India’s 24 life insurers have clocked a growth of 44 per cent in first-year premiums collected in the April-July period of FY20. While state-owned life insurance behemoth reported a 51% growth in first year premiums, the private life insurers saw a 26.89% growth in collections during the same period.
The total premium underwritten by LIC in Q1 was of Rs 60,106 crore, compared to Rs 39,579 crore in the same period last fiscal. The private life insurers underwrote premiums to the tune of Rs 22,039 crore, compared to Rs 17,369 crore in the year-ago quarter. The total premiums underwritten by the life insurers was Rs 82,146 crore.
LIC consolidated its market position in the life insurance sector with a market share of 73% while the private life insurers have a market share a little over 26%. Subrata Panda