First Year Premium Of Life Insurers Grows 23% In August
The first year premium or new business premium of Indian life insurers grew 23 percent in August over the same month a year ago, led by state-run Life Insurance Corporation of India.
Two dozen life insurance companies netted Rs 17,513 crore of which nearly three-quarters came from LIC, according to data provided by the insurance regulator.
“The insurance industry has seen a lot of regulatory intervention in the last three years, and it has almost stabilised now and is moving towards a fast growth phase,” said V Manickam, secretary, Life Insurance Council.
The business of life insurers is expected to move at a much higher pace than ever before, he said.
For the private companies, the first year premium growth stood at Rs 4,131 crore, up 16 percent year on year. The maximum contribution, about one-fifth, was made by SBI Life Insurance Co Ltd.
At least seven companies recorded a growth of more than 40 percent in their first year premium. While the figure was 25 percent for LIC, private players Aegon Life, Future Generali Life and Aviva Life grew 111 percent, 215 percent and 276 percent respectively.
For Bharti AXA and Exide Life, revenue fell by more than 10 percent.
The number of policies in terms of first year premium of life insurers rose 19 percent to 24 lakh, with three-fourths coming from LIC.
The aggregate new business premium for all life insurers for April-August period grew 20 percent to Rs 71,173 crore compared to the same period last year. This is the highest new business premium recorded during this period in past seven years.
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