Insurance News Details

Life insurance companies new business premium down at 4% to Rs 23,477.8 crore in May

(09-Jun-23   21:29)

The new business premium income of India's life insurance companies declined 4.1% to Rs 23,477.8 crore in May 2023, data from IRDAI showed.

All the 24 life insurance companies had a collective new business premium income of Rs 24,480.36 crore in the same month a year ago (May 2022).

The state-owned and the country's largest life insurer LIC recorded an 11.26% 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.

However, the rest of 23 private players witnessed their combined new business premium rise by 9.05% to Rs 9,421.51 crore from Rs 8,639.72 crore in May 2022.

On a cumulative basis, all 24 players registered a 15% 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 corresponding period of 2022-23, as per the data.

LIC's new business declined by 27.91% in the first two months of the fiscal to Rs 19,866 crore against Rs 27,557 crore in the year-ago period.

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