Life and non-life insurance companies posted a double-digit growth in premium collection in April. The jump in growth is on account of a low base in April 2020 on account of the sudden lockdown due to COVID-19.
Data from Insurance Regulatory and Development Authority of India (IRDAI) showed that life insurers saw a 44.8 percent year-on-year (YoY) growth in first year premiums at Rs 9,378.79 crore while non-life insurers saw 22 percent YoY growth in gross direct premium.
In the life insurance sector, LIC collected Rs 4,856.76 crore of new premiums, showing a YoY growth of 35.6 percent.
Private life insurers collected new premiums of Rs 4882.04 crore, showing a YoY growth of 55.18 percent YoY growth.
Among the listed companies, HDFC Life Insurance collected first year premiums of Rs 1,193.88 crore, showing a YoY growth of 78.49 percent. ICICI Prudential Life Insurance collected Rs 643,27 crore, up 151 percent YoY.
SBI Life collected new premiums of Rs 928.43 crore, showing a 1.2 percent increase on a YoY basis.
Non-life players gain
General insurance companies saw a 22 percent YoY rise in gross premiums to Rs 17,309.54 crore in April 2021 on the back of a strong demand for heath insurance.
IRDAI data showed that standalone health insurers saw a 55.6 percent YoY growth in premiums to Rs 1,259.23 crore.
Excluding specialised insurers (like Agriculture Insurance Company and ECGC) and standalone health companies, the non-life industry saw a 19.64 percent YoY premium growth in April to Rs 15,946.46 crore.
Among the listed companies, ICICI Lombard General Insurance
posted 26.6 percent YoY growth in premium to Rs 1,766.27 crore while New India Assurance
posted 22.5 percent growth to Rs 3,871.87 crore.