Life insurers' new business premium up 28% in January

The new business premium of life insurance companies grew by 27.8%to Rs 13,138.10 crore in January, compared with the year-ago month. The new business, or the first-year premium of life insurance companies, stood at Rs 10,283.89 crore in January 2016. State-owned LIC, the country's largest life insurer, contributed Rs 8,724.59 crore or 66.4 percent to the total premium generated during the month, showed data from Insurance Regulatory and Development Authority of India (Irdai). LIC's new business premium stood at Rs 6,720.28 crore in January 2016.

Out of the total Rs 13,138.10 crore, other 23 private sector life insurance firms contributed Rs 4,413.50 crore as new premium income for the January month this year. They recorded a rise of 23.8 percent in first year premium against Rs 3,563.60 crore in January 2016. Among private sector life insurers, SBI Life's new business rose by 62.7 percent to Rs 1,094.54 crore in January 2017, as against Rs 672.07 crore a year ago. ICICI Prudential Life new business was at Rs 775.41 crore, up 25.3 percent; HDFC Standard Life Rs 733.58 crore, up 33.7 percent and that of    Max Life Rs 235.48 crore, an increase of 2.3 percent. Among others, Bajaj Allianz Life premium recorded at Rs 305.99 crore (from Rs 265.60 crore); Reliance Nippon Life Rs 85.90 crore (against Rs 79.92 crore); Tata AIA Life Rs 105.51 crore (from Rs 67.66 crore) and that of Birla Sun Life Rs 153.99 crore (Rs 125.89 crore in January 2016).

However, the total number of policies/schemes in January in terms of first year premium of life insurance companies came down to 23,40,560 from 23,60,809 a year ago. There are a total of 24 life insurers in the country, of which only one LIC, is state owned. The cumulative new business premium from all the insurers during April-January period of 2016-17 rose to Rs 1,29,555.09 crore against Rs 95,871.62 crore a year earlier.