New premium income of life insurers up 42% at Rs 27,177 cr in Nov: Irdai

The new premium income of life insurance companies jumped by nearly 42 per cent to Rs 27,177.26 crore in November this year, data from Irdai showed on Tuesday.

All the 24 life insurance companies had written new business or the first year premium totalling Rs 19,159.30 crore in November 2020.

The insurance behemoth LIC -- the only state-owned life insurer in the country -- witnessed over 32 per cent rise in the first-year business premium in November at Rs 15,967.51 crore, as against Rs 12,092.66 crore in the year-ago same period, as per the data shown by the Insurance Regulatory and Development Authority of India (Irdai).

Rest of the 23 players belonging to the private sector registered a spike of 58.63 per cent in their collective first-year premium income at Rs 11,209.75 crore during the month, as against Rs 7,066.64 crore a year ago same month.

On a cumulative basis, the new business premium income of all the insurers during the April-November period of FY'22 was up by 8.46 per cent from a year ago to Rs 1,80,765.40 crore, as per the Irdai data.

LIC's first-year premium in the first eight months of the current fiscal, however, fell by 0.93 per cent to Rs 1,14,580.89 crore.

On the other hand, the private players reported nearly 30 per cent jump in combined first-year premium during April-November at Rs 66,184.52 crore.

In terms of market domination, LIC held the largest share at 63.39 per cent. Among the private players, SBI Life had the highest share at 8.77 per cent, followed by HDFC Life at 7.86 per cent; ICICI Prudential Life 4.91 per cent; Max Life 2.36 per cent and Bajaj Allianz Life 2.62 per cent.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel