Life Insurance sector triggers 20% growth in Q1
The life insurance industry has sold additional 60% Group Single Premium policies, mopping up Rs.12,861 cr in the quarter as against Rs.8,016 cr in the same period last year. 54.6% is the Group Single Premium income in total, contributing to the new business. In respect to the sale of policies, the industry sold 46,44,333 policies in the reporting period, with an upward trend of 22% as against 38,19,547 policies sold in the last year.
After witnessing de-growth since 2010, insurance sector leader LIC and 23 other private players mobilized Rs.23,570 cr in the new premia reaching to 20% from Rs.19,702 crore in the year-ago period. The insurance industry continued an overall higher growth, despite the largest private sector player ICICI Prudential Life recording a negative growth. Similarly, Reliance Life, Max Life and India First have also shown negative growth in the first year premium during the quarter.
The upward trend in growth was witnessed with LIC which clipped at over 31% in the quarter, mopping up over Rs.5,700 crore in new premium, while from the private sector side HDFC Life and Bajaj Allianz Life reported growth of 35% and 71% respectively in new premium income.
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