First-year premium income of life insurance sector jumps 19.1% in December 2018

Sales of life insurance policies rise 2% to 25.16 lakh in December 2018

The first-year premium income of the life insurance sector jumped 19.1% to Rs 18237.84 crore in December 2018. The private life insurers reported 23.9% surge in the premium collection at Rs 7245.69 crore, while Life Insurance Corporation (LIC) also showed 16.1% rise to Rs 10992.15 crore in December 2018.

During April-December 2018-19, the private insurers reported 23.3% rise in the first-year premium income to Rs 47443.78 crore, while LIC posted 5.7% dip to Rs 94140.79 crore. The overall life insurance first year premium collection increased 2.4% to Rs 141584.58 crore in April-December 2018-19.

 

Among the 22 private life insurers, 8 players have recorded drop in new premium collection during December 2018. On the other hand, premium collection of 14 private insurers increased in the range of 6.3% to 130.6% in December 2018.

Sales of life insurance policies

During December 2018, the life insurers sold 25.16 lakh policies, rise of 2.0% compared with December 2017 mainly due to rise in policies sold by private players together by 4.0% to 7.30 lakh policies, while the policies sold by LIC rose 1.2% to 17.86 lakh policies.

Life insurers have sold 180.15 lakh policies in April-December 2018-19, showing an increase of 2.7% against last year. LIC sold 132.11 lakh policies, up 1.6%, while all private players together sold 48.04 lakh policies, recording an increase of 6.0%.

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