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Life insurance industry saw 17.78% increase in Asset under Management (AUM) during the financial year 2016-17, aided by the good growth in the equity market and inflows post demonetisation. During the year, total AUM grew to Rs 29.80 lakh crore from Rs 25.3 lakh crore in the previous year.
The trend of private sector companies being net sellers continued in 2016-17. Private sector insurers were net sellers of Rs 438 crore. While the country’s largest insurer Life Insurance Corporation was a net buyer of Rs 16,400 crore. Equity at market value was Rs 7.56 lakh crore as on March 31, 2017 up from Rs 5.95 lakh crore in March 31, 2016. Mostly, insurance companies invest in line with the index.
Insurance companies, which saw fresh inflow coming into Ulips this year as investor sentiment turned positive on equities. While the total business premium income grew 14.2% to Rs 4.18 lakh crore, renewal premium grew by 6.6% to Rs 2.42 lakh crore from Rs 2.27 lakh crore.
Insurance companies invest a large chunk of premium in government securities, which grew 15.2% to Rs 21.67 lakh crore from Rs 18.81 lakh crore. Assets under non-linked portfolio grew 18.98% to Rs 25.70 lakh crore, while linked portfolio grew 10.8% to Rs 4.09 lakh crore.
