All the 24 life insurance companies had written new business or first year premium of Rs 19,159.30 crore in November 2020.
insurance giant LIC – the only state-owned life insurer in the country – grew more than 32 per cent in first year business premium to Rs 15,967.51 crore in November as against Rs 12,092.66 crore in the same period a year ago. Data shown by Insurance Regulatory and Development Authority of India (IRDA).
The remaining 23 players belonging to the private sector registered a growth of 58.63 per cent in their collective first year premium income from Rs 11,209.75 crore during the month as against Rs 7,066.64 crore a year ago.
According to IRDA data, on a cumulative basis, new business premium income of all insurers during the April-November period of FY22 grew by 8.46 per cent to Rs 1,80,765.40 crore as compared to a year ago.
LIC’s first year premium, however, fell 0.93 per cent to Rs 1,14,580.89 crore in the first eight months of the current financial year.
On the other hand, private companies registered a jump of nearly 30 per cent in the combined first year premium to Rs 66,184.52 crore during April-November.
LIC had the largest share in terms of market dominance at 63.39 per cent. private players,
The highest share was at 8.77 per cent, followed by HDFC Life at 7.86 per cent; ICICI Prudential Life 4.91 percent; Max Life 2.36 percent and Bajaj Allianz Life 2.62 percent.