Life Insurers' new biz premium up 61% at Rs 16,767 cr in Sep

The life insurers registered a rise of 61 percent year-on-year in their new business premium at Rs 16,767.41 crore for September this year.

Their collective first year (or new business) premium during September 2015 stood at Rs 10,415.35 crore, data collected by the Insurance Regulatory and Development Authority showed.

Of the 24 life insurers, state-owned LIC collected new business premium of Rs 11,117.48 crore, up 65.3 percent against last year's Rs 6,724.88 crore a year ago.

The rest together garnered Rs 5,649.92 crore as new business premium in September, up 53.1 percent than a year earlier, the data said.

Among the private life insurance companies, SBI Life's new business premium in September more than doubled to Rs 1,279.05 crore from Rs 549.41 crore a year ago. While that of HDFC Standard Life's grew by 69.6 percent to Rs 897.53 crore.

However, ICICI Prudential Life registered a decline of 36.6 percent in the new premium at Rs 648.93 crore.

The first year business premium of IndiaFirst Life jumped by over four-fold to Rs 366.39 crore and that of Bajaj Allianz Life was over three-times at Rs 442.70 crore.

Reliance Nippon Life Rs 207.16 crore (from Rs 130.34 crore), Birla Sun Life Rs 455.13 crore (Rs 182.16 crore), Max Life Rs 319.75 crore (against Rs 253.64 crore and Tata AIA Life Rs 113.26 crore (from Rs 46.23 crore in September 2015).

Sahara Life's new premium was at Rs 3.14 crore in September 2016, against Rs 2.19 crore year ago.

The cumulative new business during April-September of all 24 life insurers rose 35.4 percent to Rs 76,236.16 crore, from Rs 56,286.40 crore year earlier.

LIC's business till September grew by 29 percent to Rs 55,163.17 crore and the private life insurers clocked a cumulative new business premium of Rs 21,072.99 crore during, up 23.1 percent from a year ago.