New premium income of life insurers up 42% at Rs 27,177 cr in Nov: Irdai

The new premium income of life insurance companies jumped by nearly 42 per cent to Rs 27,177.26 crore in November this year, data from Irdai showed on Tuesday.

All the 24 life insurance companies had written new business or the first year premium totalling Rs 19,159.30 crore in November 2020.

The insurance behemoth LIC -- the only state-owned life insurer in the country -- witnessed over 32 per cent rise in the first-year business premium in November at Rs 15,967.51 crore, as against Rs 12,092.66 crore in the year-ago same period, as per the data shown by the Insurance Regulatory and Development Authority of India (Irdai).

Rest of the 23 players belonging to the private sector registered a spike of 58.63 per cent in their collective first-year premium income at Rs 11,209.75 crore during the month, as against Rs 7,066.64 crore a year ago same month.

On a cumulative basis, the new business premium income of all the insurers during the April-November period of FY'22 was up by 8.46 per cent from a year ago to Rs 1,80,765.40 crore, as per the Irdai data.

LIC's first-year premium in the first eight months of the current fiscal, however, fell by 0.93 per cent to Rs 1,14,580.89 crore.

On the other hand, the private players reported nearly 30 per cent jump in combined first-year premium during April-November at Rs 66,184.52 crore.

In terms of market domination, LIC held the largest share at 63.39 per cent. Among the private players, SBI Life had the highest share at 8.77 per cent, followed by HDFC Life at 7.86 per cent; ICICI Prudential Life 4.91 per cent; Max Life 2.36 per cent and Bajaj Allianz Life 2.62 per cent.