Data from the Life Insurance Council shows that the new business premium income of India’s life insurance companies grew 15.3% to ₹24,916.58 crore in October 2022.
The combined new business premium income of all 24 life insurers in the same month a year ago (October 2021) was ₹21,606.25 crore.
LIC, the only state-owned and largest life insurer in the country, reported an 18% increase in new business premiums to ₹15,920.13 crore during the month, as against ₹13,500.78 crore a year ago.
The remaining 23 players in the private sector increased their combined new business premium by 11% to ₹8,996.45 crore as against ₹8,105.46 crore in October 2021.
On a cumulative basis, all 24 players registered a 35% growth in new business premium income during April-October period of 2022-23 to ₹2,06,893.51 crore as against ₹1,53,588.14 crore in the same period of 2021-22 was crores. according to the data.