New Delhi:
Life insurance companies registered an 84 percent growth in their cumulative new business premium at Rs 17,940 crore in April 2022, mainly aided by LIC, IRDAI data shows.
All 24 life insurers had collected Rs 9,739 crore in new business premium in the same month a year ago.
The largest insurer, state-owned LIC’s first-year premium or new business premium more than doubled (up 141 percent) to Rs 11,716 crore from Rs 4,856.76 crore in April 2021, the Insurance Regulatory and Development Authority of India (IRDAI) said .
LIC has the largest market share at 65.31 percent, while the rest of the 23 private players have the remaining 34.69 percent.
The rest of the private sector players witnessed a jump of more than 27 percent in their combined new business premium at Rs 6,223 crore. Their first year collective premium was Rs 4,882 crore in April 2021.
In terms of percentage growth, LIC was followed by Star Union Dai-ichi Life (122 percent) and Tata AIA Life (growth of 107 percent).
There was a 32 percent jump in terms of number of policies/schemes to 13,21,098 in April this year by all 24 players.
Of these, LIC witnessed a 31.92 percent increase in policy sales at 9,13,141, while private players saw 33.87 percent rise at 3,04,748.