Life insurance companies witness 4.15% growth in new business premium in June: Irdai

The Insurance Regulatory and Development Authority of India (Irdai) in its latest data has showed that life insurance companies witnessed a modest increase of 4.15 per cent in their collective new business premium at Rs 31,254.55 crore in June. The 24 life insurance companies had collected premiums worth Rs 30,009.48 crore in same month a year ago.

However, state-owned LIC -- the largest life insurer of the country -- witnessed a decline of 5.29 per cent in the new business premium in June 2022 at Rs 20,643.67 crore, as against Rs 21,796.28 crore in the year-ago month. In terms of market share, LIC controlled 62.42 per cent of the sector. On the other hand, the rest of the 23 private sector players registered a growth of 29.19 per cent in their combined new premium at Rs 10,610.89 crore, compared with Rs 8,213.20 crore in June 2021.

Cumulatively, during the April-June period of 2022-23, all the 24 life insurers registered a jump of nearly 40 per cent in new business premium at Rs 73,674.53 crore, as against Rs 52,725.26 crore in the year ago period. For LIC, the cumulative new premium during the first three months of this fiscal was up by over 35 per cent to Rs 48,201 crore. For private sector players, the combined cumulative new business premium in April-June FY23 rose by 47.75 per cent to Rs 25,473.53 crore.