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Life insurers register 33% growth in new premium income at Rs 18,209 crore in Feb

Friday, March 15, 2019

India's life insurance industry witnessed a rise of 32.7% in its collective new premium income at Rs 18,209.50 crore during February 2019, data from Irdai showed.

The life insurers had collected first-time premium worth Rs 13,724.96 crore in same month a year ago.

Insurance behemoth LIC, which has the largest market share of 66.26%, registered a growth of 42.2% in its new year premium at Rs 12,055.81 crore during the month, according to Insurance Regulatory and Development Authority of India (Irdai) data.

The rest of the 23 market players in life insurance business (market share 33.74%) collected premium of Rs 6,153.70 crore from new customers, witnessing a rise of 17.25% from a year ago.

Among the private sector insurers, SBI Life's new business premium grew 49% to Rs 1,055.32 crore during the month, ICICI Prudential Life 33.1% to Rs 1,039.14 crore and Aditya Birla Sun Life 21.6% to Rs 222.26 crore.

Aviva Life new business premium jumped 59.3% to Rs 48.26 crore, Max Life 23.7% to Rs 529.77 crore, and Kotak Mahindra Life collected new premium of Rs 403.01 crore, witnessing 15.25% growth from a year ago.

Of the players that registered dip in their new premium income were HDFC Life at Rs 1184.46 crore, down by 0.54% from a year ago; DHFL Pramerica Life at Rs 65.01 crore, down 51.7%; Bharti AXA Life at Rs 78.62 crore, down 98%; and Bajaj Allianz Life at Rs 328.48 crore, down 11%.

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