32.6% fall in first year premium income of life insurers

Life insurance companies have posted a 32.60 per cent decline in first year premium income in April, due to the lockdown. Total first year premium income fell to Rs 6,727 crore in April 2020 from Rs 9,981 crore in the same month last year. Life Insurance Corporation’s first year premium income fell 32.01 per cent to Rs 3,581 crore from Rs 5,267 crore a year ago.

The total first year premium income of private insurers fell by 33.26 per cent to Rs 3,146 crore from Rs 4,713 crore. ICICI Prudential’s first year premium income declined to Rs 256 crore from Rs 633 crore and HDFC Standard’s to Rs 668 crore from 1,422 crore. SBI Life managed to arrest the fall with a new premium income of Rs 917 crore as against Rs 913 crore a year ago, while Bajaj Allianz reported a 43 per cent increase to Rs 314 crore during April.

Source: The Indian Express