September 22, 2015
Life insurers collected first year premium of Rs 45,871 cr during April 1, 2015 to August 31, 2015 for the period as compared to Rs 40,296 cr. New business premiums of life insurance companies saw a 13.8 per cent rise for the period between April 1 and August 31, 2015, on the back of strong growth registered by private life insurers.
According to Insurance Regulatory and Development Authority of India (Irdai) data, life insurers collected first-year premium of Rs 45,871 crore for the period as compared to Rs 40,296 crore collected in the corresponding period last year.
Private life insurers saw a growth of 27 per cent and collected new premiums of Rs 13,434 crore for the period. They posted a strong growth in all segments, including individual single, individual non-single, group single and group non-single.
The Life Insurance Corporation of India (LIC) saw a growth of 9.2 per cent collecting new premiums of Rs 32,436 crore for the period, on the back of healthy growth in group single premium. However, LIC saw a decline in growth in individual single, group non-single and non-single premium segments for the period.