New premium of life insurers rises 3.7%

The country’ largest insurer Life Insurance Corporation registered a fall of 2.43% year on year in new business premium during January

NEW DELHI: The new business premium of life insurance companies grew 3.72% at Rs 21,389.70 crore in January 2021, data from Irdai showed on Monday.

All the 24 life insurance companies had collected s total first-year or new business premium of Rs 20,623.01 crore in year-ago same period, January 2020.

Of these, the country' largest life insurer LIC registered a fall of 2.43% in new business premium during the month to Rs 13,143.64 crore as against Rs 13,470.91 crore in the yearago month, according to the Insurance Regulatory and Development Authority of India (Irdai) data.

The remaining 23 private sector players in the life insurance sector collected Rs 8,246.06 crore as first-year premium, up by 15.30% from a year ago.

Among those in the private sector, SBI Life witnessed a 14.54% rise in new business premium at Rs 1,875.16 crore in January, while that of HDFC Life grew 16.55% to Rs 1,723.50 crore. ICICI Prudential Life's premium rose 18.20% to Rs 1,239.12 crore.

Max Life's first-year premium was up by 15.05% to Rs 638.28 crore, Kotak Mahindra Life Rs 497.90 crore, up by 28.35%; Canara HSBC OBC Life witnessed 47.49% jump at Rs 163.51 crore; Tata AIA Life rose 8.43% to Rs 354.41 crore and Bajaj Allianz Life registered a 7.60 growth to Rs 508.44 crore.

However, India First Life had a decline of 16.80% in new premium income to Rs 142.58 crore; Future Generali Life's premium plunged 60.27% to Rs 40.10 crore, showed the Irdai data.