26% market share (by premium) while private insurers held 33.74% at the end of January 2019. In terms of the business segments, group regular premiums saw a significant decline in the premium collection for both private insurers and LIC.

Among the listed life insurers, HDFC Life Insurance collected first year premiums of Rs 11,235.42 crore during this period, showing a 38.45% Y-o-Y growth. ICICI Prudential Life Insurance collected new premiums of Rs 7,761.08 crore in the April to January period, showing a 6.53% Y-o-Y growth. SBI Life Insurance collected Rs 10,813.97 crore as new premium, up 27.32% Y-o-Y.

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