The total new business premium of life insurance companies has seen a modest increase of 4 per cent year-on-year at ₹11,107 crore in October this year.
This is after recording a strong growth of 35 per cent (at ₹76,236 crore) during the first half of the current fiscal. In September, new business premium of 24 life insurers grew 61 per cent y-o-y, at ₹16,767 crore.
In October this year, State-owed LIC reported 5 per cent decline in new premium at ₹7,572 crore (₹7,947 crore in October 2015), according to Insurance Regulatory and Development Authority of India (IRDAI) data.
However, all private insurers put together reported a 28 per cent rise in new premium at ₹3,535 crore as against ₹2,764 crore in October 2015.
Among private life insurance companies, HDFC Standard Life’s new business premium in October grew 90 per cent at ₹788 crore (₹415 crore in the year-ago period). SBI Life collected ₹603 crore, up 24 per cent, and ICICI Prudential Life mopped up 20 per cent more, at ₹528 crore.
Other life insurers who reported good growth in new premium during October include: Bajaj Allianz Life, 40 per cent (or ₹250 crore); Birla Sun Life, 52 per cent (₹227 crore); Max Life, 25 per cent (₹219 crore); and India Kotak Mahindra Old Mutual Life, 10 per cent (₹138 crore).
The cumulative new business premium during April-October 2016 of all life insurers rose 30 per cent to ₹87,343 crore, from ₹66,998 crore in the year-ago period.
LIC recorded 33 per cent growth in first year premium at ₹62,735 crore during the first seven months of this fiscal. It has a market share of about 74 per cent. SBI Life was the top performer among private life insurers with a share of about 6 per cent, followed by HDFC Standard (4.3 per cent) and ICICI Prudential Life (4.03 per cent).