Life insurers' new premium in May jumps 43% to Rs 18,414 cr; Apr-May collection rises 41 pc

Life insurers' collective new premium income grew by over 43 per cent to Rs 18,414.02 crore in the second month of the current fiscal, according to Irdai data, which added that all the 24 life insurance companies collected new business premium of Rs 12,838.24 crore in May 2018. Notably, the report was based on the basis of data submitted by Insurance companies.

Accordingly, the country's largest life insurer LIC registered a jump of 46.6 per cent in its first year premium in May 2019 to Rs 13,496.68 crore. LIC registered 38.4 per cent growth in its April-May new premium income at Rs 18,764.63 crore, said IRDAI data.

The rest of 23 private sector life insurance companies had new premium collection of Rs 4,917.34 crore during the month, up by 35.3 per cent from the year-ago period, as per the Insurance Regulatory and Development Authority of India (Irdai) data.

Cumulatively the new premium collected by all the insurers during April-May of 2019-20 rose by 41.2 per cent year-on-year to Rs 28,395.90 crore.

The rest of private sector players had cumulative first year premium of Rs 9,631.27 crore in April-May this fiscal, representing a jump of 47 per cent from a year ago. 

(PTI Inputs)