The life insurance industry has witnessed a healthy growth of 23% in its new business premium collection in FY 2015-16. The 24 players mopped up Rs. 1.39 lakh crore in FY 2015-16 against Rs 1.13 lakh crore in the corresponding period last year, shows the latest IRDAI data.
The growth was largely driven by LIC which alone contributed close to Rs. 97,700 crore in industry’s new business premium kitty in FY 2015-16 compared to Rs. 78,300 crore in the corresponding period last year, a healthy growth of 25%. However, the growth has come on account of increase in sale of group non-single premium policies. The insurer has received over 61,000 crore from this category. However, LIC has witnessed decline in the sale of individual policies.
Meanwhile, private life insurers recorded a decent growth of 18% in their new business premium collection last fiscal. The 23 players have collected close to Rs.41,000 crore in FY 2015-16 as compared to Rs.34,800 crore in the corresponding period last year.
Among private insurers, SBI Life has mopped up the highest new business premium of Rs.7,106 crore last fiscal overtaking ICICI Prudential (Rs.6,765 crore) and HDFC Standard (Rs. 6,480 crore).
In terms of number of policies, the industry has witnessed a moderate growth of 3% to Rs. 2.67 crore in FY 2015-16 from Rs. 2.59 crore in FY 2014-15.