Life Insurers' new premium collection doubles at Rs 16,000 crore in November
Bajaj Allianz Life witnessed a rise of 30% in new premium collection at Rs 220.67 crore.
Life insurers' new premium collection more than doubled at Rs 16,061.40 crore in November, marking the fastest pace of growth in a month this fiscal so far.
All the 24 life insurers in India, including the lone state-owned LIC, had earned new business premium of Rs 7,553.05 crore in the same month a year ago.
As far as the previous highest growth rate in past eight months is concerned, total new premium collection in September witnessed a jump of 61% to Rs 16,767.41 crore, from Rs 10,415.35 crore in the year ago month.
Life insurance behemoth LIC, accounting for 78% of the total new premium in November, registered a jump of 141% in fresh business at Rs 12,528.07 crore against Rs 5,182.50 crore a year ago, showed Insurance Regulatory and Development Authority (Irdai) data.
Rest of the business of Rs 3,533.33 crore was generated by the 23 private sector life insurance firms, witnessing a rise of 49.05% from Rs 2,370.54 crore a year earlier.
Among the major private sector life insurance companies, SBI Life's new premium collection rose to Rs 730.66 crore in November, up 60.5% from Rs 455.35 crore; ICICI Prudential Life Rs 740.88 crore (up 91.4%); HDFC Standard Life Rs 521.23 crore (up 34%) and Max Life Rs 287.25 crore (up 61.9%).
Bajaj Allianz Life witnessed a rise of 30% in new premium collection at Rs 220.67 crore; Kotak Mahindra Old Mutual Life Rs 182.35 crore (from Rs 127.10 crore) and Birla Sun Life Rs 130.90 crore (against Rs 94.21 crore).
Two players among the private insurers -- Shriram Life and Aegon Life -- witnessed their new business premiumm declining at Rs 48.48 crore (down 6.3%) and Rs 4.80 crore (down 46%) in November 2016.
All the life insurers' new premium during April-November period of the fiscal grew to Rs 1,06,404.60 crore, up 42.7% from Rs 74,550.84 crore in same period of last fiscal. For LIC, the cumulative new premium till November stood at Rs 75,263.09 crore, up 44% from Rs 52,291.75 crore.
The private companies' April-November new collection rose by 26.4% to Rs 28,141.51 crore against Rs 22,259.09 crore in the same period of previous fiscal, showed the data.