A life insurance application form (Source: Investment Zen/Flickr) 

Life Insurers See 15% Rise In New Premium In June

New premium collection of life insurance companies rose by nearly 15 percent to Rs 16,611.57 crore in June compared to the same month last year, according to data released by India’s insurance regulator.

All the 24 life insurers had written new gross premium of Rs 14,466.13 crore in June 2017.

New business premium of Life Insurance Corporation of India, the largest and the only state-owned life insurer, expanded by 6.9 per cent to Rs 11,167.82 crore during the month against Rs 10,450.47 crore in the same month a year earlier 2017, the data released by the Insurance Regulatory and Development Authority showed.

LIC's market share was the highest amongst all the players at 74.05 percent as on June 30, 2018.

Also read: Life Insurance Premium Collection Up Over 10% In First Quarter

The remaining 23 life insurance companies collected Rs 5,443.75 crore in June, up 35.6 percent from Rs 4,015.65 crore in June 2017.

  • HDFC Standard Life's new premium collection was up by 64 percent to Rs 1,122.71 crore in June this year compared to Rs 685.31 crore in the same month last year.
  • New premium of SBI Life rose by 26.91 percent at Rs 1,022.35 crore.
  • New premium of Max Life was up 18 percent at Rs 364.22 crore.
  • New premium of Bajaj Allianz Life rose 39.48 percent to Rs 309.81 crore.
  • New premium of Aditya Birla Sun Life jumped 97.78 percent to Rs 354.66 crore.
  • Canara HSBC OBC Life registered an increase of 79 percent in new premium collection at Rs 190.93 crore.
  • ICICI Prudential Life showed a rise of 6.48 percent at Rs 711.99 crore.
  • New premium of Kotak Mahindra Old Mutual Life Insurance up by 38.43 percent at Rs 270.81 crore.
  • New premium of India First up by 230 percent at Rs 256.03 crore.
  • IDBI Federal Life’s business premium fell 34.41 percent to Rs 47.99 crore.
  • New premium of Sahara Life fell 99.59 percent to Rs 1 lakh.
  • For Star Union Diachi Life, new premium declined 32.78 percent to Rs 35.60 crore.

Cumulatively, the gross new business premium of all life insurers rose by 10.78 percent to Rs 36,729.79 crore during April-June period of the current fiscal year.

For LIC, the new business during first three months of this fiscal was up by 6.20 percent at Rs 24,727.97 crore.