India’s largest life insurer, LIC records more than two times jump in new business premium income 29,116.68 crore in July this year. Life Insurance Corporation registered last year 12,030.93 crore in July, data from IRDA showed.
LIC commands a 68.6% share in the life insurance market.
The Insurance Regulatory and Development Authority (IRDA) on Tuesday released the new business premium income figures of the country’s insurance companies. As per data, new business premium income of life insurers including LIC grew by 91 per cent 39,078.91 crore in July.
24. Huh Insurance company in country. Barring LIC, the remaining 23 players in the private sector saw their combined new premium income increase by about 19% 9,962.22 crore in July 2022 as against 8,403.79 crore in July 2021.
Cumulatively, first year premiums for all insurers increased by 54% 1,12,753.43 crore during April-July period of FY 2013 73,159.98 crore in the same period of 2021-22.
For LIC, the cumulative new premium increased by over 62% in the first four months of the current financial year 77,317.69 crores.
Premium income of private companies grew by 39% in April-July of FY 2013 35,435.75 crore.
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