The brand new enterprise premium of life insurance coverage trade contracted by 3 per cent year-on-year to Rs 24,383.42 crore in December.
The brand new enterprise or the first-year premium of 24 life insurance coverage firms was Rs 25,079.89 crore in the identical month of 2019.
The nation’s largest life insurer LIC contributed Rs 14,345.70 crore or 58 per cent to the whole premium generated in the course of the month, confirmed knowledge from the Insurance coverage Regulatory and Growth Authority of India (Irdai).
LIC’s new enterprise premium declined by 15 per cent from Rs 16,861.98 crore in December 2019.
Personal sector comprising of 23 gamers registered a development 22 per cent by incomes new premium of Rs 10.037.72 crore in December, as in comparison with Rs 8217.91 crore within the year-ago interval.
Amongst non-public sector life insurers, Bajaj Allianz Life’s new enterprise rose most by 64.18 per cent to Rs 686.80 crore in December 2020, over Rs 418.32 crore a yr in the past.
Aditya Birla Solar Life reported over 61 per cent enhance in premium assortment to Rs 514.04 crore as towards Rs 318.55 crore, whereas India First posted a 54 per cent rise to Rs 240.10 crore.
Different insurance coverage gamers like ICICI Prudential Life’s new enterprise was at Rs 1,469.45 crore (up 32.11 per cent); HDFC Life Rs 1,910.27 crore (up 27 per cent), and Max Life Rs 768.07 crore (up 21 per cent) in December.
The cumulative new enterprise premium from all of the insurers in the course of the April-December interval of 2020-21 contracted by 1.7 per cent to Rs 1,91,046.39 crore in comparison with Rs 1,94,331.10 crore a yr earlier.
(Solely the headline and film of this report could have been reworked by the Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)
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