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  • Life insurance companies new business premium income nearly flat at Rs 24,466 crore in Dec 2022
  • January 07,2022  21:20

  • Life insurers' collective new business premium income stayed nearly flat from a year ago at Rs 24,466.46 crore in December 2021, data from IRDAI showed on Friday.

    The new business premium, or the first year premium, of 24 life insurance companies had stood at Rs 24,383.42 crore in December 2020.

    IPO-bound insurance behemoth LIC, however, registered a 20.30% dip in its new business premium to Rs 11,434.13 crore during the month under review, according to the Insurance Regulatory and Development Authority of India (IRDAI) data.

    The country's largest and the only state-owned life insurer, LIC, had registered a new premium income of Rs 14,345.70 crore in the year-ago period.

    The remaining 23 players in the private sector on the other hand witnessed a 29.83% jump in new business premium in December 2021 to Rs 13,032.33 crore, against Rs 10,037.72 crore a year ago.

    Among major insurers in the private sector, HDFC Standard Life posted a 55.67% jump in new premium to Rs 2,973.74 crore; SBI Life up by 26.72% to Rs 2,943.09 crore; Bajaj Allianz Life up by 69.56% to Rs 1,164.55 crore.

    Max Life jumped 31.90% to Rs 1,013.08 crore; Tata AIA Life new business premium rose nearly 50% to Rs 660.65 crore and Aditya Birla Sun Life registered a 5.87% rise to Rs 544.20 crore.

    However, ICICI Prudential Life witnessed a drop of 6.02% in new year premium to Rs 1,380.93 crore in December 2021; Kotak Mahindra Life falls 0.91% to Rs 563.94 crore; Aegon Life down by 36.75% to Rs 1.29 crore; and Future Generali registered a fall of about 17% to Rs 47.53 crore in its new premium income in December 2021.

    On a cumulative basis, the first-year premium of all life insurers during April-December 2021 jumped 7.43% to Rs 2,05,231.86 crore.

    LIC's cumulative new premium income during April-December 2021 was down by 3.07% to Rs 1,26,015.01 crore.

    While the other 23 private sector players had a cumulative premium income of Rs 79,216.84 crore in nine months to December 2021, up by 29.77% from the year-ago same period, according to data from IRDAI.

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