Life insurers saw 3.95% growth in new premiums in June

Life insurers posted a 3.95 percent year-on-year (YoY) growth in first year premiums at Rs 30,009.48 crore for June 2021.

Here, Life Insurance Corporation of India (LIC) collected new premiums of Rs 21,796.28 crore showing a YoY decline of 4.14 percent. Private life insurers, on the other hand, collected Rs 8,213.20 crore, showing a 33.94 percent YoY growth.

Among the listed insurers, HDFC Life Insurance posted a 25.17 percent YoY rise in new premiums at Rs 1,685.66 crore for June. ICICI Prudential Life Insurance collected new premiums of Rs 1,263.19 crore, showing a YoY rise of 123.75 percent. SBI Life Insurance collected new premiums of Rs 1,767.05 crore, showing a YoY growth.

While the first three months of a financial year are considered slower periods for policy sales, there was a marginal growth in new premiums in FY22 because the same period last year was a washout owing to COVID-19 and the allied lockdown.

June quarter sees robust growth

For Q1FY21, new premiums for the life insurance industry stood at Rs 52,725.26 crore, showing a YoY growth of 6.87 percent. Here, private insurers saw 33.73 percent YoY growth at Rs 17,124.58 crore while LIC de-grew by 2.54 percent YoY to Rs 35,600.68 crore.

Among private insurers, SBI Life saw a 9.34 percent YoY growth in new premiums in Q1FY22 to Rs 3,343.89 crore. HDFC Life saw a 43.77 percent YoY growth in new premiums to Rs 3,814.56 crore while ICICI Prudential Life Insurance saw 70.63 percent YoY new premium growth to Rs 2,558.52 crore.