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LIC’s net profit rises marginally to Rs 2,713 crore in FY 2019-20, pvt sector life insurers’ net profit falls by 13 %
Out of the 24 life insurers in operation during 2019- 20, 17 companies reported profits in 2019-20
The total profit reported by state owned Life Insurance Corporation (LIC) during 2019-20 has risen marginally from Rs 2,689 crore in 2018-29 to Rs 2,713 crore.
The net profit of the private sector fell by 13 per cent y-o-y to R 5,016 crore in 2019-20(Rs 5,747 crore in the previous year).
Life insurance policies bought by women fall in FY 2019-20
The share of women in the year 2019-20 has decreased to 32 per cent in number of policies and 34 per cent in First Year Premium compared to 36 per cent and 37 per cent respectively in the year 2018-19.
Out of 93 lakh policies bought by women, nearly one-third policies have come from three States, Maharashtra (11.98 per cent), West Bengal (10.60 per cent) and Uttar Pradesh (9.87 per cent);
Similarly, out of Rs 34,737 crore FYP contributed by women, slightly more than one-third have come from three States, namely, Maharashtra (17.05 per cent), West Bengal (9.66 per cent) and Uttar Pradesh (8.66 per cent).
The proportion of women policies in case of private life insurers was 27 per cent and that of LIC was 34 per cent
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