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Insurance

Information about Life Insurers new business premium income up 13% at Rs 3.14 lakh crores in FY22 available for investment. Back
Life Insurers new business premium income up 13% at Rs 3.14 lakh crores in FY22
18-Apr-22   19:54 Hrs IST


New business premium income of all the life insurance companies rose by nearly 13% to Rs 3,14,263 crore in fiscal 2022, data from IRDAI showed on Monday.

Twenty four life insurance companies had a total premium income of Rs 2,78,277.98 crore from new business in the previous fiscal.

Soon-to-be listed public sector insurance behemoth LIC registered about 8% growth in its new business premium income at Rs 1,98,759.85 crore in 2021-22, against Rs 1,84,174.57 crore in the previous fiscal, as per the data shown by the Insurance Regulatory and Development Authority of India (IRDAI).

The rest of the 23 life insurance companies belonging to the private sector had a combined new business premium of Rs 1,15,503.15 crore during the fiscal, up 23% from Rs 94,103.42 crore.

In terms of market share, LIC commanded 63.25% of the market and the rest of 36.75% by the 23 private entities, as per IRDAI data.

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