The nationwide lockdown has affected life and non-life business severely. Both life insurance and non-life insurance companies saw new business premium decline drastically in April-June 2020 compared to January-March 2020.
Life insurance industry has witnessed a decline of 81% in its premium growth in April-June to Rs.49,335 crore from Rs.2.50 lakh crore in January-March 2020.
State owned insurance behemoth, LIC India saw 79% fall in its new business premium to Rs.36,530 crore last quarter as against Rs.1.70 lakh crore in the preceding quarter.
Similarly, private insurers witnessed 84% drop in business premiums at Rs.12,805 crore during April-June 2020 compared to Rs.80,919 crore in January-March 2020. Large private insurers like HDFC Life, ICICI Prudential Life and SBI Life saw over 80% fall in new business premium collection during lockdown quarter.
|
Life insurers |
New business premium collection in January- March 2020 |
New business premium collection in April- June 2020 |
Change in Rs crore |
Percentage change % |
|
Aditya Birla Sun Life Insurance Company Limited |
3657.11 |
916.48 |
-2740.63 |
-75% |
|
Aegon Life Insurance Company Limited |
91.73 |
13.12 |
-78.61 |
-86% |
|
Aviva Life Insurance Company Limited |
217.53 |
47.21 |
-170.32 |
-78% |
|
Bajaj Allianz Life Insurance Company Limited |
5178.73 |
741.62 |
-4437.11 |
-86% |
|
Bharti Axa Life Insurance Company Limited |
828.78 |
109.7 |
-719.08 |
-87% |
|
Canara Hsbc Oriental Bank Of Commerce Life Insurance Company Limited |
1527.52 |
481.29 |
-1046.23 |
-68% |
|
Edelweiss Tokio Life Insurance Company Limited |
383.15 |
62.85 |
-320.3 |
-84% |
|
Exide Life Insurance Company Limited |
888.65 |
101.83 |
-786.82 |
-89% |
|
Future Generali India Life Insurance Company Limited |
767.43 |
65.66 |
-701.77 |
-91% |
|
Hdfc Life Insurance Company Limited |
17396.25 |
2653.18 |
-14743.07 |
-85% |
|
Icici Prudential Life Insurance Company Limited |
12348.11 |
1499.48 |
-10848.63 |
-88% |
|
Idbi Federal Life Insurance Company Limited |
560.5 |
63.89 |
-496.61 |
-89% |
|
Indiafirst Life Insurance Company Limited |
1772.46 |
186.2 |
-1586.26 |
-89% |
|
Kotak Mahindra Life Insurance Company Limited |
5105.77 |
565.9 |
-4539.87 |
-89% |
|
Max Life Insurance Company Limited |
5583.59 |
899.42 |
-4684.17 |
-84% |
|
Pnb Metlife Life Insurance Company Limited |
1778.63 |
238.93 |
-1539.7 |
-87% |
|
Pramerica Life Insurance Limited. |
514.84 |
38.37 |
-476.47 |
-93% |
|
Reliance Nippon Life Insurance Company Limited |
1006.11 |
160.48 |
-845.63 |
-84% |
|
Sbi Life Insurance Company Limited |
16591.82 |
3058.34 |
-13533.48 |
-82% |
|
Shriram Life Insurance Company Limited |
708.6 |
80.96 |
-627.64 |
-89% |
|
Star Union Dai-Ichi Life Insurance Company Limited |
771.02 |
105.36 |
-665.66 |
-86% |
|
Tata Aia Life Insurance Company Limited |
3241.07 |
715.15 |
-2525.92 |
-78% |
|
Private Total |
80919.41 |
12805.41 |
-68114 |
-84% |
|
0 |
||||
|
Life Insurance Corporation Of India |
177977.08 |
36530.02 |
-141447.06 |
-79% |
|
Grand Total |
258896.49 |
49335.43 |
-209561.06 |
-81% |
Meanwhile, non-life insurers saw a decline of 79% in its new business premium collection. The 25 general insurance companies recorded new business premium collection of Rs.39329 crore in April-June 2020 as against Rs.1.89 lakh crore in January-March 2020.
