Home / Companies / News /  LIC new premium more than doubles in June

New Delhi: Led by LIC, life insurers' collective new premium income jumped 94% to 32,241.33 crore in June this year, according to data from Insurance Regulatory and Development Authority (Irdai).

All the 24 life insurers had written new gross premium of 16,611.57 in the same month a year ago.

The country's largest life insurer LIC, which is the only state-owned life insurance firm, witnessed more than two-fold rise in its new premium collection to 26,030.16 crore in June, from 11,167.82 crore in the same period last year.

With this high growth in business, the market share of the insurance behemoth increased to 74%. Remaining 26% has been shared by rest of the 23 private sector players operating in the space.

During the month, LIC sold 13.32 lakh policies to collect over 25,000 crore in just one month.

Private sector players witnessed an increase of 14.10% in their collective new year business premium at 6,211.17 crore in June, as compared to 5,443.75 crore collected in the year-ago month.

Among the private players, HDFC Life's new premium rose by 21% year-on-year at 1,358.45 crore; SBI Life up 28.14% at 1,310.07 crore; ICICI Prudential Life up 26% at 897.98 crore; Bajaj Allianz up 51% at 468.51 crore; Max Life up 16% at 421.87 crore; Kotak Mahindra Life up 8% at 291.89 crore and Tata AIA Life posted 90.26% rise to 258.95 crore in June.

India First Life business premium fell 54% to 119.31 crore; DHFL Pramerica Life by 65% to 48.87 crore; Aditya Birla Sun Life by 40% to 212.46 crore; and Reliance Nippon Life by 6.84% to 66.81 crore.

Cumulatively, the new premium generated by all the 24 life insurers during April-June period of this fiscal rose by 65% to 60,637.22 crore.

The April-June, 2019-20 new premium income of LIC increased by 82% to 44,794.78 crore.

The remaining private sector players' collective cumulative fresh premium rose by 32% to 15,842.44 crore in the first quarter of the current fiscal.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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