LIC new premium more than doubles in June1 min read . Updated: 14 Jul 2019, 01:35 PM IST
- Pushes industry new premium income to ₹32,241 crore in June
- During the month, LIC sold 13.32 lakh policies to collect over ₹25,000 crore in just one month
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.
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