Life insurers see 11% rise in new premiums in FY18

facebook twitter google
Cheryl 1 2021-05-06

Life insurance companies saw an 11 percent increase in their first year premiums for the financial year 2017-18 (FY18). According to data from the Insurance Regulatory and Development Authority of India (IRDAI), the insurers collected new premiums of Rs 1.94 lakh crore for FY18 compared to Rs 1.75 lakh crore collected in the previous fiscal.

The private sector companies beat Life Insurance Corporation of India (LIC) in terms of growth in new premium collection. LIC collected Rs 1.34 lakh crore of new premiums in FY18 showing an 8 percent growth over the previous year. Meanwhile, private life insurers collected Rs 59314.55 crore in FY18 showing a 17.1 percent growth over FY17.

Three private life insurance companies are listed on the stock exchanges. Among them, HDFC Life Insurance collected first year premium of Rs 11349.13 crore for FY18, showing a growth of 30.5 percent over the same period last fiscal.

TrustCSI™ Managed Firewall Service is the ultimate security solution that caters to different business scales & our next generation Firewall solution focuses on intelligent traffic control.

TrustCSI™ Managed Firewall Service is the ultimate security solution that caters to different business scales & our next generation Firewall solution focuses on intelligent traffic control.

date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});

Data from IRDAI showed that SBI Life Insurance collected first year premium of Rs 10,965.29 crore, showing an 8 percent growth on a year-on-year basis. ICICI Prudential Life Insurance collected Rs 9,118.07 crore as first year premium for FY18, showing a 16 percent growth over FY17.

date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});

related news

Podcast | Three iconic brands that changed popular music

Vedanta's Electrosteel buyout credit neutral: Report

Among the segments, the group single premiums followed by individual non-single premiums contributed a majority chunk to the premium collections. Unlike previous years, there was also a growth seen in the number of policies.

In FY18, the total number of policies/schemes stood at 28.2 million, showing a growth of 6.6 percent over the previous financial year.

本文來源:https://www.moneycontrol.com/news/business/economy/life-insurers-see-11-rise-in-new-premiums-in-fy18-2553721.html

相似文章