New biz premiums of life insurers grow 15%

The new business premium income of India’s life insurance companies rose by 15.3 per cent to Rs 24,916.58 crore in October 2022, data from the Life Insurance Council showed.

All the 24 life insurers had a collective new business premium income of Rs 21,606.25 crore in the same month a year ago (October 2021).

LIC — the only state-owned and the largest life insurer in the country — recorded 18 per cent rise in its new business premium at Rs 15,920.13 crore during the month, as against Rs 13,500.78 crore a year ago.

The rest 23 players in the private sector witnessed their combined new business premium increasing by 11 per cent to Rs 8,996.45 crore, as against Rs 8,105.46 crore in October 2021.

On a cumulative basis, all the 24 players registered 35 per cent increase in new business premium income during April-October period of 2022-23 at Rs 2,06,893.51 crore as against Rs 1,53,588.14 crore in the same period of 2021-22, as per the data.