Life insurance companies’ business from new premium rose by 59 per cent to Rs 14,285.20 crore in August this year.
The 24 life insurers had clocked in Rs 8,982.59 crore as new business premium during the same month a year ago.
Of the total business generated from new premium in August, LIC – Country’s largest and the only state-owned life insurer – garnered Rs 10,713.55 crore, 92 per cent higher than year ago’s Rs 5,587.67 crore.
The data were released by the Insurance Regulatory and Development Authority of India (Irdai).
The rest of the new business premium of Rs 3,571.65 crore was generated by 23 private insurers, up 5.2 per cent from August 2015.
Among the private life insurance companies, SBI Life registered a growth of 54.6 per cent in new premium at Rs 822.28 crore in August 2016 and ICICI Prudential Life’s business grew 13.7 per cent at Rs 732.81 crore.
New collection of Max Life rose 23.9 per cent to Rs 253.05 crore and Bajaj Allianz witnessed a rise of 24.4 per cent at Rs 187.85 crore, showed the Irdai data.
Future Generali Life’s new business premium increased by 52.4 per cent to Rs 21.62 crore while that of DHFL Pramerica Life were higher by 24.9 per cent at Rs 68.11 crore.
However, HDFC Standard Life registered a fall of 1.67 per cent in new business during the month at Rs 546.34 crore and Reliance Nippon Life’s business slumped 83 per cent at Rs 58.43 crore.
Others registering fall in new collection included Birla Sun Life at Rs 122.05 crore (from Rs 181.44 crore); Star Union Dai-Ichi Life at Rs 35.61 crore (from Rs 49.19 crore) and Aegon Life Rs 4.54 crore (against Rs 12.76 crore).
The cumulative new business during April-August of all the 24 life insurers rose 29.6 per cent at Rs 59,468.75 crore.
LIC’s business till August rose 35.8 per cent to Rs 44,045.69 crore and the private life insurers clocked a cumulative new business premium of Rs 15,423 crore, up 14.8 per cent from year ago.