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 Sharma
Design: Pragati Srivastava
Growth in renewal premium was healthy at 21.2% in Q2FY21 as compared with 13.9% in Q2FY20.
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.
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.
SBI Life had the highest market share among private players. LIC continues to dominate the group insurance premium segment.