Life insurance sectors first year premium collection dips 12.6% in November 2018

Life Insurance Corporation shows sharp 22.9% dip in first year premium collection in November 2018

The first-year premium income of the life insurance sector dipped 12.6% to Rs 14857.76 crore in November 2018. The private life insurers reported 14.8% surge in the premium collection at Rs 5346.76 crore, but Life Insurance Corporation (LIC) posted sharp 22.9% dip to Rs 9511.00 crore in November 2018, contributing to the overall decline in first year premium collection of life insurance sector.

During April-November 2018-19, the private insurers reported 23.2% rise in the first-year premium income to Rs 40197.81 crore, while LIC posted 7.9% dip to Rs 83148.64 crore. The overall life insurance first year premium collection rose mere 0.3% to Rs 123346.45 crore in April-November 2018-19.

Among the 22 private life insurers, 4 players have recorded drop in new premium collection during November 2018. On the other hand, premium collection of 15 private insurers increased in the range of 1.2% to 63.9% in November 2018.

Sales of life insurance policies

Life insurers have sold 154.99 lakh policies in April-November 2018-19, showing an increase of 2.9% against last year. LIC sold 114.25 lakh policies, up 1.7%, while all private players together sold 40.74 lakh policies, recording an increase of 6.4%.

During November 2018, the life insurers sold 19.89 lakh policies, posting a decline of 2.2% compared with November 2017 mainly due to dip in the policies sold by LIC by 3.1% to 14.33 lakh policies. The policies sold by private players together rose 0.3% to 5.56 lakh policies in November 2017.

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