The life insurance segment collected new premiums of Rs 1.23 lakh crore between April-November 2018.
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.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.