The two dozen life insurance companies included in the Insurance Regulatory and Development Authority of India’s (IRDAI) business figures report collectively recorded a -25.4% drop in premiums in May, compared with the same month a year ago.
Group premiums reported the sharpest declines, with group yearly renewable premiums down -53.2% during that time period.
Individual single premiums fell by -17.9%, while individual non-single premiums were down just under -20%.
Solo performances
Of the 24 life insurers, only three recorded year-on-year rises in premiums in May.
- Aviva Life was up +7.4%,
- Canara HSBC OBC Life rose a staggering +279.4% – driven by group single premiums (+6,626%) and individual single premiums (+935.4%),
- Tata AIA Life reported a +13% collective rise across all premiums in May 2020 compared with a year ago.
The sharpest decline was recorded by Pramerica Life, which saw premiums collectively fall by nearly +75%.
Other significant contractions were reported by Bharti Axa Life (51.8%), Future Generali Life (-59.6%), India First Life (-53.9%), Kotak Mahindra Life (-51.6%) and Shriram Life (-59.9%).
