Life Insurance firms report 21.4% growth in new premium in Q2
Life Insurance firms report 21.4% growth in new premium in Q2
BusinessToday.In
- Jan 12, 2021,
- Updated Jan 12, 2021 9:40 AM IST
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The growth in new business premium of life insurance companies was strong at 21.38% in Q2FY21 as compared with 17.9% growth in Q2FY20 led byhigher traction in single premium.Story: Shivani SharmaDesign: Pragati Srivastava
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Growth in renewal premium was healthy at 21.2% in Q2FY21 as compared with 13.9% in Q2FY20.
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The net commission growth of companies moderated to 6.4% as compared with a growth of 15.9% in Q2FY20. The net commission ratio also declined to 4.5% in Q2FY21.
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The PAT (Profit After Tax) of sample companies reported a growth of 3.1% during Q2FY21 as compared with a degrowth of 7.5% in Q2FY20. The combined PAT growth of SBI Life, HDFC Life and ICICI Prudential Life was strong at 25.5% to Rs 929 crore in Q2FY21 from Rs 740 crore in Q2FY20.
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SBI Life had the highest market share among private players. LIC continues to dominate the group insurance premium segment.