Life insurers' new premium up 6% to Rs 16,995 cr in November: Irdai

Published On: 12, Dec 2017 | Source:

The first year of the companies grew by a marginal 5.8 per cent to Rs 16,994.95 crore in November, data from showed.

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 in the same month a year ago.

State-owned LIC registered a fall of over 1.5 per cent in new collection at Rs 12,336.53 crore during the month, as per the data released by the Regulatory and Development Authority of (Irdai).

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, Life's first year grew 20.6 per cent to Rs 880.99 crore; Standard Life Rs 854.47 crore (up 64 per cent) and 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 First Life (Rs 129 crore).

Cumulatively, the total first year 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 collection in the eight months to November was up 20 per cent at Rs 90,314.25 crore.

Private players' total till November increased 16 per cent to Rs 32,622.33 crore, showed the data.