INSURANCE
Life insurers' new premium income down 16% in September
Oct-15-2018

In September 2018, Life insurers' premium income from new business fell to Rs 17,490.68 crore from Rs 20,892.07 crore in September 2017, showing a decrease of 16.28%, according to Insurance Regulatory and Development Authority of India (IRDAI) data. Of the all 24 life insurance companies, state-owned LIC witnessed a fall of around 30% as premium income from new policies to Rs 10,778.81 crore in September as against Rs 15,302.99 crore in the same month previous year, the IRDAI data showed.

However, remaining 23 private sector players recorded an increase of 20% in their new business premium or the first year premium at Rs 6,711.86 crore during the month under review from Rs 5,589.08 crore in year-ago period. SBI Life witnessed a jump of 36.35% in new premium at Rs 1,115.11 crore as against Rs 817.81 crore year ago. HDFC Standard Life’s new premium rose by 30.45% at Rs 1,459.80 crore; ICICI Prudential Life by 11.47% at Rs 831.24 crore; Aditya Birla Sun Life by 50.58% at Rs 541.27 crore; Max Life by 25.39% at Rs 463.49 crore; Tata AIA Life by 57.81% at Rs 182.32 crore; and Edelweiss Tokio Life by 67.11% at Rs 40.68 crore. India First Life recorded a jump of 279.43% in new premium collection to Rs 345.36 crore during the month as against Rs 91.02 crore in September 2017. Those who registered a fall in new business premium included Bajaj Allianz Life down 40.54% at Rs 500.21 crore and DHFL Pramerica Life down 6.53% at Rs 110.64 crore.

Cumulatively, the overall premium collection by all the 24 players grew by 1.1% to Rs 93,079.03 crore during April-September period of 2018-19, up from Rs 92,065.36 crore in same period of 2017-18. For LIC, the April-September new business premium has come down by 6.95 per cent to Rs 63,480.68 crore from Rs 68,224.29 crore a year ago. For the rest of private players the cumulative new premium income till September this fiscal registered a growth of 24.15% at Rs 29,598.35 crore from Rs 23,841.06 crore.

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