Life insurance companies 1st year premium collection rises 9.5% to Rs 11,027 crore in December

The first year premium collection of life insurance companies rose by 9.5% to Rs 11,026.82 crore in December 2015 compared to the last year. The first year premium collection of life insurers stood at Rs 10,071.80 crore in December 2014.

The new business premium grew by 16% to Rs 85,587.73 crore during April-December 2015 over the year-ago period, the data released by insurance regulator IRDAI showed. The first year insurance premium of private insurance companies declined year-on-year basis in December, while that of LIC rose significantly.

The first year business premium of LIC rose by 25% year-on-year to Rs 7,323.67 crore as of December 2015, while that of private sector companies fell by 12.1% to Rs 3,703.15 crore in the month.

For April-December, LIC's new premium collection expanded 15.4% to Rs 59,615.41 crore. Private insurance companies saw 17.5% growth in new business premium at Rs 25,972.31 crore during April-December 2015, the monthly data of 23 private life insurance companies and state-run LIC showed.