The first year premium of India's life insurance companies fell 3.9 per cent on year to Rs 7,346 crore in October dragged by private insurers, data compiled by the Insurance Regulatory and Development Authority showed.
The first year premium of private life insurance companies fell 18.7 per cent to Rs 2,430 crore in October. However, the first year premium of lone public sector company — Life Insurance Corp of India — rose 5.6 per cent to Rs 4,916 crore.
India has 22 private life insurance companies.
First year premium is an indicator of new business generated by life insurers.
LIC had a market share 66.9 per cent in October in first year premium, compared with 60.9 per cent a year ago and 68.7 per cent in September.
Among private players, ICICI Prudential Life Insurance Co Ltd had the highest first year premium in February at Rs 625 crore, followed by SBI Life Insurance Co Ltd and Bajaj Allianz Life Insurance Co Ltd with Rs 369 crore and Rs 237 crore, respectively.
ICICI Prudential had a market share of 8.5 per cent in first year premium in October, followed by SBI Life and Bajaj Allianz with 5 per cent and 3.2 per cent, respectively.
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