Life insurers’ premium from new polices up 6 pc to Rs 18,639 crore in August

New premium collection of life insurers grew by 6.43 per cent to Rs 18,639.29 crore in August compared to the year-ago month, according to the figures released Wednesday by insurance regulator IRDAI.

Life insurance companies had collected a total premium of Rs 17,513.59 crore in August 2017.

Of all the 24 life insurance companies, state-owned LIC of India witnessed a decline of 1.94 per cent in its new business premium to Rs 13,122.12 crore during the month.

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The rest of the 23 private sector insurers registered a rise of 33.55 per cent in their collective gross premium to Rs 5,517.17 crore during the month as against Rs 4,131.29 crore in August 2017.

SBI Life’s premium collection rose by 38.45 per cent to Rs 1,135.71 crore, HDFC Standard Life’s by 37.75 per cent to Rs 1,034.44 crore, and ICICI Prudential Life by 19.63 per cent to Rs 918.99 crore.

New business premium of Aditya Birla Sun Life Insurance increased by 104 per cent to Rs 282.40 crore in August this year, Bajaj Allianz Life rose by 92.43 per cent to Rs 418.17 crore, India First up by 54 per cent to Rs 111.67 crore and Tata AIA Life by 87.6 per cent to Rs 174.74 crore.

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New premium collection of Aviva Life, however, dropped by 73.08 per cent to Rs 11.73 crore, Future Generali India Life by 11.82 per cent to Rs 60.22 crore, IDBI Federal Life by 7.45 per cent to Rs 52.43 crore.

For Sahara Life, Irdai data showed that the insurer earned nil new premium, a fall of 96.72 per cent from Rs 0.14 crore, in the year ago period.

On a cumulative basis, the gross new premium collection by all insurance companies rose by 6.20 per cent to Rs 75,588.35 crore during April-August period of 2018-19. It was at Rs 71,173.29 crore during the same period of the previous year.

For LIC, the cumulative business from new policies fell by 0.41 per cent to Rs 52,701.86 crore while the cumulative premium of the 23 private sector players saw their collective premium increase by 25.39 per cent to Rs 22,886.48 crore in five months to August 2018-19.