The first-year premium of life insurers has increased 6.4 per cent at Rs 19,451 crore in the first quarter ended June 30, compared with Rs 18, 283 crore in the year-ago period.
This should cheer up the life insurance companies as this was the first quarter which registered good growth after September 2010 when the new regulations for unit-linked polices were introduced by the regulator.
The growth was led by the state insurer Life Insurance Corporation of India, which posted 8.3 per cent increase in premium at Rs 14,451 crore (Rs 13,341 crore).
The growth in the first year-premium for private insurers was, however, only 1.2 per cent at Rs 5,000 crore (Rs 4,941 crore), according to data released by the Insurance Regulatory and Development Authority.
The gross premium underwritten by general insurance companies during April – June increased by 17. 9 per cent at Rs 16,586 crore compared with Rs 14,063 crore in the corresponding period last year.
Here too, the public sector players out-paced their private counterparts by posting a growth of over 19 per cent with Rs 9,581 crore premium underwritten.
The private non-life insurer underwrote a gross premium of Rs 7,005 crore, marking 16.3 per cent growth over Rs 6,020 crore in the year-ago period.