Experts believe that the decline in new business premium is due to nationwide lockdown which led to closure of distribution channels. In addition, many insurance companies and distributors kept their focus on renewing existing policies. Very few new policies were sold during the lockdown quarter, believe experts.
|
Non Life Insurer |
New business premium collection in January- March 2020 |
New business premium collection in April- June 2020 |
Change in Rs. crore |
Percentage change % |
|
|
Acko General Insurance Limited |
373.42 |
56.21 |
-317.21 |
-85% |
|
|
Bajaj Allianz General Insurance Company Limited |
12779.77 |
2266.53 |
-10513.2 |
-82% |
|
|
Bharti AXA General Insurance Company Limited |
3133.83 |
508.92 |
-2624.91 |
-84% |
|
|
Cholamandalam MS General Insurance Company Limited |
4397.8 |
858.84 |
-3538.96 |
-80% |
|
|
NAVI General Insurance Limited |
157.99 |
10.56 |
-147.432 |
-93% |
|
|
Edelweiss General Insurance Company Limited |
146.39 |
36.52 |
-109.87 |
-75% |
|
|
Future Generali India Insurance Company Limited |
3417.07 |
672.48 |
-2744.6 |
-80% |
|
|
Go Digit General Insurance Limited |
2198.52 |
604.15 |
-1594.37 |
-73% |
|
|
HDFC Ergo General insurance Company Limited |
9308.4 |
1538.58 |
-7769.82 |
-83% |
|
|
ICICI Lombard General Insurance Company Limited |
13312.87 |
3302.21 |
-10010.7 |
-75% |
|
|
IFFCO Tokio General Insurance Company Limited |
7961.04 |
1734.48 |
-6226.56 |
-78% |
|
|
Kotak Mahindra General Insurance Company Limited |
433.39 |
97.43 |
-335.964 |
-78% |
|
|
Liberty General Insurance Limited |
1531.36 |
319.55 |
-1211.82 |
-79% |
|
|
Magma HDI General Insurance Company Limited |
1224.77 |
213.78 |
-1011 |
-83% |
|
|
National Insurance Company Limited |
15178.95 |
2762.13 |
-12416.8 |
-82% |
|
|
Raheja QBE General Insurance Company Limited |
158.12 |
36.17 |
-121.956 |
-77% |
|
|
Reliance General Insurance Company Limited |
7465.04 |
1851.9 |
-5613.14 |
-75% |
|
|
Royal Sundaram General Insurance Company Limited |
3667.1 |
585.03 |
-3082.07 |
-84% |
|
|
SBI General Insurance Company Limited |
6789.67 |
1205.17 |
-5584.5 |
-82% |
|
|
Shriram General Insurance Company Limited |
2466.2 |
457.24 |
-2008.95 |
-81% |
|
|
Tata AIG General Insurance Company Limited |
7387 |
1798.97 |
-5588.03 |
-76% |
|
|
The New India Assurance Company Limited |
26699.37 |
7516.66 |
-19182.7 |
-72% |
|
|
The Oriental Insurance Company Limited |
13663.14 |
2822.39 |
-10840.8 |
-79% |
|
|
United India Insurance Company Limited |
17503.78 |
3993.09 |
-13510.7 |
-77% |
|
|
Universal Sompo General Insurance Company Limited |
2837.79 |
418.62 |
-2419.17 |
-85% |
|
|
General Insurers Total |
164192.78 |
35667.6 |
-128525 |
-78% |
|
|
Aditya Birla Health Insurance Company Limited |
872.04 |
245.6 |
-626.44 |
-72% |
|
|
HDFC Ergo Health Insurance Company Limited |
2523.89 |
445.79 |
-2078.1 |
-82% |
|
|
Manipal Cigna Health Insurance Company Limited |
576.19 |
143.07 |
-433.12 |
-75% |
|
|
Max Bupa Health Insurance Company Limited |
1242.89 |
306.02 |
-936.866 |
-75% |
|
|
Religare Health Insurance Company Limited |
2388.99 |
481.62 |
-1907.37 |
-80% |
|
|
Star Health & Allied Insurance Company Limited |
6800 |
1610 |
-5190 |
-76% |
|
|
Reliance Health Insurance Limited* |
5.99 |
-0.01 |
-5.99044 |
-100% |
|
|
Stand-alone Pvt Health Insurers |
14409.98 |
3232.1 |
-11177.9 |
-78% |
|
|
Agricultural Insurance Company of India Limited |
9537.58 |
259.59 |
-9277.99 |
-97% |
|
|
ECGC Limited |
1075.2 |
170.34 |
-904.86 |
-84% |
|
|
Specialized PSU Insurers |
10612.78 |
429.93 |
-10182.9 |
-96% |
|
|
GRAND TOTAL |
189215.54 |
39329.62 |
-149886 |
-79% |
