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During financial year 2012-13, the life insurance industry’s net profit grew 16.3 per cent to Rs 6,948 crore from Rs 5,975 crore in the previous year.
Of the 24 life insurance companies in operation, 17 companies reported profits, according to the annual report of the Insurance Regulatory and Development Authority (IRDA) for the year 2012-13 released on Wednesday.
The total net profit for non-life insurers was Rs 3,282 crore in the year under review compared to Rs 25 crore in the previous year.
All public sector companies reported profits, the report said.
The premium income in the life insurance sector was almost flat at Rs 2.87-lakh crore, driven largely by increase in business of Life Insurance Corporation of India; private insurers’ business declined 7.4 per cent.
The market share of LIC increased from 70.68 per cent to 72.70 per cent. About 442 lakh new policies were issued.
At the same time, the management expenses had gone up due to increase commission expenses, among others.
The assets under management had grown 11.5 per cent at Rs 16.80-lakh crore.
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