ALSO READLife insurers' new business premium surges 47% to Rs 20,428 cr in July Insurance industry entering a phase of sustainable growth: HDFC Life CEO Insurance stocks trade weak on fears of higher tax Insurance stocks become fund managers' favourites ICICI Pru Life mulls bid for Sahara's life insurance biz
The first year premium of the life insurance companies grew by a marginal 5.8 per cent to Rs 16,994.95 crore in November, data from Irdai showed. All the 24 life insurers - one state-owned and 23 private sector players - had collected Rs 16,061.40 crore as new or the first year business premium in the same month a year ago. State-owned LIC registered a fall of over 1.5 per cent in new premium collection at Rs 12,336.53 crore during the month, as per the data released by the Insurance Regulatory and Development Authority of India (Irdai). The private players together clocked Rs 4,658.42 crore during November, up 32 per cent from Rs 3,533.33 crore a year ago. Among the major private players, SBI Life's first year premium grew 20.6 per cent to Rs 880.99 crore; HDFC Standard Life Rs 854.47 crore (up 64 per cent) and ICICI Prudential Life Rs 783.88 crore (up 5.8 per cent). Of several others, Max Life collected Rs 330.50 crore as new premium, Kotak Mahindra Old Mutual Fund (Rs 215.76 crore), PNB Met Life (Rs 116.66 crore) and India First Life (Rs 129 crore). Cumulatively, the total first year premium of all the 24 life insurers during April-November 2017-18 stood at Rs 1,22,936.59 crore, up 18.9 per cent from Rs 1,03,404.60 crore. LIC's cumulative new premium collection in the eight months to November was up 20 per cent at Rs 90,314.25 crore. Private players' total premium till November increased 16 per cent to Rs 32,622.33 crore, showed the Irdai data.