The first year premium
of the life insurance
companies grew by a marginal 5.8 per cent to Rs 16,994.95 crore in November, data from Irdai
All the 24 life insurers - one state-owned and 23 private sector players - had collected Rs 16,061.40 crore as new or the first year business premium
in the same month a year ago.
State-owned LIC registered a fall of over 1.5 per cent in new premium
collection at Rs 12,336.53 crore during the month, as per the data released by the Insurance
Regulatory and Development Authority of India
The private players together clocked Rs 4,658.42 crore during November, up 32 per cent from Rs 3,533.33 crore a year ago.
Among the major private players, SBI
Life's first year premium
grew 20.6 per cent to Rs 880.99 crore; HDFC
Standard Life Rs 854.47 crore (up 64 per cent) and ICICI
Prudential Life Rs 783.88 crore (up 5.8 per cent).
Of several others, Max Life collected Rs 330.50 crore as new premium, Kotak Mahindra Old Mutual Fund (Rs 215.76 crore), PNB Met Life (Rs 116.66 crore) and India
First Life (Rs 129 crore).
Cumulatively, the total first year premium
of all the 24 life insurers during April-November 2017-18 stood at Rs 1,22,936.59 crore, up 18.9 per cent from Rs 1,03,404.60 crore.
LIC's cumulative new premium
collection in the eight months to November was up 20 per cent at Rs 90,314.25 crore.
Private players' total premium
till November increased 16 per cent to Rs 32,622.33 crore, showed the Irdai