Life insurers see 5.5% drop in new premiums in May 2021

Life insurance companies saw a 5.5 percent year-on-year (YoY) decrease in the new premium collection for May 2021.

Data from Insurance Regulatory and Development Authority of India (IRDAI) showed that life insurers collected first year premiums of Rs 12,976.99 crore in May.

Here, Life Insurance Corporation of India (LIC) collected new premium of Rs 8,947.64 crore in May, showing a YoY decline of 12.38 percent.

Private life insurers, on the other hand, showed a YoY rise of 14.23 percent in their May new premium collection at Rs 4,029.35 crore.

This was a stark departure from the April figures. Life insurers saw a 44.8 percent YoY growth in first year premiums at Rs 9,378.79 crore in April 2021.

Among the listed companies, HDFC Life Insurance collected first year premiums of Rs 935.01 crore, showing a YoY growth of 46.64 percent. ICICI Prudential Life Insurance collected new premiums of Rs 652.06 crore, showing a decline of 3.93 percent YoY.

SBI Life collected new premiums of Rs 648.41 crore, showing a 1.6 percent increase on a YoY basis.