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LIC registers more than twofold jump in new premium income in July

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India’s largest life insurer, LIC has registered a more than twofold jump in new business premium income to 29,116.68 crore in July this year. Last year, Life Insurance Corporation registered 12,030.93 crore of income in July, data by Irdai showed.

LIC commands a 68.6% share in the life insurance market.

The Insurance Regulatory and Development Authority (Irdai) on Tuesday released data on the new business premium income of the country’s insurers. As per the data, the new business premium income of life insurance companies, including LIC rose sharply by 91% to 39,078.91 crore in July.

There are 24 insurance companies in the country. Except for LIC, the rest 23 players in the private sector witnessed a nearly 19% jump in their combined new premium income to 9,962.22 crore in July 2022 against 8,403.79 crore in July 2021.

Cumulatively, the first year premium of all the insurers grew by 54% to 1,12,753.43 crore during the April-July period of FY23 as against 73,159.98 crore in the same period of 2021-22.

For LIC, the cumulative new premium in the first four months of the current fiscal was up by over 62% to 77,317.69 crore.

Premium income of the private players rose by 39% in April-July of FY23 to 35,435.75 crore.

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