Mumbai:
Witnessing further recovery,, the life insurance industry, at Rs2,14,672 crore, has recorded a growth of 11 per cent in 2018-19, largely driven by individual non-single premium and group single premium.
However, the number of policies, sold by the 24 players including the lone state owned player, Life Insurance Corporation(LIC) has almost remained flat at 2,86,878, with a growth of 1.73 per cent.
The largest player in the industry, state owned Life Insurance Corporation(LIC) at Rs 1,42 lakh crore, has seen a muted growth of 6 percent in 2018-19.
LIC , with a market share of 66.74 per cent, has further lost its market share to the 23 private market players in 2018-19. .In 2017-18,it had a market share of 69 per cent. The number of policies at 2,14 crore, LIC has sold, has stagnated by reocording a growth of 0.46 per cent during 2018-19.
23 private players have mobilised a total premium of Rs72,461 crore, registering a growth of 22 per cent . However, in terms of policies, at 72,54,556,these players have just recorded a growth of 5.74per cent.
With a markert share of almost 7 percent , the listed HDFC Life has emerged as the largest private sector players and second largest life insurance player in the country.
The life insurance venture between HDFC and UK based Standard Life, at Rs 14,971 crore , up 32per cent, has also been the highest grosser of new premium among the private sector players.
SBI Life, with a total new premium Rs 13,792 crore, up 26 per cent and with a market share of 6.42 per cent has consolidated its position as the second largest private sector player in the country.
ICICI Prudential Life,with a market share of 4.78 per cent and with a new premium of Rs10,251,up 12.43 per cent, has remained as the third largest private sector player in the industry.
Maxlife, which may be bought by the Axis bank, with a new premium of Rs5169 crore,up 19 per cent, and with a market share of 2.40 per cent , has become the fourth largest player in the industry.
Bajaj Allianz Life insurance, with a total new premium of Rs 4,922, up 15 percent, is now the fifth largest player in the industry during 2018-19.
Kotak Mahinda Life Insurance with a new premium of Rs 3977 crore, up 17 per cent, Aditya Birla Life with a new premium of Rs 3916 crore, up 47 per cent, Tata AIA Life Insurance, with a new premium income of Rs 2475 crore have also performed well in 2018-19.
The industry as a whole in the individual non-single premium, has generated a total new premium of Rs 66,000 crore, up 10 percent , in 2018-19, while in the group single premium, which are largely corporate pension investment, it has gathered a new premium of Rs1,084 lakh crore during the reporting year.
Analysts have opined that, the growth in the individual non-single premium and deceleration in the individual single premium , are positive trends in the industry.