As on 31st October 2016, the life insurance industry has witnessed a growth of 30% in its new business premium collection.
IRDAI data shows that the life insurance industry has received new business premium collection of Rs.87,343 crore in April - October 2016, compared to Rs. 66,998 crore in the corresponding period last year, an addition of Rs. 20,346 crore in new business premium.
This growth was largely on account of LIC which has witnessed 33% growth in its new business premium collection. LIC alone has contributed Rs. 62,000 crore to the industry’s new business premium collection kitty. The company has witnessed growth in all four segments – single premium, regular policies and group insurance schemes.
Meanwhile, private players have seen a growth of 24% in new business premium collection. The new business premium collection of the private life insurance companies has increased from Rs. 19,888 crore to Rs. 24,608 crore, a growth of Rs. 4,720 crore.
Among private insurers, SBI Life has mopped up the highest new business premium of Rs. 5,242 crore, overtaking HDFC Standard Life (Rs. 4,162 crore) and ICICI Prudential Life (Rs. 3,734crore).
Experts attributed this growth to increasing distribution footprint of the private players.
In terms of number of policies, the industry has witnessed a marginal growth of less than a percentage i.e. from 1.21 crore to 1.22 crore.