The new business premium of life insurance industry contracted by 3 percent year-on-year to Rs 24,383.42 crore in December. The new business or the first-year premium of 24 life insurance companies was Rs 25,079.89 crore in the same month of 2019.
The country's largest life insurer LIC contributed Rs 14,345.70 crore or 58 percent to the total premium generated during the month, showed data from the Insurance Regulatory and Development Authority of India (IRDAI). LIC's new business premium declined by 15 percent from Rs 16,861.98 crore in December 2019. The private sector comprising of 23 players registered a growth 22 percent by earning new premium of Rs 10.037.72 crore in December, as compared to Rs 8217.91 crore in the year-ago period.
Among private sector life insurers, Bajaj Allianz Life's new business rose maximum by 64.18 percent to Rs 686.80 crore in December 2020, over Rs 418.32 crore a year ago. Aditya Birla Sun Life reported over 61 percent increase in a premium collection to Rs 514.04 crore as against Rs 318.55 crore, while India First posted a 54 percent rise to Rs 240.10 crore. Other insurance players like ICICI Prudential Life's new business was at Rs 1,469.45 crore (up 32.11 percent); HDFC Life Rs 1,910.27 crore (up 27 percent), and Max Life Rs 768.07 crore (up 21 percent) in December.
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