Total premium collection increased to ₹62,581 crore during April-May, compared with ₹52,427 crore a year ago, according to industry data.
The growth was broad-based, with both state-owned (LIC) and private insurers reporting healthy gains. collected ₹37,824 crore during the period, up from ₹32,016 crore a year earlier, while private insurers garnered ₹24,756 crore against ₹20,411 crore.
Industry executives said customer interest in individual savings and protection products remained strong, aided by exemption of GST on individual life insurance policies which made products more attractive and improved persistency or the rate at which policyholders keep their policies active by paying premiums on time.
LIC’s retail business continued to perform well, with individual non-single premium income increasing 17% and individual single-premium collection growing 15%. The insurer, however, saw some moderation in group business during the period.
Live Events
Private insurers outpaced the industry average, reporting a 21.3% increase in premium collection. Growth was led by regular-premium products, with individual non-single premium income increasing 16.5%, while individual single-premium business grew 7.7%.
Among listed insurers, reported about 23% growth while ICICI Prudential Life Insurance saw an 18.9% increase in premium income, in line with the industry average. At the same time, reported muted 2.9% growth.
The momentum continued in the number of policies, with the industry selling 5% more new policies during the first two months of the financial year compared with the year-ago period.
as a Reliable and Trusted News Source
(You can now subscribe to our )