Life insurance companies logged 84 percent growth in their cumulative new business premium at Rs 17,940 crore in April 2022, primarily helped by LIC, Irdai data showed. All 24 life insurers had collected Rs 9,739 crore as a new business premium during the same month a year ago.
The largest insurer, state-owned LIC's first-year premium or new business premium more than doubled (at a 141 percent rise) to Rs 11,716 crore as against Rs 4,856.76 crore in April 2021, the Insurance Regulatory and Development Authority of India (Irdai) said.
LIC commands the largest market share of 65.31 percent, while the rest of the 23 private players have the remaining 34.69 percent.
The rest of the private sector players witnessed over a 27 percent jump in their combined new business premium at Rs 6,223 crore. Their collective first-year premium was Rs 4,882 crore in April 2021.
In terms of percentage growth, LIC was followed by Star Union Dai-ichi Life (122 percent) and Tata AIA Life (107 percent growth).
There was a 32 percent jump in terms of the number of policies/schemes at 13,21,098 in April this year by all the 24 players.
Of this, LIC witnessed a 31.92 percent increase in policy sales at 9,13,141, while the private players saw a 33.87 percent rise at 3,04,748.