Life Insurance Corporation (better known as LIC) witnessed growth of 23.68% YoY in new business premium sales as compared to 14.42% witnessed by private players. Life insurance companies have collected approx. INR 92 thousand crore till now for the first two quarters of 2017-18 which equals around 21% growth from past fiscal year. Out of this LIC has captured market with almost 74% share.
In the Insurance sector, third quarter is generally seen low due to festive season due to more money being spent on other activities by individuals for Life segment. However, for motor the sales shoots high and hence are the number of policies.
In general insurance sector, total premium from April till September stood at INR 72.5 thousand crore with 19.5% growth on YoY basis. Here, the private players witnessed growth of almost 25% against 14% as that of public sector. However, the share of Public companies stands around 52%.