Life cover sales grow flat, ticket sizes rise – The Economic Times

Life cover sales grow flat, ticket sizes rise – The Economic Times

Life insurance companies recorded flat growth in policy sales in the financial year 2018-19 but new premium incomes headed north, indicating a sharp rise in ticket size.In the year ended March 31, 2019, new business income grew 10.73% from a year ago to Rs 2.1 lakh crore, according to data released by the Insurance Regulatory and Development Authority (Irdai). Life Insurance Corporation’s premiums grew 5.68%, while its private peers together logged 22% growth.

In the past year, HDFC Life grew the annuity business very fast and reported 32% growth in income from selling new policies to Rs 14,971 crore. SBI Life reported 26% growth and ICICI Prudential 12.48%. Tata AIA and Aditya Birla Sun Life reported healthy growth driven by the bancassurance partnership with HDFC Bank. Tata AIA grew 66%, while Aditya Birla Sun Life posted 47% rise. With 6.97% market share, HDFC Life was the largest private sector insurer followed by SBI Life at 6.42%,

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