- Compared to October 2021, all the 24 life insurers had a collective new business premium income of ₹21,606.25 crore in the same month.
In October 2022, the new business premium income of India’s life insurance companies increased by 15.3 per cent to ₹24,916.58 crore, said data from the Life Insurance Council on 7 November.
Compared to October 2021, all the 24 life insurers had a collective new business premium income of ₹21,606.25 crore in the same month.
Details say India’s only state-owned and the largest life insurer in the country — Life Insurance Corporation of India — recorded 18 per cent rise in its new business premium at ₹15,920.13 crore during the month, in comparison to ₹13,500.78 crore a year ago.
ALSO READ: LIC increases stake by 2% in air conditioners giant Voltas
While the rest 23 players in the private sector witnessed their combined new business premium increasing by 11 per cent to ₹8,996.45 crore, as against ₹8,105.46 crore in October 2021.
Cumulatively, all the 24 players registered 35 per cent 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.
With PTI inputs.
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It’ll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp