Life insurers’ April new premium up 51% to Rs 7,973 cr

The figure in April last year stood at Rs 5,268.30 crore. Of the total 24 life insurers, the private sector companies registered a rise of 24.2 per cent to Rs 2,094.59 crore in first month of the 2016-17 fiscal. 

In the same month of 2015-16, they had generated new premium of Rs 1,686.33 crore. While, LIC -- the only state-owned life insurer in the country -- posted a rise of 64 per cent in new business premium at Rs 5,877.95 crore during the month. In April 2015, it collected Rs 3,581.96 crore.

 Among the private sector insurers, SBI Life’s first year premium rose to Rs 432.06 crore in April, 143 per cent higher than Rs 177.96 crore in the same month year ago. The business premium of HDFC Standard Life increased by 8 per cent to Rs 302.37 crore. ICICI Prudential Life reported an increase of 20.5 per cent at Rs 277.96 crore. 

For Birla Sun Life, the business premium in April stood at Rs 91.74 crore, up 72.7 per cent from 53.11 crore year ago. However, Aviva Life’s business premium fell by 73 per cent to Rs 7.61 crore, as against Rs 28.18 crore. Likewise, PNB Met Life premium fell 12.11 per cent to Rs 48.91 crore.