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Life Insurers Record Six Per Cent Growth In New Premium Income: IRDAI

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Life Insurers Record Six Per Cent Growth In New Premium Income: IRDAI
Himali Patel - 21 August 2019

According to a latest data shared by the Insurance Regulatory and Development Authority of India (IRDAI), new premium income for all 24 life insurers witnessed a collective 6.38 per cent growth of Rs. 21,509.25 crore in July 2019 from Rs. 20,219.26 crore in July 2018. The biggest life insurer LIC, which holds a market share of 73.17 per cent as per premium, saw a growth of 3.10 per cent in new premium at Rs. 15,311.87 crore in July 2019 compared to Rs. 14,851.77 crore in July 2018. For private sector players, the growth rose to 15.46 per cent from Rs. 5,367.49 crore in July 2018 to Rs. 6,197.37 crore in July 2019.

Private insurers like HDFC Life saw a growth of 25.81 per cent in its new premium income at Rs. 1,402.81 crore for July 2019, ICICI Prudential Life rose 17.72 per cent at Rs. 943.96 crore, Tata AIA Life saw a growth of 74.60 per cent at Rs. 241.34 crore and Future Generali Life rose 75.25 per cent at Rs. 69.41 crore. Exide Life registered 18 per cent growth at Rs. 68.03 crore and Bajaj Allianz Life rose 15.31 per cent in terms of its new premium income.

However, new premium income for some of the private players like Aegon Life declined by 17.84 per cent at Rs. 6.95 crore, Aviva Life plunged by 25.44 per cent at Rs. 11.28 crore, DHFL Pramerica Life fell by 64.50 per cent at Rs. 52.70 crore, and IDBI Federal Life declined by 14.75 per cent at Rs. 47.91 crore. A new premium income here is a total of individual single premium, individual non-single premium, group single premium, group non-single premium and group yearly renewable premium. During the April-July period of the fiscal year 2019-20, the new premium income cumulatively of all 24 players rose 44.25 per cent at Rs. 82,146.47 crore.

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