New business premium income for the life insurance industry declined by 28.69% year-on-year to Rs 27,867.10 crore in July due to a 47.16% decline in premium income of state-run LIC.
According to data released by insurance regulator IRDAI, the collective new business premium or first-year premium of 25 private sector life insurance companies grew by 25.28% to Rs 12,480.53 crore.
However, Life Insurance Corporation of India's new business premium declined to Rs 15,386.57 crore from Rs 29,116.68 crore in July 2022 due to a significant decline in income from group single premium and non-group single premium categories during the period under review.
LIC recorded around 21% growth in its new business premium for June at Rs 24,970.82 crore. The insurance behemoth reported a decline in its premium income in April and May.
In the first four months of this fiscal, LIC's new business premium declined by 22.11% year-on-year to Rs 60,223.77 crore. As a result, the industry's collective new business premium declined 10.54% to Rs 1 trillion in the April-July period from Rs 1.13 trillion in the previous year.
Among the major life insurers in the private sector, SBI Life Insurance, ICICI Prudential Life, HDFC Life, Max Life and Tata AIA Life saw premium growth of 75%, 21.93%, 4.5%, 24.43% and 24.47% to Rs 4,067.39 crore, Rs 1,639.36 crore, Rs 2,017.72 crore, Rs 725.79 crore and Rs 642.32 crore respectively in July.
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