According to data from the Insurance Regulatory and Development Authority of India (IRDAI), the new premium income of life insurance companies reduced by a total of 16.28% to Rs.17,490.68 crore in September 2018. In comparison, life insurance firms had earned an income to the tune of Rs.20,892.07 crore from new insurance policies in the year-ago period.
Life Insurance Corporation of India’s (LIC) premium income from new business reduced by almost 30% to Rs.10,778.81 crore in September 2018. In comparison, LIC had earned a premium income of Rs.15,302.99 crore in September 2017.
Private sector life insurance firms, however, reported a 20% increase in the new business premium. The 23 private sector insurance companies together earned a premium income of Rs.6,711.86 crore during the period under review, in comparison to Rs.5,589.08 crore in the same month during the last financial year.
SBI Life Insurance saw a 36.35% increase in its new business premium at Rs.1,115.11 crore, in comparison to Rs. 817.81 crore in the year-ago period. HDFC Standard Life Insurance’s new business premium increased by 30.45% to Rs. 1,459.80 crore, while ICICI Prudential Life’s new business premium increased by 11.47% to Rs.831.24 crore.
Aditya Birla Sun Life witnessed a 50.58% rise in its new business premium at Rs.541.27 crore, while Tata AIA Life Insurance saw a 57.81% increase in its premium income at Rs.182.32 crore. Max Life Insurance’s new business premium income rose by 25.39% to Rs.463.49 crore. Edelweiss Tokio Life Insurance also witnessed a 67.11% increase in its new business premium to Rs.40.68 crore.
IndiaFirst Life Insurance saw a 279.43% increase in its new business premium income to Rs.345.36 crore in September 2018, in comparison to Rs.91.02 crore in the year-ago period.
Bajaj Allianz Life Insurance and DHFL Pramerica Life Insurance registered a 40.54% and 6.53% decrease in premium income from new business at Rs.500.21 crore and Rs.110.64 crore, respectively.
The total premium collection of all 24 life insurance companies increased by a total of 1.1% to Rs.93,079.03 crore during the April-September quarter of the current financial year, in comparison to Rs.92,065.36 crore in the year-ago period.
Sources: The Times of India, The Economic Times