Life insurance companies register 11.4% growth in premium income in FY20

New Delhi: The Life of India insurance companies clocked 11.36 percent growth in their collective premium revenue at Rs 48.26 lakh crore in the financial year ending March 2020, data from Irdai Viste. The 24 life insurance companies ’collective premium income amounted to Rs 43.33 lakh crore in fiscal year 2018-19.

India’s largest and the only state-owned insurance company LIChowever posted a decrease in premium income by Rs 8.32 lakh crore during 2019-20, the data from insurance regulators and Development Authority in India (Irdai) showed.

LIC’s premium collection stood at Rs 10.74 lakh crore during 2018-19. Its market share was 82.76 per cent. March 31, 2020.

The other private sector players witnessed an increase in their total premium income of 22.53 per cent at 39.94 lakh crore.

Their total income was Rs 32.59 lakh crore in FY19.

The total market share for all life insurance companies in the private sector per March 31, 2020, totaled 17.24 percent.

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