Life insurers' new premium income in Sep up 15 pc

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

All 24 life insurance companies had a collective new business premium income of Rs 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 Rs 12,759.24 crore as against Rs 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 Rs 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, the insurance premium of all 24 players grew 35.11 per cent during the April-September period of the current fiscal to Rs 1,25,758.11 crore.

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

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