Life Insurance Corporation (LIC) has seen a growth of 23.68 percent year-on-year in new business premium collection in the April to September 2017 period compared to 14.42 percent growth posted by private sector players, according to data from Life Insurance Council.
Data showed the life insurance companies collected Rs 92,065.01 crore as new premium for the first six months of FY18, showing a growth of 21.14 percent. LIC collected new premiums of Rs 68,224.29 crore while private insurers collected Rs 23,840.72 crore during the period.Among insurers, private life insurers saw the highest growth in regular premiums on the individual segment, while LIC saw highest growth in group single premium closely followed by individual single premiums.
The festive season is generally considered to be a slow period of growth for life insurance due to disposable income being used up for other activities. On the general insurance front, however, the festive car and bike sales will lead to an accretion in premiums for the third quarter of the financial year.
For general insurance, the total premium collection for April to September period stood at Rs 72,564.42 crore, showing a 19.46 percent growth on a year-on-year basis. Here, private sector players recorded a growth of 25.41 percent while public sector saw a 14.42 percent growth.
However, in terms of market share, private sector general insurers has 48.17 percent share while public sector held 51.83 percent share (including specialised insurers). Among the different segments, standalone health insurers saw the highest growth of 42.56 percent growth in the first two quarters compared to last fiscal.