Kolkata: As many as 24 life insurers posted a 11 per cent growth in first year premium income to over Rs 1.93 lakh crore in 2017-18, as compared to about Rs 1.75 lakh crore collected by them in the previous fiscal.
According to data compiled by Insurance Regulatory and Development Authority of India, state-run public life insurer Life Insurance Corporation of India (LIC) reported an 8 percent increase in its new business premium (first year premium) in the last financial year to about Rs 1.34 lakh crore as compared to over Rs 1.24 lakh crore in 2016-17 (FY17).
However, 23 private players’ new business premium in FY 18 stood at about Rs 59,314.55 crore, up by 17 percent from Rs 50,626.23 crore in the FY 17.
In March 2018, the life insurers’ first year premium was at Rs 29,171.31 crore, a 16 percent dip from Rs 34,675.74 crore in the corresponding month of previous fiscal mainly due to fall in premium collection of LIC.
LIC’s first year premium collection during March only was at Rs 18,748.16 crore, down by 26 per cent from Rs 25,299.69 crore in the same month of FY17.
Private life insurers, however, posted an 11 per cent growth in new business premium during March 2018 to Rs 10,423.15 crore as against Rs 9,376.04 crore in the corresponding month of previous fiscal.