Life insurance companies register 11.4% growth in premium income in FY20; LIC logs 22.5% decline

New Delhi: India’s life insurance companies clocked 11.36 percent growth in their collective premium income at Rs 48.26 lakh crore during the fiscal ended March 2020, data from IRDAI showed. The 24 life insurance companies’ collective premium income stood at Rs 43.33 lakh crore during the fiscal year 2018-19. [caption id=“attachment_4008287” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] India’s largest and the only state-owned insurer LIC, however, posted a decline of 22.53 percent in premium income at Rs 8.32 lakh crore during 2019-20, the data from the Insurance Regulatory and Development Authority of India (IRDAI) showed. LIC’s premium collection stood at Rs 10.74 lakh crore during 2018-19. Its market share stood at 82.76 percent as of 31 March, 2020. The rest of the private sector players witnessed 22.55 percent rise in their total premium income at Rs 39.94 lakh crore. Their overall income stood at Rs 32.59 lakh crore in FY19. The combined market share of all private sector life insurers as of 31 March, 2020 stood at 17.24 percent.