Life insurer’s premium grows marginally in November

First year premium of life insurers grew marginally by 5.8% to Rs 16,994.95 crore in November. Total Rs. 16,061.40 crores were raised by all 24 life insurers – one state-owned and 23 private sector players. State-owned LIC registered a fall of over 1.5 per cent in new premium collection at Rs 12,336.53 crore during the month, as per the data released by the Insurance Regulatory and Development Authority of India. The private players together clocked Rs 4,658.42 crore during November, up 32 % from Rs 3,533.33 crore a year ago, including SBI Life’s growing to 20.6 % to Rs 880.99 crore; HDFC Standard Life Rs 854.47 crore (up 64 %) and ICICI Prudential Life Rs 783.88 crore (up 5.8 %).