Life insurers see marginal growth in first-year premium collection of FY19

The private insurers reported a steady growth of 23.33% with their first-year business premium

A total of 24 life insurance companies saw a marginal growth of 2.41 per cent in the first-year business premium collection during the period of April-November in FY19 over the same period last financial year.

The total first-year business premium collected by the life insurers stood at Rs 1.41 trillion in the first nine months of FY19 as compared to Rs 1.38 trillion in the same period last financial year (FY18).

The drag in the performance of the life insurers is mainly due to the decline in growth of the state-owned insurance behemoth, Life Insurance Corporation (LIC). LIC saw a