The new business premium income of India's life insurance companies declined by 4.1 per cent to Rs 23,477.8 crore in May 2023, data from the Life Insurance Council showed. All 24 life insurers had a collective new business premium income of Rs 24,480.36 crore in the same month a year ago (May 2022).
LIC -- the only state-owned and the largest life insurer in the country -- recorded an 11.26 per cent decline in its new business premium at Rs 14,056.29 crore during the month against Rs 15,840.63 crore a year ago, as per data released by the Insurance Regulatory and Development Authority of India.
The rest 23 players in the private sector, however, witnessed their combined new business premium rise by 9.05 per cent to Rs 9,421.51 crore from Rs 8,639.72 crore in May 2022.
24 players registered 15% fall
On a cumulative basis, all 24 players registered a 15 per cent fall in new business premium income during April-May period of 2023-24 at Rs 36,043.11 crore compared to Rs 42,419.97 crore in the same period of 2022-23, as per the data. LIC's new business declined by 28 per cent in the first two months of the fiscal to Rs 19,866 crore against Rs 27,557 crore in the year-ago period.
(With PTI inputs)