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Life insurance new biz premium soars over 41% in May

PTI:  June 13, 2019

Mumbai: Life insurance industry's new business premium gew a healthy 41.15 percent to Rs 28,395.89 crore in May, with the state-run LIC maintaining its market share at 66.08 percent.

New business premium had stood at Rs 20,118.20 crore in the same period last year.

Total individual new business grew 15.92 percent to Rs 10,836 crore as against Rs 9,348 crore of last year, Life Insurance Council data showed.

As of May, total group insurance new business rose to 63.05 percent to Rs 17,560 crore as against Rs 10,770 crore in the same period of last year. LIC's share in the number of new business policies sold was 71.71 percent as on May 31, 2019.

SBI Life's market share in terms of new business policies was 6.11 percent, followed by HDFC Standard Life at 4.19 percent.

******* Mahindra Partners launches tech-driven asset care company

Mahindra Partners, the USD 1-billion private equity division of the Mahindra Group, has launched a technology driven asset care company that offers optimization solutions for renewable energy customers in India and globally.

Called Teqo, derived from three words technology, quality and operations has been a part of Mahindra Susten since 2013 and rapidly growing into the world's tenth largest provider of solar operations and maintenance services, the company said in a statement.

The platform enables renewable energy asset owners to maximize their returns by leveraging advanced technologies, including machine learning, artificial intelligence, IoT, big data, robotics, augmented reality and natural language processing.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.