New business premium income of life insurance companies rose sharply by 91 per cent to Rs 39,078.91 crore in July, according to the Irdai data.
All the 24 life insurance companies had a collective new business or the first year premium income of Rs 20,434.72 crore in July 2021.
The country’s largest life insurer LIC registered a more than twofold jump in new business premium income to Rs 29,116.68 crore during the month compared to Rs 12,030.93 crore in the year-ago month, the Insurance Regulatory and Development Authority of India (Irdai) data showed.
LIC commands a 68.6 per cent share in the life insurance market.
The rest 23 players in the private sector witnessed a nearly 19 per cent increase in their combined new premium income to Rs 9,962.22 crore in July 2022 against Rs 8,403.79 crore in July 2021.
On a cumulative basis, the first year premium of all the insurers grew by 54 per cent to Rs 1,12,753.43 crore during the April-July period of FY23 as against Rs 73,159.98 crore in the same period of 2021-22.
For LIC, the cumulative new premium in the first four months of the current fiscal was up by over 62 per cent to Rs 77,317.69 crore.
Premium income of the private players rose by 39 per cent in April-July of FY23 to Rs 35,435.75 crore.