Life insurers’ new premium in May jumps 43% to ₹18,414 cr

Image result for Life insurers’ new premium in May jumps 43% to ₹18,414 crLife insurers’ collective new premium income grew by over 43 per cent to 18,414.02 crore in the second month of the current fiscal, according to IRDAI data.

All 24 life insurance companies had collected a new business premium of 12,838.24 crore in May 2018. LIC, the country’s largest life insurer, registered a jump of 46.6 per cent in its first year premium in May 2019 to 13,496.68 crore. The rest of the 23 private sector life insurance companies had new premium collection of 4,917.34 crore during the month, up by 35.3 per cent from the year-ago period.

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

LIC registered 38.4 per cent growth in its April-May new premium income at 18,764.63 crore. The rest of the private sector players had cumulative first year premium of 9,631.27 crore in April-May this fiscal, representing a jump of 47 per cent from a year ago.