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Insurance
11-Oct-22
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Life Insurance Companies new business premium up 17% at Rs 36,367 crore in Sep
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New business premium income of domestic life insurance companies rose 17.3 percent to Rs 36,366.53 crore in September this fiscal, data from IRDAI showed on Tuesday.
All 24 life insurance companies had a collective premium income of Rs 31,001.17 crore during the same period a year ago.
LIC, the largest and only state-owned insurer, posted a nearly 35 percent rise in new premium income of Rs 24,991.26 crore in September 2022-23, as against Rs 18,520.21 crore in the corresponding period of 2021-22, showed the data from the Insurance Regulatory and Development Authority of India (IRDAI).
However, 23 other companies in the private sector saw a decline of 8.9 percent in their combined new premium income. It was Rs 11,375.27 crore from Rs 12,480.96 crore a year ago.
Among private sector companies: SBI Life registered a fall of 15 percent in new premium income at Rs 2,471.37 crore; HDFC Life down by 22.3 percent at Rs 2,165.97 crore; Bajaj Allianz Life at Rs 670.43 crore, down by 38.2 percent; and ICICI Prudential Life down by 4 percent at Rs 1,409.88 crore.
Among others, Max Life witnessed a rise of 3.14 percent at Rs 706.66 crore; PNB MetLife premium was up by 45.3 percent at Rs 300.62 crore; Tata AIA Life up 39 percent at Rs 625.61 crore and Aviva Life up 11.3 percent at Rs 25.71 crore.
On a cumulative basis from April-September period of 2022-23, new business premium of all the 24 life insurers moved up by 37.88 percent at Rs 1,81,976.96 crore. It was at Rs 1,31,981.89 crore in same period of 2021-22.
For LIC, the cumulative new business premium rose 45.91 percent to Rs 1,24,191.08 crore in the first half of the current fiscal ended September.
All the private sector players reported a rise of 23.3 percent in their combined cumulative new premium income during April-September period of FY23 at Rs 57,785.88 crore.
LIC has the largest market share at 68.25 percent. SBI Life has the largest market share among private sector players at 7.19 percent followed by HDFC Life (6.07 percent); and ICICI Prudential Life (4.04 percent).
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