Life Insurance Corporation of India (LIC) has registered a higher-than-industry growth of 51.86% year-on-year (YoY) in new business collection for the April to July 2019 period. LIC collected new premiums of Rs 60,106.66 crore for the period compared to Rs 22,039.81 crore collected by the private companies.
The life insurance industry collected Rs 82,146.47 crore in the April-July 2019 period, showing a 44.25 percent YoY growth. Among private sector players, Tata AIA Life had the highest growth rate at 91.79% YoY growth to collect new premiums of Rs 818.76 crore.
LIC’s market share stood at 73.17% in terms of premium collection. The life insurer saw a premium growth across its business segments including individual and group business.
