New Delhi, Agency. The premium received by life insurers from new insurance has increased by 91 percent in July. According to the data of insurance regulator IRDAI, life insurance companies have received Rs 39,078.91 crore as new premium last month. In the same period last year, all 24 life insurance companies had received Rs 20,434.72 crore as new premium.
The country’s largest insurance company Life Insurance Corporation of India (LIC) has doubled revenue from new premium to Rs 29,116.68 crore in July. In July 2021, LIC had received Rs 12,030.93 crore as new premium. LIC has a 68.6 percent share in the life insurance market. The other 23 insurers have a combined 19 per cent growth in new premium revenue and have received premium of Rs 9,962.22 crore. In July 2021, these 23 companies had received Rs 8,403.79 crore as new premium.
According to the data, the new premium revenue of all companies during the first four months (April-July) of the financial year 2022-23 grew by 54 percent to Rs 1,12,753.43 crore. In the same period a year ago, all the companies had received Rs 73,159.98 crore as new premium. LIC’s new premium revenue grew 62 per cent to Rs 77,317.69 crore during the first four months (April-July) of the current financial year. Other life insurance companies have received Rs 35,435.75 crore as new premium during this period, registering a growth of 39 per cent.
Edited By: Manish Mishra