INSURANCE
Life insurers’ new premium collection up 9% in May: IRDAI
Jun-14-2018

Life insurance firm’s new premium collection rose by nearly 9% to Rs 12,838.24 crore in May 2018 against Rs 11,801.01 crore in May 2017 as per IRDAI data. Out of 24 life insurers, new business premium of Life Insurance Corporation of India (LIC), the largest and the only state-owned life insurer, expanded by 9.49% to Rs 9,204.88 crore in May against Rs 8,406.76 crore in May 2017, the IRDAI data showed.

According to the IRDAI data, remaining 23 life insurance companies collected Rs 3,633.36 crore during the month under review, up 7.04% from the year-ago's Rs 3,394.25 crore. HDFC Standard Life's new premium collection was up by 30.82% at Rs 790.14 crore in May 2018 compared to Rs 603.97 crore in the same month last year. SBI Life's new premium rose by 11.41% at Rs 641.28 crore; Max Life by 19.63% at Rs 235.11 crore; Bajaj Allianz Life by 6.82% at Rs 214.25 crore, and Aditya Birla Sun Life by 37.73 crore at Rs 197.05 crore in May 2018. DHFL Pramerica Life registered a rise of 35.13% in its new business premium at Rs 121.02 crore, and PNB Met Life by 30.58% to Rs 95.16 crore. However, new business premium of ICICI Prudential Life dropped 24.51% at Rs 548.56 crore; Kotak Mahindra Old Mutual Life Insurance's by 2.15% at Rs 205.76 crore, and Canara HSBC OBC Life's down by 42.61% at Rs 46.07 crore. India First Life new premium was down 11.01% at Rs 62.35 crore while Sahara Life's new premium fell 98.17% to Rs 2 lakh in May.

Cumulatively, the gross new business premium of all life insurers rose by 7.08% to Rs 20,118.22 crore during April-May of the current fiscal year. For LIC, the new business during first 2 months of this fiscal was up by 5.66% at Rs 13,560.15 crore. While, private sector player’s cumulative new premium grew by 10.13% to Rs 6,558.07 crore.



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