Life Insurance Companies witness growth in premium income

According to the data compiled by the Insurance Regulatory and Development Authority (IRDA), the Life Insurance Companies’ premium income from new business increased to 105%. In November, the business income garnered was Rs 2,841 crore whereas in the corresponding year, it stood at Rs 1,386 crore. The major share of the premium income was generated by the state owned Life Insurance Corporation. The premium income of LIC from the new business grew by 111%, earning Rs 2,111 crore in November whereas the private insurance companies’ marked a 90% growth obtaining Rs 730 crore. Among the private insurance companies, Bajaj Allianz replaced ICICI Pru Life, which held the number one position in October. Bajaj Allianz acquired a market share of 7% in new business premium income in November compared with ICICI Prudential, which gained 6.4% market share.