LIC beats private sector players in new premium income in July; records over 3% rise at Rs 15,312 cr: IRDAI

  • All 24 life insurance companies had a collective new business premium income of Rs 20,219.26 crore in July 2018

  • LIC recorded a rise of 3.10 percent in its new premium in July at Rs 15,311.87 crore as against Rs 14,851.77 crore in the same month a year ago.

  • LIC is the largest life insurer in the country

New Delhi: New premium income of life insurers rose by over 6 percent in July to Rs 21,509.25 crore, data from the Insurance Regulatory and Development Authority of India (Irdai) showed.

All 24 life insurance companies had a collective new business premium income of Rs 20,219.26 crore in July 2018.

The largest life insurer LIC recorded a rise of 3.10 percent in its new premium in July at Rs 15,311.87 crore as against Rs 14,851.77 crore in the same month a year ago.

The rest of the private sector players had a total new premium income of Rs 6,197.37 crore during the month, an increase of more than 15 percent from a year ago, the data on monthly business figures released by Irdai showed.

 LIC beats private sector players in new premium income in July; records over 3% rise  at Rs 15,312 cr: IRDAI

Representational image.

Among the major players, the new premium income of HDFC Life registered a 26 percent jump in July at Rs 1,402.81 crore; SBI Life was up 8 percent to Rs 1,344 crore; Max Life rose 38.3 percent to Rs 444.76 crore, Aditya Birla Sun Life rose 27 percent to Rs 267 crore; Kotak Mahindra Life was up 22 percent to Rs 355 crore and Tata AIA Life's new premium income soared 75 percent to Rs 241.34 crore.

The premium income of DHFL Pramerica Life plunged by over 64 percent in July to Rs 57.20 crore; Canara HSBC OBC Life fell 24 percent to Rs 92 crore and IDBI Federal Life registered a 15 percent fall to Rs 48 crore.

Cumulatively, the insurance premium of all the 24 players grew by 44.25 percent during April-July period of the current fiscal to Rs 82,146.47 crore.

The new premium collected by LIC in the first four months of 2019-20 jumped 52 percent to Rs 60,106.66 crore, the data showed.

For the rest of the private sector players, the cumulative premium in April-July rose 27 percent to Rs 22,039.81 crore.

Updated Date: Aug 16, 2019 07:47:42 IST