The new business premium income of India’s life insurance companies rose by 15.3% to ₹24,916.58 crore in October 2022, data from the Life Insurance Council showed.
All the 24 life insurers had a collective new business premium income of ₹21,606.25 crore in the same month a year ago (October 2021).
LIC, the only State-owned and the largest life insurer in the country, recorded 18% rise in new business premium at ₹15,920.13 crore during the month, as against ₹13,500.78 crore a year earlier.
The rest 23 players in the private sector witnessed their combined new business premium increasing by 11% to ₹8,996.45 crore, as against ₹8,105.46 crore in October 2021.
On a cumulative basis, all the 24 players registered 35% 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.
