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LIC’s new business premium grows 5.68 per cent to Rs 1.42 lakh crore in FY19

LIC’s new business premium grows 5.68 per cent to Rs 1.42 lakh crore in FY19

Posted 9/6/2017

 

Led by LIC, life insurers’ collective new premium income jumped 94 per cent to ₹32,241.33 crore in June this year, according to data from Insurance Regulatory and Development Authority.

Its total premium income grew 6.08 per cent to Rs 3.37 lakh crore, an official statement issued here said.

The new business performance has grown to 5.68 per cent to Rs 1,42,191 crore, the highest ever for the life insurance behemoth.

 

The total policy payouts shot up to Rs 2.50 lakh crore in FY19 from the Rs 1.98 lakh crore in FY18, it said.

The total assets held by the corporation, which commands over 70 per cent of the life insurance industry despite the advent of private companies, stood at Rs 31,11,847 crore as against Rs 28,45,041 crore in the previous year, signifying a growth of 9.38 per cent.

With this high growth in business, the market share of the insurance behemoth increased to 74 per cent. Remaining 26 per cent has been shared by rest of the 23 private sector players operating in the space.

During the month, LIC sold 13.32 lakh policies to collect over ₹25,000 crore in just one month.