Mixed bag for insurance companies following demonetisation

0
616

Demonetisation has impacted insurance companies across the country, and while the business of some companies has been hit, others registered phenomenal growth. According to data released by IRDAI, companies like ICICI Prudential, Birla Sun Life, Max Life, and HDFC Standard Life saw growth ranging between 12.6% and 48%.

insurance
LIC saw premiums go down by over Rs.900 crore vis-a-vis Feb 2016.

ICICI Prudential registered the highest growth, gaining 48% in terms of premiums compared to the previous year (Year-on-year growth). It had premiums worth Rs.884.98 crore in the month of February.

Similarly, Birla Sun Life registered a growth of 26%. HDFC Standard Life and Max Life registered growths of 14% and 12.6% in their premiums respectively.

Insurance companies which saw jump in premiums in February 2017

Insurer Premiums in Feb 2016 (Rs.) Premiums in Feb 2017 (Rs.)
ICICI Prudential Life 599.30 crore 884.98 crore
HDFC Standard Life 580.41 crore 660.06 crore
Max Life 301.55 crore 339.28 crore
Kotak Mahindra Old Mutual Life 177.98 crore 229.58 crore
Birla Sun Life 111.77 crore 142.43 crore
PNB Met Life 89.99 crore 104.21 crore
IDBI Federal Life 50.46 crore 74.81 crore

 

The other side of the spectrum saw insurers like Bharti AXA Life, Bajaj Allianz, Canara HSBC OBC Life, Aviva Life and Aegon Life register a drop in premiums compared to February 2016.

Insurer Premiums in Feb 2016 (Rs.) Premiums in Feb 2017 (Rs.)
LIC 7,806.41 crore 6,847.59 crore
Bajaj Allianz Life 216.14 crore 177.51 crore
Canara HSBC OBC Life 196.42 crore 82.11 crore
Reliance Nippon Life 102.24 crore 77.46 crore
Aviva Life 22.35 crore 20.26 crore
Bharti AXA Life 47.03 crore 43.40 crore

LIC continued to be the most popular option, despite it losing a significant amount in terms of premiums compared to the previous year.

The month of February saw an overall decline in premiums, with Rs.10,791 crore collected against Rs.11,296.22 crore in February 2016.

All information, including but not limited to news articles, published on this website are strictly for general information purpose only. BankBazaarnews.com does not provide any warranty about the authenticity and accuracy of such information. BankBazaarnews.com will not be held responsible for any loss and/or damage that may arise or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for any product may vary from the information mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

Copyright reserved © 2018 A & A Dukaan Financial Services Private Ltd. All rights reserved.

LEAVE A REPLY

Please enter your comment!
Please enter your name here