Life insurers reported a growth of 22.6 per cent in first year premium collection for the period ended March 2016 as compared to same period last year, shows data released by IRDA.
Individual non-single premium collection increased by 8.6 per cent for the same period. Total first year premium collection of 24 life insurers for the period ended March 31, 2016 stood at Rs 1,38,657.3 crore including Rs 42,497 crore from individual, non-single premiums.
State-owned LIC continues to be the leader with 77 per cent of total market share as per IRDA data. LIC issued more than 2 crore new policies as against 62 lakh policies issued by private insurers for the period ended March 2016. Its first year life business grew by 24.7 per cent against 17.6 per cent for private insurers y-o-y basis for the period ended March 2016. LIC's total first year premium for the period ended March 2016 was Rs 97,674 crore, including Rs 20,100 crore from non-single premium policies.
Among private players, Tata AIA life reported a sharp growth of 158 per cent in individual non-single business for the period as compared to last year. Total premiums for period up to March 2016 for the insurer stood at Rs 604 crore. Despite the rise in Tata AIA's first year business, SBI Life, HDFC Life and ICICI Pru Life remain market leaders among the private players with 4.7 per cent, 4.3 per cent and 2.1 per cent share in total first year business.
SBI life, Kotak Mahindra, Shriram Life, Canara HSBC OBC Life, India First Life and Edelweiss Tokio Life reflected a growth of over 30 per cent in their first year non-single business for period ended March 2016 as compared to last year. On the other hand, Reliance Life , Aviva Life and Aegon Life lost more than 25 per cent of their first year business from non single policies as compared to figures upto March last year.