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During the quarter to June 30, collections grew 10.78% over last year to 33,166 crores, according to data released by the Regulatory and Development Authority. insurance (IRDA). Life insurance premiums increased by 6.20% while the private sector grew by 21.57%.
HDFC Standard Life, the largest private life insurer in terms of market capitalization, has reported a 66.41% growth in its business turnover through the sale of new policies at 2,677 crores rump.
"Growth is fueled primarily by the single-premium business, which is growing at a much faster pace," said Joydeep Roy, partner at KPMG. "The regular premium individual insurance business represents just 29% of the market, with the private sector selling more of these products than the LIC. This means that people at the bottom of the scale are not covered and that agents 'and distributors' incomes decrease. "
Among the private players, HDFC Life, Birla Sunlife, Tata AIA and Max Life recorded healthy growth. With an 11.63% market share, ICICI Prudential Life has outstripped SBI Life to become the largest player in the new regular business revenue premium, showed IRDA data.
In ordinary individual cases, LIC had a market share of 44.73% compared to 55.27% of the private sector.
The first quarter is usually a lean season for life insurance. Based on the weighted retail premiums, the SBI Life, ICICI Prudential Life and HDFC Life listed majors posted healthy growth of 8%, 13% and -1% respectively from one year to the next. .
LIC's new business-weighted premium (WRP) decreased 3.5% year-over-year, reducing its market share by 467 basis points on a monthly basis to 47, 8%.
"As the year began on a softer note for private players (9% year-over-year growth), we expect 16% growth in FY19, which will bring market share from the WRP to 53% ". report.
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