LIC outshines pvt sector in H1 premium collection

However, ICICI Prudential, HDFC Standard Life and SBI Life, witnessed a decline in premium collection during the April- Sept period

State-owned Life Insurance Corporation (LIC) of India has outperformed its peers in the private sector by recording a 7.26 per cent growth in collection of premium during the first half of the current financial year.     

Several large private sector insurance companies, including ICICI Prudential, HDFC Standard Life and SBI Life, witnessed a decline in premium collection during the April-September period compared to the same period last year.      

The data, released by the Insurance Regulatory and Development Authority (Irda), said the performance of a host of small private sector insurance companies, including Sahara Life, Edelweiss Tokio and Future Generali, was muted.      

LIC witnessed a 7.26 per cent growth in premium income to Rs 37,906 crore during the six-month period ended September.      

However, the 23 private sector players' premium income grew 4.55 per cent to Rs 12,150 crore during the period.      

Among the large private sector insurers, Reliance Life has performed better showing, with premium collection rising to Rs 1,022 crore from Rs 570 crore in the same period last year, mainly on account of increase in group premium.      

Life insurance companies collect premium under four segments — individual single, individual non-single, group single and group non-single.