According to the new business details of life insurers for August released by insurance regulator IRDAI, the premiums of private players totaled ₹10,974.87 crore.
According to the new business details of life insurers for August released by insurance regulator IRDAI, the premiums of private players totaled ₹10,974.87 crore.
Hyderabad
Life insurers reported that new business premium grew 18% to ₹32,857 crore in August, a performance marked by a nearly 24% increase in new business from private insurers.
State-owned LIC, with over 68% market share, saw a 15.4% increase in premium to ₹21,882.13 crore. A key driver of the growth of the behemoth was a 20.4% increase in group single premium to ₹16,732 crore, while individual single premium to ₹2,115.81 crore was down more than 8%.
According to the new business details of life insurers for August released by insurance regulator IRDAI, the premiums of private players totaled ₹10,974.87 crore. Group single premium for private insurers increased by a little over 44% to ₹3,555.20 crore, while individual single premium to ₹1,669 crore grew 15% year-on-year.
As expected, the life insurance industry posted slow growth in August, Emkay Global Financial Services said in a research report. A strong August base in previous years, higher number of holidays last month, volatility in financial markets, and pressure on household savings amid high inflation and withdrawal of deferred discretionary spending were the key reasons for moderating growth, it said.
The strong base in previous years was on account of the COVID-19 wave and deferred purchases in the months following the lockdown.