Faster growth in group single premia products of LIC, that constitute around 60 per cent of its business, pushed up total new premium income of the life insurance industry by 26 per cent in fiscal 2017 to Rs 1.75 trillion from Rs 1.39 trillion a year ago.
Faster growth in group single premia products of LIC, that constitute around 60 per cent of its business, pushed up total new premium income of the life insurance industry by 26 per cent in fiscal 2017 to Rs 1.75 trillion from Rs 1.39 trillion a year ago.
Most of the incremental business was cornered by the the state-run insurance behemoth, whose total first year premium grew 27.22 per cent to Rs 1.24 trillion in fiscal 2017 from Rs 97,777 crore in the previous fiscal, according to the data from the regulator Irdai.
This also helped the market leader to improve its market share to 71.07 per cent in the fiscal from 70.61 per cent a year ago.
Even for the 23 private players, higher growth continues to come from group single products, which contribute around 30 per cent of their business, rather than individual non-single premium plans.
Group single premia of the industry grew 23 per cent to Rs 88,559 crore, making its the biggest grosser, followed by individual non-single premia at Rs 50,500 crore, which expanded by 72 per cent in the reporting year.
"Revival of steady growth for the private sector players happened since fiscal 2015 while the overall industry growth happened in fiscal 2016. Fiscal 2017 saw a double-digit growth for both LIC as well as for private sector players," Amitabh Choudhry, managing director and chief executive at HDFC Life, told
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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