The Indian life insurance market [4] recorded a 12.75% 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% of life premium income in the year 2019-2020. The remaining 33.78% were achieved by the 23 other private life insurers. This percentage is roughly equal to that of the previous year set at 33.58%.
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% compared to the 84.36 billion INR (1.21 billion USD) recorded one year earlier.
The private sector posted results degrading by 12.7% 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).