In September, LIC saw its new business collections fall 29.5 percent on year, while private insurers saw theirs rise 20 percent
Life insurance companies posted a flat growth in new business premium collection for the April-September period. Data from the insurance regulator showed that insurers collected premiums of Rs 93,079.03 crore during H1FY19, only 1.1 percent higher than in the same period last year.
Life Insurance Corporation of India (LIC) reported a 7 percent year-on-year (YoY) fall in new premium collection to Rs 63,480.68 crore during the first six months of FY19. During the same period, private insurers' new premium collection grew 24.1 percent on year to Rs 29,598.35 crore.
Among listed companies, HDFC Life saw a 43 percent YoY rise in first-year premiums to Rs 6,286.84 crore, while ICICI Prudential Life Insurance saw a 0.71 percent rise to Rs 4,277.02 crore and SBI Life saw a 30 percent rise to Rs 5,570.27 crore.
LIC reported a fall in single premium policies, in both individual and group segments, while private insurers reported a fall in single premium policies only in the group non-single portfolio.
Insurance policies are sold the most during the last quarter of the financial year. According to data from the Insurance Regulatory and Development Authority of India (IRDAI), as at the end of September, LIC had a market share of 68.2 percent, while the rest was held by private insurers.
In September, LIC saw its new business collections fall 29.5 percent on year, while private insurers saw theirs rise 20 percent.With respect to the number of new policies issued, the life insurance industry grew at 4.2 percent on year. LIC reported a 3.4 percent growth in policy issuance while private insurers reported a rise of 6.7 percent.