LIC outshines pvt sector insurers in H1 premium collection
New Delhi: State-owned Life Insurance Corporation has outperformed its peers in the private sector by recording a 7.26 percent growth in premium collection during the first half of the current fiscal.
Several large private sector insurance companies, including ICICI Prudential, HDFC Standard Life and SBI Life, witnessed a decline in premium collection during the April- September period compared to the same period last year.
The data released by the Insurance Regulatory and Development Authority (IRDA) said the performance of a host of small private sector insurance companies, including Sahara Life, Edelweiss Tokio and Future Generali, has been muted.
LIC witnessed a 7.26 percent growth in premium income to Rs 37,906 crore during the six-month period ending September.
However, the 23 private sector players' premium income grew 4.55 percent to Rs 12,150 crore during the period.
Among the large private sector insurers, Reliance Life has performed better showing, with premium collection rising to Rs 1,022 crore from 570 crore in the same period last year, mainly on account of increase in group premium.
Life insurance companies collect premium under four segments -- individual single, individual non-single, group single and group non-single.