New premium collection of life insurance companies rose by nearly 15 per cent to Rs 16,611.57 crore in June

By: | Published: July 13, 2018 9:41 PM

New premium collection of life insurance companies rose by nearly 15 per cent to Rs 16,611.57 crore in June compared to the same month last year, according to the Irdai data.

Life insures see 15% rise in new premium at Rs 16,612 cr in June

New premium collection of life insurance companies rose by nearly 15 per cent to Rs 16,611.57 crore in June compared to the same month last year, according to the Irdai data.

All the 24 life insurers had written new gross premium of Rs 14,466.13 crore in June 2017.

New business premium of Life Insurance Corporation of India (LIC), the largest and the only state-owned life insurer, expanded by 6.9 per cent to Rs 11,167.82 crore during the month against Rs 10,450.47 crore in the same month a year earlier 2017, the data released by the Insurance Regulatory and Development Authority (Irdai) showed.

LIC’s market share was the highest amongst all the players at 74.05 per cent as on June 30, 2018.

The remaining 23 life insurance companies collected Rs 5,443.75 crore in June, up 35.6 per cent from Rs 4,015.65 crore in June 2017.

HDFC Standard Life’s new premium collection was up by 64 per cent to Rs 1,122.71 crore in June this year compared to Rs 685.31 crore in the same month last year, Irdai data showed.

New premium of SBI Life rose by 26.91 per cent at Rs 1,022.35 crore; Max Life up 18 per cent at Rs 364.22 crore; Bajaj Allianz Life by 39.48 per cent at Rs 309.81 crore and Aditya Birla Sun Life by 97.78 per cent Rs 354.66 crore in June 2018.

Canara HSBC OBC Life registered an increase of 79 per cent in new premium collection at Rs 190.93 crore, ICICI Prudential Life showed a rise of 6.48 per cent at Rs 711.99 crore, Kotak Mahindra Old Mutual Life Insurance up by 38.43 per cent at Rs 270.81 crore and India First up by 230 per cent at Rs 256.03 crore.

IDBI Federal Life business premium fell 34.41 per cent at Rs 47.99 crore, Sahara Life by 99.59 per cent at Rs 1 lakh and that of Star Union Diachi Life the new premium were down by 32.78 per cent at Rs 35.60 crore.

Cumulatively, the gross new business premium of all life insurers rose by 10.78 per cent to Rs 36,729.79 crore during April-June period of the current fiscal year.

For LIC, the new business during first three months of this fiscal was up by 6.20 per cent at Rs 24,727.97 crore.

Private sector players’ cumulative new premium increased by 21.57 per cent to Rs 12,001.82 crore.

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