New business premium of life insurers grows to Rs 1.08 trillion in October
New business premium of life insurers grew to Rs 1.08 trillion in October, a growth of 2.41 per cent from Rs 1.06 trillion in the same month last year, according to the latest data from the apex industry lobby Life Insurance Council. New business premium stood at Rs 93,078.99 crore in September for the industry.
In October, new business premium stood at Rs 15,480 crore as against Rs 13,874 crore in the year-ago month. Total individual new business premium booked rose 5.05 per cent to Rs 45,992 crore in the month as against Rs 43,779 crore, the council said Tuesday. Total group insurance new business rose marginally by 0.54 per cent to Rs 62,496 crore from Rs 62,160 crore.
The national life insurer LIC's, market share in terms of new business premium stood at 67.88 per cent, followed by HDFC Life (6.87 per cent), SBI Life (6.09 per cent). A number of policies sold were 1.35 trillion, up 3.66 per cent, as against 1.30 trillion in the same period last year. In terms of new business policies sold, LIC's market share was 73.96 per cent, followed by SBI Life at 5.44 per cent and HDFC Standard Life at 3.78 per cent, show the council data.
(With inputs from agencies.)