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Single-premium policies help private insurers up biz

MUMBAI: Private life insurance companies managed to grab market share in FY21 from Life Insurance Corporation (LIC) by growing their individual and group single-premium policies. LIC, however, shrunk premium from individual policies even as it continued to grow its group business.
LIC has reported a first-year premium of nearly Rs 2 lakh crore for FY22 — an increase of 7.9% over FY21. The growth has been slower than the private sector, which saw first-year premium growth of 22% to Rs 1.2 lakh crore. Due to the slower growth by LIC, the life insurance industry reported a total premium of Rs 3.1 lakh crore — an increase of 12.9% over the corresponding period last year.
In terms of the number of policies, LIC and private companies had a similar growth rate. The corporation sold 2.2 crore policies recording a growth of 3.5%, while private companies sold 74 lakh policies — a growth of 3.4%. At the end of the financial year, LIC continued to have a market share of 63.3%.
The consolidation among private players was visible with the top five players accounting for 25.3% of the remaining 36.7%. SBI led private companies with an 8.1% market share, followed by HDFC Life (7.7%), ICICI Prudential (4.7%), Bajaj Allianz (2.9%) and Aditya Birla Life (1.8%).

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