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The total new business premium of life insurance companies stood at ₹ 11,801 crore during May this year when compared with ₹ 10,610 crore in May 2016, posting an increase of 11 per cent.
State-owed LIC continued to sustain its growth momentum with 14 per cent rise in its new premium at ₹ 8,407 crore (₹ 7,362 crore in May 2016), according to the data collected by the Insurance Regulatory and Development Authority of India.
The total new premium collected by all private insurers grew by just four per cent at ₹ 3,394 crore when compared with ₹ 3,248 crore in May 2016.
But, ICICI Prudential Life, which topped the table among the private life insurers, and HDFC Standard Life reported strong growth during the month.
ICICI Prudential Life’s saw a whopping 88 per cent growth in its first year premium income at ₹ 727 crore during the month when compared with ₹ 387 crore.
HDFC Standard Life mopped up new business premium of ₹ 604 crore as against ₹ 503 crore in a year ago month.
SBI Life reported a significant drop at ₹ 576 crore when compared with ₹ 842 crore in May 2016.
Other life insurers who reported growth during May include Kotak Mahindra Old Mutual Life, which reported a new premium of ₹ 210 crore (₹ 198 crore) and Max Life, which saw its new premium jump 16 per cent at ₹ 197 crore, among others.
The cumulative new business premium during April-May 2017 of all life insurers stood at ₹ 18,788 crore as against ₹ 18,583 crore in the year ago period.
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