The premium for the life insurance industry is increased by 45 percent year-on-year (YoY) in the month of April. Private life insurance companies, meanwhile, grew by 55 percent YoY mainly on account of the statistical effect of a low base, data released by the Insurance Regulatory and Development Authority of India showed.

In April 2020, new premium income had plunged by almost a third on year due to the disruptions caused by the outbreak of the COVID-19 pandemic and consequent nationwide lockdown. The new premium income of industry leader Life Insurance Corp of India surged 35.6 percent to 48.57 bln rupees during the month. LIC had a market share of 49.9 percent in April.

 Among private-sector insurers, new premium of HDFC Life Insurance Co Ltd soared 78.5 percent to 11.94 bln rupees, while that of ICICI Prudential Life Insurance Co Ltd surged 151.1 percent to 6.43 bln rupees. SBI Life Insurance Co Ltd saw its new premium grow 1.2 percent to 9.28 bln rupees. Today, shares of ICICI Prudential Life closed 1 percent lower at 556.30 rupees on the National Stock Exchange, while those of HDFC Life ended up 1.1 percent at 680.05 rupees. Shares of SBI Life Insurance closed 0.5 percent higher at 1,005.00 rupees.

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