Life insurance companies registered a 21 per cent rise in new business premium to Rs 22,425.21 crore in February 2021, according to data from insurance regulator Irdai. The 24 life insurance companies in the country had their collective new business premium of Rs 18,533.19 crore in the same month a year ago.
Among these, the country’s largest and the only state-run insurer LIC posted a 24.18 per cent jump in new premium income at Rs 12,920.57 crore during the reported month, against Rs 10,404.68 crore in the year-ago month, showed the data from the Insurance Regulatory and Development Authority of India (Irdai).
The rest of 23 players in the private sector witnessed a 16.93 per cent rise in their collective premium at Rs 9,504.64 crore as against Rs 8,128.51 crore a year ago, showed the data.
Among the private players, SBI Life posted a 62 per cent jump in its new business premium in February at Rs 1,750.73 crore; HDFC Life up 20 per cent at Rs 1,895.94 crore; Kotak Mahindra Life Rs 640.26 crore, up by 35.5 per cent; and Max Life rose 31 per cent to Rs 731.80 crore. Canara HSBC OBC Life also witnessed a 56 per cent jump in its new business premium, at Rs 186.99 crore.
Bajaj Allianz Life’s premium was up 50.3 per cent at Rs 692.86 crore during the month, Future Generali Life jumps 32.1 per cent at Rs 71.61 crore, while India First Life posted a 24 per cent rise at Rs 185.50 crore.
However, ICICI Prudential Life posted a 19 per cent decline in new premium income at Rs 1,737.03 crore during the month, Pramerica Life witnessed a 32.1 per cent fall to Rs 23.18 crore; and Tata AIA Life was down 0.86 per cent to Rs 354.12 crore. Aegon Life’s new business premium plunged 59 per cent to Rs 2.85 crore, Aditya Birla Sun Life fell 12.67 per cent to Rs 360.37 crore, and Exide Life dropped 12.8 per cent to Rs 82.66 crore.
Cumulatively, the new business premium during April-February 2020-21 of all the players was up by a marginal 0.59 per cent at Rs 2,34,861.30 crore.
LIC’s April-February new premium was down 3.01 per cent at Rs 1,56,068.64 crore. However, the private sector saw a total increase of 8.56 per cent to Rs 78,792.66 crore in the 11th month of FY21.