 |
Insurance
27-Dec-23
|
|
|
|
|
|
|
|
|
|
|
|
Life Insurers premium income up 12.98% to Rs 7.83 lakh crore in FY23
|
|
|
|
|
|
|
Premium income of life insurance companies recorded a growth of 12.98% to Rs 7.83 lakh crore during the financial year 2023, while the private sector life insurers have clocked a growth of 16.34% to Rs 3.08 lakh crore in premiums, as per the Irdai's annual report released on Wednesday.
The public sector life insurer recorded a raise of 10.90% to Rs 4.75 lakh crore in premiums, the Insurance Regulatory and Development Authority of India (Irdai) said in its Annual Report 2022-23.
According to the Report, Renewal premium continues to contribute the majority of total premiums underwritten by life insurers in 2022-23 at 52.56%. The rest 47.44% is contributed by the new business premium. However, the growth in new business premium was higher at 17.90% compared to renewal business at 8.88%.
Single premium products continue to play a major role for public sector with a contribution of 40.65% of its total premium while it was 22.20 per cent for private life insurers, the report said.
During 2022-23, Irdai said, life insurers issued 284.70 lakh new policies under individual business, out of which public sector insurers issued 204.29 lakh policies (71.75%) and private life insurers issued 80.42 lakh policies (28.25%).
Profit after tax of the life insurance industry grew by 452% to Rs 42,788 crore in 2022-23 against 7,751 crore in the preceding fiscal.
The public sector reported 800% profit, while private insurers registered an increase in profit by 72.36% in 2022-23.
The life insurance industry reported gross expenses of management of Rs 1.31 lakh crore during 2022-23, 16.88% of the total gross premium.
As per Swiss Re Sigma Report, the life insurance penetration in India has been reduced from 3.2% in 2021-22 to 3% in 2022-23 and the same for the non-life insurance sector remained at 1% in both these years, Irdai said.
As such, India's overall insurance penetration reduced to 4% in 2022-23 from the level of 4.2% in 2021-22.
|
|
|
|
Previous News |
LIC launches its new unit linked life insurance policy 'Index Plus'
(
Insurance
-
06-Feb-24
10:56
)
|
|
|
LIC’s April 2024 total premium collection hits decade high of Rs 12,384 crore
(
Insurance
-
10-May-24
17:12
)
|
|
|
Life Insurance Corporation of India fixes record date for final dividend
(
Market Beat
-
Reports
27-May-24
19:40
)
|
|
|
LIC Board approves infusion of Rs 25 cr in LIC MF AMC
(
Corporate News
-
11-Dec-23
12:43
)
|
|
|
Life Insurance Corporation of India announces change in senior management
(
Corporate News
-
29-Feb-24
16:51
)
|
|
|
LIC receives order demanding Rs 290 cr GST with interest and penalty
(
Hot Pursuit
-
25-Sep-23
10:19
)
|
|
|
LIC hikes stake in Navin Flourine International
(
Hot Pursuit
-
10-Jan-24
10:28
)
|
|
|
Life insurance companies new business premium income up 48% in February
(
Insurance
-
09-Mar-24
12:05
)
|
|
|
LIC hikes stake in Britannia Industries
(
Corporate News
-
19-Oct-23
18:43
)
|
|
|
Life Insurance Corporation of India increases its stake in Steel Authority of India
(
Corporate News
-
09-Jun-23
17:56
)
|
|
|
Life Insurance Corporation elevates R Doraiswamy as MD
(
Corporate News
-
01-Sep-23
12:07
)
|
|
|
|
|
|
Other Stories |
|
|
|
|
|
|
|
|
|
|
|
|
|