The new business premium of extra insurance industry contracted by 3 percent year-on-year to Rs 24,383.42 crore in December.

The new business or the first-year premium of 24 life insurance organizations was Rs 25,079.89 crore in the same month of 2019.

The nation’s biggest life insurer LIC contributed Rs 14,345.70 crore or 58 percent to the total premium produced during the month, demonstrated information from the Insurance Regulatory and Development Authority of India (Irdai).

LIC’s new business premium declined by 15 percent from Rs 16,861.98 crore in December 2019.

Private sector containing 23 players registered a development 22 percent by procuring new premium of Rs 10.037.72 crore in December, when contrasted with Rs 8217.91 crore in the year-back period.

Among private sector life insurers, Bajaj Allianz Life’s new business rose most extreme by 64.18 percent to Rs 686.80 crore in December 2020, over Rs 418.32 crore a year back.

Aditya Birla Sun Life revealed more than 61 percent expansion in premium collection to Rs 514.04 crore as against Rs 318.55 crore, while India First posted a 54 percent ascend 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 percent); HDFC Life Rs 1,910.27 crore (up 27 percent), and Max Life Rs 768.07 crore (up 21 percent) in December.

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

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