New business premium collection by the life insurance industry has grown 2.41 percent to Rs 1.41 trillion as of December, show the data released by the apex industry body.
The industry collected Rs 1,41,584 crore as against Rs 1,38,253 crore last year, the Life Insurance Council said in a statement.
The individual new business booked was Rs 63,356 crore as against Rs 62,739 crore in the same month last year, showing a growth of a paltry 1 percent.
The group new insurance business showed a faster growth of 3.59 percent, with the overall business increasing to Rs 78,228 crore from Rs 75,514 crore a year ago.
The state-run behemoth LIC led both in new business premium collection with a 66.49 percent market share and also new business by policies with a 73.33 percent share of the pie, it said.
HDFC Life came second on the new business premium collection front with a 7.02 percent market share, and SBI Life was came next with a 5.78 percent market share, the statement said.