Life insurers see 32% decline in new premium income in March 2020

Life Insurers in India have reported a 32 % decline in new premium income in the month of March.   The overall premium income (new business) of 24 players in the segment fell to Rs 25,409 crore this March from Rs 37,459 crore a year ago, as per data released by the Life Insurance Council.   Life Insurance Corporation (LIC), the largest player in the business, witnessed a 31.11 per cent fall in the premium income to Rs 17,066 crore in March from Rs 24,776 crore in the same month last year. HDFC Life Insurance’s premium income declined from Rs 2,551 crore to Rs 2,060 crore during the month, while that of ICICI Prudential Life fell to Rs 983 crore from Rs 1,451 crore.   However, for the full fiscal 2019-20, total premium income (new business) of the industry rose to Rs 2,58,896 crore from Rs 2,14,672 crore last financial year. LIC’s premium income increased to Rs 1,77,977 crore in 2019-20 from Rs 1,42,191 crore in FY19.