Life insurance sector's new business premium declines three per cent in December 2020

IRDAI data showed that the country's largest life insurer LIC contributed Rs 14,345.70 crore or 58 per cent to the total premium generated during the month.

Published: 10th January 2021 05:13 PM  |   Last Updated: 10th January 2021 05:13 PM   |  A+A-


For representational purposes


NEW DELHI: The new business premium of life insurance industry contracted by 3 per cent year-on-year to Rs 24,383.42 crore in December. The new business or the 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 per cent to the total premium generated during the month, showed data from the Insurance Regulatory and Development Authority of India (IRDAI).

LIC's new business premium declined by 15 per cent from Rs 16,861.98 crore in December 2019. Private sector comprising of 23 players registered a growth 22 per cent by earning new premium of Rs 10.037.72 crore in December, as compared to Rs 8217.91 crore in the year-ago period.

Among private sector life insurers, Bajaj Allianz Life's new business rose maximum by 64.18 per cent to Rs 686.80 crore in December 2020, over Rs 418.32 crore a year ago. Aditya Birla Sun Life reported over 61 per cent increase in premium collection to Rs 514.04 crore as against Rs 318.55 crore, while India First posted a 54 per cent rise to Rs 240.10 crore.

Other insurance players like ICICI Prudential Life's new business was at Rs 1,469.45 crore (up 32.11 per cent); HDFC Life Rs 1,910.27 crore (up 27 per cent), and Max Life Rs 768.07 crore (up 21 per cent) in December.

The cumulative new business premium from all the insurers during the April-December period of 2020-21 contracted by 1.7 per cent to Rs 1,91,046.39 crore compared to Rs 1,94,331.10 crore a year earlier.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp