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Insurance
08-Sep-23
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Life insurance companies'new premium income declined at 12.33% in August
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Life insurance companies have announced that during this April-August 2023 period the new business premium income has declined by 12.33%, primarily due to the decline in the income generated by the state-run Life Insurance Corporation (LIC).
The private sector insurance companies reported a 14.51% increase in premium income during the same period, reaching Rs 53,144 crore, riding on the growth in group single premiums.
The Government owned LIC's overall premium income declined 25% to Rs 74,156 crore during the period, and it was at Rs. 99199 crore in the same period last year.
In August, the life insurance industry's new business premium decreased by 18.47% to Rs 26,789 crore, as per the data from the Insurance regulator IRDAI.
However, Private insurers saw their new business premium increase by 13.86% to Rs 12,496 crore against Rs 10,974 crore in the same period last year.
Among the private listed insurers, Max Life, HDFC Life and SBI Life Insurance reported the highest increase on year-on-year growth in premium for August.
LIC continued to drag the industry's growth down in August with a 34.68% fall in new business compared to August last year.
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