Life Insurance Individual Death Claims Data (2018-19) The LIC of India reported a profit after tax of Rs 2,688 crore. Out of the twenty-four life insurers in operations during 2018-19 twenty companies reported profits. During the financial year 2018-19, the life insurance industry reported a profit after tax of Rs 8,435 crore as against Rs 8,511 crore in 2017-18.The market share of private insurers has increased from 30.64 percent in 2017-18 to 33.58 percent in 2018-19. On the basis of total premium income, the market shares of LIC decreased from 69.36 percent in 2017-18 to 66.42 percent in 2018-19.On the other hand, the growth in premium from traditional life insurance products was at 9.65 percent.

The Unit-linked products (ULIPs) registered a growth of 17.42 percent premium from Rs 64,850 crore in 2017-18 to Rs 76,152 crore in 2018-19.In comparison, the contribution of single premium income in total premium income during 2018-19 was 18.04 percent for private insurance companies (15.58 percent in previous year). Single premium products continue to play a major role for LIC as they contributed 32.89 percent of LIC’s total premium income (33.48 percent in previous year).The Private sector insurers posted 21.37 percent growth (19.15 percent growth in previous year) in their premium income, LIC recorded 6.06 percent growth (5.9 percent growth in previous year).Life insurance industry recorded a premium income of Rs 5,08,132 crore during 2018-19 as against Rs 4,58,809 crore in the previous financial year, registering growth of 10.75 percent.

India’s share in global life insurance market was 2.61 percent during 2018.

In life insurance business, India is ranked 10th among the 88 countries, for which data is published by Swiss Re.

At the end of March 2019, there are 70 insurers operating in India of which 24 are life insurers, 27 are general insurers, 7 are Standalone health insurers exclusively doing health insurance business and 12 are re-insurers including foreign re-insurers branches and Lloyd’s India.

(Insurance penetration is measured as the percentage of insurance premium to GDP, insurance density is calculated as the ratio of premium to population (per-capita premium.)) Life Insurance Business in India in 2018-1 9 Its density has gone up from USD 9.1 in 2001 to USD 55 in 2018. But, the percentage of penetration have been decreasing when compared to the decade back levels. The penetration of Life insurance sector in the country has gone up from 2.15 in 2001 to 2.74 in 2018.

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