look news india
New Delhi: The new business premium (NBP) of life insurance companies rose 21.8 per cent in August compared to a year ago. This increase in premium is due to a strong increase in premium of state-owned Life Insurance Corporation of India (LIC).
According to data released by the Life Insurance Council, the new business premium of 27 life insurance companies in August was about Rs. 32,644.09 crores, out of which LIC's new business premium was Rs. 19,309 crores and private sector companies together earned Rs. 13,335 crores.
LIC's new business premium income rose 35.1 per cent from a year ago, led by a rise in group single premium. The state-owned insurance company was the market leader with nearly 80 per cent market share. LIC's group single premium grew 46 per cent to Rs 13,599 crore in August.
Meanwhile, private insurers reported an overall growth of 6.7 per cent led by robust growth in individual non-single premiums. Among large private players, SBI Life Insurance's premium income fell 13.46 per cent to Rs 2,703.92 crore.
At the same time, the premium of ICICI Prudential Life Insurance increased by 12.3 percent to Rs 15,000. It has been increased to Rs 1,509.12 crore. Among other big companies in the private sector, the premium income of HDFC Life grew by 3.6 percent, Bajaj Allianz Life Insurance by 2.8 percent and Max Life Insurance by 16.7 percent.
