New biz premium income of life insurance companies up 13% at Rs 3.14 lakh crore in FY22

18-Apr-2022

New business premium income of all the life insurance companies rose by nearly 13 percent to Rs 3,14,263 crore in fiscal 2022, data from Irdai showed on Monday.

Twenty-four life insurance companies had a total premium income of Rs 2,78,277.98 crore from new business in the previous fiscal.

Soon-to-be listed public sector insurance behemoth LIC registered about 8 percent growth in its new business premium income at Rs 1,98,759.85 crore in 2021-22, against Rs 1,84,174.57 crore in the previous fiscal, as per the data shown by the Insurance Regulatory and Development Authority of India (Irdai).

The rest of the 23 life insurance companies belonging to the private sector had a combined new business premium of Rs 1,15,503.15 crore during the fiscal, up 23 percent from Rs 94,103.42 crore.

In terms of market share, LIC commanded 63.25 percent of the market and the rest of 36.75 percent by the 23 private entities, as per Irdai data.

Source : Financial Express