The #life insurance industry has mobilised Rs 5,276 crore premium and sold 9,43,114 policies in April. All the 23 private players, led by #HDFC Life, have increased their premium by 26 per cent to Rs 1,686 crore in April. Overall, FY15 was not a productive year for the entire industry as total premium income plummeted by 6 per cent to Rs 1,13,140 crore in FY15 from Rs 1,20,162 crore in FY14.
HDFC Life topped the chart in the month by earning a premium of Rs 280 crore in April, 2015, a rise of 34 per cent over April, 2014. Bajaj Allianz Life collected a premium of Rs 229 crore in April, a 84 per cent rise over April, 2014. #SBI Life garnered Rs 178 crore in premium in April against Rs 143 crore in April, showing a 24 per cent rise. #ICICI Prudential Life, which has the largest market share in the private sector #life insurance industry, mopped up a premium of Rs 230 crore in April, 2015 over Rs 111 crore in April, 2014, a 107 per cent rise over April, 2014.
As a result, it has lost its numero uno ranking and placed at distant fourth in the private sector life #insurance industry, the council data said.
A senior official of ICICI Prudential Life said “Our focus will continue to be on regular retail premium income, launch of innovative products which are accessible to one and all and renewal of premiums which was a must for the business growth.”
At Rs 122 crore in April, 2015, Kotak Life has grown by 110 per cent, while Max Life, at Rs 125 crore, and Reliance Life, at Rs 66.18 crore, in the month have shrunk by 63 per cent and by 23 per cent, respectively in April.
Recently, Kotak Bank, one of the promoters of Kotak Life, had acquired ING Vysya and analysts said the acquisition has also given a boost to its life insurance business.
Rest of the well known players in the industry like Tata AIA Life (Rs 27 crore), Birla Sun Life (Rs 53.11 crore), Future Generali (Rs 6.74 crore) and Aviva (Rs 28.18 crore) recorded sub-Rs 100 crore premium for April. The list includes bancassurance players like India First (Rs 50.34 crore), Star Union Daiichi (Rs 12.5) IDBI Federal (Rs 50 crore), PNB MetLife (Rs 55.34 crore), Canara HSBC Oriental Life Insurance
(Rs 39.32 crore).
“The year has started well, we fear that the growth that is coming through a massive Ulip push may not be long-term in nature. “Market movements may change the industry performance if the current product mix continues,” Reliance Life Insurance chief executive Anup Rau said.
Curated From : HDFC Life leads life insurance premium growth