Life Insurers New Premium Income In September Up 15% At ₹20,057 Cr

Money & Banking

PTI New Delhi | Updated on October 13, 2019 Published on October 13, 2019

The new premium income of life insurers rose 15 per cent to ₹20,056.70 crore in September, data from IRDAI showed.

All 24 life insurance companies had an aggregate new business premium income of ₹17,490.68 crore in September 2018.

The state-owned Life Insurance Corporation (LIC), the largest life insurer, recorded an 18.37 per cent rise in its new premium during the month at ₹12,759.24 crore as against ₹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 ₹7,297.46 crore during the month, an increase of nearly 9 per cent 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 per cent during April-September period of the current fiscal to ₹1,25,758.11 crore.

The new premium collected by LIC in the first six months of 2019-20 jumped 42 per cent to ₹89,980.22 crore.

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

Published on October 13, 2019