Life insurance companies recorded an 84% growth in their cumulative new business premium to Rs 17,940 crore in April 2022, mainly helped by LIC, according to data from Irdai.
The 24 life insurers had collected Rs 9,739 crore as new business premium in the same month a year ago.
The largest insurer, the state-owned LIC first year premium or new business premium more than doubled (with an increase of 141%) to Rs 11,716 crore from Rs 4,856.76 crore rupees in April 2021, said the Insurance Regulatory and Development Authority of India (Irdai). .
LIC holds the largest market share of 65.31%, while the other 23 private players hold the remaining 34.69%.
Other private sector players witnessed an increase of over 27% in their combined new business premium to Rs 6,223 crore. Their collective first-year bonus was Rs 4,882 crore in April 2021.
In terms of percentage growth, LIC was followed by Star Union Dai-ichi Life (122%) and Tata AIA Life (107% growth).
There was a 32% jump in terms of the number of policies/programs to 13,21,098 in April this year by the 24 actors.
Of that amount, LIC saw a 31.92% increase in policy sales to 9,13,141, while private players saw a 33.87% increase to 3,04,748.