Business

Life insures see 15% rise in new premium in June

New Delhi, Jul 14 (Agencies) | Publish Date: 7/15/2018 12:01:45 AM IST
New premium collection of life insurance companies rose by nearly 15 percent 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 percent 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 percent as on June 30, 2018.
The remaining 23 life insurance companies collected Rs 5,443.75 crore in June, up 35.6 percent from Rs 4,015.65 crore in June 2017. HDFC Standard Life’s new premium collection was up by 64 percent 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.
The new premium of SBI Life rose by 26.91 percent at Rs 1,022.35 crore; Max Life up 18 percent at Rs 364.22 crore; Bajaj Allianz Life by 39.48 percent at Rs 309.81 crore and Aditya Birla Sun Life by 97.78 percent Rs 354.66 crore in June 2018.
Canara HSBC OBC Life registered an increase of 79 percent in the new premium collection at Rs 190.93 crore, ICICI Prudential Life showed a rise of 6.48 percent at Rs 711.99 crore, Kotak Mahindra Old Mutual Life Insurance up by 38.43 percent at Rs 270.81 crore and India First up by 230 percent at Rs 256.03 crore.
IDBI Federal Life business premium fell 34.41 percent at Rs 47.99 crore, Sahara Life by 99.59 percent at Rs 1 lakh and that of Star Union Dia Ichi Life the new premium were down by 32.78 percent at Rs 35.60 crore. Cumulatively, the gross new business premium of all life insurers rose by 10.78 percent 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 percent at Rs 24,727.97 crore.
Private sector players’ cumulative new premium increased by 21.57 percent to Rs 12,001.82 crore.

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