Non-life premium income rises 6.7% to Rs 8,421 cr in April

New India leads pack with 13.94% rise, private firms' income up 4.77%

Premium income of non-life insurers grew by 6.73 per cent to Rs 8,421.45 crore in April this year, according to data of insurance sector regulator Irda.

Public sector non-life insurers registered a rise of 8.41 per cent in their premium income to 4,602.52 crore.

Privately-owned companies in the segment saw their premium rising by 4.77 per cent in April to Rs 3,818.93 crore, Insurance Regulatory and Development Authority (Irda) said in the release.

Among the four public sector non-life players, New India registered a growth of 13.94 per cent in its premium income at Rs 1,544.43 crore and National Insurance Company witnessed a rise of 10.29 per cent at Rs 1,013.28 crore during April.

United India had a premium income of Rs 1,095.51 crore in April, up 7.22 per cent from a year ago, while Oriental Insurance Company had premium collection of Rs 817.32 crore, an increase of 10.04 per cent from year-ago period.

In the private sector, the premium income of SBI General rose by 5.37 per cent to Rs 105.38 crore and HDFC ERGO General had premium income of Rs 350.45 crore, down 15.95 per cent from a year ago.

Among others in the private space, premium of Reliance General increased by 14.51 per cent to Rs 340.07 crore and that of ICICI Lombard grew by a meagre 3.47 per cent to Rs 846.28 crore.

Bharti AXA General had a rise of 6.33 per cent in its premium collection at Rs 207.39 crore, while Bajaj Allianz registered a growth of 9.56 per cent to Rs 421.23 crore in April.