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The net profit of life insurers increased 10.14 per cent at ₹8,512 crore in the year ended March 2018, compared to ₹7,728 crore in the previous year.
According to the data released in the annual report of IRDAI for the year 2017-18, of the 24 life insurers in operations during 2017-18, 19 companies reported profits. Life Insurance Corporation of India reported a net profit of ₹2,446 crore, registering an increase of 9.62 per cent over the ₹2,232 crore reported in 2016-17.
The life insurance industry recorded a premium income of ₹458,809 crore, against ₹418,476 in the year-ago period, an increase of 9.64 per cent. While private insurers posted a 19.15 per cent growth in their premium income, LIC recorded 5.90 per cent growth (against 12.78 per cent growth in the previous year). While renewal premium accounted for 58 per cent of the total premium collected, the remaining was new business premium.
The general insurance industry, including standalone health insurers, underwrote total direct premium of ₹150,662 crore last year, against ₹128,128 crore during 2016-17. The growth, however, came down to 17.59 per cent against 32.94 per cent in the previous year.
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