In October 2022, the new business premium income of India’s life insurance companies increased by 15.3 per cent to ₹24,916.58 crore, said data from the Life Insurance Council on 7 November.
Compared to October 2021, all the 24 life insurers had a collective new business premium income of ₹21,606.25 crore in the same month.
Details say India’s only state-owned and the largest life insurer in the country — Life Insurance Corporation of India — recorded 18 per cent rise in its new business premium at ₹15,920.13 crore during the month, in comparison to ₹13,500.78 crore a year ago.
While the rest 23 players in the private sector witnessed their combined new business premium increasing by 11 per cent to ₹8,996.45 crore, as against ₹8,105.46 crore in October 2021.
Cumulatively, all the 24 players registered 35 per cent increase in new business premium income during April-October period of 2022-23 at ₹2,06,893.51 crore as against ₹1,53,588.14 crore in the same period of 2021-22, as per the data.