Friday, January 19, 2018

Life insurers’ new premiums up 6% in India

Life insurers collected 6% more new business premiums in November this year compared to the same month last year.

Data from the Insurance Regulatory and Development Authority of India (Irdai) showed that the total new business premium collections made by life insurers last month reached Rs169.95 billion (US$12.5 million) against Rs160.61 billion in the same month in 2016.

Although its new premiums dropped marginally, LIC still led the pack with Rs123.37 billion.

Collectively, though, total new premium collected by all private insurers grew 32% to Rs46.58 billion from Rs35.33 billion a year ago.

Except for Reliance Nippon Life, all other private life insurers logged growth in premium collections during the month.

Among private life insurers, SBI Life registered a 21% rise in its premium income to Rs8.81 billion.

For its part, HDFC Standard Life saw its premium income jump 64% to Rs8.54 billion.

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