 "First year premium growth of life insurers rebounded in FY16")
Life insurance sector led by LIC bounced back in 2015-16, posting a growth of 22.5 per cent in first year premium as against a decline of about six per cent in the year-ago period.
The industry as a whole comprising 23 private firms and one state-owned company LIC netted over Rs 1.38 lakh crore in form of new policies.
According to the data released by the regulator Irdai, Life Insurance Corporation of India (LIC) collected Rs 97,891.51 crore by selling new policies, posting a growth of 24.69 per cent in the fiscal ended March 2016.
The life insurance sector had witnessed decline of 13.55 per cent in growth of first year premium collection in 2015-16.
SBI Life, HDFC Standard Life, ICICI Prudential, Bajaj Allianz, Birla Sunlife and Max Life are among the private sectors insurers which reported growth in first year premium during 2015-16.
However, some of the life insurers like Reliance Nippon, Aegon, Aviva and Exide Life reported decline in the premium collection.
The total life insurance premium of the sector during last fiscal was about Rs 3.67 lakh crore, up 11.84 per cent year-on-year.
The industry as a whole comprising 23 private firms and one state-owned company LIC netted over Rs 1.38 lakh crore in form of new policies.
According to the data released by the regulator Irdai, Life Insurance Corporation of India (LIC) collected Rs 97,891.51 crore by selling new policies, posting a growth of 24.69 per cent in the fiscal ended March 2016.
Also Read
SBI Life, HDFC Standard Life, ICICI Prudential, Bajaj Allianz, Birla Sunlife and Max Life are among the private sectors insurers which reported growth in first year premium during 2015-16.
However, some of the life insurers like Reliance Nippon, Aegon, Aviva and Exide Life reported decline in the premium collection.
The total life insurance premium of the sector during last fiscal was about Rs 3.67 lakh crore, up 11.84 per cent year-on-year.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%