Private insurance companies have seen healthy growth in profits in 2015-16. ICICI Prudential Life Insurance posted the highest profit of Rs 1,650 crore.
However, industry players said growth in individual premiums was a cause for concern. Life insurance companies have seen slower growth in individual first-year premiums for 2015-16. While individual first-year premiums saw 5 per cent growth in 2015-16 over 2014-15, group premiums grew 39 per cent. This led to 23 per cent growth overall in 2015-16. According to provisional data from the Life Insurance Council, life insurers collected premiums of Rs 1.38 lakh crore in 2015-16, up from Rs 1.13 lakh crore in 2014-15. Life Insurance Corporation of India (LIC) posted 25 per cent growth in first-year premiums. Private insurers clocked 18 per cent growth and collected Rs 40,983 crore in premium.