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LIC's New Business Premium Income Jumps Two-fold In July

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LIC's New Business Premium Income Jumps Two-fold In July
11 Aug 2022
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News Synopsis

The largest life insurer in India, LIC, saw a more than doubling increase in new business premium income in July of this year, reaching 29,116.68 crore. According to Irdai data, Life Insurance Corporation earned $12,030.93 crore in July of last year.

Tuesday saw the release of information from the Insurance Regulatory and Development Authority (Irdai) regarding the new business premium income of the nation's insurers. The new business premium income of life insurance companies, including LIC, increased significantly by 91% to 39,078.91 crore in July, according to the data.

In the nation, there are 24 insurance companies. With the exception of LIC, the remaining 23 players in the private sector had their total new premium income increase by about 19% to $9,962.22 crore in July 2022 compared to $8,403.79 crore in July 2021.

When compared to the same period in 2021–2022, the first year premium for all insurers increased by a total of 54%, from 73,159.98 crore to 1,12,753.43 crore. In the first four months of the current fiscal year, LIC's total new premium increased by more than 62% to 77,317.69 crore. In April through July of FY23, private players' premium revenue increased by 39% to Rs. 35,435.75 crore.

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