Life insurance companies register 11.36% growth in premium income in FY20

India's life insurance companies clocked 11.36 per cent growth in their collective premium income at Rs 48.26 trillion during the fiscal ended March 2020, data from Irdai showed.

The 24 life insurance companies' collective premium income stood at Rs 43.33 trillion 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 trillion 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 trillion 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 trillion.

Their overall income stood at Rs 32.59 trillion in FY19.

The combined market share of all private sector life insurers as of March 31, 2020 stood at 17.24 per cent.