The Indian life insurance market recorded a 12.75 percent turnover increase during the fiscal year 2019-2020, ending 31 March 2020.
The premiums went from 5 080 billion INR (73.01 billion USD) at 31 March 2019 to 5 730 billion INR (76.15 billion USD) one year later.
Life Insurance Corporation of India (LIC), the only state-owned company in the market, accounted for 66.22 percent of life premium income in the year 2019-2020. The remaining 33.78 percent were achieved by the 23 other private life insurers. This percentage is roughly equal to that of the previous year set at 33.58 percent
During the period under review, the net profit reported by all Indian life insurance companies amounted to 77.28 billion INR (1.02 billion USD), a decrease of 8.4 percent compared to the 84.36 billion INR (1.21 billion USD) recorded one year earlier.
The private sector posted results degrading by 12.7 percent set at 50.16 billion INR (666.69 million USD). The net profit generated by LIC during the year 2019-2020 amounted to 27.13 billion INR (360.59 million USD