LIC's first-year premium income jumps 13.5% to record Rs 1.34 lakh crore in FY18
National insurer Life Insurance Corporation has registered a 13.46 per cent rise in first-year premium (FYP) income, collecting an all-time high income of Rs 1,34,551.68 crore in FY18, and ending the year with a market share of 69.40 per cent, the company said today.
"The Corporation collected an all-time high first-year premium income of Rs 1,34,551.68 crore in FY18, a growth of 13.46 per cent from Rs 1,24,451.42 crore in FY17," it said in a statement.
"LIC continues to retain its market leadership with a market share of 69.40 per cent in terms of first-year premium income and 75.67 per cent when it comes to number of new policies sold," the Corporation added. The insurer also did well on group and pension scheme, notching up Rs 82,807.83 crore in new-business premium income, securing 81.38 per cent market share. LIC has a network of eight zonal and 112 divisional offices. In FY18, all the zones and 104 of the 112 divisions have achieved their annual first premium target. Similarly, all the alternate marketing channels too surpassed their annual first premium target.
Among the zones, LIC said the central zone achieved its targets on all four parameters, while the west zone, which is the market leader with 21 per cent overall income contribution, continued to be the No 1 in volume with Rs 9,002
crore in first premium selling 34.65 lakh policies.
All the zones recorded growth in first premium income with the north-central zone registering the highest growth rate of 23.5 per cent.
Meanwhile, the life insurance industry lobby, Life Insurance Council, said the industry netted Rs 1,93,865.32 crore in new business premium in FY18, a growth of 10.99 per cent from Rs 1,74,675.01 crore in FY17.
As of March-end, the total individual new business booked was Rs 92,108.76 crore, against Rs 77,735.35 crore in FY17, registering a growth of 18.49 per cent.
During the year, industry-wide new group insurance business rose 4.97 per cent to Rs 1,01,756.56 crore from Rs 96,939.67 crore in FY17.
It also said that LIC has retained its market leadership in terms of new business premium income and the number of policies with 69.40 per cent and 75.67 per cent, respectively.
Among the private players, HDFC Life topped the list in terms of new premium income market share with 5.85 per cent, followed by SBI Life with 5.66 per cent and ICICI Prudential with 4.70 per cent.
In terms of the number of policies sold, SBI Life leads with 5.07 per cent, followed by HDFC Life at 3.72 per cent and ICICI Prudential with 2.97 per cent, according to the Life Insurance Council data.
Max Life is at the fifth slot both in terms of new income and new policies, with a market share of 2.24 per cent and 1.94 per cent, respectively.
