The 24 life insurers operating in the Indian market posted an 11% growth in first year premium income to over INR1.93 trillion (US$2.92 billion) in the financial year ended 31 March 2018 (FY2018), as compared to about INR1.75 trillion in the previous fiscal year, according to data compiled by the IRDAI.
State-run Life Insurance Corporation of India (LIC) reported an 8% rise in its new business premium (first year premium) in FY2018 to about INR1.35 trillion as compared to over INR1.24 trillion in FY2017. This represented a market share of 69%.
However, the 23 private players' new business grew at a much faster pace, with first year premiums shooting up by 17% to INR593.1 billion in FY2018 from INR506.26 billion in FY2017.
The IRDAI data also show that the group single premium segment accounted for the biggest share of the first year premiums, standing at INR951.27 billion or 49%, followed by individual non-single premium business with INR602.89 billion or 31%.