Mumbai, Feb 12 (PTI) The new business premia of the life insurance industry has grown 5.32 percent to Rs 1.59 lakh crore in January, led by the national insurer LIC taking its market share to 66.26 percent.
New business premium stood at Rs 1.50 lakh crore in January 2018.
LIC is followed by HDFC Standard Life (7.07 percent), SBI Life (6.80 percent), ICICI Prudential Life (4.88 percent) and Max Life ( 2.24 percent), according to the monthly data from the apex industry body Life Insurance Council.
Total individual new business rose 3.15 percent to Rs 72,725 crore in January from Rs 70,501 crore a year ago.
In January, group insurance new business rose 7.22 percent to Rs 86,279 crore.
In terms of new business policies, LIC’s market share stood at 73.54 per cent in the reporting month.
SBI’s market share in terms of new business policies was 5.78 percent, followed by HDFC Life at 3.68 percent.
This is published unedited from the PTI feed.