Private life insurers have begun the new fiscal on a positive note with their first year premium collections recording 19 per cent growth in April to Rs 1,334 crore (against Rs 1,125 crore in the same month last year).
Although way behind Life Insurance Corporation, the private insurers’ performance was largely led by SBI Life, HDFC Standard Life, Max Life and Reliance Life.
Also, most private life insurers riding on bancassurance tie-ups did well in April 2013 on a year-on-year basis.
SBI Life’s first year premium collections were up 65 per cent to Rs 285 crore (Rs 173 crore), HDFC Life was up 44 per cent to Rs 160 crore (Rs 114 crore), official data released by IRDA showed.
While Max Life first year premium grew 15 per cent to Rs 113 crore (Rs 98 crore), Reliance Life’s performance was up 29 per cent at Rs 111 crore (Rs 86 crore).
However, ICICI Prudential’s first year premium collection declined 39 per cent to Rs 102 crore (Rs 169 crore). Birla Sunlife and MetLife’s collections declined 37 per cent and 44 per cent respectively.
India First recorded a 268 per cent increase in collections to Rs 83 crore (Rs 22 crore). Bajaj Allianz first year premium collections in April were up 14 per cent to Rs 101 crore (Rs 89 crore).