Life insurers’ new biz hit as LIC premiums contract

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, data from IRDAI showed. The 24 life insurance companies had collected premiums worth Rs 30,009.48 crore in same month a year ago.

LICwitnessed 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, according to the IRDAI data.

The rest of the 23 private sector players on the other hand 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.

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