Life insurance sector premium collection jumps 32.7% in February 2019

Life insurance policy sales up 3.8% in February 2019

The first-year premium income of the life insurance sector surged 32.7% to Rs 18209.50 crore in February 2019. The private life insurers reported 17.3% jump in the premium collection at Rs 6153.69 crore, while Life Insurance Corporation (LIC) also showed steep 42.2% spike to Rs 12055.81 crore in February 2019.

During April-February 2018-19, the private insurers reported 22.3% rise in the first-year premium income to Rs 59798.69 crore, and LIC posted 1.4% rise to Rs 117414.81 crore. The overall life insurance first year premium collection increased 7.6% to Rs 177213.51 crore in April-February 2018-19.

 

Among the 22 private life insurers, 7 players have recorded drop in new premium collection during February 2019. On the other hand, premium collection of 16 private insurers increased in the range of 1.8% to 73.3% in February 2019.

Sales of life insurance policies

Life insurers have sold 231.49 lakh policies in April-February 2018-19, showing an increase of 3.0% against last year. LIC sold 170.37 lakh policies, up 1.9%, while all private players together sold 61.12 lakh policies, recording an increase of 6.2%. During February 2019, the life insurers sold 25.37 lakh policies, rise of 3.8% compared with February 2018 mainly due to rise in policies sold by private players together by 10.7% to 6.57 lakh policies, while the policies sold by LIC also moved up 1.5% to 18.80 lakh policies.

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