MUMBAI: IndiaFirst Life Insurance has emerged as the fastest growing life insurance company for the fiscal 2017.
The company has clocked in a growth of 82 percent for the period with an increased retail premium collection of Rs. 403 crore.
IndiaFirst Life saw its new business premium grow by Rs 181 crore in the current fiscal against Rs 221 crore in the previous financial year. The bulk of the premium came from individual new business. This is the highest performance level achieved by the company since its inception in 2009.
According to the latest data issued by Insurance Regulatory and Development Authority of India (IRDA), life insurance industry grew by 26% year-on-year. LIC led the pack with 39 percent against an industry average of 33 percent in the total individual new business premium growth.
Among private players IndiaFirst was followed by Tata AIA 73% and Future Generali 44%, SBI Life 39% and ICICI Prudential 29%.
The companies that showed negative growth are Reliance Life with a YoY APE at 23 percent, followed by Aviva Life at 5 percent and AEGON Life with 34 percent.