The total new business premium collections of life insurance companies stood at ₹16,995 crore in November this year, against ₹16,061 crore in the year-ago period, a growth of 6 per cent.

LIC reported a marginal drop in its new premium at ₹12,337 crore (₹12,528 crore in November 2016), according to Insurance Regulatory and Development Authority of India (IRDA) data.

However, total new premium collected by all private insurers grew 32 per cent to ₹4,658 crore from ₹3,533 crore a year ago.

Barring Reliance Nippon Life, all other private life insurers reported growth in premium collections during the month.

SBI Life, which topped the table for private life insurers during November, reported a 21 per cent increase in its premium income to ₹881 crore (₹731 crore).

HDFC Standard Life’s premium income jumped 64 per cent to₹ 854 crore (₹521 crore). ICICI Prudential Life garnered new business premium of ₹784 crore (₹741 crore).

Other life insurers that reported strong growth in new premium during November are: Max Life ₹330 crore (₹287 crore), Kotak Mahindra Old Mutual Life ₹216 crore (₹182 crore), Bajaj Allianz Life ₹279 crore (₹221 crore), and Birla Sun Life ₹188 crore (₹131 crore).

The cumulative new business premium during April-November 2017 of all life insurers stood at ₹1,22,937 crore (₹103,405 crore in the year-ago period). LIC had a market share of 73.4 per cent, up from 72.8 per cent a year ago.

Future of the Indian life insurance industry “looks bright with strong growth in the coming years as the outlook for insurance has changed from a mere savings/investment to a protection product as well,” said a report by brokerage firm Prabhudas Lilladher .

“With e-commerce channel gaining traction, digitisation has been playing an important role too for the private players to grow new business and helping them gain market share from agency-led players and LIC,” it said.

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