Life Insurance Corporation has registered a 13.46 percent rise in first-year premium (FYP) income, collecting an all-time high income of Rs 1,34,551.68 crore in FY18, and ending the year with a market share of 69.40 percent, the company said today.
"The Corporation collected an all-time high first-year premium income of Rs 1,34,551.68 crore in FY18, a growth of 13.46 percent from Rs 1,24,451.42 crore in FY17," it said in a statement.
"LIC continues to retain its market leadership with a market share of 69.40 percent in terms of first-year premium income and 75.67 percent when it comes to number of new policies sold," the Corporation added.
The insurer also did well on group and pension scheme, notching up Rs 82,807.83 crore in new-business premium income, securing 81.38 percent market share.
LIC has a network of eight zonal and 112 divisional offices. In FY18, all the zones and 104 of the 112 divisions have achieved their annual first premium target. Similarly, all the alternate marketing channels too surpassed their annual first premium target.
Among the zones, LIC said the central zone achieved its targets on all four parameters, while the west zone, which is the market leader with 21 percent overall income contribution, continued to be the No 1 in volume with Rs 9,002 crore in first premium selling 34.65 lakh policies.
All the zones recorded growth in first premium income with the north-central zone registering the highest growth rate of 23.5 percent.
Meanwhile, Life Insurance Council, said the industry netted Rs 1,93,865.32 crore in new business premium in FY18, a growth of 10.99 percent from Rs 1,74,675.01 crore in FY17.
As of March-end, the total individual new business booked was Rs 92,108.76 crore, against Rs 77,735.35 crore in FY17, registering a growth of 18.49 percent.
During the year, industry-wide new group insurance business rose 4.97 percent to Rs 1,01,756.56 crore from Rs 96,939.67 crore in FY17.
It also said that LIC has retained its market leadership in terms of new business premium income and the number of policies with 69.40 percent and 75.67 percent, respectively.
Among the private players, HDFC Life topped the list in terms of new premium income market share with 5.85 percent, followed by SBI Life with 5.66 percent and ICICI Prudential with 4.70 percent.
In terms of the number of policies sold, SBI Life leads with 5.07 percent, followed by HDFC Life at 3.72 percent and ICICI Prudential with 2.97 percent, according to the Life Insurance Council data.
Max Life is at the fifth slot both in terms of new income and new policies, with a market share of 2.24 percent and 1.94 percent, respectively.