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Life insurance companies register 6% growth in new premium income in July
15-Aug-19   12:18 Hrs IST

New premium income of life insurers rose by over 6% in July to Rs 21,509.25 crore, data from the Insurance Regulatory and Development Authority of India (IRDAI) showed.

All 24 life insurance companies had a collective new business premium income of Rs 20,219.26 crore in July 2018.

The largest life insurer LIC recorded a rise of 3.10% in its new premium in July at Rs 15,311.87 crore as against Rs 14,851.77 crore in the same month a year ago.

The rest of the private sector players had a total new premium income of Rs 6,197.37 crore during the month, an increase of more than 15% from a year ago, the data on monthly business figures released by Irdai showed.

Among the major players, the new premium income of HDFC Life registered a 26% jump in July at Rs 1,402.81 crore; SBI Life was up 8% to Rs 1,344 crore; Max Life rose 38.3% to Rs 444.76 crore, Aditya Birla Sun Life rose 27% to Rs 267 crore; Kotak Mahindra Life was up 22% to Rs 355 crore and Tata AIA Life's new premium income soared 75% to Rs 241.34 crore.

The premium income of DHFL Pramerica Life plunged by over 64% in July to Rs 57.20 crore; Canara HSBC OBC Life fell 24% to Rs 92 crore and IDBI Federal Life registered a 15% fall to Rs 48 crore.

Cumulatively, the insurance premium of all the 24 players grew by 44.25% during April-July period of the current fiscal to Rs 82,146.47 crore.

The new premium collected by LIC in the first four months of 2019-20 jumped 52% to Rs 60,106.66 crore, the data showed.For the rest of the private sector players, the cumulative premium in April-July rose 27% to Rs 22,039.81 crore.
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