A total of 24 life insurers have registered a tepid growth of 5.32 per cent in the first year premiums collected by them in April-January period of FY 19 over the same period in FY 18.
This is the lowest growth recorded by the life insurers in the last three years in the April-January period.
In absolute terms, total first year premium collected by life insurers (LIC and private) amounted to Rs 1.59 trillion. In the same period in FY 18, life insurers' premium collection was to the tune of Rs 1.50 trillion.
Out of the Rs 1.59 trillion premiums collected in April- January FY 19, LIC had a contribution of 66.26 per cent amounting to Rs 1.05 trillion. The other 33.74 per cent came from the private insurers which amounted to Rs 53,645.06 crore.
Out of the top four private players in the life insurance business, HDFC Life posted 38.45 per cent growth in the first year premium collected amounting to Rs 11,235.42 crore in the first ten months of FY19 against Rs 8,114.99 crore in the same period last fiscal.
SBI Life registered 27.32 per cent growth in the premiums collected amounting to Rs 10,813.97 as opposed to Rs 8,493.62 crore. ICICI Prudential posted 6.53 per cent growth in the first premium collected. The premium collected by the company was to the tune of Rs 7,761.08 in the period April-January FY19 as against Rs 7,285 crore in the same period last fiscal.
Max Life saw its premium growth at 19 per cent as its premium collection rose to Rs 3,561.12 crore in the first ten months of FY19 as against Rs 2,992 crore in the same period last fiscal.