Life insurers log new business premium growth of 84 pc in April, led by LIC

Life insurance companies logged 84 per cent growth in their cumulative new business premium at Rs 17,940 crore in April 2022, primarily helped by LIC, Irdai data showed. All 24 life insurers had collected Rs 9,739 crore as new business premium during the same month a year ago.

The largest insurer, state-owned LIC’s first year premium or new business premium more than doubled (at 141 per cent rise) to Rs 11,716 crore as against Rs 4,856.76 crore in April 2021, the Insurance Regulatory and Development Authority of India (Irdai) said. LIC commands the largest market share of 65.31 per cent, while the rest of the 23 private players have the remaining 34.69 per cent.

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The rest of the private sector players witnessed over 27 per cent jump in their combined new business premium at Rs 6,223 crore. Their collective first year premium was Rs 4,882 crore in April 2021. In terms of percentage growth, LIC was followed by Star Union Dai-ichi Life (122 per cent) and Tata AIA Life (107 per cent growth).

There was a 32 per cent jump in terms of number of policies/schemes at 13,21,098 in April this year by all the 24 players. Of this, LIC witnessed 31.92 per cent increase in policy sales at 9,13,141, while the private players saw 33.87 per cent rise at 3,04,748.