Life Insurers’ new biz premium up 61% to Rs 16,767 cr in September
The life insurers registered a rise of 61 per cent year-on-year in their new business premium at Rs 16,767.41 crore for September this year.
Their collective first year (or new business) premium during September 2015 stood at Rs 10,415.35 crore, data collected by the Insurance Regulatory and Development Authority showed.
Of the 24 life insurers, state-owned LIC collected new business premium of Rs 11,117.48 crore, up 65.3 per cent against last year’s Rs 6,724.88 crore a year ago. The rest together garnered Rs 5,649.92 crore as new business premium in September, up 53.1 per cent than a year earlier, the data said.
Among the private life insurance companies, SBI Life’s new business premium in September more than doubled to Rs 1,279.05 crore from Rs 549.41 crore a year ago. While that of HDFC Standard Life’s grew by 69.6 per cent to Rs 897.53 crore.
However, ICICI Prudential Life registered a decline of 36.6 per cent in the new premium at Rs 648.93 crore. The first year business premium of IndiaFirst Life jumped by over four-fold to Rs 366.39 crore and that of Bajaj Allianz Life was over three-times at Rs 442.70 crore.