Insurance industry records 7.6 pct growth in premium collection at Rs 1.77 tn in Feb

The life insurance industry recorded a 7.60 per cent growth in new premium collection in February at Rs 1.77 lakh crore, with state-run Life Insurance Corporation (LIC) retaining its market share of 66.26 per cent, according to monthly industry data. New business premium stood at Rs 1.64 lakh crore in the year-ago month, clipping at 5.32 per cent in January 2018.

In the reporting month, LIC was followed by HDFC Life (7.01 per cent), SBI Life (6.70 per cent), ICICI Prudential Life (4.97 percent) and Max Life ( 2.31 percent) in new business premium, according to a monthly report released by the Life Insurance Council Wednesday. Total individual new business rose 4.56 per cent to Rs 81,401 crore from Rs 77,849 crore last January.

During the month, the total group insurance new business rose 10.33 per cent to Rs 95,812 crore as against Rs 86,845 crore in the same period last year. LIC's share in the number of new business policies sold was 73.60 per cent in February. SBI Life's market share in terms of new business policies was 5.67 per cent, followed by HDFC Life at 3.65 per cent, according to the data.