In July, the new premium income for life insurers increased by 91%

10 Aug 2022 , 08:14 AM

According to data from the Insurance Regulatory and Development Authority of India (IRDAI), the largest life insurer in India, LIC, which holds nearly 68.6% of the market share for life insurance, saw a more than twofold increase in new business premium income during the month, rising to Rs29,116.68 crore from Rs12,030.93 crore in the same month last year.

Out of a total of 24, the remaining 23 players in the private sector had their combined new premium income climb by about 19% to Rs9,962.22 crore in July 2022 compared to Rs8,403.79 crore in July 2021.

In all, the first-year premium collected by all insurers increased by 54% to Rs1,12,753.43 crore from April to July of FY23 compared to Rs73,159.98 crore from 2021 to 22.

The total new premium for LIC for the first four months of the current fiscal year increased by more than 62% to Rs77,317.69 crore.

From April through July of FY23, private players’ premium revenue increased by 39% to Rs35,435.75 crore.