The new business premium of the life insurance sector contracted by 3 percent year-on-year to Rs 24,383.42 crore in December.
The new venture or first-year premium of 24 life insurance companies was Rs 25,079.89 crore in the same month of 2019.
The country’s largest life insurer, LIC, contributed Rs 14,345.70 crore or 58 percent of the total premium generated during the month, data from the Insurance Regulatory and Development Authority of India (Irdai) shows.
LIC’s new business premium fell by 15 percent from Rs 16,861.98 crore in December 2019.
The private sector, comprising 23 players, registered 22 percent growth by earning a new premium of Rs 10,037.72 crore in December, compared to Rs 8,217.91 crore in the same period a year ago.
Among private sector life insurers, Bajaj Allianz Life’s new revenue increased by up to 64.18 percent to Rs 686.80 crore in December 2020, up from Rs 418.32 crore a year ago.
Aditya Birla Sun Life reported a 61 percent increase in premium collection to Rs 514.04 crore from Rs 318.55 crore while India First recorded a 54 percent increase to Rs 240.10 crore.
Other insurance players, such as ICICI’s new business Prudential Life, amounted to Rs 1,469.45 crore (+32.11 percent); HDFC Life Rs 1,910.27 crore (up 27 percent) and Max Life Rs 768.07 crore (up 21 percent) in December.
The cumulative new business premium of all insurers in the April-December 2020-21 period shrank by 1.7 percent to Rs 1,91,046.39 crore compared to Rs 1,94,331.10 crore a year earlier.