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Photo: Reuters
Photo: Reuters

Life insurance sector's new business premium declines 3% in Dec

  • The country's largest life insurer LIC contributed 14,345.70 crore or 58% to the total premium generated during the month, data from Irdai showed
  • Private sector comprising of 23 players registered a growth 22% by earning new premium of 10.037.72 crore in December

The new business premium of life insurance industry contracted by 3% year-on-year to 24,383.42 crore in December.

The new business or the first-year premium of 24 life insurance companies was 25,079.89 crore in the same month of 2019.

The country's largest life insurer LIC contributed 14,345.70 crore or 58% to the total premium generated during the month, showed data from the Insurance Regulatory and Development Authority of India (Irdai).

LIC's new business premium declined by 15% from 16,861.98 crore in December 2019.

Private sector comprising of 23 players registered a growth 22% by earning new premium of 10.037.72 crore in December, as compared to 8217.91 crore in the year-ago period.

Among private sector life insurers, Bajaj Allianz Life's new business rose maximum by 64.18% to 686.80 crore in December 2020, over 418.32 crore a year ago.

Aditya Birla Sun Life reported over 61% increase in premium collection to 514.04 crore as against 318.55 crore, while India First posted a 54% rise to 240.10 crore.

Other insurance players like ICICI Prudential Life's new business was at 1,469.45 crore (up 32.11%); HDFC Life 1,910.27 crore (up 27%), and Max Life 768.07 crore (up 21%) in December.

The cumulative new business premium from all the insurers during the April-December period of 2020-21 contracted by 1.7% to 1,91,046.39 crore compared to 1,94,331.10 crore a year earlier.

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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