The new premium of life insurance companies increased by 47.4 per cent to Rs 20,427.68 crore in July, data from sector regulator Irdai shows.
The new premium of life insurance companies increased by 47.4 per cent to Rs 20,427.68 crore in July, data from sector regulator Irdai shows. Comparatively, all the 24 life insurers in the country had earned Rs 13,854.44 crore as insurance premium from new business in July 2016. Country’s largest and the only public sector insurer LIC reported an increase of 51.4 per cent in premium during the month at Rs 16,254.91 crore as against Rs 10,737.92 crore in July 2016. For the rest 23 private sector players, the total business premium last month increased 34 per cent to Rs 4,172.76 crore from Rs 3,116.52 crore, the Insurance Regulatory and Development Authority of India (Irdai) data showed.
While SBI Life’s premium income rose 25.3 per cent to Rs 847.91 crore, ICICI Prudential Life earned new premium income of Rs 759.08 crore, up 34.2 per cent from July 2016.
HDFC Standard Life reported an increase of 68.8 per cent at Rs 880.29 crore as against Rs 521.43 crore in the year-ago period. Birla Sun Life witnessed a rise of 57.2 per cent at Rs 195.61 crore and Canara HSBC OBC Life stood at Rs 99.87 crore, up 75 per cent from the year-ago period. Sahara Life’s premium income showed no value against Rs 2.27 crore in July 2016.
Cumulative premium collection by all insurers during April-July of 2017-18 rose 18 per cent to Rs 53,659.66 crore from Rs 45,247 crore in the same period last fiscal, according to the data.