The new business premium of life insurance industry contracted by 3 year-on-year to ₹24,383.42 crore in December.
The new business or the first-year premium of 24 life insurance companies was ₹25,079.89 crore in the same month of 2019.
The country's largest life insurer LIC contributed ₹14,345.70 crore or 58 per cent to the total premium generated during the month, showed data from the Insurance Regulatory and Development Authority of India (Irdai).
LIC's new business premium declined by 15 per cent from ₹16,861.98 crore in December 2019.
Private sector comprising of 23 players registered a growth 22 per cent by earning new premium of ₹10.037.72 crore in December, as compared to ₹8217.91 crore in the year-ago period.
Among private sector life insurers, Bajaj Allianz Life's new business rose maximum by 64.18 per cent to ₹686.80 crore in December 2020, over ₹418.32 crore a year ago.
Aditya Birla Sun Life reported over 61 per cent increase in premium collection to ₹514.04 crore as against ₹318.55 crore, while India First posted a 54 per cent rise to ₹240.10 crore.
Other insurance players like ICICI Prudential Life's new business was at ₹1,469.45 crore (up 32.11 per cent); HDFC Life ₹1,910.27 crore (up 27 per cent), and Max Life ₹768.07 crore (up 21 per cent) in December.
{{/usCountry}}Other insurance players like ICICI Prudential Life's new business was at ₹1,469.45 crore (up 32.11 per cent); HDFC Life ₹1,910.27 crore (up 27 per cent), and Max Life ₹768.07 crore (up 21 per cent) in December.
{{/usCountry}}The cumulative new business premium from all the insurers during the April-December period of 2020-21 contracted by 1.7 per cent to ₹1,91,046.39 crore compared to ₹1,94,331.10 crore a year earlier.