New premium collection of life insurance cos up by 9%: Report
14/06/2018 12:05
According to the Irdai data, new premium collection of life insurance companies was up by nearly 9 per cent to Rs 12,838.24 crore in May compared to the same month last year.

The data released showed that new business premium of Life Insurance Corporation of India (LIC), the largest and the only state-owned life insurer, expanded by 9.49 per cent to Rs 9,204.88 crore in May against Rs 8,406.76 crore in May 2017.

As per reports, LIC has the highest market share of 67.40 per cent in the life insurance business. The remaining 23 life insurance companies collected Rs 3,633.36 crore during the month under review, which was up 7.04 per cent from the year ago's Rs 3,394.25 crore.

As per reports, cumulatively, the gross new business premium of all life insurers rose by 7.08 per cent to Rs 20,118.22 crore during April-May of the current fiscal year. For LIC, the new business during first two months of this fiscal was up by 5.66 per cent at Rs 13,560.15 crore.