Shares of three life insurers lost 3.14% to 5.22% after the new business premiums of life insurance companies declined in March.
The private life insurers reported an aggregated 34.22% decline in premiums in March 2020 over March 2019. In total, their new premiums rose 11.64% year-on-year (YoY) for the year ended on 31 March 2020 (FY20) to Rs 80919.40 crore. They ended FY20 with a 31.26% market share of first-year premiums.
LIC of India reported 31.12% decline in first year premiums in March 2020 over March 2019. The company posted 25.17% YoY rise in new premiums for the full year to Rs 177977.08 crore. It ended FY20 with a 68.74% market share of first-year premiums.
In the listed space, SBI Life reported 41.36% decline in first year premiums in March 2020 over March 2019. The company posted 20.30% YoY rise in new premiums for the full year to Rs 16591.82 crore. It ended FY20 with a 6.41% market share of first-year premiums.
Shares of SBI Life Insurance Company shed 3.14% to Rs 692.95.
HDFC Life reported 19.26% decline in first year premiums in March 2020 over March 2019. The company posted 16.20% YoY rise in new premiums for the full year to Rs 17396.25 crore. It ended FY20 with a 6.72% market share of first-year premiums.
Shares of HDFC Life Insurance Company fell 4.02% to Rs 468.55.
ICICI Prudential Life reported 32.26% decline in first year premiums in March 2020 over March 2019. The company posted 20.45% YoY rise in new premiums for the full year to Rs 12348.11 crore. It ended FY20 with a 4.77% market share of first-year premiums.
Shares of ICICI Prudential Life Insurance Company slipped 5.22% to Rs 342.35.
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