May 3, 2016
Life insurers in India reported growth of 22.6% in total first-year premium collection to INR1,387 billion (US$21 billion) for the year ended March 2016 as compared to the previous financial year, according to IRDAI data.
Individual non-single premium collection increased by 8.6% for FY2015-16 to INR425 billion, reported Business Today citing the data. State-owned LIC continues to be the leader with a market share of 77%. LIC issued more than 20 million new policies as against 6.2 million policies issued by private-sector insurers for FY2015-16. Its first-year life business grew by 24.7% as against 17.6% for private insurers for the year.
LIC’s total first-year premiums for FY2015-16 stood at INR976.74 billion, including INR201 billion from non-single premium policies. SBI Life, HDFC Life and ICICI Pru Life remained market leaders among the 23 private-sector players with shares of 4.7%, 4.3% and 2.1% in total first-year business.