Life insurers' new premium income in September up 15%

New Delhi: The new premium income of life insurers rose 15% to Rs 20,056.70 crore in September, data from Irdai showed. All 24 life insurance companies had a collective new business premium income of Rs 17,490.68 crore in September 2018.

The state-owned Life Insurance Corporation (LIC), the largest life insurer, recorded a 18.37% rise in its new premium during the month at Rs 12,759.24 crore as against Rs 10,778.81 crore in the same month a year earlier, the data showed.

The rest of the private sector players had a total new premium income of Rs 7,297.46 crore during the month, an increase of nearly 9% from a year ago, the data on monthly business figures released by the Insurance Regulatory and Development Authority of India (Irdai) showed.

Cumulatively, insurance premium of all 24 players grew 35.11% during April-September period of the current fiscal to Rs 1,25,758.11 crore. The new premium collected by LIC in the first six months of 2019-20 jumped 42% to Rs 89,980.22 crore.

For the rest of private sector players, the cumulative premium till September rose by 21% to Rs 35,777.89 crore.

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