Life insurance premium collection up 10.78% to Rs 36,729 Cr in Q1
Life insurance premium collections grew by 10.78 percent during the first quarter of the current fiscal to Rs 36,729.79 crore against Rs 33,156.16 crore during the same quarter last year, according to figures released by insurance regulator IRDAI today.
State-owned LIC’s premium collections grew by 6.2 percent to Rs 24,727.97 crore during the quarter under discussion.
It was Rs 23,284.10 crore in the April-June quarter in FY 17.
The PSU enjoyed 67.32 percent market share in the life insurance segment followed by HDFC Standard Life with 7. 29 percent.
The total premium collection by the private players stood at Rs 12,001.82 crore in the first quarter with 21.57 percent growth.
Individual single premium grew by 7.72 percent in the first quarter to Rs 4,954.79 crore while group non-single premium declined by 54.88 percent to Rs 259.54 crore.