The new business premium of life insurance companies grew 21.2 per cent to Rs 1.05 lakh crore in April-October period, compared with a year-ago, boosted mainly by growth single business.
The first-year premium, or premium earned by selling new policies by state-run Life Insurance Corporation ( LIC) grew by 24.2 per cent to Rs 77,978 crore from bulk of business written in group and single premium space.
The private sector saw income rise 13.6 per cent to Rs 27,961 crore, data from the Insurance Regulatory and Development Authority ( IRDA) showed.
On the overall new business income basis, HDFC Life became the largest private sector insurer by reporting 25.7 per cent increase in new business premium to Rs 5,234 crore in April-October period. However, more than half their income comprise of group single of Rs 2,725 crore while regular premium was at Rs 2,065 crore, which would make them number three in the league table on the annualized premium basis.
Among the private players, listed insurer ICICI Prudential reported a strong 31.5 per cent growth in new business income to Rs 4,913 crore in the first seven months of the financial year. Another listed life insurer SBI Life saw 3 per cent decline in new business to Rs 5,036 crore, the data revealed.
