The Life Insurance Corporation of India (LIC) has recorded decent growth in the collections of first-year premium for fiscal 2019. The LIC announced that it has registered a rise in 5.68 per cent of the growth in premium for FY 2019 at Rs 1,42,192 crore.
The first year premium amount of the insurers has gone up by 10.73 per cent in fiscal 2019 to touch Rs 2,14,673 crore as against the previous record of Rs 1,93,866 crore during fiscal 2018.
During the previous year, the insurance firm witnessed gains in the first-year premium to the tune of 13.5 per cent.
Data released by the Insurance Regulatory and Development Authority of India (IRDAI) shows that the growth in fiscal 2019 was due to a rise in group non-single premium which rose up by 39 per cent.
The insurance firm registered a strong growth of 5.68 per cent in terms of premium as it touched Rs 1,42,192 crore. Currently, LIC enjoys the tag of the market leader in the insurance sector as it has a market share of 66.24 per cent and other players hold 33.76 per cent.
India First Life Insurance Company Ltd's MD and CEO, RM Vishakha stated that "The year was challenging indeed, with many headwinds such as markets not doing quite well. Things picked up only in the last four months for many industry players".