Life insurers' new biz premium up 4% at Rs 7,280cr in Apr

New business premium of life insurance companies grew moderately by 4.16 per cent to Rs 7,279.98 crore in April, 2018, according to the Irdai data.

All 24 life insurers had generated Rs 6,989.51 crore as premium income from new policies in the same month last year.

The country's largest life insurer Life Corporation of India (LIC) witnessed a decline of 1.62 per cent in new premium collection at Rs 4,355.27 crore in April from Rs 4,426.87 crore a year earlier, the data released by the Insurance Regulatory and Development Authority of India (Irdai) showed.

Among others, SBI Life reported a fall of 1.47 per cent in its new premium collection at Rs 410.99 crore in April.

ICICI Prudential Life's new premium income dropped by 20.72 per cent to Rs 464.35 crore, Bajaj Allianz Life's by 24.35 per cent to Rs 196.33 crore, and Aditya Birla Sun Life's by 8.43 per cent to Rs 89.38 crore.

IDBI Federal Life posted 23.14 per cent drop to Rs 31.18 crore and Sahara Life by 98.21 per cent at Rs 0.01 crore.

However, new premium income of HDFC Standard Life soared over two-fold to Rs 764.75 crore; Edelweiss Tokio Life's by 74.26 per cent at Rs 18.27 crore and DHFL Pramerica Life by 60.35 per cent to Rs 115.82 crore.

Bharti AXA Life posted 115.20 per cent rise at Rs 49.35 crore; Aviva Life 188.57 per cent at Rs 14.82 crore; and Aegon Life up by 97.12 per cent at Rs 7.54 crore.