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Life Insurance companies Apr-Nov new premiums income raises 37.2% at Rs 1.69 lakh crore

Life insurance companies saw a 37.2% year-on-year (YoY) growth in their eight-month (April to November) period new premiums at Rs 1.69 lakh crore compared to a year ago.

Life Insurance Corporation of India (LIC) yet again beat the industry in the collections with a 44.5% YoY growth in new premium at Rs 1.2 lakh crore.

Private insurers saw a 22% YoY growth in the first-year premium at Rs 49,078.27 crore.

Though the first half of the financial year is a slower period for life insurers, this year the companies saw a healthy double-digit premium growth.

Private players grew 25.9% YoY, registering strong performance across the board and largely from the likes of Bajaj Allianz Life, HDFC Life, Kotak Life and Tata AIA Life which grew more than 40%.

The retail annualized premium equivalent (100% of regular premiums plus 10% of single premiums) for private players grew 26.9% YoY.

The Emkay report said that in November LIC had a bumper month with APE growth of 215.3% YoY driven by the push toward the sale of traditional products.

About eight products of LIC are going off the shelf under the IRDAI new guidelines, the deadline of which has been now extended to January 31, 2020.

On an absolute new premium collection basis, HDFC Life Insurance saw a 26.5% YoY rise in new premiums to Rs 10,772.9 crore for the April to November period. ICICI Prudential Life Insurance saw a 20.3% YoY rise in new premiums in the April to November period to Rs 7,060.2 crore. SBI Life Insurance saw a 38.7% YoY rise in the eight-month period to Rs 10,715.72 crore compared to a year ago.
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