After a blip in January, the life insurance industry rebounded to record a 28(%) per cent growth in fresh business premium in February, data compiled by the Insurance Regulatory and Development Authority showed. While Life Insurance Corporation of India managed to produce its fresh premiums by 32(%) per cent, the new business of private companies grew by 22(%) per cent.
The January-March quarter accounts for nearly 40(%) per cent of the total sales of the insurance industry. However, in January, post the cap on ULIP charges, the agents had taken time to adjust to the changes and as a result, sales had been adversely affected. In the same month, the life insurance industry's fresh business premium had posted a negative growth of 38(%) per cent, dragged down by the presentation of State-run LIC.
In February, most of the private players were able to post a double-digit growth. However, ICICI Prudential Life Insurance, Birla Sun Life Insurance and Max New York Life were not able to better last year's growth.
According to the February data, LIC was able to maintain its market share at 62(%) per cent.
In the 11-month period (April-February), the life insurance industry posted a 16.5(%) per cent growth. While LIC has developed at 24(%) per cent, private players grew by 5(%) per cent in the period under consideration.
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