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First year premium of life insurers down 0.82% in H1 of current fiscal

The first year premium of life insurers in the first half of the current financial year ended September 30 declined marginally by 0.82 per cent at ₹1,24,727 crore compared to ₹1,25,758 crore in the same period last year.

As per the data released by the Insurance Regulatory and Development Authority of India (IRDAI), the first year premium collected by Life Insurance Corporation was down 2.18 per cent at ₹88,018 crore (₹89,980 crore).

The first year premium of all private life insurers, however, grew by 2.60 per cent at ₹36,709 crore as against ₹35,778 crore in the year ago period.

The market share of LIC and the private life insurers was at 70.57 per cent and 29.43 per cent respectively.

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