As many as 24 life insurers posted a 4.4 per cent dip in first year premium income to Rs 10,791.68 crore in February as compared to Rs 11,296.22 crore in the same month a year ago.
According to data compiled by the Insurance Regulatory and Development Authority of India (IRDAI), public life insurer Life Insurance Corporation of India (LIC) reported a 12.2 per cent decrease in its new business premium (first year premium) in February to Rs 6,847.59 crore as compared to Rs 7,806.41 crore in the corresponding month last year.
However, 23 private players’ new business premium in the last month stood at Rs 3,944.09 crore — up 13 per cent from Rs 3,489.81 crore in the year-ago month.
During the April to February period, the life insurers’ first year premium was at Rs 1,40,346.76 crore, registering a 31 per cent growth over Rs 1,07,167.83 crore in the same period of the last fiscal.
LIC’s new business premium during the first 11 months of the current fiscal also grew by 34 per cent to Rs 99,096.57 crore as compared to Rs 74,142.10 crore in the year-ago period.
Following a similar trend, private players also posted a 25 per cent growth in the new business premium in April-February period to Rs 41,250.19 crore as compared to Rs 33,025.73 crore in the same period the previous year.