Life insurance companies’ reported first-year premium rose almost 13% to more than ₹3.14 lakh crore for the fiscal ended March 31.
The first-year premium of market leader and IPO-bound Life Insurance Corporation of India (LIC) stood at ₹1,98,759.85 crore or 7.92% higher than FY21. It was an improved show compared with the 3.48% growth seen in the previous year.
Providing a boost to LIC was a 50.57% increase in first-year premium for March to ₹42,319.22 crore, according to the new business statement of life insurers released by the Insurance Regulatory and Development Authority of India (IRDAI). In terms of market share, private players continued to gain ground.
LIC’s market share was 63.3% (66.2%), while the 22 functional private insurers increased their share to 36.7% (33.8%).
The first-year premium of private life insurance companies increased 22.74% to ₹1,15,503.15 crore, with only two of them reporting a decline in new business during the year, which in parts was hampered by the pandemic and challenges on the re-insurance front for some companies.
First-year premium of private life insurance firms increased 22.7% to ₹1.15 lakh crore
During FY-22, the life insurers clocked a 3.51% increase in the number of policies/schemes they sold at 2,91,55,178 (2,81,67,513).