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Insurance
27-Dec-23
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Life Insurers premium income up 12.98% to Rs 7.83 lakh crore in FY23
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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.
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