Life insurance behemoth Life Insurance Corporation has seen a slow down in its premium accretion in the month of July. The corporation’s total premium has declined by 47 per cent y-o-y to Rs 15386.57 in the month of July
Mumbai:
Despite bullish performance by the private sector, the total premium of life insurance industry, has fallen by 30 per cent to Rs 27,867 crore in the month of July, according to the figures released by Life Insurance Council.
However, the number of policies sold by the industry has gone up to 23,25,354 in July, 2023 from 22,89,424 in July 22.
Life insurance behemoth Life Insurance Corporation has seen a slow down in its premium accretion in the month of July. The corporation’s total premium has declined by 47 per cent y-o-y to Rs 15386.57 in the month of July.
In July 2023, the total number of policies sold by LIC ,saw a marginal dip by 2.77 per cent to 16,60,121 compared to 17,07,444 in the same month of the previous year.
24 life insurance companies have increased their total premium by 25 per cent y-o-y to Rs12,480 crore in July. The number of policies sold by the private sector life insurers have gone up to 6,65,233 in the reporting month from 5,81,980 policies sold in July 2022.
SBI Life with a total premium of Rs 4067 crore, up 75 per cent y-o-y, has remained at the top of the private sector life insurance chart in July, while HDFC Life with a total premium of Rs 2017 crore,up marginally and ICICI Pru Life, with a premium of Rs 1639 crore,up 17 per cent y-o-y, has remained at the second and third position respectively.