New Delhi: Life Insurance Corporation of India (LIC) beat expectations in the first quarter of the ongoing financial year when it posted a growth of 51.86 percent year-on-year (YoY) in new business collection. LIC collected new premiums totalling Rs 60,106.66 crores in Q1 FY2019-20, which was around three times of what was netted by the private sector: Rs 22,039.81 crores.
A total amount of Rs 82,146.47 crores was collected by the entire life insurance industry in the April-June period. In terms of premium collection, LIC's market share stands at 73.17 percent. The company saw a premium growth across segments, including individual and group business.
The growth figures looked good for the entire sector as all listed life insurance companies posted a double-digit growth in new premiums. HDFC Life Insurance collected first year premium of Rs 5,384.79 crore in the June quarter, registering a year-on-year growth of 41.98 percent.
ICICI Prudential Life Insurance, on the other hand, collected new premiums totalling Rs 3,170.10 crores, showing a 25.46 percent year-on-year growth in the first quarter of the ongoing fiscal year. SBI Life Insurance collected new premiums of Rs 4,496.36 crore, registering a year-on-year growth of 35.45 percent.
Among private players, Tata AIA Life had the highest growth rate at 91.79 percent year-on-year growth as it collected new premiums of Rs 818.76 crore.