Life insurers' June premium up 13%
The new business premium of life insurance companies rose 13 per cent to Rs 14,466.13 crore in June, shows data from sector regulator Irdai.
New premium income of all 24 life insurers in the country was at Rs 12,810.04 crore in June 2016.
Country's largest life insurer LIC reported an increase of 11.7 per cent in premium during the month at Rs 10,450.47 crore, as against Rs 9,354.52 crore a year ago.
For the rest 23 private sector players, the total business premium in June increased 16.2 per cent to Rs 4,015.65 crore from Rs 3,455.52 crore, the Insurance Regulatory and Development Authority of India (Irdai) data showed.
Among private players, State Bank of India Life's premium income jumped 37 per cent to Rs 805.55 crore from Rs 588.32 crore a year ago.
ICICI Prudential Life's new premium income during the month was up 12.7 per cent to Rs 668.69 crore against Rs 593.55 crore and HDFC Standard Life reported an increase of 13.4 per cent at Rs 685.31 crore.
DHFL Pramerica Life witnessed a jump of over two times in premium income at Rs 131.51 crore and Canara HSBC OBC Life stood at Rs 106.73 crore, up from Rs 80.47 crore a year ago.
Sahara Life's premium income fell to Rs 1.82 crore from Rs 2.44 crore a year ago.
Cumulative premium collection by all insurers during April-June of 2017-18 rose nine per cent to Rs 33,156.16 crore from Rs 31,392.55 crore, showed the data.