The total new business premium of life insurance companies has seen a modest increase of 4 per cent year-on-year at ₹11,107 crore in October this year.
This is after recording a strong growth of 35 per cent (at ₹76,236 crore) during the first half of the current fiscal. In September, new business premium of 24 life insurers grew 61 per cent y-o-y, at ₹16,767 crore.
In October this year, State-owed LIC reported 5 per cent decline in new premium at ₹7,572 crore (₹7,947 crore in October 2015), according to Insurance Regulatory and Development Authority of India (IRDAI) data.
However, all private insurers put together reported a 28 per cent rise in new premium at ₹3,535 crore as against ₹2,764 crore in October 2015.
Among private life insurance companies, HDFC Standard Life’s new business premium in October grew 90 per cent at ₹788 crore (₹415 crore in the year-ago period). SBI Life collected ₹603 crore, up 24 per cent, and ICICI Prudential Life mopped up 20 per cent more, at ₹528 crore.
Other life insurers who reported good growth in new premium during October include: Bajaj Allianz Life, 40 per cent (or ₹250 crore); Birla Sun Life, 52 per cent (₹227 crore); Max Life, 25 per cent (₹219 crore); and India Kotak Mahindra Old Mutual Life, 10 per cent (₹138 crore).
The cumulative new business premium during April-October 2016 of all life insurers rose 30 per cent to ₹87,343 crore, from ₹66,998 crore in the year-ago period.
LIC recorded 33 per cent growth in first year premium at ₹62,735 crore during the first seven months of this fiscal. It has a market share of about 74 per cent. SBI Life was the top performer among private life insurers with a share of about 6 per cent, followed by HDFC Standard (4.3 per cent) and ICICI Prudential Life (4.03 per cent).
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.