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Insurance
07-Nov-22
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Life insurance companies recorded a 15% increase in new biz premiums to Rs 24,916 crore in Oct
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New business premium income of India's life insurance companies grew 15.3 percent to Rs 24,916.58 crore in October 2022, data from the Life Insurance Council showed. All the 24 life insurance companies had a combined new business premium income of Rs 21,606.25 crore in the same month a year ago (October 2021).
LIC -- state-owned and the country's largest life insurer -- posted an 18 percent jump in its new business premium this month to Rs 15,920.13 crore from Rs 13,500.78 crore a year ago.
Other 23 players in the private sector witnessed their combined new business premium increasing by 11 percent to Rs 8,996.45 crore, as against Rs 8,105.46 crore in October 2021.
On a cumulative basis, all 24 players registered 35 percent increase in new business premium income during April-October 2022-23 at Rs. 2,06,893.51 crore as against Rs.1,53,588.14 crore in the corresponding period of 2021-22, according to the data.
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