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Life insurance companies business from new premium rose by 59% to Rs. 14,285.20 crore in August this year. The 24 life insurers had clocked in Rs. 8,982.59 crore as new business premium during the same month a year ago. Of the total business generated from new premium in August, LIC, the country's largest and the only state-owned life insurer, garnered Rs. 10,713.55 crore, 92% higher than year ago's Rs. 5,587.67 crore.
The data were released by the Insurance Regulatory and Development Authority of India (IRDAI). The rest of the new business premium of Rs. 3,571.65 crore was generated by 23 private insurers, up 5.2% from August 2015.
Among the private life insurance companies, SBI Life registered a growth of 54.6% in new premium at Rs. 822.28 crore in August 2016 and ICICI Prudential Life's business grew 13.7% at Rs. 732.81 crore. New collection of Max Life rose 23.9% to Rs. 253.05 crore and Bajaj Allianz witnessed a rise of 24.4% at Rs. 187.85 crore, showed the IRDAI data.
Future Generali Life's new business premium increased by 52.4% to Rs. 21.62 crore while that of DHFL Pramerica Life were higher by 24.9% at Rs. 68.11 crore. However, HDFC Standard Life registered a fall of 1.67% in new business during the month at Rs. 546.34 crore and Reliance Nippon Life's business slumped 83% at Rs. 58.43 crore.
Others registering fall in new collection included Birla Sun Life at Rs. 122.05 crore (from Rs. 181.44 crore); Star Union Dai-Ichi Life at Rs. 35.61 crore (from Rs. 49.19 crore) and Aegon Life Rs. 4.54 crore (against Rs. 12.76 crore).The cumulative new business during April-August of all the 24 life insurers rose 29.6% at Rs. 59,468.75 crore.
