1. Private insurers pip LIC in new premium growth for May

Private insurers pip LIC in new premium growth for May

Private insurers reported a smart 26% growth in annualised new business premium in May, largely led by higher ticket size of the business.

Published: June 21, 2016 6:12 AM

Private insurers reported a smart 26% growth in annualised new business premium in May, largely led by higher ticket size of the business. State-owned Life Insurance Corporation of India (LIC) reported 22% year-on-year growth in annualised first-year premium on the back of higher volumes.

The average ticket size in the individual non-single segment was up by 30 to 40% for most players.
While private sector gained market share in the stable group business, LIC continues to have a high share of single premium business.

Private players have generally been selective in this segment. In the group business, the share of private payers increased to 26% in May as compared to 20% in April.

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