Recently listed LIC posted a 35.39 per cent growth in its new premium collection to Rs 48,201 crore in the June quarter
23 private sector life insurers led by SBI Life, at Rs 25,473 crore, registered a 48.75 percent growth in their new premium collection in the June 2022 quarter
For the month of June, the life insurers have grown their new premium by 4.15 per cent tp Rs 31,254.
Mumbai:
The life insurance industry, led by Life Insurance Corporation, has reported a significant recovery during the quarter ended June 2022 with its new premium collection jumping 39.73 percent to Rs 73,674 crore as against Rs. 52,725 crore in the corresponding quarter last year, according to data released on Thursday by the insurance regulator IRDAI.
Recently listed LIC posted a 35.39 per cent growth in its new premium collection to Rs 48,201 crore in the June quarter as against Rs 35,600 crore in the year ago period.
The growth in premium collection was due to recovery in the economy and the fall in Covid cases, said analysts.
23 private sector life insurers led by SBI Life, at Rs 25,473 crore, registered a 48.75 percent growth in their new premium collection in the June 2022 quarter as against Rs 17,124 crore the year ago period.
The market share of private companies, in the matter of new premium income, was at 34.58 per cent while LIC’s market share was 65.42 percent in the reporting quarter, according to IRDAI data.
SBI Life, the largest private life insurer in the country, showed a growth of 67.19 percent in its new premium collection at Rs. 5,590 crore in the June quarter. HDFC Life, second largest private sector insurer posted a 27.18 percent rise in its new premium collection at Rs. 4,851 crore.
Group single premium collection of the life sector rose by 37.32 percent at Rs. 45,465 crore and individual non-single premium increased by 42.26 percent to Rs 16,664 crore during the June quarter of 2022-23, IRDAI said.
For the month of June, the life insurers have grown their new premium by 4.15 per cent tp Rs 31,254.
LIC has seen its new premium income declining by 5 .30 per cent to Rs 20.643 crore for the month of June while the private sector insurers have increased their premium by 29.19 per cent to Rs 10.611 crore during the period.