New premium of life insurance firms rises 3.7% to ₹21,390 cr in January

New Delhi: The new business premium of life insurance companies grew 3.72 per cent at ₹21,389.70 crore in January 2021, data from Irdai showed on Monday.

All the 24 life insurance companies had collected s total first-year or new business premium of ₹20,623.01 crore in year-ago same period, January 2020.

Of these, the country' largest life insurer LIC registered a fall of 2.43 per cent in new business premium during the month to ₹13,143.64 crore as against ₹13,470.91 crore in the year-ago month, according to the Insurance Regulatory and Development Authority of India (Irdai) data.

The remaining 23 private sector players in the life insurance sector collected ₹8,246.06 crore as first-year premium, up by 15.30 per cent from a year ago. Among those in the private sector, SBI Life witnessed a 14.54 per cent rise in new business premium at ₹1,875.16 crore in January, while that of HDFC Life grew 16.55 per cent to ₹1,723.50 crore. ICICI Prudential Life's premium rose 18.20 per cent to ₹1,239.12 crore.

Max Life's first-year premium was up by 15.05 per cent to ₹638.28 crore, Kotak Mahindra Life ₹497.90 crore, up by 28.35 per cent; Canara HSBC OBC Life witnessed 47.49 per cent jump at ₹163.51 crore; Tata AIA Life rose 8.43 per cent to ₹354.41 crore and Bajaj Allianz Life registered a 7.60 growth to ₹508.44 crore.

However, India First Life had a decline of 16.80 per cent in new premium income to ₹142.58 crore; Future Generali Life's premium plunged 60.27 per cent to ₹40.10 crore, showed the Irdai data.

On a cumulative basis, the collective new business premium of all the 24 life insurance companies was down 1.17 per cent to ₹2,12,436.09 crore during the April-January period of 2020-21.

LIC's cumulative new business premium during these 10 months was down 4.89 per cent to ₹1,43,148.07 crore.

While the cumulative first-year premium of the rest of 23 players witnessed a growth of 7.51 per cent at ₹69,288.02 crore during April-January FY21. State-owned LIC had the largest market share of 67.38 per cent as of January 31, 2021.

The rest of 23 players had the remaining 32.62 per cent share.

Source: Live Mint