Growth in non-life insurance was muted due to the slump in auto sales
Life insurance companies saw a 10.7 percent year-on-year (YoY) growth in new premiums to Rs 2.15 lakh crore in FY19. The pace of growth was led to private life insurers who posted a 22.2 percent YoY growth in first year premium collection at Rs 72,481.17 crore.
Life Insurance Corporation of India (LIC) collected new premiums of Rs 1.42 lakh crore in FY19, up 5.7 percent YoY.
Among the listed life insurers, HDFC Life collected new premium of Rs 14,971.5 crore in FY19, a YoY growth of 31.9 percent. ICICI Prudential Life Insurance collected Rs 10,251.81 crore in FY19, a rise of 12.4 percent YoY.
SBI Life Insurance collected new premiums of Rs 13,792,03 in FY19, a YoY rise of 25.8 percent.
Health insurers drive growth in non-life
The general insurance industry saw a 12.9 percent YoY growth in the premium collection to Rs 1.70 lakh crore in FY19. Here, the standalone health insurers saw a 36.7 percent growth in the premium collection to Rs 11,368.82 crore.
The other general insurers collected Rs 1.5 lakh crore of premium, showing a 12.8 percent YoY increase.
Among the listed entities, New India Assurance collected premium of Rs 23,910,7 crore, showing a 5.25 percent YoY increase. It is the country's largest general insurer with 14.06 percent market share.In the private sector, ICICI Lombard General Insurance was the largest player in the market collecting premiums of Rs 14,488.23 crore, a 17.25 percent YoY increase.