India's life insurance companies clocked 11.36 per cent growth in their collective premium income at Rs 48.26 lakh crore during the fiscal ended March 2020, data from Irdai showed.
The 24 life insurance companies' collective premium income stood at Rs 43.33 lakh crore during fiscal year 2018-19.
India's largest and the only state-owned insurer LIC, however, posted a decline in premium income at Rs 8.32 lakh crore during 2019-20, the data from the Insurance Regulatory and Development Authority of India (Irdai) showed.
LIC's premium collection stood at Rs 10.74 lakh crore during 2018-19. Its market share stood at 82.76 per cent as of March 31, 2020.
The rest of the private sector players witnessed 22.53 per cent rise in their total premium income at Rs 39.94 lakh crore.
Their overall income stood at Rs 32.59 lakh crore in FY19.
The combined market share of all private sector life insurers as of March 31, 2020 stood at 17.24 per cent.
Disclaimer: No Business Standard Journalist was involved in creation of this content
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 →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
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