Driven by new individual premium income, the life insurance industry has begun FY19 on an healthy note, with 4.6 per cent growth in new business premium at Rs 7,280 crore in April, according to the data from the industry lobby Life Insurance Council.
As of end April, total individual new business of the industry rose 7.32 per cent to Rs 3,881.61 crore, the council said today.
As against this, new group business income grew at a much lower pace of 1.60 per cent during the reporting month at Rs 3,398.35 crore over the previous 12 months period.
When it comes to the market share sweepstake in terms of new premium income as well as in terms of new policies sold, state-run Life Insurance Corporation leads the tally with 59.83 per cent and 72.35 per cent, respectively.
The top five players-HDFC Life, ICICI Prudential, SBI Life, Bajaj Allianz Life and Kotak Life together controls barely 45 per cent of the market leader LIC's share in terms of new policies with just 27.74 per cent share, while their share in terms of volume or policies sold stood much lower at 17.59 per cent against LIC's 72.35 per cent.
HDFC Life pushed ICICI Prudential to become the second largest player in terms of new premium income with a 10.53 per cent market share, while in terms of policies sold, it stood third with 4.67 per cent share.
SBI Life is the second largest player when it comes to the number of polices sold with a market share of 4.73 per cent, while the company stood at No 4 slot when it comes to the new premium income with a market share of 5.65 per cent during the reporting month.
At No 3 is ICICI Prudential with a 6.38 per cent market share in new premium income, while it is at No 4 with a 4.42 per cent market pie in terms of new policies sold.
Bajaj Allianz Life comes at No 5 in terms of new premium income with a market share of 2.70 per cent, while Max Life is at No 5 in terms of policies sold with a pie of 1.90 per cent.
At the sixth slot is Kotak Mahindra Life with a share of 2.51 per cent of the new premium income, while Bajaj Allianz Life is at No 6 slot in terms of new policies sold with 1.87 per cent share, according to the council data.