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Private sector life insurance companies posted a 23.2 percent growth at Rs 40,197.86 crore in their new premiums for April-November 2018, compared to a year ago. Life Insurance Corporation of India (LIC), on the other hand, posted a 7.9 percent YoY drop in new premium collection to Rs 83,148.64 crore leading to a mere 0.33 percent overall premium growth.
Life insurance collected new premiums of Rs 1.23 lakh crore for the April-November period.
For the individual regular premium segment, LIC saw a 30.6 percent YoY drop in first year premium collection during the period. Similarly, the country's largest insurer also saw a 64.7 percent YoY drop in group regular premium business for the period.
Private sector insurers saw a 9.6 percent YoY growth in individual regular premium collection. But, they witnessed a 49.3 percent YoY decline in group regular premium collections.
Among the listed insurers, HDFC Life Insurance saw a 40 percent YoY premium growth at Rs 8,518.69 crore. ICICI Prudential Life Insurance saw a 3 percent YoY growth in first year premium collection to Rs 5,870.03 crore. SBI Life Insurance posted a 30.6 percent YoY growth in new premium to Rs 7,728.44 crore during the period.
For the month of November alone, the sector saw a 13 percent YoY drop in premium collections at Rs 14,857.77 crore. Here, LIC posted a 23 percent YoY drop to Rs 9,511 crore while private insurers saw a 15 percent YoY increase to Rs 5,346.76 crore in November 2018.
The fourth quarter that begins in January is when a majority of insurance sales are made, since it is a tax-saving period. Almost 55 percent of the entire year's policies are sold during Q4.
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