The largest and only state-owned insurer LIC There was a jump of nearly 35 per cent in new premium income of Rs 24,991.26 crore in September 2022-23 as against Rs 18,520.21 crore in the same period of 2021-22, shows data from Insurance Regulatory and Development Authority of India (Irdai) . ,
However, the rest of the 23 players in the private sector saw their combined new premium income decline by 8.9 per cent to Rs 11,375.27 crore during the reported month as compared to Rs 12,480.96 crore a year ago.
In the private sector players: SBI Life a decline of 15 per cent in new premium income of Rs 2,471.37 crore; HDFC Life 2,165.97 crore, down 22.3 per cent; Bajaj Allianz Life declined 38.2 per cent to Rs 670.43 crore; and ICICI rational life 1,409.88 crore, down 4 per cent.
Among others, Max Life rose 3.14 per cent to Rs 706.66 crore; PNB MetLife’s premium up 45.3 per cent to Rs 300.62 crore; dad aia life 39 per cent to Rs 625.61 crore and Aviva Life up 11.3 per cent to Rs 25.71 crore.
On a cumulative basis for the April-September period of 2022-23, the new business premium of all 24 life insurers grew by 37.88 per cent to Rs 1,81,976.96 crore. It was Rs 1,31,981.89 crore in the same period of 2021-22.
For LIC, the cumulative new business premium grew by 45.91 per cent to Rs 1,24,191.08 crore during the first half of the current financial year ended September.
All the private sector players registered a growth of 23.3 per cent in their combined cumulative new premium income to Rs 57,785.88 crore during the April-September period of FY 2013.
LIC has a market share of 68.25 per cent. Among the private sector players, SBI Life has the largest market share of 7.19 per cent, followed by HDFC Life (6.07 per cent); And ICICI Prudential life (4.04 percent).