New life premium mop-up inches up 2.41% in Dec

Source: The Hitavada      Date: 12 Jan 2019 11:13:16

New business premium collection by the life insurance industry has grown 2.41 per cent to Rs 1.41 trillion as of December, show the data released by the apex industry body.

The industry collected Rs 1,41,584 crore as against Rs 1,38,253 crore last year, the Life Insurance Council said in a statement on Friday. The individual new business booked was Rs 63,356 crore as against Rs 62,739 crore in the same month last year, showing a growth of a paltry 1 percent.

The group new insurance business showed a faster growth of 3.59 percent, with the overall business increasing to Rs 78,228 crore from Rs 75,514 crore a year ago. The state-run behemoth LIC led both in new business premium collection with a 66.49 percent market share and also new business by policies with a 73.33 percent share of the pie, it said.