India’s life insurance industry witnessed a rise of 32.7 percent in its collective new premium income at Rs 18,209.50 crore in February 2019 against Rs 13,724.96 crore in same month a year ago, as per IRDAI data. Out of 24 life insurers, Insurance behemoth LIC, which has the largest market share of 66.26 percent, registered a growth of 42.2 percent in its new year premium at Rs 12,055.81 crore during the month. Remaining 23 market players in life insurance business (market share 33.74 percent) collected premium of Rs 6,153.70 crore from new customers, witnessing a rise of 17.25 percent from a year ago.
Among the private sector insurers, SBI Life’s new business premium grew 49 percent to Rs 1,055.32 crore during the month, ICICI Prudential Life 33.1 percent to Rs 1,039.14 crore, Aditya Birla Sun Life 21.6 percent to Rs 222.26 crore, Max Life 23.7 percent to Rs 529.77 crore, and Kotak Mahindra Life collected new premium of Rs 403.01 crore, witnessing 15.25 percent growth from a year ago.
However, of the players that registered dip in their new premium income were HDFC Life at Rs 1184.46 crore, down by 0.54 percent from a year ago; DHFL Pramerica Life at Rs 65.01 crore, down 51.7 percent; Bharti AXA Life at Rs 78.62 crore, down 0.98 percent, Aegon Life at Rs 9.73 crore, down 33.99 percent; and Bajaj Allianz Life at Rs 328.48 crore, down 11 percent. The cumulative new business premium of all the 24 life insurance firms during April-February 2018-19 rose by 7.60 percent to Rs 1,77,213.57 crore.