LIC new premium doubles in June; pushes industry collection to Rs 32,241 crore
- IBEF
- July 16, 2019
As per information from Insurance Regulatory and Development Authority, in June 2019, life insurers’ collective new premium income bounced 94 per cent to Rs 32,241.33 crore (US$ 4481.5 million). All the 24 life insurers had composed new gross premium of Rs 16,611.57 around the same month a year ago.
The country’s biggest life insurer LIC, which is the only state-claimed life insurance, saw double rise in its new premium collection to Rs 26,030.16 crore (US$ 3618.19 million) in June, from Rs 11,167.82 crore (US$ 1552.32 million) from last year.
During the month, LIC sold 13.32 lakh (0.018 million) policies to gather over Rs 25,000 crore (US$ 3475 million) in only one month. Private area players like HDFC, SBI, ICICI etc. saw an expansion of 14.10 percent in their collective new year business premium at Rs 6,211.17 crore (US$ 863.35 million) in June, as compared to Rs 5,443.75 crore (US$ 756.68 million) collected.
Aggregately, the new premium created by all the 24 life insurers during April-June time of this fiscal year by 65 percent to Rs 60,637.22 crore (US$ 8428.57 million).
In April-June,2019-2020 new premium income of LIC increased by 82 per cent to Rs 44,794.78 crore (US$6226.47 million).
The remaining private sector players' collective aggregate fresh premium rose by 32 per cent to Rs 15,842.44 crore (US$ 2202 million) in the first quarter of 2019.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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