Life insurers report 84 per cent new business premium growth in April led by LIC
New Delhi:
Life insurers reported an 84 per cent increase in their cumulative new business premium to Rs 17,940 crore in April 2022, mainly data from LIC, IRDAI showed.
All the 24 life insurance companies had collected Rs 9,739 crore as new business premium during the same month a year ago.
The Insurance Regulatory and Development Authority of India (IRDAI) said the first year premium or new business premium of the largest insurer, state-owned LIC, more than doubled (on a growth of 141 per cent) to Rs 11,716 crore as of April 2021. 4,856.76 crore in Rs. ,
LIC holds the largest market share of 65.31 per cent, while the remaining 23 private companies hold the remaining 34.69 per cent.
Rest of the private sector players saw their combined new business premium rise by over 27 per cent to Rs 6,223 crore. Their collective first year premium in April 2021 was Rs 4,882 crore.
LIC is followed by Star Union Dai-ichi Life (122 per cent) and Tata AIA Life (107 per cent growth) in terms of percentage growth.
In terms of number of policies/schemes, in April this year, the number of all 24 players increased by 32 per cent to 13,21,098.
Out of this, LIC saw a growth of 31.92 per cent in policy sales at 9,13,141, while private players saw a growth of 33.87 per cent at 3,04,748.